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 |
Enterprise Products Partners
EPD
|
+$9.7M |
| 2 |
Commercial Metals
CMC
|
+$8.53M |
| 3 |
D.R. Horton
DHI
|
+$4.99M |
| 4 |
Citigroup
C
|
+$1.49M |
| 5 |
West Fraser Timber
WFG
|
+$927K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
St. Joe Company
JOE
|
+$7.32M |
| 2 |
Energy Transfer Partners
ET
|
+$6.45M |
| 3 |
SAFM
Sanderson Farms Inc
SAFM
|
+$1.31M |
| 4 |
Old Republic International
ORI
|
+$1.27M |
| 5 |
Kinder Morgan
KMI
|
+$215K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 80.07% |
| 2 | Energy | 8.55% |
| 3 | Industrials | 6.27% |
| 4 | Financials | 2.4% |
| 5 | Technology | 1.87% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
St. Joe Company
JOE
$3.85B
| $968M | 80.07% |
24,469,790
-146,800
| -0.6% | -$7.32M |
2013 Q2
36 quarters
|
|
|
2
Enterprise Products Partners
EPD
$80.1B
| $87.6M | 7.24% |
3,592,800
+368,000
| +11% | +$9.7M |
2021 Q2
4 quarters
|
|
|
3
Commercial Metals
CMC
$6.94B
| $75.8M | 6.27% |
2,291,000
+216,600
| +10% | +$8.53M |
2021 Q2
4 quarters
|
|
4
Intel
INTC
$460B
| $22M | 1.82% |
588,400
| – | – |
2021 Q2
4 quarters
|
|
5
Berkshire Hathaway Class B
BRK.B
$1.16T
| $13.5M | 1.11% |
49,325
+170
| +0.3% | +$53.3K |
2019 Q1
13 quarters
|
|
|
6
Kinder Morgan
KMI
$76.7B
| $13.2M | 1.09% |
786,600
-11,500
| -1% | -$215K |
2020 Q3
7 quarters
|
|
|
7
Citigroup
C
$202B
| $8.09M | 0.67% |
175,900
+29,700
| +20% | +$1.49M |
2021 Q4
2 quarters
|
|
|
8
Old Republic International
ORI
$9.39B
| $7.07M | 0.58% |
316,100
-55,000
| -15% | -$1.27M |
2020 Q4
6 quarters
|
|
|
9
D.R. Horton
DHI
$41.3B
| $4.7M | 0.39% |
+71,000
| New | +$4.99M |
2022 Q2
0 quarters
|
|
|
10
Energy Transfer Partners
ET
$70.4B
| $2.68M | 0.22% |
268,700
-575,500
| -68% | -$6.45M |
2020 Q3
7 quarters
|
|
11
DELISTED
Walgreens Boots Alliance
WBA
| $2.62M | 0.22% |
69,000
| – | – |
2021 Q4
2 quarters
|
|
12
Alibaba
BABA
$248B
| $1.85M | 0.15% |
16,290
+8,100
| +99% | +$794K |
2021 Q2
4 quarters
|
|
|
13
West Fraser Timber
WFG
$5.46B
| $844K | 0.07% |
+11,000
| New | +$927K |
2022 Q2
0 quarters
|
|
14
Apple
AAPL
$5.07T
| $582K | 0.05% |
4,260
| – | – |
2020 Q3
7 quarters
|
|
15
Berkshire Hathaway Class A
BRK.A
$1.16T
| $409K | 0.03% |
1
| – | – |
2020 Q2
8 quarters
|
|
|
SAFM
16
DELISTED
Sanderson Farms Inc
SAFM
| – | – |
-7,000
| Closed | -$1.31M | – |
|
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Bruce Berkowitz's Q2 2022 Portfolio in Review
As of Q2 2022, Bruce Berkowitz held 16 positions worth $1.21B, down 30% from $1.72B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Bruce Berkowitz's Q2 2022 filing shows 2 new, 5 increased, 4 reduced and 1 closed positions. Its largest new stake was D.R. Horton: 71,000 shares worth $4.7M. The largest sale was St. Joe Company, an estimated $7.32M.
By sector, the portfolio is most concentrated in Real Estate at 80% of assets, down from 85% a quarter earlier, followed by Energy and Industrials.
- Bruce Berkowitz's largest Q2 2022 buy was D.R. Horton: 71,000 shares worth $4.7M.
- Bruce Berkowitz added most to Enterprise Products Partners in Q2 2022, an estimated $9.7M increase.
- Bruce Berkowitz's biggest Q2 2022 reduction was St. Joe Company, cutting an estimated $7.32M.
- Bruce Berkowitz fully exited Sanderson Farms Inc in Q2 2022, selling an estimated $1.31M.
- Bruce Berkowitz's ten largest holdings make up 99% of its $1.21B portfolio in Q2 2022.
- Bruce Berkowitz opened 2 new positions and closed 1 in Q2 2022.
- Bruce Berkowitz's portfolio value fell 30% quarter-over-quarter to $1.21B.
Based on Fairholme Capital Management's 13F filing for Q2 2022, filed 15 Aug 2022.