13F-HR 1 d13fhr.txt 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: March 31, 2007 Check here if Amendment [ ]; Amendment Number:______ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Highfields Capital Management LP Address: John Hancock Tower 200 Clarendon Street, 51st Floor Boston, MA 02116 Form 13F File Number: 28-3499 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Joseph F. Mazzella Title: General Counsel Phone: 617-850-7520 Signature, Place, and Date of Signing: /s/ Joseph F. Mazzella Boston, Massachusetts May 15, 2007 Report Type (Check only one.) [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings of this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of other managers reporting for this manager: NONE. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 2 Form 13F Information Table Entry Total: 114 Form 13F Information Table Value Total: $10,105,532 (x 1000) List of Other Included Managers: Provide a numbered list of name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name --- -------------------- ---- 01 File Number 28-7618 Jonathon S. Jacobson 02 File Number 28-7616 Richard L. Grubman FORM 13F Page 2 of 5 Name of Reporting Manager: Highfields Capital Management LP

Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8: --VOTING AUTHORITY-- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------------- --------- -------- ---------- --- ---- ---------- -------- ---------- ------ ---- Advanced Micro Devices Inc COM 007903107 2,777 212,600 SH OTHER 01/02 212,600 Alcatel-Lucent SPONSORED ADR 013904305 14,775 1,250,000 SH OTHER 01/02 1,250,000 Alcoa Inc COM 013817101 33,900 1,000,000 SH CALL OTHER 01/02 1,000,000 Altria Group Inc COM 02209S103 57,839 658,685 SH OTHER 01/02 658,685 American Standard Cos Inc COM 029712106 34,463 650,000 SH OTHER 01/02 650,000 Anadarko Petroleum Corp COM 032511107 10,745 250,000 SH PUT OTHER 01/02 250,000 AnnTaylor Stores Corp COM 036115103 167,952 4,330,886 SH OTHER 01/02 4,330,886 Apollo Group Inc CL A 037604105 34,619 788,580 SH OTHER 01/02 788,580 Aspen Insurance Holdings Ltd SHS G05384105 13,724 523,610 SH OTHER 01/02 523,610 Avaya Inc COM 053499109 18,193 1,540,510 SH OTHER 01/02 1,540,510 Bear Stearns Cos Inc COM 073902108 75,175 500,000 SH OTHER 01/02 500,000 Bearingpoint Inc COM 074002106 766 100,000 SH OTHER 01/02 100,000 Berkshire Hathaway Inc CL A 084670108 106,810 980 SH OTHER 01/02 980 Blackrock Inc COM 09247X101 317,866 2,033,560 SH OTHER 01/02 2,033,560 Borders Group Inc COM 099709107 20,420 1,000,000 SH OTHER 01/02 1,000,000 Boston Scientific Corp COM 101137107 229,710 15,798,500 SH OTHER 01/02 15,798,500 Canadian Ntrl Resources Ltd COM 136385101 171,757 3,112,100 SH OTHER 01/02 3,112,100 Capital Source Inc COM 14055X102 3,432 136,583 SH OTHER 01/02 136,583 Centex Corp COM 152312104 67,475 1,615,000 SH OTHER 01/02 1,615,000 Cerner Corp COM 156782104 65,253 1,198,400 SH PUT OTHER 01/02 1,198,400 Citigroup Inc COM 172967101 1,540 30,000 SH OTHER 01/02 30,000 Clear Channel Communications COM 184502102 870,898 24,854,400 SH OTHER 01/02 24,854,400 Coach Inc COM 189754104 88,849 1,775,200 SH PUT OTHER 01/02 1,775,200 Comcast Corp CL A SPL 20030N200 308,371 12,107,218 SH OTHER 01/02 12,107,218 Comcast Corp CL A 20030N101 36,020 1,388,043 SH OTHER 01/02 1,388,043 ConocoPhillips COM 20825C104 358,928 5,251,327 SH OTHER 01/02 5,251,327 CVS Corp COM 126650100 333,967 9,782,268 SH OTHER 01/02 9,782,268 Dell Inc COM 24702R101 84,401 3,636,400 SH OTHER 01/02 3,636,400 Dollar Gen Corp COM 256669102 21,150 1,000,000 SH OTHER 01/02 1,000,000 Dow Jones & Co Inc COM 260561105 51,705 1,500,000 SH OTHER 01/02 1,500,000 Downey Finl Corp COM 261018105 25,390 393,400 SH OTHER 01/02 393,400 Dynegy Inc CL A 26816Q101 77,170 8,333,712 SH OTHER 01/02 8,333,712 Eldorado Gold Corp COM 284902103 583 100,000 SH OTHER 01/02 100,000 Embarq Corp COM 29078E105 8,911 158,131 SH OTHER 01/02 158,131 EMC Corp COM 268648102 2,078 150,000 SH OTHER 01/02 150,000 Employers Holdings Inc COM 292218104 12,152 607,000 SH OTHER 01/02 607,000 EnCana Corp COM 292505104 137,154 2,708,938 SH OTHER 01/02 2,708,938 Exelon Corp COM 30161N101 45,417 661,000 SH OTHER 01/02 661,000 Federal Home Ln Mtg Corp COM 313400301 177,285 2,980,080 SH OTHER 01/02 2,980,080 Fidelity Natl Info Services COM 31620M106 132,257 2,909,300 SH OTHER 01/02 2,909,300 First American Corp COM 318522307 227,845 4,492,209 SH OTHER 01/02 4,492,209 Freeport-McMoRan Copp & Gold CL B 35671D857 5,765 87,099 SH OTHER 01/02 87,099 GAP Inc COM 364760108 182,490 10,603,744 SH OTHER 01/02 10,603,744 General Electric Co COM 369604103 3,536 100,000 SH OTHER 01/02 100,000 GlobalSanteFe Corp SHS G3930E101 6,168 100,000 SH CALL OTHER 01/02 100,000 Goldcorp Inc COM 380956409 9,848 410,000 SH OTHER 01/02 410,000 Halliburton Co COM 406216101 2,222 70,000 SH OTHER 01/02 70,000

Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8: --VOTING AUTHORITY-- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- --------------- --------- -------- ---------- --- ---- ---------- -------- ---------- ------ ---- Harrahs Entmt Inc COM 413619107 217,056 2,570,229 SH OTHER 01/02 2,570,229 HealthSouth Corp COM NEW 421924309 131,314 6,250,079 SH OTHER 01/02 6,250,079 Home Depot Inc COM 437076102 27,555 750,000 SH OTHER 01/02 750,000 Home Depot Inc COM 437076102 60,143 1,637,000 SH PUT OTHER 01/02 1,637,000 Intl Game Technology COM 459902102 40,380 1,000,000 SH OTHER 01/02 1,000,000 Ishares DJ US REAL EST 464287739 8,524 100,000 SH PUT OTHER 01/02 100,000 Ishares RUSSELL 2000 464287655 147,094 1,850,000 SH OTHER 01/02 1,850,000 Ishares RUSSELL 2000 464287655 397,550 5,000,000 SH PUT OTHER 01/02 5,000,000 Ishares Silver Trust ISHARES 46428Q109 49,428 370,190 SH OTHER 01/02 370,190 Jacobs Engineering Group Inc COM 469814107 6,111 131,000 SH PUT OTHER 01/02 131,000 Janus Capital Group Inc COM 47102X105 92,662 4,431,481 SH OTHER 01/02 4,431,481 JC Penney Co Inc COM 708160106 104,754 1,275,000 SH PUT OTHER 01/02 1,275,000 Kinross Gold Corp COM NO PAR 496902404 237,500 17,222,599 SH OTHER 01/02 17,222,599 Knology Inc COM 499183804 16,606 1,049,039 SH OTHER 01/02 1,049,039 Legg Mason Inc COM 524901105 94,210 1,000,000 SH OTHER 01/02 1,000,000 Marathon Acquisition Corp COM 565756103 2,371 310,320 SH OTHER 01/02 310,320 McClatchy Co CL A 579489105 78,428 2,481,104 SH OTHER 01/02 2,481,104 McDonalds Corp COM 580135101 86,519 1,920,500 SH OTHER 01/02 1,920,500 MCF Corp COM NEW 580395309 4,478 1,017,860 SH OTHER 01/02 1,017,860 Merrill Lynch & Co Inc COM 590188108 36,343 445,000 SH OTHER 01/02 445,000 Microsoft Corp COM 594918104 166,774 5,984,000 SH OTHER 01/02 5,984,000 Motorola Inc COM 620076109 318,381 18,018,143 SH OTHER 01/02 18,018,143 National Coal Corp COM NEW 632381208 2,563 516,812 SH OTHER 01/02 516,812 Netease.com SPONSORED ADR 64110W102 31,450 1,772,809 SH OTHER 01/02 1,772,809 New York Times Co CL A 650111107 43,141 1,835,000 SH OTHER 01/02 1,835,000 Newfield Exploration Co COM 651290108 10,428 250,000 SH OTHER 01/02 250,000 Newmont Mining Corp COM 651639106 51,165 1,218,500 SH OTHER 01/02 1,218,500 News Corp CL A 65248E104 147,861 6,395,352 SH OTHER 01/02 6,395,352 Nortel Networks Corp COM NEW 656568508 9,105 378,580 SH OTHER 01/02 378,580 Novelis Inc COM 67000X106 11,012 249,643 SH OTHER 01/02 249,643 Novell Inc COM 670006105 722 100,000 SH OTHER 01/02 100,000 NTR Acquisition Co COM 629415100 21,855 2,399,000 SH OTHER 01/02 2,399,000 NTR Acquisition Co W EXP 06/28/201 629415118 1,602 2,288,700 SH OTHER 01/02 2,288,700 Office Depot Inc COM 676220106 59,387 1,690,000 SH OTHER 01/02 1,690,000 PetSmart Inc COM 716768106 78,551 2,383,215 SH OTHER 01/02 2,383,215 PNC Finl Svcs Group Inc COM 693475105 44,981 625,000 SH OTHER 01/02 625,000 PowerShares ETF Trust WATER RESOURCE 73935X575 1,495 80,000 SH OTHER 01/02 80,000 Progressive Corp COM 743315103 25,102 1,150,400 SH OTHER 01/02 1,150,400 Pulte Homes Inc COM 745867101 51,729 1,955,000 SH OTHER 01/02 1,955,000 Qualcomm Inc COM 747525103 398,457 9,340,303 SH OTHER 01/02 9,340,303 Reliant Energy Inc COM 75952B105 22,074 1,086,300 SH OTHER 01/02 1,086,300 SAIC Inc COM 78390X101 11,700 675,500 SH OTHER 01/02 675,500 Saks Inc COM 79377W108 23,916 1,147,613 SH OTHER 01/02 1,147,613 Semiconductor Hldrs Trust DEP RCPT 816636203 1,675 50,000 SH OTHER 01/02 50,000 SLM Corp COM 78442P106 196,623 4,807,400 SH OTHER 01/02 4,807,400 SLM Corp COM 78442P106 2,863 70,000 SH CALL OTHER 01/02 70,000 Smith Intl Inc COM 832110100 22,824 475,000 SH OTHER 01/02 475,000 Smithfield Foods Inc COM 832248108 27,201 908,200 SH OTHER 01/02 908,200 Soc Quimica Minera Chile SPON ADR SER B 833635105 12,147 83,200 SH OTHER 01/02 83,200 Sovereign Bancorp Inc COM 845905108 129,987 5,109,544 SH OTHER 01/02 5,109,544 Sprint Nextel Corp COM FON 852061100 121,964 6,432,700 SH OTHER 01/02 6,432,700 Sprint Nextel Corp COM FON 852061100 3,792 200,000 SH CALL OTHER 01/02 200,000

Item 1: Item 2: Item 3: Item 4: Item 5: Item 6: Item 7: Item 8: --VOTING AUTHORITY-- TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- -------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- Standard-Pacific Corp COM 85375C101 48,534 2,325,563 SH OTHER 01/02 2,325,563 State Street Corp COM 857477103 170,855 2,638,694 SH OTHER 01/02 2,638,694 State Street Corp COM 857477103 31,080 480,000 SH CALL OTHER 01/02 480,000 Station Casinos Inc COM 857689103 448,424 5,179,900 SH OTHER 01/02 5,179,900 Sun Microsystems Inc COM 866810104 1,503 250,000 SH OTHER 01/02 250,000 Suncor Energy COM 867229106 66,608 872,400 SH OTHER 01/02 872,400 Tiffany & Co COM 886547108 95,508 2,100,000 SH OTHER 01/02 2,100,000 Time Warner Cable Inc CL A 88732J108 128,963 3,441,776 SH OTHER 01/02 3,441,776 TreeHouse Foods Inc COM 89469A104 77,641 2,548,100 SH OTHER 01/02 2,548,100 Warner Music Group Corp COM 934550104 8,871 520,000 SH OTHER 01/02 520,000 Washington Group Intl Inc COM NEW 938862208 26,568 400,000 SH OTHER 01/02 400,000 Weatherford Intl Ltd COM G95089101 16,913 375,000 SH OTHER 01/02 375,000 Wendys Intl Inc COM 950590109 239,191 7,641,897 SH OTHER 01/02 7,641,897 Xerox Corp COM 984121103 78,627 4,655,224 SH OTHER 01/02 4,655,224 YUM Brands Inc COM 988498101 114,942 1,990,000 SH OTHER 01/02 1,990,000