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 |
Canadian Natural Resources
CNQ
|
+$221M |
| 2 |
Citigroup
C
|
+$164M |
| 3 |
SRG
Seritage Growth Properties
SRG
|
+$134M |
| 4 |
DNOW Inc
DNOW
|
+$118M |
| 5 |
IBM
IBM
|
+$117M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American International
AIG
|
+$1.1B |
| 2 |
Bank of America
BAC
|
+$807M |
| 3 |
Jefferies Financial Group
JEF
|
+$47.2M |
| 4 |
AIG.WS
American International Group, Inc.
AIG.WS
|
+$22.9M |
| 5 |
JPM.WS
JPMorgan Chase
JPM.WS
|
+$17.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.39% |
| 2 | Consumer Discretionary | 22.26% |
| 3 | Real Estate | 17.09% |
| 4 | Energy | 8.95% |
| 5 | Technology | 3.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SHLD
1
DELISTED
Sears Holding Corporation
SHLD
| $602M | 17.35% |
26,650,148
+20,700
| +0.1% | +$499K |
|
|
AIG.WS
2
DELISTED
American International Group, Inc.
AIG.WS
| $536M | 15.43% |
23,593,673
-853,431
| -3% | -$22.9M |
|
3
St. Joe Company
JOE
$3.92B
| $468M | 13.48% |
24,454,440
-170,478
| -0.7% | -$2.9M |
|
|
4
Bank of America
BAC
$431B
| $429M | 12.35% |
27,523,418
-47,962,167
| -64% | -$807M |
|
|
5
Jefferies Financial Group
JEF
$12.1B
| $207M | 5.96% |
11,404,651
-2,351,423
| -17% | -$47.2M |
|
|
6
Canadian Natural Resources
CNQ
$106B
| $189M | 5.44% |
+20,086,616
| New | +$221M |
|
|
7
Citigroup
C
$221B
| $149M | 4.3% |
+3,010,000
| New | +$164M |
|
|
SRG
8
Seritage Growth Properties
SRG
$120M
| $125M | 3.61% |
+3,367,250
| New | +$134M |
|
|
SHLDW
9
DELISTED
Sears Holdings Corporation - Warrant
SHLDW
| $118M | 3.4% |
6,736,391
+315,839
| +5% | +$4.86M |
|
|
SRSC
10
DELISTED
SEARS Canada Inc.
SRSC
| $117M | 3.36% |
17,901,955
+1,818,380
| +11% | +$10.9M |
|
|
11
IBM
IBM
$222B
| $109M | 3.15% |
+789,102
| New | +$117M |
|
|
12
DNOW Inc
DNOW
$2.83B
| $99.9M | 2.88% |
+6,752,400
| New | +$118M |
|
|
BAC.WS.A
13
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $80.4M | 2.32% |
14,028,188
+79,439
| +0.6% | +$516K |
|
14
NOV
NOV
$7.28B
| $62.3M | 1.79% |
1,653,800
+522,000
| +46% | +$21.4M |
|
|
MRC
15
DELISTED
MRC Global
MRC
| $59.4M | 1.71% |
+5,331,400
| New | +$69.6M |
|
16
Lands' End
LE
$375M
| $50.3M | 1.45% |
+1,863,327
| New | +$46.7M |
|
|
17
American International
AIG
$39.8B
| $42.2M | 1.22% |
742,936
-18,070,051
| -96% | -$1.1B |
|
18
Berkshire Hathaway Class B
BRK.B
$1.06T
| $18.8M | 0.54% |
143,892
-8,400
| -6% | -$1.15M |
|
|
ASA
19
ASA Gold and Precious Metals
ASA
$1.19B
| $4.52M | 0.13% |
+578,000
| New | +$4.73M |
|
|
SHOS
20
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
| $3.28M | 0.09% |
+409,800
| New | +$3.32M |
|
|
21
Berkshire Hathaway Class A
BRK.A
$1.06T
| $586K | 0.02% |
3
| – | – |
|
|
BAC.WS.B
22
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
| $408K | 0.01% |
1,455,701
| – | – |
|
|
LNC.WS
23
DELISTED
Lincoln National Corporation
LNC.WS
| – | – |
-181,610
| Closed | -$9.26M |
|
|
WFC.WS
24
DELISTED
Wells Fargo & Company Ws
WFC.WS
| – | – |
-749,050
| Closed | -$16.8M |
|
|
JPM.WS
25
DELISTED
JPMorgan Chase
JPM.WS
| – | – |
-706,300
| Closed | -$17.5M |
|
Similar funds
Bruce Berkowitz's Q3 2015 Portfolio in Review
As of Q3 2015, Bruce Berkowitz held 25 positions worth $3.47B, down 29% from $4.92B the previous quarter. Its ten largest holdings account for 85% of the portfolio.
Bruce Berkowitz withdrew a net $1.11B in Q3 2015, closing 3 positions and reducing 6 holdings. Its most notable exit was JPMorgan Chase, an estimated $17.5M position sold in full.
By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 56% a quarter earlier, followed by Consumer Discretionary and Real Estate.
Against the trend, Bruce Berkowitz opened a new position in Canadian Natural Resources worth $189M.
- Bruce Berkowitz's largest Q3 2015 buy was Canadian Natural Resources: 20,086,616 shares worth $189M.
- Bruce Berkowitz added most to NOV in Q3 2015, an estimated $21.4M increase.
- Bruce Berkowitz's biggest Q3 2015 reduction was American International, cutting an estimated $1.1B.
- Bruce Berkowitz fully exited JPMorgan Chase in Q3 2015, selling an estimated $17.5M.
- Bruce Berkowitz's ten largest holdings make up 85% of its $3.47B portfolio in Q3 2015.
- Bruce Berkowitz opened 9 new positions and closed 3 in Q3 2015.
- Bruce Berkowitz's portfolio value fell 29% quarter-over-quarter to $3.47B.
Based on Fairholme Capital Management's 13F filing for Q3 2015, filed 16 Nov 2015.