13F-HR 1 form13fhr.txt REPORT FOR THE PERIOD ENDED DECEMBER 31, 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: December 31, 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 February 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: 86 Form 13F Information Table Value Total: 9,664,141 (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 ------------------------------ ---------------- --------- -------- --------- --- ---- ------- ---------- --------- -------- -------- ADVENT SOFTWARE INC COM 007974108 405 13985 SH OTHER 01 13985 0 0 AETNA INC NEW COM 00817Y108 34683 1136780 SH OTHER 01 1136780 0 0 ALLSCRIPTS HEALTHCARE SOLUTN COM 01988P108 23124 1199999 SH OTHER 01 1199999 0 0 ANADARKO PETE CORP COM 032511107 364390 4784526 SH OTHER 01 4784526 0 0 APOLLO GROUP INC CL A 037604105 75031 1900000 SH OTHER 01 1900000 0 0 BANK OF AMERICA CORPORATION COM 060505104 133400 10000000 SH CALL OTHER 01 10000000 0 0 BARRICK GOLD CORP COM 067901108 47026 884286 SH OTHER 01 884286 0 0 BLACKROCK INC COM 09247X101 319521 1676571 SH OTHER 01 1676571 0 0 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 65619 1939091 SH OTHER 01 1939091 0 0 CALPINE CORP COM NEW 131347304 162941 12214500 SH CALL OTHER 01 12214500 0 0 CAPITOL FED FINL COM 14057C106 3573 300000 SH OTHER 01 300000 0 0 CARNIVAL CORP PAIRED CTF 143658300 91081 1975300 SH OTHER 01 1975300 0 0 CENOVUS ENERGY INC COM 15135U109 214940 6466300 SH OTHER 01 6466300 0 0 CERNER CORP COM 156782104 47370 500000 SH PUT OTHER 01 500000 0 0 CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 66047 1696127 SH OTHER 01 1696127 0 0 CHEVRON CORP NEW COM 166764100 22813 250000 SH PUT OTHER 01 250000 0 0 CIGNA CORP COM 125509109 51507 1405000 SH OTHER 01 1405000 0 0 CIT GROUP INC COM NEW 125581801 38166 810325 SH OTHER 01 810325 0 0 CITIGROUP INC COM 172967101 104060 22000000 SH OTHER 01 22000000 0 0 CME GROUP INC COM 12572Q105 48263 150000 SH OTHER 01 150000 0 0 COCA COLA CO COM 191216100 117071 1780000 SH OTHER 01 1780000 0 0 COCA COLA ENTERPRISES INC NE COM 19122T109 100120 4000000 SH OTHER 01 4000000 0 0 COMCAST CORP NEW CL A SPL 20030N200 74420 3576159 SH OTHER 01 3576159 0 0 COMCAST CORP NEW CL A 20030N101 6553 298264 SH OTHER 01 298264 0 0 CORELOGIC INC COM 21871D103 150933 8149719 SH OTHER 01 8149719 0 0 CVS CAREMARK CORPORATION COM 126650100 365991 10526059 SH OTHER 01 10526059 0 0 DEVON ENERGY CORP NEW COM 25179M103 39255 500000 SH CALL OTHER 01 500000 0 0 DEVON ENERGY CORP NEW COM 25179M103 102691 1308000 SH OTHER 01 1308000 0 0 DIRECTV COM CL A 25490A101 478679 11987955 SH OTHER 01 11987955 0 0 DIRECTV COM CL A 25490A101 39930 1000000 SH CALL OTHER 01 1000000 0 0 DISH NETWORK CORP CL A 25470M109 37365 1900557 SH OTHER 01 1900557 0 0 ISHARES TR MSCI EMERG MKT 464287234 190480 4000000 SH PUT OTHER 01 4000000 0 0 ENCANA CORP COM 292505104 108123 3713000 SH CALL OTHER 01 3713000 0 0 ENCANA CORP COM 292505104 239436 8222400 SH OTHER 01 8222400 0 0 EXXON MOBIL CORP COM 30231G102 36560 500000 SH CALL OTHER 01 500000 0 0 EXXON MOBIL CORP COM 30231G102 337271 4612565 SH OTHER 01 4612565 0 0 FIDELITY NATL INFORMATION SV COM 31620M106 265206 9682582 SH OTHER 01 9682582 0 0 FIRST AMERN FINL CORP COM 31847R102 121478 8131045 SH OTHER 01 8131045 0 0 FLEETCOR TECHNOLOGIES INC COM 339041105 12368 400000 SH OTHER 01 400000 0 0 FORD MTR CO DEL *W EXP 01/01/201 345370134 244500 30000000 SH OTHER 01 30000000 0 0 FOREST LABS INC COM 345838106 16310 510000 SH OTHER 01 510000 0 0 FOX CHASE BANCORP INC NEW COM 35137T108 2540 214307 SH OTHER 01 214307 0 0 HELMERICH & PAYNE INC COM 423452101 3961 81700 SH CALL OTHER 01 81700 0 0 HELMERICH & PAYNE INC COM 423452101 2728 56277 SH OTHER 01 56277 0 0 HERITAGE FINL GROUP INC COM 42726X102 461 37500 SH OTHER 01 37500 0 0 HILLTOP HOLDINGS INC COM 432748101 26615 2683000 SH OTHER 01 2683000 0 0 IAMGOLD CORP COM 450913108 13350 750000 SH OTHER 01 750000 0 0 JPMORGAN CHASE & CO COM 46625H100 84840 2000000 SH CALL OTHER 01 2000000 0 0 JPMORGAN CHASE & CO COM 46625H100 605158 14265873 SH OTHER 01 14265873 0 0 KAISER FED FINL GROUP INC COM 483056107 3474 300000 SH OTHER 01 300000 0 0 KKR & CO L P DEL COM UNITS 48248M102 10479 737939 SH OTHER 01 737939 0 0 LAS VEGAS SANDS CORP COM 517834107 91900 2000000 SH PUT OTHER 01 2000000 0 0 LENDER PROCESSING SVCS INC COM 52602E102 122871 4162294 SH OTHER 01 4162294 0 0 LOWES COS INC COM 548661107 50160 2000000 SH OTHER 01 2000000 0 0 MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 12294 200000 SH CALL OTHER 01 200000 0 0 MARRIOTT INTL INC NEW CL A 571903202 8308 200000 SH OTHER 01 200000 0 0 MCCLATCHY CO CL A 579489105 3779 809303 SH OTHER 01 809303 0 0 MCKESSON CORP COM 58155Q103 133954 1903302 SH OTHER 01 1903302 0 0 MERRIMAN HLDGS INC COM 590419107 357 163778 SH OTHER 01 163778 0 0 MICROSOFT CORP COM 594918104 104663 3750000 SH CALL OTHER 01 3750000 0 0 MOTOROLA INC COM 620076109 991197 109283032 SH OTHER 01 109283032 0 0 NABORS INDUSTRIES LTD SHS G6359F103 2933 125000 SH OTHER 01 125000 0 0 POWERSHARES QQQ TRUST UNIT SER 1 73935A104 93127 1710000 SH OTHER 01 1710000 0 0 NEWMONT MINING CORP COM 651639106 30715 500000 SH PUT OTHER 01 500000 0 0 NORTHEAST BANCORP COM 663904100 4896 317286 SH OTHER 01 317286 0 0 OCH ZIFF CAP MGMT GROUP CL A 67551U105 22889 1469125 SH OTHER 01 1469125 0 0 PATTERSON UTI ENERGY INC COM 703481101 1961 91000 SH OTHER 01 91000 0 0 PENNYMAC MTG INVT TR COM 70931T103 9075 500000 SH OTHER 01 500000 0 0 PRECISION DRILLING CORP COM 2010 74022D308 5717 590000 SH OTHER 01 590000 0 0 QUALCOMM INC COM 747525103 61225 1237125 SH OTHER 01 1237125 0 0 SLM CORP COM 78442P106 604364 48003501 SH OTHER 01 48003501 0 0 SOUTHWESTERN ENERGY CO COM 845467109 20587 550000 SH CALL OTHER 01 550000 0 0 STAPLES INC COM 855030102 161213 7080067 SH OTHER 01 7080067 0 0 SYMETRA FINL CORP COM 87151Q106 83433 6089998 SH OTHER 01 6089998 0 0 TFS FINL CORP COM 87240R107 9020 1000000 SH OTHER 01 1000000 0 0 TIME WARNER CABLE INC COM 88732J207 195682 2963535 SH OTHER 01 2963535 0 0 TOTAL S A SPONSORED ADR 89151E109 5348 100000 SH OTHER 01 100000 0 0 UNITEDHEALTH GROUP INC COM 91324P102 117401 3251200 SH CALL OTHER 01 3251200 0 0 UNITEDHEALTH GROUP INC COM 91324P102 446261 12358386 SH OTHER 01 12358386 0 0 VERISIGN INC COM 92343E102 35218 1078000 SH OTHER 01 1078000 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 14645 554100 SH OTHER 01 554100 0 0 WAL MART STORES INC COM 931142103 148308 2750000 SH OTHER 01 2750000 0 0 WALGREEN CO COM 931422109 17235 442380 SH OTHER 01 442380 0 0 WELLPOINT INC COM 94973V107 173575 3052670 SH OTHER 01 3052670 0 0 WENDYS ARBYS GROUP INC COM 950587105 16367 3542547 SH OTHER 01 3542547 0 0 GRACE W R & CO DEL NEW COM 38388F108 111157 3164155 SH OTHER 01 3164155 0 0