13F-HR 1 d13fhr.txt FORM 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, 2008 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: 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: 617-850-7500 Signature, Place, and Date of Signing: /s/ Joseph F. Mazzella Boston, Massachusetts May 15, 2008 ---------------------- --------------------------- ------------ 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: 84 Form 13F Information Table Value Total: $8,132,669 (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 4 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 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 -------------- ---------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ---- Alcoa Inc COM 013817101 32,461 900,200 SH CALL OTHER 01/02 900,200 Alcoa Inc COM 013817101 555,434 15,403,050 SH OTHER 01/02 15,403,050 Allstate Corp COM 020002101 7,786 162,000 SH OTHER 01/02 162,000 Altern Asset Mgmt Acq COM 02149U101 7,103 750,000 SH OTHER 01/02 750,000 Altern Asset Mgmt Acq *W EXP 08/01/201 02149U119 488 750,000 SH OTHER 01/02 750,000 Altria Group COM 02209S103 14,623 658,685 SH OTHER 01/02 658,685 Alumina Ltd SPONSORED ADR 022205108 7,708 378,399 SH OTHER 01/02 378,399 American Express Co COM 025816109 74,892 1,713,000 SH OTHER 01/02 1,713,000 Anadarko Pete Corp COM 032511107 153,166 2,430,056 SH OTHER 01/02 2,430,056 AnnTaylor Stores Corp COM 036115103 104,721 4,330,886 SH OTHER 01/02 4,330,886 Baker Hughes Inc COM 057224107 1,370 20,000 SH OTHER 01/02 20,000 Berkshire Hathaway Inc CL A 084670108 168,751 1,265 SH OTHER 01/02 1,265 Blackrock Inc COM 09247X101 33,229 162,745 SH OTHER 01/02 162,745 Boston Scientific Corp COM 101137107 214,910 16,698,500 SH OTHER 01/02 16,698,500 Cablevision Systems Corp CL A NY CABLVS 12686C109 72,028 3,361,085 SH OTHER 01/02 3,361,085 Cadbury Schweppes PLC ADR 127209302 23,216 525,000 SH OTHER 01/02 525,000 Canadian Nat Resources Ltd COM 136385101 194,299 2,846,450 SH OTHER 01/02 2,846,450 Capital One Financial Corp COM 14040H105 49,220 1,000,000 SH PUT OTHER 01/02 1,000,000 Career Education Corp COM 141665109 6,421 504,800 SH CALL OTHER 01/02 504,800 Career Education Corp COM 141665109 83,678 6,578,485 SH OTHER 01/02 6,578,485 Cerner Corp COM 156782104 3,102 83,200 SH PUT OTHER 01/02 83,200 Clear Channel Comm COM 184502102 1,114,258 38,133,415 SH OTHER 01/02 38,133,415 Coach Inc COM 189754104 28,229 936,300 SH OTHER 01/02 936,300 Comcast Corp CL A SPL 20030N200 232,282 12,244,718 SH OTHER 01/02 12,244,718 Comcast Corp CL A 20030N101 114,919 5,942,043 SH OTHER 01/02 5,942,043 ConocoPhillips COM 20825C104 93,876 1,231,805 SH OTHER 01/02 1,231,805 CVS Caremark Corp COM 126650100 452,714 11,175,368 SH OTHER 01/02 11,175,368 Dean Foods Co COM 242370104 36,280 1,805,856 SH OTHER 01/02 1,805,856 Dillards Inc CL A 254067101 34,420 2,000,000 SH OTHER 01/02 2,000,000 Downey Financial Corp COM 261018105 44,409 2,416,181 SH OTHER 01/02 2,416,181 DST Systems Inc COM 233326107 65,740 999,999 SH OTHER 01/02 999,999 Eagle Materials Inc COM 26969P108 4,444 125,000 SH OTHER 01/02 125,000 Embarq Corp COM 29078E105 6,341 158,131 SH OTHER 01/02 158,131 EMC Corp COM 268648102 45,314 3,160,000 SH CALL OTHER 01/02 3,160,000 Employers Holdings Inc COM 292218104 25,142 1,356,081 SH OTHER 01/02 1,356,081 EnCana Corp COM 282505104 34,088 450,000 SH CALL OTHER 01/02 450,000 EnCana Corp COM 292505104 480,084 6,337,738 SH OTHER 01/02 6,337,738 Entergy Corp COM 29364G103 49,413 453,000 SH OTHER 01/02 453,000 Federal Home Ln Mtg Corp COM 313400301 1,266 50,000 SH PUT OTHER 01/02 50,000 Federal Home Ln Mtg Corp COM 313400301 1,051 41,500 SH OTHER 01/02 41,500 Federal Natl Mtg Assn COM 313586109 790 30,000 SH OTHER 01/02 30,000 Fidelity Natl Info Svcs COM 31620M106 104,828 2,748,517 SH OTHER 01/02 2,748,517 First American Corp COM 318522307 300,928 8,866,479 SH OTHER 01/02 8,866,479 FirstEnergy Corp COM 337932107 29,918 436,000 SH OTHER 01/02 436,000 Global Consumer Acq Corp UNIT 99/99/9999 378983209 29,353 2,950,000 SH OTHER 01/02 2,950,000 Goldman Sachs Group Inc COM 38141G104 21,650 130,900 SH OTHER 01/02 130,900 GSC Acquisition Co *W EXP 06/25/201 40053G114 141 300,000 SH OTHER 01/02 300,000 Healthsouth Corp COM NEW 421924309 111,189 6,250,079 SH OTHER 01/02 6,250,079

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 -------------- ---------------- --------- --------- ---------- --- ---- ---------- -------- ---------- ------ ---- Infosys Technologies Ltd SPONSORED ADR 456788108 19,443 543,556 SH OTHER 01/02 543,556 Knology Inc COM 499183804 13,585 1,049,039 SH OTHER 01/02 1,049,039 Kraft Foods Inc CL A 50075N104 181,538 5,854,178 SH OTHER 01/02 5,854,178 Legg Mason Inc COM 524901105 136,423 2,436,996 SH OTHER 01/02 2,436,996 Loews Corp COM 540424108 27,820 691,700 SH OTHER 01/02 691,700 McClatchy Co CL A 579489105 28,206 2,636,118 SH OTHER 01/02 2,636,118 MCF Corp COM 580395309 4,546 1,153,603 SH OTHER 01/02 1,153,603 Merrill Lynch & Co Inc COM 590188108 64,980 1,595,000 SH OTHER 01/02 1,595,000 Motorola Inc COM 620076109 361,174 38,835,930 SH OTHER 01/02 38,835,930 News Corporation Ltd CL A 65248E104 38,489 2,052,769 SH OTHER 01/02 2,052,769 Och Ziff Cap Mgmt Group CL A 67551U105 76,268 3,631,800 SH OTHER 01/02 3,631,800 Office Depot Inc COM 676220106 124,546 11,271,164 SH OTHER 01/02 11,271,164 Peoples United Financial Inc COM 712704105 3,981 230,001 SH OTHER 01/02 230,001 Petroleo Brasileiro SA SPONSORED ADR 71654V408 18,380 180,000 SH OTHER 01/02 180,000 PNC Finl Svcs Group Inc COM 693475105 331,647 5,057,908 SH OTHER 01/02 5,057,908 Powershares QQQ Trust UNIT SER 1 73935A104 3,498 80,000 SH OTHER 01/02 80,000 Qualcomm Inc COM 747525103 568,571 13,867,592 SH OTHER 01/02 13,867,592 Sapphire Industrials Corp UNIT 99/99/9999 80306T208 19,220 2,000,000 SH OTHER 01/02 2,000,000 Select Sector SPDR Tr SBI INT-ENERGY 81369Y506 12,117 163,608 SH OTHER 01/02 163,608 SLM Corp COM 78442P106 206,341 13,442,400 SH OTHER 01/02 13,442,400 Smithfield Foods Inc COM 832248108 23,395 908,200 SH OTHER 01/02 908,200 SP Acquisition Holdings Inc UNIT 99/99/9999 78470A203 4,890 500,000 SH OTHER 01/02 500,000 Sterling Financial Corp COM 859317109 8,725 500,000 SH OTHER 01/02 500,000 Streettracks Gold Tr GOLD SHS 863307104 53,364 590,440 SH OTHER 01/02 590,440 Suncor Energy COM 867229106 50,300 522,050 SH OTHER 01/02 522,050 Suncor Energy COM 867229106 71,578 742,900 SH CALL OTHER 01/02 742,900 Tailwind Financial Inc COM 874023104 666 86,800 SH OTHER 01/02 86,800 Tailwind Financial Inc UNIT 99/99/9999 874023203 1,958 250,000 SH OTHER 01/02 250,000 Tailwind Financial Inc *W EXP 04/11/201 874023112 159 1,221,100 SH OTHER 01/02 1,221,100 Take-Two Interactive Software COM 874054109 22,968 900,000 SH OTHER 01/02 900,000 Time Warner Cable CL A 88732J108 78,724 3,151,480 SH OTHER 01/02 3,151,480 Ultra Petroleum Corp COM 903914109 26,466 341,500 SH PUT OTHER 01/02 341,500 Venoco Inc COM 92275P307 6,822 587,066 SH OTHER 01/02 587,066 Wachovia Corp COM 929903102 18,900 700,000 SH PUT OTHER 01/02 700,000 Walgreen Co COM 931422109 81,513 2,140,000 SH OTHER 01/02 2,140,000 Wendys Intl Inc COM 950590109 169,795 7,363,197 SH OTHER 01/02 7,363,197