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 |
Bank of America
BAC
|
+$61.8M |
| 2 |
SHLD
Sears Holding Corporation
SHLD
|
+$17.9M |
| 3 |
St. Joe Company
JOE
|
+$7.95M |
| 4 |
SRSC
SEARS Canada Inc.
SRSC
|
+$3.13M |
| 5 |
Lands' End
LE
|
+$1.66M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DNOW Inc
DNOW
|
+$120M |
| 2 |
AIG.WS
American International Group, Inc.
AIG.WS
|
+$96M |
| 3 |
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
|
+$3.84M |
| 4 |
SRG
Seritage Growth Properties
SRG
|
+$707K |
| 5 |
SHLDW
Sears Holdings Corporation - Warrant
SHLDW
|
+$65.2K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 41.64% |
| 2 | Consumer Discretionary | 33.97% |
| 3 | Financials | 11.94% |
| 4 | Industrials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
St. Joe Company
JOE
$3.92B
| $433M | 29.85% |
24,450,397
+467,200
| +2% | +$7.95M |
|
|
SHLD
2
DELISTED
Sears Holding Corporation
SHLD
| $379M | 26.13% |
27,863,548
+1,264,700
| +5% | +$17.9M |
|
|
3
Bank of America
BAC
$431B
| $172M | 11.86% |
12,973,003
+4,401,700
| +51% | +$61.8M |
|
|
SRG
4
Seritage Growth Properties
SRG
$120M
| $171M | 11.79% |
3,433,750
-14,100
| -0.4% | -$707K |
|
|
AIG.WS
5
DELISTED
American International Group, Inc.
AIG.WS
| $99.4M | 6.85% |
5,320,453
-5,356,308
| -50% | -$96M |
|
|
SRSC
6
DELISTED
SEARS Canada Inc.
SRSC
| $59.4M | 4.09% |
19,924,663
+995,246
| +5% | +$3.13M |
|
|
BAC.WS.A
7
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $55M | 3.79% |
15,794,903
-1,000,200
| -6% | -$3.84M |
|
|
8
Lands' End
LE
$375M
| $49.3M | 3.39% |
2,999,427
+82,100
| +3% | +$1.66M |
|
|
SHLDW
9
DELISTED
Sears Holdings Corporation - Warrant
SHLDW
| $26.1M | 1.8% |
6,732,415
-13,762
| -0.2% | -$65.2K |
|
|
SHOS
10
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
| $5.24M | 0.36% |
776,850
+550
| +0.1% | +$3.44K |
|
11
Jefferies Financial Group
JEF
$12.1B
| $1.14M | 0.08% |
73,730
| – | – |
|
|
BAC.WS.B
12
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
| $121K | 0.01% |
1,455,701
| – | – |
|
|
13
DNOW Inc
DNOW
$2.83B
| – | – |
-6,781,500
| Closed | -$120M |
|
Similar funds
Bruce Berkowitz's Q2 2016 Portfolio in Review
As of Q2 2016, Bruce Berkowitz held 13 positions worth $1.45B, down 12% from $1.66B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Bruce Berkowitz withdrew a net $128M in Q2 2016, closing 1 position and reducing 4 holdings. Its most notable exit was DNOW Inc, an estimated $120M position sold in full.
By sector, the portfolio is most concentrated in Real Estate at 42% of assets, up from 35% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Bruce Berkowitz added an estimated $61.8M to Bank of America.
- Bruce Berkowitz added most to Bank of America in Q2 2016, an estimated $61.8M increase.
- Bruce Berkowitz's biggest Q2 2016 reduction was American International Group, Inc., cutting an estimated $96M.
- Bruce Berkowitz fully exited DNOW Inc in Q2 2016, selling an estimated $120M.
- Bruce Berkowitz's ten largest holdings make up 100% of its $1.45B portfolio in Q2 2016.
- Bruce Berkowitz opened 0 new positions and closed 1 in Q2 2016.
- Bruce Berkowitz's portfolio value fell 12% quarter-over-quarter to $1.45B.
Based on Fairholme Capital Management's 13F filing for Q2 2016, filed 15 Aug 2016.