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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
+7.45%
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
$7.3B
AUM Growth
+$32.6M
Cap. Flow
-$368M
Cap. Flow %
-5.04%
Top 10 Hldgs %
98.89%
Holding
27
New
3
Increased
1
Reduced
9
Closed
9

Top Buys

Rank Stock Value
1
SRSC
SEARS Canada Inc.
SRSC
+$134M
2
SHLDW
Sears Holdings Corporation - Warrant
SHLDW
+$129M
3
CNQ icon
Canadian Natural Resources
CNQ
+$17M
4
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
+$35.4K

Top Sells

Rank Stock Value
1
AIG icon
American International
AIG
+$484M
2
BAC icon
Bank of America
BAC
+$58.3M
3
SHLD
Sears Holding Corporation
SHLD
+$27.6M
4
LE icon
Lands' End
LE
+$18.4M
5
HIG.WS
Hartford Financial Services Grp
HIG.WS
+$16M

Sector Composition

Rank Sector Weight
1 Financials 67.69%
2 Consumer Discretionary 13.86%
3 Real Estate 6.25%
4 Energy 0.21%
5 Communication Services 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CHK
26
DELISTED
Chesapeake Energy Corporation
CHK
– –
-2,685
Closed -$12.3M
HIG.WS
27
DELISTED
Hartford Financial Services Grp
HIG.WS
– –
-553,900
Closed -$16M
1
2

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Bruce Berkowitz's Q4 2014 Portfolio in Review

As of Q4 2014, Bruce Berkowitz held 27 positions worth $7.3B, up 0.45% from $7.26B the previous quarter. Its ten largest holdings account for 99% of the portfolio.

Bruce Berkowitz withdrew a net $368M in Q4 2014, closing 9 positions and reducing 9 holdings. Its most notable exit was Lands' End, an estimated $18.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 68% of assets, down from 74% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Bruce Berkowitz opened a new position in SEARS Canada Inc. worth $135M.

  • Bruce Berkowitz's largest Q4 2014 buy was SEARS Canada Inc.: 14,095,696 shares worth $135M.
  • Bruce Berkowitz added most to Bank Of America Corporation Ws A in Q4 2014, an estimated $35.4K increase.
  • Bruce Berkowitz's biggest Q4 2014 reduction was American International, cutting an estimated $484M.
  • Bruce Berkowitz fully exited Lands' End in Q4 2014, selling an estimated $18.4M.
  • Bruce Berkowitz's ten largest holdings make up 99% of its $7.3B portfolio in Q4 2014.
  • Bruce Berkowitz opened 3 new positions and closed 9 in Q4 2014.
  • Bruce Berkowitz's portfolio value rose 0.45% quarter-over-quarter to $7.3B.

Based on Fairholme Capital Management's 13F filing for Q4 2014, filed 17 Feb 2015.