Fairholme Fund’s Bruce Berkowitz Decreases Portfolio Value to $1.51B Amidst Stake Changes in Q1 2024

PANAMA CITY BEACH, FLORIDA – Fairholme’s 13F stock portfolio experienced a decrease in value this quarter, falling from $1.56 billion to $1.51 billion. The portfolio is heavily invested in St. Joe Companies. The flagship Fairholme Fund, FAIRX, has shown strong performance since its inception in December 1999, outperforming the S&P 500 index. However, it has seen some underperformance in the most recent 10-year period. Fairholme also manages the Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX).

Significant changes in stake holdings were noted in the recent quarter. Enterprise Products Partners (EPD) saw an increase in the portfolio position, with a 10.50% stake primarily built over the past few quarters. On the other hand, Bank OZK (OZK) had a stake purchased in Q3 2023, sold down in the last quarter, and then rebuilt this quarter. St. Joe Companies (JOE) continue to dominate Fairholme’s 13F assets, with around 86% of the portfolio invested in the stock.

Berkshire Hathaway, with both BRK.A and BRK.B shares, showed fluctuating stake levels in recent quarters. Apple Inc. (AAPL) and W. R. Berkley (WRB) retained their small stakes in the portfolio. The latest spreadsheet detailing the changes to Fairholme’s 13F stock holdings in Q1 2024 was highlighted. These adjustments were compiled from the 13F filings for Q4 2023 and Q1 2024.

Overall, Fairholme’s portfolio continues to see dynamic shifts in stake holdings, reflective of the changing market environment and investment strategies employed by the fund management. Investors will be keen on monitoring how these adjustments will impact the overall performance and positioning of Fairholme’s investment portfolio moving forward.