13F-HR 1 form13fhr.txt REPORT FOR THE PERIOD ENDED SEPTEMBER 30, 2011 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2011 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, 59th Floor Boston, MA 02116 Form 13F File Number: 028-03499 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing this 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) 850-7500 Signature, Place, and Date of Signing: /s/ Joseph F. Mazzella Boston, Massachusetts November 14, 2011 ---------------------- --------------------- ----------------- [Signature] [City, State] [Date] 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 for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 99 Form 13F Information Table Value Total: 8,096,535 (thousands) List of Other Included Managers: Provide a numbered list of the 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 --- -------------------- ---- 1 028-04629 Jonathon S. Jacobson FORM 13F INFORMATION TABLE

COL 1 COL 2 COL 3 COL 4 COL 5 COL 6 COL 7 COL 8 US $ SHARES VALUE OR SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- --------- --- ---- ------- ---------- --------- -------- -------- ADVANCE AUTO PARTS INC COM 00751Y106 29050 500000 SH OTHER 01 500000 0 0 AETNA INC NEW COM 00817Y108 41322 1136780 SH OTHER 01 1136780 0 0 ALLSCRIPTS HEALTHCARE SOLUTN COM 01988P108 21624 1199999 SH OTHER 01 1199999 0 0 ANADARKO PETE CORP COM 032511107 363260 5761465 SH OTHER 01 5761465 0 0 ANADARKO PETE CORP COM 032511907 31525 500000 SH CALL OTHER 01 500000 0 0 ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L904 24660 1550000 SH CALL OTHER 01 1550000 0 0 AVIS BUDGET GROUP COM 053774105 3820 395000 SH OTHER 01 395000 0 0 BAKER HUGHES INC COM 057224907 36920 800000 SH CALL OTHER 01 800000 0 0 BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 27100 10000000 SH OTHER 01 10000000 0 0 BENEFICIAL MUTUAL BANCORP IN COM 08173R104 7455 1000640 SH OTHER 01 1000640 0 0 BLACKROCK INC COM 09247X101 94551 638816 SH OTHER 01 638816 0 0 BP PLC SPONSORED ADR 055622904 187564 5200000 SH CALL OTHER 01 5200000 0 0 BP PLC SPONSORED ADR 055622104 183254 5080499 SH OTHER 01 5080499 0 0 CALPINE CORP COM NEW 131347904 171839 12204500 SH CALL OTHER 01 12204500 0 0 CAMECO CORP COM 13321L108 3669 200000 SH OTHER 01 200000 0 0 CARTER INC COM 146229109 69331 2270163 SH OTHER 01 2270163 0 0 CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 79447 1696127 SH OTHER 01 1696127 0 0 CHESAPEAKE ENERGY CORP COM 165167907 25550 1000000 SH CALL OTHER 01 1000000 0 0 CIGNA CORP COM 125509109 12435 296500 SH OTHER 01 296500 0 0 CIT GROUP INC COM NEW 125581801 54980 1810325 SH OTHER 01 1810325 0 0 CITIGROUP INC COM NEW 172967904 30744 1200000 SH CALL OTHER 01 1200000 0 0 CITIGROUP INC COM NEW 172967424 86622 3381015 SH OTHER 01 3381015 0 0 CME GROUP INC COM 12572Q105 36960 150000 SH OTHER 01 150000 0 0 CORELOGIC INC COM 21871D103 86958 8149719 SH OTHER 01 8149719 0 0 CVS CAREMARK CORPORATION COM 126650100 405197 12066611 SH OTHER 01 12066611 0 0 DIRECTV COM CL A 25490A101 530404 12553932 SH OTHER 01 12553932 0 0 DOLLAR THRIFTY AUTOMOTIVE GP COM 256743105 19466 345759 SH OTHER 01 345759 0 0 ENCANA CORP COM 292505904 76840 4000000 SH CALL OTHER 01 4000000 0 0 ENCANA CORP COM 292505104 47344 2464559 SH OTHER 01 2464559 0 0 EXPRESS SCRIPTS INC COM 302182950 74140 2000000 SH PUT OTHER 01 2000000 0 0 FIDELITY NATL INFORMATION SV COM 31620M106 111711 4593367 SH OTHER 01 4593367 0 0 FIRST AMERN FINL CORP COM 31847R102 1785 139470 SH OTHER 01 139470 0 0 FORD MTR CO DEL *W EXP 01/01/201 345370134 76380 34561080 SH OTHER 01 34561080 0 0 FREEPORT-MCMORAN COPPER & GO COM 35671D857 15834 520000 SH OTHER 01 520000 0 0 GENWORTH FINL INC COM CL A 37247D106 206591 35991542 SH OTHER 01 35991542 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 78566 830943 SH OTHER 01 830943 0 0 HCA HOLDINGS INC COM 40412C101 20160 1000000 SH OTHER 01 1000000 0 0 HERITAGE FINL GROUP INC COM 42726X102 390 37500 SH OTHER 01 37500 0 0 HERTZ GLOBAL HOLDINGS INC COM 42805T105 28703 3225000 SH OTHER 01 3225000 0 0 HILLTOP HOLDINGS INC COM 432748101 15520 2152600 SH OTHER 01 2152600 0 0 HOME DEPOT INC COM 437076102 57029 1735000 SH OTHER 01 1735000 0 0 HYATT HOTELS CORP COM CL A 448579102 21021 670110 SH OTHER 01 670110 0 0 INVESCO LTD SHS G491BT108 236008 15216500 SH OTHER 01 15216500 0 0 IRON MTN INC COM 462846106 123584 3908402 SH OTHER 01 3908402 0 0 ISHARES TR RUSL 2000 GROW 464287648 61715 840000 SH OTHER 01 840000 0 0 IVANHOE ENERGY INC COM 465790103 455 422500 SH OTHER 01 422500 0 0 JPMORGAN CHASE & CO COM 46625H100 266486 8847473 SH OTHER 01 8847473 0 0 KAISER FED FINL GROUP INC COM 483056107 3538 299800 SH OTHER 01 299800 0 0 KINROSS GOLD CORP COM NO PAR 496902904 14780 1000000 SH CALL OTHER 01 1000000 0 0 KINROSS GOLD CORP NOTE 1.750% 3/1 496902AD9 19700 20000000 PRN OTHER 01 20000000 0 0 KINROSS GOLD CORP COM NO PAR 496902404 18815 1273000 SH OTHER 01 1273000 0 0 LENDER PROCESSING SVCS INC COM 52602E102 100523 7342828 SH OTHER 01 7342828 0 0 LIBERTY GLOBAL INC COM 530555901 28582 790000 SH CALL OTHER 01 790000 0 0 LIBERTY GLOBAL INC COM 530555951 13748 380000 SH PUT OTHER 01 380000 0 0 LOUISIANA PAC CORP COM 546347105 6742 1322000 SH OTHER 01 1322000 0 0 LOWES COS INC COM 548661107 159130 8228000 SH OTHER 01 8228000 0 0 MARRIOTT INTL INC NEW CL A 571903202 20975 770000 SH OTHER 01 770000 0 0 MCCLATCHY CO CL A 579489105 1084 809303 SH OTHER 01 809303 0 0 MCKESSON CORP COM 58155Q103 102020 1403302 SH OTHER 01 1403302 0 0 MERRIMAN HLDGS INC COM 590419107 287 163778 SH OTHER 01 163778 0 0 MGM RESORTS INTERNATIONAL NOTE 4.250% 4/1 55303QAE0 8813 10000000 PRN OTHER 01 10000000 0 0 MICROSOFT CORP COM 594918104 42338 1701000 SH OTHER 01 1701000 0 0 MORGAN STANLEY COM NEW 617446448 80009 5926611 SH OTHER 01 5926611 0 0 MOTOROLA MOBILITY HLDGS INC COM 620097105 230307 6096016 SH OTHER 01 6096016 0 0 NABORS INDUSTRIES LTD SHS G6359F903 8582 700000 SH CALL OTHER 01 700000 0 0 NABORS INDUSTRIES LTD SHS G6359F103 38124 3109646 SH OTHER 01 3109646 0 0 NEWS CORP CL A 65248E104 464230 30008400 SH OTHER 01 30008400 0 0 NORTHEAST BANCORP COM NEW 663904209 4061 317286 SH OTHER 01 317286 0 0 OCH ZIFF CAP MGMT GROUP CL A 67551U105 13413 1469125 SH OTHER 01 1469125 0 0 OPKO HEALTH INC COM 68375N103 6928 1600000 SH OTHER 01 1600000 0 0 PATTERSON UTI ENERGY INC COM 703481101 2774 160000 SH OTHER 01 160000 0 0 PENNYMAC MTG INVT TR COM 70931T103 7950 500000 SH OTHER 01 500000 0 0 QUALCOMM INC COM 747525103 60161 1237125 SH OTHER 01 1237125 0 0 RALCORP HLDGS INC NEW COM 751028101 115726 1508617 SH OTHER 01 1508617 0 0 SANDERSON FARMS INC COM 800013104 23750 500000 SH OTHER 01 500000 0 0 SARA LEE CORP COM 803111103 112691 6892391 SH OTHER 01 6892391 0 0 SEAGATE TECHNOLOGY PLC COM G7945M107 79375 7721295 SH OTHER 01 7721295 0 0 SLM CORP COM 78442P106 568664 45675854 SH OTHER 01 45675854 0 0 SPDR SERIES TRUST SPDR KBW BK ETF 78464A797 31091 1772600 SH OTHER 01 1772600 0 0 STARWOOD HOTELS&RESORTS WRLD COM 85590A401 20381 525000 SH OTHER 01 525000 0 0 SUNCOR ENERGY INC NEW COM 867224107 15341 603020 SH OTHER 01 603020 0 0 SYMETRA FINL CORP COM 87151Q106 36320 4456436 SH OTHER 01 4456436 0 0 TARGET CORP COM 87612E106 291788 5950000 SH OTHER 01 5950000 0 0 TFS FINL CORP COM 87240R107 3846 473106 SH OTHER 01 473106 0 0 WENDYS CO COM 95058W100 16260 3542547 SH OTHER 01 3542547 0 0 TIME WARNER CABLE INC COM 88732J207 216753 3458645 SH OTHER 01 3458645 0 0 TYCO INTERNATIONAL LTD SHS H89128104 9087 223000 SH OTHER 01 223000 0 0 UNITEDHEALTH GROUP INC COM 91324P102 239822 5199946 SH OTHER 01 5199946 0 0 VANGUARD INTL EQUITY INDEX F MSCI EMR MKT ETF 922042858 30148 840000 SH OTHER 01 840000 0 0 VERISIGN INC COM 92343E102 9870 345000 SH OTHER 01 345000 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 14213 554100 SH OTHER 01 554100 0 0 WALGREEN CO COM 931422109 6578 200000 SH OTHER 01 200000 0 0 WELLPOINT INC COM 94973V907 32640 500000 SH CALL OTHER 01 500000 0 0 WELLPOINT INC COM 94973V107 148752 2278670 SH OTHER 01 2278670 0 0 WELLS FARGO & CO NEW COM 949746101 92913 3852130 SH OTHER 01 3852130 0 0 WILLBROS GROUP INC DEL COM 969203108 326 78058 SH OTHER 01 78058 0 0 WILLIAMS COS INC DEL COM 969457100 192873 7924114 SH OTHER 01 7924114 0 0 XEROX CORP COM 984121103 6622 950000 SH OTHER 01 950000 0 0 YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 137121 4008220 SH OTHER 01 4008220 0 0