13F-HR 1 form13fhr.txt REPORT FOR THE PERIOD ENDED MARCH 31, 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: March 31, 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 May 16, 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: 85 Form 13F Information Table Value Total: 8,375,140 (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 ------------------------------ ---------------- --------- -------- --------- --- ---- ------- ---------- --------- -------- -------- ADVANTAGE OIL & GAS LTD COM 00765F101 1345 150000 SH OTHER 01 150000 0 0 ADVENT SOFTWARE INC COM 007974108 802 27970 SH OTHER 01 27970 0 0 AETNA INC NEW COM 00817Y108 42550 1136780 SH OTHER 01 1136780 0 0 ALLSCRIPTS HEALTHCARE SOLUTN COM 01988P108 25188 1199999 SH OTHER 01 1199999 0 0 ANADARKO PETE CORP COM 032511107 197798 2414526 SH OTHER 01 2414526 0 0 BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 76700 10000000 SH OTHER 01 10000000 0 0 BARRICK GOLD CORP COM 067901108 45903 884286 SH OTHER 01 884286 0 0 BENEFICIAL MUTUAL BANCORP IN COM 08173R104 5356 621363 SH OTHER 01 621363 0 0 BLACKROCK INC COM 09247X101 291780 1451571 SH OTHER 01 1451571 0 0 CABLEVISION SYS CORP CL A NY CABLVS 12686C109 57490 1661085 SH OTHER 01 1661085 0 0 CALPINE CORP COM 131347304 193844 12214500 SH CALL OTHER 01 12214500 0 0 CARNIVAL CORP PAIRED CTF 143658300 109657 2858628 SH OTHER 01 2858628 0 0 CARTER INC COM 146229109 64995 2270163 SH OTHER 01 2270163 0 0 CENOVUS ENERGY INC COM 15135U109 120593 3062300 SH OTHER 01 3062300 0 0 CEPHALON INC COM 156708109 75780 1000000 SH OTHER 01 1000000 0 0 CERNER CORP COM 156782104 172371 1550100 SH PUT OTHER 01 1550100 0 0 CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 85875 1696127 SH OTHER 01 1696127 0 0 CHESAPEAKE ENERGY CORP COM 165167107 33520 1000000 SH CALL OTHER 01 1000000 0 0 CIGNA CORP COM 125509109 41490 937000 SH OTHER 01 937000 0 0 CIT GROUP INC COM NEW 125581801 34479 810325 SH OTHER 01 810325 0 0 CITIGROUP INC COM 172967101 53040 12000000 SH CALL OTHER 01 12000000 0 0 CITIGROUP INC COM 172967101 112975 25560000 SH OTHER 01 25560000 0 0 CME GROUP INC COM 12572Q105 45233 150000 SH OTHER 01 150000 0 0 COCA COLA ENTERPRISES INC NE COM 19122T109 48967 1793665 SH OTHER 01 1793665 0 0 CORELOGIC INC COM 21871D103 150770 8149719 SH OTHER 01 8149719 0 0 CVS CAREMARK CORPORATION COM 126650100 716039 20863611 SH OTHER 01 20863611 0 0 DIRECTV COM CL A 25490A101 587524 12553932 SH OTHER 01 12553932 0 0 DISH NETWORK CORP CL A 25470M109 46298 1900557 SH OTHER 01 1900557 0 0 ENCANA CORP COM 292505104 36256 1050000 SH CALL OTHER 01 1050000 0 0 ENCANA CORP COM 292505104 149011 4315400 SH OTHER 01 4315400 0 0 FIDELITY NATL INFORMATION SV COM 31620M106 283834 8682582 SH OTHER 01 8682582 0 0 FIRST AMERN FINL CORP COM 31847R102 49647 3008924 SH OTHER 01 3008924 0 0 FORD MTR CO DEL *W EXP 01/01/201 345370134 189883 29762280 SH OTHER 01 29762280 0 0 FOREST LABS INC COM 345838106 16473 510000 SH OTHER 01 510000 0 0 FOX CHASE BANCORP INC NEW COM 35137T108 2983 214307 SH OTHER 01 214307 0 0 FRANKLIN RES INC COM 354613101 45404 363000 SH OTHER 01 363000 0 0 GENWORTH FINL INC COM CL A 37247D106 134600 10000000 SH OTHER 01 10000000 0 0 HERITAGE FINL GROUP INC COM 42726X102 477 37500 SH OTHER 01 37500 0 0 HILLTOP HOLDINGS INC COM 432748101 26937 2683000 SH OTHER 01 2683000 0 0 HUDSON CITY BANCORP COM 443683107 4917 508000 SH OTHER 01 508000 0 0 IVANHOE ENERGY INC COM 465790103 2814 1000000 SH OTHER 01 1000000 0 0 JPMORGAN CHASE & CO COM 46625H100 457237 9918373 SH OTHER 01 9918373 0 0 KAISER FED FINL GROUP INC COM 483056107 3688 299800 SH OTHER 01 299800 0 0 KROGER CO COM 501044101 47940 2000000 SH OTHER 01 2000000 0 0 LENDER PROCESSING SVCS INC COM 52602E102 148359 4608848 SH OTHER 01 4608848 0 0 LIBERTY GLOBAL INC COM 530555101 32714 790000 SH CALL OTHER 01 790000 0 0 LIBERTY GLOBAL INC COM 530555101 32714 790000 SH PUT OTHER 01 790000 0 0 LOUISIANA PAC CORP COM 546347105 36855 3510000 SH OTHER 01 3510000 0 0 LOWES COS INC COM 548661107 237817 8998000 SH OTHER 01 8998000 0 0 MCCLATCHY CO CL A 579489105 2752 809303 SH OTHER 01 809303 0 0 MCKESSON CORP COM 58155Q103 110931 1403302 SH OTHER 01 1403302 0 0 MERRIMAN HLDGS INC COM 590419107 521 163778 SH OTHER 01 163778 0 0 MICROSOFT CORP COM 594918104 38040 1500000 SH CALL OTHER 01 1500000 0 0 MICROSOFT CORP COM 594918104 52876 2085000 SH OTHER 01 2085000 0 0 MORGAN STANLEY COM NEW 617446448 27320 1000000 SH OTHER 01 1000000 0 0 MOTOROLA MOBILITY HLDGS INC COM 620097105 213245 8739543 SH OTHER 01 8739543 0 0 MOTOROLA SOLUTIONS INC COM NEW 620076307 187017 4184751 SH OTHER 01 4184751 0 0 NORTHEAST BANCORP COM NEW 663904209 4601 317286 SH OTHER 01 317286 0 0 POWERSHARES QQQ TRUST UNIT SER 1 73935A104 98205 1710000 SH OTHER 01 1710000 0 0 NYSE EURONEXT COM 629491101 77383 2200250 SH OTHER 01 2200250 0 0 OCH ZIFF CAP MGMT GROUP CL A 67551U105 23976 1469125 SH OTHER 01 1469125 0 0 OPKO HEALTH INC COM 68375N103 11936 3200000 SH OTHER 01 3200000 0 0 PATTERSON UTI ENERGY INC COM 703481101 7083 241000 SH OTHER 01 241000 0 0 PENNYMAC MTG INVT TR COM 70931T103 9195 500000 SH OTHER 01 500000 0 0 QUALCOMM INC COM 747525103 67832 1237125 SH OTHER 01 1237125 0 0 RESEARCH IN MOTION LTD COM 760975102 9900 175000 SH OTHER 01 175000 0 0 ROYAL DUTCH SHELL PLC SPON ADR B 780259107 14692 200600 SH OTHER 01 200600 0 0 SARA LEE CORP COM 803111103 68779 3892391 SH OTHER 01 3892391 0 0 SEAGATE TECHNOLOGY PLC SHS G7945M107 67987 4721295 SH OTHER 01 4721295 0 0 SLM CORP COM 78442P106 734454 48003501 SH OTHER 01 48003501 0 0 STAPLES INC COM 855030102 59815 3080067 SH OTHER 01 3080067 0 0 STARWOOD HOTELS&RESORTS WRLD COM 85590A401 14530 250000 SH PUT OTHER 01 250000 0 0 SYMETRA FINL CORP COM 87151Q106 71212 5236198 SH OTHER 01 5236198 0 0 TEVA PHARMACEUTICAL INDS LTD COM 881624209 50170 1000000 SH CALL OTHER 01 1000000 0 0 TFS FINL CORP COM 87240R107 10620 1000000 SH OTHER 01 1000000 0 0 TIME WARNER CABLE INC COM 88732J207 211419 2963535 SH OTHER 01 2963535 0 0 UNITEDHEALTH GROUP INC COM 91324P102 280238 6199946 SH OTHER 01 6199946 0 0 VERISIGN INC COM 92343E102 61412 1696000 SH OTHER 01 1696000 0 0 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 15930 554100 SH OTHER 01 554100 0 0 WAL MART STORES INC COM 931142103 143138 2750000 SH OTHER 01 2750000 0 0 WELLPOINT INC COM 94973V107 185130 2652670 SH OTHER 01 2652670 0 0 WENDYS ARBYS GROUP INC COM 950587105 17819 3542547 SH OTHER 01 3542547 0 0 WILLBROS GROUP INC DEL COM 969203108 10624 972900 SH OTHER 01 972900 0 0 GRACE W R & CO DEL NEW COM 38388F108 30216 789125 SH OTHER 01 789125 0 0 XEROX CORP COM 984121103 5219 490000 SH OTHER 01 490000 0 0