Bruce Berkowitz Fairholme Capital Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SHLD
Sears Holding Corporation
SHLD
|
+$17.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American International
AIG
|
+$57.8M |
| 2 |
Bank of America
BAC
|
+$17.9M |
| 3 |
Jefferies Financial Group
JEF
|
+$1.61M |
| 4 |
Berkshire Hathaway Class B
BRK.B
|
+$1.2M |
| 5 |
AIG.WS
American International Group, Inc.
AIG.WS
|
+$336K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 72.52% |
| 2 | Consumer Discretionary | 14.67% |
| 3 | Real Estate | 5.81% |
| 4 | Energy | 0.24% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
American International
AIG
$39.8B
| $4.13B | 48.93% |
84,931,830
-1,217,035
| -1% | -$57.8M |
|
|
2
Bank of America
BAC
$431B
| $1.38B | 16.3% |
99,696,715
-1,251,900
| -1% | -$17.9M |
|
|
SHLD
3
DELISTED
Sears Holding Corporation
SHLD
| $1.24B | 14.67% |
27,502,993
+483,862
| +2% | +$17.2M |
|
|
4
Jefferies Financial Group
JEF
$12.1B
| $507M | 6% |
20,783,905
-67,288
| -0.3% | -$1.61M |
|
5
St. Joe Company
JOE
$3.92B
| $491M | 5.81% |
25,010,633
-7,300
| -0% | -$154K |
|
|
AIG.WS
6
DELISTED
American International Group, Inc.
AIG.WS
| $460M | 5.45% |
24,261,438
-17,677
| -0.1% | -$336K |
|
|
7
Berkshire Hathaway Class B
BRK.B
$1.06T
| $81.3M | 0.96% |
716,125
-10,400
| -1% | -$1.2M |
|
|
BAC.WS.A
8
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $60.3M | 0.71% |
9,904,428
| – | – |
|
|
CHK
9
DELISTED
Chesapeake Energy Corporation
CHK
| $20.6M | 0.24% |
4,198
-50
| -1% | -$232K |
|
|
WFC.WS
10
DELISTED
Wells Fargo & Company Ws
WFC.WS
| $18.9M | 0.22% |
1,346,665
| – | – |
|
11
Genworth Financial
GNW
$3.73B
| $13.7M | 0.16% |
1,071,500
-3,700
| -0.3% | -$46.4K |
|
|
JPM.WS
12
DELISTED
JPMorgan Chase
JPM.WS
| $12.6M | 0.15% |
753,300
| – | – |
|
|
HIG.WS
13
DELISTED
Hartford Financial Services Grp
HIG.WS
| $12.4M | 0.15% |
553,900
| – | – |
|
|
LNC.WS
14
DELISTED
Lincoln National Corporation
LNC.WS
| $6.73M | 0.08% |
205,810
| – | – |
|
15
Wells Fargo
WFC
$254B
| $6.18M | 0.07% |
149,600
-1,800
| -1% | -$76.8K |
|
16
Citigroup
C
$221B
| $2.65M | 0.03% |
54,560
-2,800
| -5% | -$142K |
|
17
Lincoln National
LNC
$8.07B
| $1.86M | 0.02% |
44,400
-1,200
| -3% | -$50.7K |
|
18
Hartford Financial Services
HIG
$36.9B
| $1.62M | 0.02% |
52,000
-1,300
| -2% | -$40.6K |
|
|
19
Berkshire Hathaway Class A
BRK.A
$1.06T
| $1.02M | 0.01% |
6
| – | – |
|
Similar funds
Bruce Berkowitz's Q3 2013 Portfolio in Review
As of Q3 2013, Bruce Berkowitz held 19 positions worth $8.44B, up 9.8% from $7.69B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Trading was light in Q3 2013: portfolio turnover was 0%. Bruce Berkowitz opened no new positions and made no exits, leaving the 19-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 73% of assets, down from 75% a quarter earlier, followed by Consumer Discretionary and Real Estate.
- Bruce Berkowitz added most to Sears Holding Corporation in Q3 2013, an estimated $17.2M increase.
- Bruce Berkowitz's biggest Q3 2013 reduction was American International, cutting an estimated $57.8M.
- Bruce Berkowitz's ten largest holdings make up 99% of its $8.44B portfolio in Q3 2013.
- Bruce Berkowitz opened 0 new positions and closed 0 in Q3 2013.
- Bruce Berkowitz's portfolio value rose 9.8% quarter-over-quarter to $8.44B.
Based on Fairholme Capital Management's 13F filing for Q3 2013, filed 14 Nov 2013.