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 |
Lands' End
LE
|
+$5.85M |
| 2 |
SRSC
SEARS Canada Inc.
SRSC
|
+$803K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bank of America
BAC
|
+$168M |
| 2 |
AIG.WS
American International Group, Inc.
AIG.WS
|
+$19.9M |
| 3 |
BAC.WS.A
Bank Of America Corporation Ws A
BAC.WS.A
|
+$11.5M |
| 4 |
SHLD
Sears Holding Corporation
SHLD
|
+$340K |
| 5 |
St. Joe Company
JOE
|
+$94.8K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 49.92% |
| 2 | Consumer Discretionary | 33.74% |
| 3 | Financials | 2.25% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
St. Joe Company
JOE
$3.92B
| $449M | 35.99% |
24,445,297
-5,100
| -0% | -$94.8K |
|
|
SHLD
2
DELISTED
Sears Holding Corporation
SHLD
| $319M | 25.55% |
27,839,448
-24,100
| -0.1% | -$340K |
|
|
SRG
3
Seritage Growth Properties
SRG
$120M
| $174M | 13.94% |
3,433,750
| – | – |
|
|
AIG.WS
4
DELISTED
American International Group, Inc.
AIG.WS
| $92.6M | 7.42% |
4,368,490
-951,963
| -18% | -$19.9M |
|
|
BAC.WS.A
5
DELISTED
Bank Of America Corporation Ws A
BAC.WS.A
| $60.2M | 4.82% |
13,023,864
-2,771,039
| -18% | -$11.5M |
|
|
SRSC
6
DELISTED
SEARS Canada Inc.
SRSC
| $49.7M | 3.98% |
20,222,179
+297,516
| +1% | +$803K |
|
|
7
Lands' End
LE
$375M
| $48.6M | 3.89% |
3,352,627
+353,200
| +12% | +$5.85M |
|
|
8
Bank of America
BAC
$431B
| $26.8M | 2.15% |
1,713,203
-11,259,800
| -87% | -$168M |
|
|
SHLDW
9
DELISTED
Sears Holdings Corporation - Warrant
SHLDW
| $23M | 1.84% |
6,730,093
-2,322
| -0% | -$9.54K |
|
|
SHOS
10
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
| $3.83M | 0.31% |
776,850
| – | – |
|
11
Jefferies Financial Group
JEF
$12.1B
| $1.26M | 0.1% |
73,730
| – | – |
|
|
BAC.WS.B
12
DELISTED
Bank Of America Corporation Ws B
BAC.WS.B
| $146K | 0.01% |
1,455,701
| – | – |
|
Similar funds
Bruce Berkowitz's Q3 2016 Portfolio in Review
As of Q3 2016, Bruce Berkowitz held 12 positions worth $1.25B, down 14% from $1.45B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Bruce Berkowitz withdrew a net $193M in Q3 2016, reducing 6 holdings. Its largest reduction was Bank of America, cutting an estimated $168M.
By sector, the portfolio is most concentrated in Real Estate at 50% of assets, up from 42% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Bruce Berkowitz added an estimated $5.85M to Lands' End.
- Bruce Berkowitz added most to Lands' End in Q3 2016, an estimated $5.85M increase.
- Bruce Berkowitz's biggest Q3 2016 reduction was Bank of America, cutting an estimated $168M.
- Bruce Berkowitz's ten largest holdings make up 100% of its $1.25B portfolio in Q3 2016.
- Bruce Berkowitz opened 0 new positions and closed 0 in Q3 2016.
- Bruce Berkowitz's portfolio value fell 14% quarter-over-quarter to $1.25B.
Based on Fairholme Capital Management's 13F filing for Q3 2016, filed 14 Nov 2016.