13F-HR 1 form13fhr.txt REPORT FOR THE PERIOD ENDED SEPTEMBER 30, 2010 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, 2010 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 15, 2010 ---------------------- --------------------- ----------------- [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: 2 Form 13F Information Table Entry Total: 78 Form 13F Information Table Value Total: 9,162,061 (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 2 028-04627 Richard L. Grubman 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 ------------------------------ ---------------- --------- -------- --------- --- ---- ------- ---------- --------- -------- -------- ADVENT SOFTWARE INC COM 007974108 730 13985 SH OTHER 01/02 13985 0 0 AETNA INC NEW COM 00817Y108 35934 1136780 SH OTHER 01/02 1136780 0 0 ALLSCRIPTS HEALTHCARE SOLUTN COM 01988P108 22164 1199999 SH OTHER 01/02 1199999 0 0 AMERESCO INC CL A 02361E108 9322 783326 SH OTHER 01/02 783326 0 0 ANADARKO PETE CORP COM 032511107 349843 6132226 SH OTHER 01/02 6132226 0 0 ANALOG DEVICES INC COM 032654105 10199 325000 SH OTHER 01/02 325000 0 0 APOLLO GROUP INC CL A 037604105 53918 1050000 SH OTHER 01/02 1050000 0 0 ARTIO GLOBAL INVS INC COM CL A 04315B107 9495 620583 SH OTHER 01/02 620583 0 0 BABCOCK & WILCOX CO NEW COM 05615F102 75602 3552737 SH OTHER 01/02 3552737 0 0 BANK OF AMERICA CORPORATION COM 060505104 27295 2082000 SH OTHER 01/02 2082000 0 0 BANK OF AMERICA CORPORATION *W EXP 01/16/20 060505146 64800 10000000 SH OTHER 01/02 10000000 0 0 BARRICK GOLD CORP COM 067901108 40934 884286 SH OTHER 01/02 884286 0 0 BLACKROCK INC COM 09247X101 396482 2328821 SH OTHER 01/02 2328821 0 0 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 88027 3361085 SH OTHER 01/02 3361085 0 0 CALPINE CORP COM NEW 131347304 158354 12719200 SH CALL OTHER 01/02 12719200 0 0 CAMERON INTERNATIONAL CORP COM 13342B105 21480 500000 SH CALL OTHER 01/02 500000 0 0 CARNIVAL CORP PAIRED CTF 143658300 75427 1975300 SH OTHER 01/02 1975300 0 0 CENOVUS ENERGY INC COM 15135U109 212268 7378100 SH OTHER 01/02 7378100 0 0 CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 32685 1005698 SH OTHER 01/02 1005698 0 0 CIGNA CORP COM 125509109 54743 1530000 SH OTHER 01/02 1530000 0 0 CIT GROUP INC COM NEW 125581801 77304 1893767 SH OTHER 01/02 1893767 0 0 CME GROUP INC COM 12572Q105 39068 150000 SH OTHER 01/02 150000 0 0 COCA COLA CO COM 191216100 145130 2480000 SH OTHER 01/02 2480000 0 0 COCA COLA ENTERPRISES INC COM 191219104 85000 4000000 SH OTHER 01/02 4000000 0 0 COMCAST CORP NEW CL A SPL 20030N200 60830 3576159 SH OTHER 01/02 3576159 0 0 COMCAST CORP NEW CL A 20030N101 5393 298264 SH OTHER 01/02 298264 0 0 CORELOGIC INC COM 21871D103 156149 8149719 SH OTHER 01/02 8149719 0 0 CVS CAREMARK CORPORATION COM 126650100 299785 9526059 SH OTHER 01/02 9526059 0 0 DIRECTV COM CL A 25490A101 415789 9987714 SH OTHER 01/02 9987714 0 0 DIRECTV COM CL A 25490A101 41630 1000000 SH CALL OTHER 01/02 1000000 0 0 DISH NETWORK CORP CL A 25470M109 36415 1900557 SH OTHER 01/02 1900557 0 0 ELECTRONIC ARTS INC COM 285512109 24645 1500000 SH OTHER 01/02 1500000 0 0 ENCANA CORP COM 292505104 77479 2563000 SH CALL OTHER 01/02 2563000 0 0 ENCANA CORP COM 292505104 7558 250000 SH OTHER 01/02 250000 0 0 EXXON MOBIL CORP COM 30231G102 30895 500000 SH CALL OTHER 01/02 500000 0 0 EXXON MOBIL CORP COM 30231G102 476250 7707564 SH OTHER 01/02 7707564 0 0 FIDELITY NATL INFORMATION SV COM 31620M106 262688 9682582 SH OTHER 01/02 9682582 0 0 FIRST AMERN FINL CORP COM 31847R102 121478 8131045 SH OTHER 01/02 8131045 0 0 FORD MTR CO DEL *W EXP 01/01/20 345370134 128700 30000000 SH OTHER 01/02 30000000 0 0 FOREST LABS INC COM 345838106 15774 510000 SH OTHER 01/02 510000 0 0 GENERAL DYNAMICS CORP COM 369550108 10050 160000 SH OTHER 01/02 160000 0 0 HILLTOP HOLDINGS INC COM 432748101 25703 2683000 SH OTHER 01/02 2683000 0 0 ISHARES TR RUSL 2000 GROW 464287648 29896 400000 SH OTHER 01/02 400000 0 0 ISHARES TR S&P SMLCP VALU 464287879 40411 650000 SH OTHER 01/02 650000 0 0 KINROSS GOLD CORP NOTE 1.750% 3/1 496902AD9 67568 66000000 PRN OTHER 01/02 66000000 0 0 KINROSS GOLD CORP COM NO PAR 496902404 9572 511152 SH OTHER 01/02 511152 0 0 KKR & CO L P DEL COM UNITS 48248M102 16302 1537939 SH OTHER 01/02 1537939 0 0 MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 11186 200000 SH CALL OTHER 01/02 200000 0 0 MCCLATCHY CO CL A 579489105 3181 809303 SH OTHER 01/02 809303 0 0 MCKESSON CORP COM 58155Q103 117586 1903302 SH OTHER 01/02 1903302 0 0 MERRIMAN HLDGS INC COM 590419107 406 163778 SH OTHER 01/02 163778 0 0 MICROSOFT CORP COM 594918104 18368 750000 SH CALL OTHER 01/02 750000 0 0 JPMORGAN CHASE & CO COM 46625H100 543102 14265873 SH OTHER 01/02 14265873 0 0 MOTOROLA INC COM 620076109 926876 108660732 SH OTHER 01/02 108660732 0 0 ORACLE CORP COM 68389X105 26850 1000000 SH CALL OTHER 01/02 1000000 0 0 POWERSHARES QQQ TRUST UNIT SER 1 73935A104 83910 1710000 SH OTHER 01/02 1710000 0 0 NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 7667 900900 SH OTHER 01/02 900900 0 0 NOVAGOLD RES INC COM NEW 66987E206 29830 3413026 SH OTHER 01/02 3413026 0 0 OCH ZIFF CAP MGMT GROUP CL A 67551U105 21890 1469125 SH OTHER 01/02 1469125 0 0 PACTIV CORP COM 695257105 165102 5006123 SH OTHER 01/02 5006123 0 0 PENNYMAC MTG INVT TR COM 70931T103 8945 500000 SH OTHER 01/02 500000 0 0 PFIZER INC COM 717081103 157033 9145764 SH OTHER 01/02 9145764 0 0 QUALCOMM INC COM 747525103 111091 2462125 SH OTHER 01/02 2462125 0 0 SLM CORP COM 78442P106 545735 47249813 SH OTHER 01/02 47249813 0 0 SMITHFIELD FOODS INC COM 832248108 49464 2939018 SH OTHER 01/02 2939018 0 0 SPDR GOLD TRUST GOLD SHS 78463V107 204656 1600000 SH CALL OTHER 01/02 1600000 0 0 STAPLES INC COM 855030102 139747 6680067 SH OTHER 01/02 6680067 0 0 SYMETRA FINL CORP COM 87151Q106 63701 6089998 SH OTHER 01/02 6089998 0 0 TIFFANY & CO NEW COM 886547108 51661 1099400 SH OTHER 01/02 1099400 0 0 TIME WARNER CABLE INC COM 88732J207 160001 2963535 SH OTHER 01/02 2963535 0 0 TRANSOCEAN LTD REG SHS H8817H100 16073 250000 SH OTHER 01/02 250000 0 0 UNITEDHEALTH GROUP INC COM 91324P102 567479 16162898 SH OTHER 01/02 16162898 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 13747 554100 SH OTHER 01/02 554100 0 0 WAL MART STORES INC COM 931142103 147180 2750000 SH OTHER 01/02 2750000 0 0 WALGREEN CO COM 931422109 166711 4976462 SH OTHER 01/02 4976462 0 0 WELLPOINT INC COM 94973V107 257297 4542670 SH OTHER 01/02 4542670 0 0 WENDYS ARBYS GROUP INC COM 950587105 16048 3542547 SH OTHER 01/02 3542547 0 0 GRACE W R & CO DEL NEW COM 38388F108 82374 2948255 SH OTHER 01/02 2948255 0 0