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Bruce Berkowitz Fairholme Capital Management
AUM
$1.49B
Turnover
23.08%
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
+2.96%
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
$9.7B
AUM Growth
+$1.27B
(+15%)
Cap. Flow
+$1.06B
Cap. Flow % of AUM
Cap. Flow %
10.89%
Top 10 Holdings %
Top 10 Hldgs %
94.67%
Holding
45
New
26
Increased
3
Reduced
5
Closed
–
Avg Time Held
0.2
years
Top 10 Avg Time Held
0.4
years
Top 20 Avg Time Held
0.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
FNM.PRS
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD SER S (USA)
FNM.PRS
|
+$517M |
| 2 |
FRE.PRZ
FREDDIE MAC FIXED FLG RT NON CUM PERP PREF
FRE.PRZ
|
+$358M |
| 3 |
FNM
FANNIE MAE
FNM
|
+$78.2M |
| 4 |
FRE
FREDDIE MAC D/B/A VOTING
FRE
|
+$56.2M |
| 5 |
FRE.PRV
FEDERAL HOME LOAN MTG CORP 5.57% NON CUM PERPETUAL PFD STK
FRE.PRV
|
+$40.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American International
AIG
|
+$258M |
| 2 |
Jefferies Financial Group
JEF
|
+$18.3M |
| 3 |
St. Joe Company
JOE
|
+$2.73M |
| 4 |
Berkshire Hathaway Class B
BRK.B
|
+$682K |
| 5 |
American International Group, Inc.
AIG.WS
|
+$229K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 65.13% |
| 2 | Miscellaneous | 18.35% |
| 3 | Consumer Discretionary | 10.77% |
| 4 | Real Estate | 4.91% |
| 5 | Industrials | 0.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
American International
AIG
$41.3B
| $4.07B | 41.91% |
79,752,186
-5,179,644
| -6% | -$258M |
2013 Q2
2 quarters
|
|
2
Bank of America
BAC
$349B
| $1.55B | 15.99% |
99,742,115
+45,400
| +0% | +$673K |
2013 Q2
2 quarters
|
|
3
DELISTED
Sears Holding Corporation
SHLD
| $1.05B | 10.77% |
28,262,837
+759,844
| +3% | +$32M |
2013 Q2
2 quarters
|
|
|
FNM.PRS
4
DELISTED
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD SER S (USA)
FNM.PRS
| $517M | 5.32% |
+59,049,119
| New | +$517M |
2013 Q4
0 quarters
|
|
|
5
Jefferies Financial Group
JEF
$11.3B
| $509M | 5.24% |
20,061,303
-722,602
| -3% | -$18.3M |
2013 Q2
2 quarters
|
|
|
6
DELISTED
American International Group, Inc.
AIG.WS
| $491M | 5.06% |
24,250,009
-11,429
| -0% | -$229K |
2013 Q2
2 quarters
|
|
|
7
St. Joe Company
JOE
$4.25B
| $477M | 4.91% |
24,863,504
-147,129
| -0.6% | -$2.73M |
2013 Q2
2 quarters
|
|
|
FRE.PRZ
8
DELISTED
FREDDIE MAC FIXED FLG RT NON CUM PERP PREF
FRE.PRZ
| $358M | 3.68% |
+39,901,900
| New | +$358M |
2013 Q4
0 quarters
|
|
|
9
Berkshire Hathaway Class B
BRK.B
$1.23T
| $84.2M | 0.87% |
710,225
-5,900
| -0.8% | -$682K |
2013 Q2
2 quarters
|
|
|
FNM
10
DELISTED
FANNIE MAE
FNM
| $78.2M | 0.81% |
+25,990,900
| New | +$78.2M |
2013 Q4
0 quarters
|
|
|
11
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $64.1M | 0.66% |
9,904,428
| – | – |
2013 Q2
2 quarters
|
|
|
FRE
12
DELISTED
FREDDIE MAC D/B/A VOTING
FRE
| $56.2M | 0.58% |
+19,386,300
| New | +$56.2M |
2013 Q4
0 quarters
|
|
|
FRE.PRV
13
DELISTED
FEDERAL HOME LOAN MTG CORP 5.57% NON CUM PERPETUAL PFD STK
FRE.PRV
| $40.8M | 0.42% |
+5,799,175
| New | +$40.8M |
2013 Q4
0 quarters
|
|
|
FRE.PRY
14
DELISTED
FEDERAL HOME LOAN MORTGAGE CORP 6.55% PERP PREF SER Y
FRE.PRY
| $29.8M | 0.31% |
+4,196,108
| New | +$29.8M |
2013 Q4
0 quarters
|
|
15
DELISTED
Chesapeake Energy Corporation
CHK
| $25.2M | 0.26% |
4,904
+706
| +17% | +$3.59M |
2013 Q2
2 quarters
|
|
|
FNM.PRP
16
DELISTED
Federal National Mortgage Association Non Cum Pfd Ser P
FNM.PRP
| $25M | 0.26% |
+3,672,127
| New | +$25M |
2013 Q4
0 quarters
|
|
|
FRE.PRM
17
DELISTED
FREDDIE MAC NON CUM PRF STK
FRE.PRM
| $23M | 0.24% |
+1,699,250
| New | +$23M |
2013 Q4
0 quarters
|
|
18
DELISTED
Wells Fargo & Company Ws
WFC.WS
| $21.3M | 0.22% |
1,346,665
| – | – |
2013 Q2
2 quarters
|
|
|
FRE.PRB
19
DELISTED
FREDDIE MAC D/B/A VAR N-CUM-B
FRE.PRB
| $18.6M | 0.19% |
+1,377,829
| New | +$18.6M |
2013 Q4
0 quarters
|
|
|
FRE.PRH
20
DELISTED
FREDDIE MAC 5.1% NONCUM PFD
FRE.PRH
| $18M | 0.18% |
+1,339,572
| New | +$18M |
2013 Q4
0 quarters
|
|
21
Genworth Financial
GNW
$3.19B
| $16.6M | 0.17% |
1,071,500
| – | – |
2013 Q2
2 quarters
|
|
22
DELISTED
Hartford Financial Services Grp
HIG.WS
| $15.2M | 0.16% |
553,900
| – | – |
2013 Q2
2 quarters
|
|
23
DELISTED
JPMorgan Chase
JPM.WS
| $14.6M | 0.15% |
753,300
| – | – |
2013 Q2
2 quarters
|
|
|
FNM.PRR
24
DELISTED
FEDERAL NATL MTG ASSN NON CUM PFD SER R 7.625% (USA)
FNM.PRR
| $11.8M | 0.12% |
+1,500,000
| New | +$11.8M |
2013 Q4
0 quarters
|
|
|
FNM.PRQ
25
DELISTED
Federal National Mortgage Association Non Cum Preferred Seri
FNM.PRQ
| $11.1M | 0.11% |
+1,580,000
| New | +$11.1M |
2013 Q4
0 quarters
|
|
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Bruce Berkowitz's Q4 2013 Portfolio in Review
As of Q4 2013, Bruce Berkowitz held 45 positions worth $9.7B, up 15% from $8.44B the previous quarter. Its ten largest holdings account for 95% of the portfolio.
Bruce Berkowitz deployed $1.06B of net new capital in Q4 2013, opening 26 new positions and adding to 3 existing holdings. Its largest new stake was FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD SER S (USA): 59,049,119 shares worth $517M.
By sector, the portfolio is most concentrated in Financials at 65% of assets, down from 73% a quarter earlier, followed by Miscellaneous and Consumer Discretionary.
On the sell side, the largest reduction was American International, an estimated $258M trimmed.
- Bruce Berkowitz's largest Q4 2013 buy was FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD SER S (USA): 59,049,119 shares worth $517M.
- Bruce Berkowitz added most to Sears Holding Corporation in Q4 2013, an estimated $32M increase.
- Bruce Berkowitz's biggest Q4 2013 reduction was American International, cutting an estimated $258M.
- Bruce Berkowitz's ten largest holdings make up 95% of its $9.7B portfolio in Q4 2013.
- Bruce Berkowitz opened 26 new positions and closed 0 in Q4 2013.
- Bruce Berkowitz's portfolio value rose 15% quarter-over-quarter to $9.7B.
Based on Fairholme Capital Management's 13F filing for Q4 2013, filed 14 Feb 2014.