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Bruce Berkowitz Fairholme Capital Management

AUM $1.49B
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
+20.95%
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
$1.53B
AUM Growth
+$287M
Cap. Flow
+$28.4M
Cap. Flow %
1.86%
Top 10 Hldgs %
99.08%
Holding
19
New
4
Increased
6
Reduced
6
Closed
1

Top Buys

Rank Stock Value
1
CMC icon
Commercial Metals
CMC
+$21.2M
2
EPD icon
Enterprise Products Partners
EPD
+$11.7M
3
INTC icon
Intel
INTC
+$5.56M
4
LYB icon
LyondellBasell Industries
LYB
+$3.76M
5
KMI icon
Kinder Morgan
KMI
+$1.93M

Top Sells

Rank Stock Value
1
JOE icon
St. Joe Company
JOE
+$7.54M
2
WES icon
Western Midstream Partners
WES
+$5.92M
3
ENB icon
Enbridge
ENB
+$4.11M
4
WMB icon
Williams Companies
WMB
+$1.9M
5
NTR icon
Nutrien
NTR
+$1.3M

Sector Composition

Rank Sector Weight
1 Real Estate 85.4%
2 Energy 6.27%
3 Industrials 4.2%
4 Technology 1.94%
5 Financials 1.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JOE icon
1
St. Joe Company
JOE
$3.92B
$1.31B 85.4%
25,087,490
-155,600
-0.6% -$7.54M
CMC icon
2
Commercial Metals
CMC
$7.34B
$64.3M 4.2%
1,771,500
+641,300
+57% +$21.2M
EPD icon
3
Enterprise Products Partners
EPD
$82.1B
$46.5M 3.04%
2,115,900
+522,500
+33% +$11.7M
INTC icon
4
Intel
INTC
$476B
$27.2M 1.78%
527,400
+108,800
+26% +$5.56M
KMI icon
5
Kinder Morgan
KMI
$69B
$16.7M 1.09%
1,050,600
+115,700
+12% +$1.93M
BRK.B icon
6
Berkshire Hathaway Class B
BRK.B
$1.06T
$14.7M 0.96%
49,155
-805
-2% -$231K
ET icon
7
Energy Transfer Partners
ET
$73B
$12.4M 0.81%
1,507,700
+18,500
+1% +$168K
ENB icon
8
Enbridge
ENB
$110B
$11.3M 0.74%
288,400
-102,400
-26% -$4.11M
ORI icon
9
Old Republic International
ORI
$10B
$9.24M 0.6%
376,100
+45,000
+14% +$1.12M
WMB icon
10
Williams Companies
WMB
$86.2B
$6.85M 0.45%
263,000
-68,700
-21% -$1.9M
LYB icon
11
LyondellBasell Industries
LYB
$21.8B
$3.73M 0.24%
+40,500
New +$3.76M
AAPL icon
12
Apple
AAPL
$4.51T
$2.5M 0.16%
14,060
– –
WES icon
13
Western Midstream Partners
WES
$20B
$2.2M 0.14%
98,800
-277,000
-74% -$5.92M
DOW icon
14
Dow Inc
DOW
$23.4B
$1.8M 0.12%
+31,700
New +$1.81M
WBA
15
DELISTED
Walgreens Boots Alliance
WBA
$1.25M 0.08%
+24,000
New +$1.16M
C icon
16
Citigroup
C
$221B
$1.21M 0.08%
+20,000
New +$1.33M
BABA icon
17
Alibaba
BABA
$286B
$973K 0.06%
8,190
-2,390
-23% -$348K
BRK.A icon
18
Berkshire Hathaway Class A
BRK.A
$1.06T
$451K 0.03%
1
– –
NTR icon
19
Nutrien
NTR
$35.9B
– –
-20,000
Closed -$1.3M

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Bruce Berkowitz's Q4 2021 Portfolio in Review

As of Q4 2021, Bruce Berkowitz held 19 positions worth $1.53B, up 23% from $1.24B the previous quarter. Its ten largest holdings account for 99% of the portfolio.

Bruce Berkowitz's Q4 2021 filing shows 4 new, 6 increased, 6 reduced and 1 closed positions. Its largest new stake was LyondellBasell Industries: 40,500 shares worth $3.73M. The largest sale was St. Joe Company, an estimated $7.54M.

By sector, the portfolio is most concentrated in Real Estate at 85% of assets, down from 86% a quarter earlier, followed by Energy and Industrials.

  • Bruce Berkowitz's largest Q4 2021 buy was LyondellBasell Industries: 40,500 shares worth $3.73M.
  • Bruce Berkowitz added most to Commercial Metals in Q4 2021, an estimated $21.2M increase.
  • Bruce Berkowitz's biggest Q4 2021 reduction was St. Joe Company, cutting an estimated $7.54M.
  • Bruce Berkowitz fully exited Nutrien in Q4 2021, selling an estimated $1.3M.
  • Bruce Berkowitz's ten largest holdings make up 99% of its $1.53B portfolio in Q4 2021.
  • Bruce Berkowitz opened 4 new positions and closed 1 in Q4 2021.
  • Bruce Berkowitz's portfolio value rose 23% quarter-over-quarter to $1.53B.

Based on Fairholme Capital Management's 13F filing for Q4 2021, filed 14 Feb 2022.