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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
+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
(+0.45%)
Cap. Flow
-$368M
Cap. Flow % of AUM
Cap. Flow %
-5.04%
Top 10 Holdings %
Top 10 Hldgs %
98.89%
Holding
27
New
3
Increased
1
Reduced
9
Closed
9
Avg Time Held
1.2
years
Top 10 Avg Time Held
1
year
Top 20 Avg Time Held
0.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SRSC
SEARS Canada Inc.
SRSC
|
+$134M |
| 2 |
Sears Holdings Corporation - Warrant
SHLDW
|
+$129M |
| 3 |
Canadian Natural Resources
CNQ
|
+$17M |
| 4 |
Bank Of America Corporation Ws A
BAC.WS.A
|
+$35.4K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American International
AIG
|
+$484M |
| 2 |
Bank of America
BAC
|
+$58.3M |
| 3 |
Sears Holding Corporation
SHLD
|
+$27.6M |
| 4 |
Lands' End
LE
|
+$18.4M |
| 5 |
Hartford Financial Services Grp
HIG.WS
|
+$16M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 67.69% |
| 2 | Consumer Discretionary | 13.86% |
| 3 | Miscellaneous | 12% |
| 4 | Real Estate | 6.25% |
| 5 | Energy | 0.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
American International
AIG
$42.5B
| $2.87B | 39.37% |
51,283,896
-9,027,808
| -15% | -$484M |
2013 Q2
6 quarters
|
|
|
2
Bank of America
BAC
$350B
| $1.69B | 23.13% |
94,304,965
-3,405,700
| -3% | -$58.3M |
2013 Q2
6 quarters
|
|
|
3
DELISTED
Sears Holding Corporation
SHLD
| $875M | 12% |
26,545,273
-840,353
| -3% | -$27.6M |
2013 Q2
6 quarters
|
|
|
4
DELISTED
American International Group, Inc.
AIG.WS
| $602M | 8.26% |
24,471,763
-8,043
| -0% | -$193K |
2013 Q2
6 quarters
|
|
5
St. Joe Company
JOE
$3.85B
| $456M | 6.25% |
24,779,398
-30,100
| -0.1% | -$567K |
2013 Q2
6 quarters
|
|
6
Jefferies Financial Group
JEF
$10.3B
| $325M | 4.45% |
16,176,843
-671,866
| -4% | -$13.9M |
2013 Q2
6 quarters
|
|
|
SRSC
7
DELISTED
SEARS Canada Inc.
SRSC
| $135M | 1.86% |
+14,095,696
| New | +$134M |
2014 Q4
0 quarters
|
|
|
8
DELISTED
Sears Holdings Corporation - Warrant
SHLDW
| $132M | 1.82% |
+6,413,656
| New | +$129M |
2014 Q4
0 quarters
|
|
|
9
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $87M | 1.19% |
12,363,428
+5,000
| +0% | +$35.4K |
2013 Q2
6 quarters
|
|
10
Berkshire Hathaway Class B
BRK.B
$1.16T
| $42.1M | 0.58% |
280,450
-3,250
| -1% | -$469K |
2013 Q2
6 quarters
|
|
11
DELISTED
Wells Fargo & Company Ws
WFC.WS
| $27.7M | 0.38% |
1,295,465
-51,200
| -4% | -$1.06M |
2013 Q2
6 quarters
|
|
12
DELISTED
JPMorgan Chase
JPM.WS
| $15.7M | 0.21% |
753,300
| – | – |
2013 Q2
6 quarters
|
|
|
13
Canadian Natural Resources
CNQ
$114B
| $15.6M | 0.21% |
+1,041,720
| New | +$17M |
2014 Q4
0 quarters
|
|
14
DELISTED
Lincoln National Corporation
LNC.WS
| $8.99M | 0.12% |
181,610
-24,200
| -12% | -$1.11M |
2013 Q2
6 quarters
|
|
|
15
Wells Fargo
WFC
$247B
| $8.2M | 0.11% |
149,600
| – | – |
2013 Q2
6 quarters
|
|
16
Citigroup
C
$202B
| $2.95M | 0.04% |
54,560
| – | – |
2013 Q2
6 quarters
|
|
|
17
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
| $1.04M | 0.01% |
1,455,701
| – | – |
2014 Q2
2 quarters
|
|
18
Berkshire Hathaway Class A
BRK.A
$1.16T
| $678K | 0.01% |
3
| – | – |
2013 Q2
6 quarters
|
|
19
BP
BP
$132B
| – | – |
-66,018
| Closed | -$2.37M | – |
|
|
20
Hartford Financial Services
HIG
$37B
| – | – |
-52,000
| Closed | -$1.94M | – |
|
21
KKR & Co
KKR
$82B
| – | – |
-101,500
| Closed | -$2.26M | – |
|
|
22
Lands' End
LE
$283M
| – | – |
-448,419
| Closed | -$18.4M | – |
|
|
23
Lincoln National
LNC
$7.63B
| – | – |
-44,400
| Closed | -$2.38M | – |
|
24
Vodafone
VOD
$36.5B
| – | – |
-71,000
| Closed | -$2.34M | – |
|
25
Flagstar Bank National Association
FLG
$4.31B
| – | – |
-49,333
| Closed | -$2.35M | – |
|
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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 Miscellaneous.
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.