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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
+6.03%
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
$9.94B
AUM Growth
+$43.8M
Cap. Flow
-$423M
Cap. Flow %
-4.26%
Top 10 Hldgs %
93.35%
Holding
56
New
9
Increased
4
Reduced
8
Closed
1

Top Buys

Rank Stock Value
1
LE icon
Lands' End
LE
+$95.4M
2
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
+$12M
3
FRE
FREDDIE MAC D/B/A VOTING
FRE
+$7.45M
4
FNM
FANNIE MAE
FNM
+$5.8M
5
RAI
Reynolds American Inc
RAI
+$2.54M

Top Sells

Rank Stock Value
1
AIG icon
American International
AIG
+$311M
2
SHLD
Sears Holding Corporation
SHLD
+$221M
3
CHK
Chesapeake Energy Corporation
CHK
+$13.7M
4
JEF icon
Jefferies Financial Group
JEF
+$8.28M
5
BAC icon
Bank of America
BAC
+$7.93M

Sector Composition

Rank Sector Weight
1 Financials 59.28%
2 Consumer Discretionary 11.05%
3 Real Estate 6.35%
4 Industrials 0.74%
5 Consumer Staples 0.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FRE.PRT
51
DELISTED
FEDERAL HOME LOAN MTG CORP PERP PFD 6.42%
FRE.PRT
$166K ﹤0.01%
9,200
– –
FRE.PRR
52
DELISTED
FREDDIE MAC 5.7% NON-CUM PRF STK
FRE.PRR
$151K ﹤0.01%
8,400
– –
FNM.PRI
53
DELISTED
FANNIE MAE 5.375% NON-CUM PFD
FNM.PRI
$78K ﹤0.01%
4,400
– –
CHK
54
DELISTED
Chesapeake Energy Corporation
CHK
– –
-2,834
Closed -$13.7M
1 2
3

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Bruce Berkowitz's Q2 2014 Portfolio in Review

As of Q2 2014, Bruce Berkowitz held 56 positions worth $9.94B, up 0.44% from $9.9B the previous quarter. Its ten largest holdings account for 93% of the portfolio.

Bruce Berkowitz withdrew a net $423M in Q2 2014, closing 1 position and reducing 8 holdings. Its most notable exit was Chesapeake Energy Corporation, an estimated $13.7M position sold in full.

By sector, the portfolio is most concentrated in Financials at 59% of assets, down from 61% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Bruce Berkowitz opened a new position in Lands' End worth $113M.

  • Bruce Berkowitz's largest Q2 2014 buy was Lands' End: 3,362,757 shares worth $113M.
  • Bruce Berkowitz added most to Bank Of America Corporation Ws A in Q2 2014, an estimated $12M increase.
  • Bruce Berkowitz's biggest Q2 2014 reduction was American International, cutting an estimated $311M.
  • Bruce Berkowitz fully exited Chesapeake Energy Corporation in Q2 2014, selling an estimated $13.7M.
  • Bruce Berkowitz's ten largest holdings make up 93% of its $9.94B portfolio in Q2 2014.
  • Bruce Berkowitz opened 9 new positions and closed 1 in Q2 2014.
  • Bruce Berkowitz's portfolio value rose 0.44% quarter-over-quarter to $9.94B.

Based on Fairholme Capital Management's 13F filing for Q2 2014, filed 14 Aug 2014.