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 |
Progressive
PGR
|
+$5.78M |
| 2 |
CF Industries
CF
|
+$4.5M |
| 3 |
Target
TGT
|
+$2.12M |
| 4 |
Natural Resource Partners
NRP
|
+$1.25M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
St. Joe Company
JOE
|
+$8.73M |
| 2 |
CNR
Core Natural Resources Inc
CNR
|
+$417K |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$211K |
| 4 |
W.R. Berkley
WRB
|
+$95.8K |
| 5 |
Bank OZK
OZK
|
+$93.6K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 80.43% |
| 2 | Energy | 12.72% |
| 3 | Financials | 6.35% |
| 4 | Materials | 0.3% |
| 5 | Consumer Staples | 0.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
St. Joe Company
JOE
$3.92B
| $1.15B | 80.43% |
19,422,467
-155,900
| -0.8% | -$8.73M |
|
2
Enterprise Products Partners
EPD
$82.1B
| $175M | 12.19% |
5,450,400
| – | – |
|
|
3
Bank OZK
OZK
$5.39B
| $42M | 2.93% |
913,652
-2,000
| -0.2% | -$93.6K |
|
|
4
Berkshire Hathaway Class B
BRK.B
$1.06T
| $24.1M | 1.68% |
48,012
-425
| -0.9% | -$211K |
|
|
5
W.R. Berkley
WRB
$25.5B
| $18.2M | 1.27% |
260,150
-1,300
| -0.5% | -$95.8K |
|
|
6
Progressive
PGR
$127B
| $5.83M | 0.41% |
+25,600
| New | +$5.78M |
|
|
7
CF Industries
CF
$19.6B
| $4.23M | 0.3% |
+54,700
| New | +$4.5M |
|
8
Occidental Petroleum
OXY
$61.3B
| $2.84M | 0.2% |
69,100
| – | – |
|
9
Energy Transfer Partners
ET
$73B
| $2.75M | 0.19% |
166,600
| – | – |
|
|
10
Target
TGT
$75.1B
| $2.25M | 0.16% |
+23,000
| New | +$2.12M |
|
|
11
Natural Resource Partners
NRP
$1.4B
| $1.25M | 0.09% |
+12,000
| New | +$1.25M |
|
|
12
Berkshire Hathaway Class A
BRK.A
$1.06T
| $755K | 0.05% |
1
| – | – |
|
13
Apple
AAPL
$4.51T
| $652K | 0.05% |
2,400
| – | – |
|
14
Diamondback Energy
FANG
$59B
| $601K | 0.04% |
4,000
| – | – |
|
15
EOG Resources
EOG
$80.3B
| $210K | 0.01% |
2,000
| – | – |
|
|
CNR
16
Core Natural Resources Inc
CNR
$4.72B
| – | – |
-5,000
| Closed | -$417K |
|
Similar funds
Bruce Berkowitz's Q4 2025 Portfolio in Review
As of Q4 2025, Bruce Berkowitz held 16 positions worth $1.43B, up 16% from $1.24B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Bruce Berkowitz's Q4 2025 filing shows 4 new, 4 reduced and 1 closed positions. Its largest new stake was Progressive: 25,600 shares worth $5.83M. The largest sale was St. Joe Company, an estimated $8.73M.
By sector, the portfolio is most concentrated in Real Estate at 80% of assets, up from 78% a quarter earlier, followed by Energy and Financials.
- Bruce Berkowitz's largest Q4 2025 buy was Progressive: 25,600 shares worth $5.83M.
- Bruce Berkowitz's biggest Q4 2025 reduction was St. Joe Company, cutting an estimated $8.73M.
- Bruce Berkowitz fully exited Core Natural Resources Inc in Q4 2025, selling an estimated $417K.
- Bruce Berkowitz's ten largest holdings make up 100% of its $1.43B portfolio in Q4 2025.
- Bruce Berkowitz opened 4 new positions and closed 1 in Q4 2025.
- Bruce Berkowitz's portfolio value rose 16% quarter-over-quarter to $1.43B.
Based on Fairholme Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.