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BB

Bruce Berkowitz Fairholme Capital Management

AUM $1.49B
1-Year Est. Return 28.35%
 

Bruce Berkowitz is the founder of Fairholme Capital Management and a concentrated value investor known for bold, high-conviction portfolios. He rose to prominence managing mutual fund assets with a willingness to take large positions in out-of-favor financials and special situations. Berkowitz’s approach prioritizes intrinsic value estimates and a short list of ideas rather than broad diversification.

This Fund
S&P 500
This Quarter Est. Return
+1.04%
1 Year Est. Return
+28.35%
3 Year Est. Return
+36.16%
5 Year Est. Return
+56.7%
10 Year Est. Return
+189.85%
AUM
$9.9B
AUM Growth
+$183M
Cap. Flow
-$218M
Cap. Flow %
-2.2%
Top 10 Hldgs %
94.44%
Holding
47
New
2
Increased
3
Reduced
10
Closed
–

Top Buys

Rank Stock Value
1
SHLD
Sears Holding Corporation
SHLD
+$132M
2
AIG.WS
American International Group, Inc.
AIG.WS
+$4.78M
3
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
+$4.57M
4
VOD icon
Vodafone
VOD
+$2.54M
5
T icon
AT&T
T
+$2.28M

Top Sells

Rank Stock Value
1
AIG icon
American International
AIG
+$202M
2
JEF icon
Jefferies Financial Group
JEF
+$53M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$49.2M
4
FNM
FANNIE MAE
FNM
+$26.6M
5
BAC icon
Bank of America
BAC
+$13.5M

Sector Composition

Rank Sector Weight
1 Financials 61.43%
2 Consumer Discretionary 11.82%
3 Real Estate 4.83%
4 Industrials 0.67%
5 Energy 0.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FRE.PRL
26
DELISTED
FREDDIE MAC VR RATE NON-CUM PF
FRE.PRL
$9.24M 0.09%
546,542
– –
LNC.WS
27
DELISTED
Lincoln National Corporation
LNC.WS
$8.54M 0.09%
205,810
– –
WFC icon
28
Wells Fargo
WFC
$254B
$7.44M 0.08%
149,600
– –
FNM.PRG
29
DELISTED
FANNIE MAE VRRT NONCM PFD SR G
FNM.PRG
$4.6M 0.05%
269,500
– –
FRE.PRW
30
DELISTED
FEDERAL HOME LN MTG CORP NON CUM PERPETUAL PFD
FRE.PRW
$4.14M 0.04%
447,940
– –
FRE.PRF
31
DELISTED
FREDDIE MAC 5% NON CUM PFD
FRE.PRF
$3.48M 0.04%
203,000
– –
FRE.PRO
32
DELISTED
FREDDIE MAC 5.81% NON-CUM PFD
FRE.PRO
$2.8M 0.03%
157,500
– –
C icon
33
Citigroup
C
$221B
$2.6M 0.03%
54,560
– –
VOD icon
34
Vodafone
VOD
$36.9B
$2.43M 0.02%
+66,000
New +$2.54M
T icon
35
AT&T
T
$173B
$2.4M 0.02%
+90,694
New +$2.28M
LNC icon
36
Lincoln National
LNC
$8.07B
$2.25M 0.02%
44,400
– –
HIG icon
37
Hartford Financial Services
HIG
$36.9B
$1.83M 0.02%
52,000
– –
FRE.PRS
38
DELISTED
FEDERAL HOME LOAN MORTAGAGE CORP PERP PFD VAR RATE
FRE.PRS
$1.06M 0.01%
60,900
– –
FRE.PRP
39
DELISTED
FREDDIE MAC 6% PFD STK
FRE.PRP
$785K 0.01%
45,000
– –
BRK.A icon
40
Berkshire Hathaway Class A
BRK.A
$1.06T
$562K 0.01%
3
-3
-50% -$527K
FRE.PRX
41
DELISTED
FEDERAL HOME LN MTG CORP 6.02% NON-CUM PERP PFD STK
FRE.PRX
$423K ﹤0.01%
45,500
– –
FRE.PRK
42
DELISTED
FREDDIE MAC 5.79% NON CUM PRF
FRE.PRK
$169K ﹤0.01%
9,400
– –
FRE.PRT
43
DELISTED
FEDERAL HOME LOAN MTG CORP PERP PFD 6.42%
FRE.PRT
$166K ﹤0.01%
9,200
– –
FRE.PRR
44
DELISTED
FREDDIE MAC 5.7% NON-CUM PRF STK
FRE.PRR
$151K ﹤0.01%
8,400
– –
FNM.PRI
45
DELISTED
FANNIE MAE 5.375% NON-CUM PFD
FNM.PRI
$79K ﹤0.01%
4,400
– –
1
2

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Bruce Berkowitz's Q1 2014 Portfolio in Review

As of Q1 2014, Bruce Berkowitz held 47 positions worth $9.9B, up 1.9% from $9.71B the previous quarter. Its ten largest holdings account for 94% of the portfolio.

Trading was light in Q1 2014: portfolio turnover was 4.3%. Bruce Berkowitz opened 2 new positions and made no exits, leaving the 47-position portfolio largely intact.

By sector, the portfolio is most concentrated in Financials at 61% of assets, down from 65% a quarter earlier, followed by Consumer Discretionary and Real Estate.

  • Bruce Berkowitz's largest Q1 2014 buy was Vodafone: 66,000 shares worth $2.43M.
  • Bruce Berkowitz added most to Sears Holding Corporation in Q1 2014, an estimated $132M increase.
  • Bruce Berkowitz's biggest Q1 2014 reduction was American International, cutting an estimated $202M.
  • Bruce Berkowitz's ten largest holdings make up 94% of its $9.9B portfolio in Q1 2014.
  • Bruce Berkowitz opened 2 new positions and closed 0 in Q1 2014.
  • Bruce Berkowitz's portfolio value rose 1.9% quarter-over-quarter to $9.9B.

Based on Fairholme Capital Management's 13F filing for Q1 2014, filed 15 May 2014.