Bruce Berkowitz

Bruce Berkowitz

Last Update: 04-08-2016
Related: Fairholme Fund
Fairholme Focused Income Fund

Number of Stocks: 19
Number of New Stocks: 0

Total Value: $2,434 Mil
Q/Q Turnover: 3%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Bruce Berkowitz' s Profile & Performance

Profile

Bruce Berkowitz is the founder and the Managing Member of the Fairholme Fund. Prior to forming Fairholme Capital Management, Mr. Berkowitz was a Managing Director of Smith Barney, Inc. from December of 1993 to October of 1997.

Web Page:http://www.fairholmefunds.com/

Investing Philosophy

Bruce Berkowitz concentrates his investments in a relatively small number of companies. He thinks that the more diversified the portfolio, the more likely the performance will be average. He likes companies with great managers, and deeply undervalued stocks. Benjamin Graham's "The Intelligent Investor" serves as the inspiration for Berkowitz?investment strategy. He focuses investments on companies that have exceptional management, that generate free cash, and that are cheaply priced. Berkowitz will also invest in mediocre companies that are trading at a significant discount to intrinsic value where there exists a catalyst ?an event that makes it likely the gap between market price and intrinsic value will narrow in a reasonable amount of time.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Fairholme Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
2015-11.481.19-12.7
2014-2.7213.69-16.4
201335.5432.393.2
3-Year Cumulative16.7 (5.3%/year)52.3 (15.1%/year)-35.6 (-9.8%/year)
201235.811619.8
2011-32.422.11-34.5
5-Year Cumulative7.1 (1.4%/year)80.4 (12.5%/year)-73.3 (-11.1%/year)
201025.4715.0610.4
200939.0126.4612.5
2008-29.7-377.3
200712.355.496.9
200616.7115.790.9
10-Year Cumulative72.2 (5.6%/year)102 (7.3%/year)-29.8 (-1.7%/year)
200513.744.918.8
200424.9310.8814.1
200323.9628.68-4.7
2002-1.58-22.120.5
20016.18-11.8918.1
15-Year Cumulative217 (8%/year)107.5 (5%/year)109.5 (3%/year)
200046.54-9.155.6

Top Ranked Articles

Sears Holdings to Close 78 Kmart, Sears Stores Shutdowns to be completed by mid-September
Sears Holdings (NASDAQ:SHLD), the Hoffman Estates, Illinois-based owner of retail store brands Sears and Kmart, announced Thursday that it will close 78 stores – 68 Kmart stores in 26 states and 10 Sears stores in eight states – in the next five months. Read more...
CEO and 10% Owner of Sears Holdings Invests in Company Edward Lampert buys 57,261 shares
Edward Lampert (Trades, Portfolio) (Insider Trades), CEO and 10% owner of Sears Holdings Corp. (SHLD), bought 57,261 shares of the company on April 11. The average price per share was $14.34, for a total transaction of $821,123. Read more...
Berkowitz Sells More Shares of Sears Holdings Guru's sale exceeds buy he made a week earlier
Not quite a week after making his first investment of the year in Sears Holdings (NASDAQ:SHLD), Bruce Berkowitz (Trades, Portfolio) resumed selling shares in the Hoffman Estates, Illinois-based holding company. Read more...
Berkowitz Pares Stake in NOW Guru still holds 6.32% of company shares
Bruce Berkowitz (Trades, Portfolio) of Fairholme Capital Management sold 5.62% of his stake in NOW Inc. (NYSE:DNOW) – 403,500 shares – for $17.7 per share Monday. The transaction had a -0.29% impact on Berkowitz’s portfolio. Read more...
Berkowitz Makes 1st Purchase of Year in Sears Holdings Guru had reduced stake 9 times since 2016 began
The day after GuruFocus contributor Jonathan Poland wrote about the value of Sears’ (NASDAQ:SHLD) real estate holdings – in the context of Sears CEO Edward Lampert’s recent acquisition of part of the company’s $750 million loan – guru Bruce Berkowitz (Trades, Portfolio) raised his stake in the company by 0.06%. Read more...
» More Bruce Berkowitz Articles

Commentaries and Stories

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Sears Holdings to Close 78 Kmart, Sears Stores Shutdowns to be completed by mid-September Edward Lampert, Bruce Berkowitz - Sears Holdings To Close 78 Kmart, Sears Stores
Sears Holdings (NASDAQ:SHLD), the Hoffman Estates, Illinois-based owner of retail store brands Sears and Kmart, announced Thursday that it will close 78 stores – 68 Kmart stores in 26 states and 10 Sears stores in eight states – in the next five months. More...

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CEO and 10% Owner of Sears Holdings Invests in Company Edward Lampert buys 57,261 shares Edward Lampert,Bruce Berkowitz - CEO And 10% Owner Of Sears Holdings Invests In Company
Edward Lampert (Trades, Portfolio) (Insider Trades), CEO and 10% owner of Sears Holdings Corp. (SHLD), bought 57,261 shares of the company on April 11. The average price per share was $14.34, for a total transaction of $821,123. More...

EDWARD LAMPERT, SEARS HOLDING CORP, INSIDER TRADES


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Berkowitz Sells More Shares of Sears Holdings Guru's sale exceeds buy he made a week earlier Bruce Berkowitz - Berkowitz Sells More Shares Of Sears Holdings
Not quite a week after making his first investment of the year in Sears Holdings (NASDAQ:SHLD), Bruce Berkowitz (Trades, Portfolio) resumed selling shares in the Hoffman Estates, Illinois-based holding company. More...

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Berkowitz Pares Stake in NOW Guru still holds 6.32% of company shares Bruce Berkowitz - Berkowitz Pares Stake In NOW
Bruce Berkowitz (Trades, Portfolio) of Fairholme Capital Management sold 5.62% of his stake in NOW Inc. (NYSE:DNOW) – 403,500 shares – for $17.7 per share Monday. The transaction had a -0.29% impact on Berkowitz’s portfolio. More...

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Berkowitz Makes 1st Purchase of Year in Sears Holdings Guru had reduced stake 9 times since 2016 began Bruce Berkowitz - Berkowitz Makes 1st Purchase Of Year In Sears Holdings
The day after GuruFocus contributor Jonathan Poland wrote about the value of Sears’ (NASDAQ:SHLD) real estate holdings – in the context of Sears CEO Edward Lampert’s recent acquisition of part of the company’s $750 million loan – guru Bruce Berkowitz (Trades, Portfolio) raised his stake in the company by 0.06%. More...

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Is Sears Holdings Finally a Buy? There are still a lot of problems, but with its REIT Seritage up 37% in the last year, investors should see the value of Sears' real estate holdings Warren Buffett,Bruce Berkowitz - Is Sears Holdings Finally A Buy?
Tuesday brought news that Sears Holdings  (NASDAQ:SHLD) CEO Edward Lampert (Trades, Portfolio) had acquired a portion of the company's new $750 million loan in his latest bet on the Sears and Kmart chain of stores. More...

SEARS, EDDIE LAMPERT, BRUCE BERKOWITZ


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Bruce Berkowitz Sheds Position in MRC Global Guru sells more than 3.7 million shares in the 1st quarter Bruce Berkowitz - Bruce Berkowitz Sheds Position In MRC Global
Guru Bruce Berkowitz (Trades, Portfolio) significantly reduced his position in MRC Global (NYSE:MRC), selling 3,784,300 shares on March 14. More...

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Bruce Berkowitz 2016 Investor Conference Call Transcript Berkowitz goes through the details of his portfolio with investors Bruce Berkowitz - Bruce Berkowitz 2016 Investor Conference Call Transcript
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Fairholme Fund Cuts Bank of America, Buys Lands' End Fund invests in NOW, MRC Global, Leucadia National Fairholme Fund,Bruce Berkowitz,Dodge & Cox,James B - Fairholme Fund Cuts Bank Of America, Buys Lands' End
Fairholme Fund (Trades, Portfolio) is managed by its founder, Bruce Berkowitz (Trades, Portfolio). In the 10-year period after inception in 1999, the fund gained 253% while the Standard & Poor's lost money. During the fourth quarter Berkowitz traded many stocks. More...

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Bruce Berkowitz Sells Bank of America, Citigroup His largest sales had impacts higher than 4% on his portfolio Bruce Berkowitz,Fairholme Fund,Warren Buffett,Dodg - Bruce Berkowitz Sells Bank Of America, Citigroup
Bruce Berkowitz (Trades, Portfolio) is the founder and the managing member of the Fairholme Fund (Trades, Portfolio). He concentrates his investments in a relatively small number of companies. During the fourth quarter he sold many stocks. More...

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Fairholme's Top 3 Stocks in a Highly Concentrated Portfolio Sears Holdings, The St. Joe Co. and AIG among Berkowitz's top positions Bruce Berkowitz - Fairholme's Top 3 Stocks In A Highly Concentrated Portfolio
Bruce Berkowitz (Trades, Portfolio)’s Fairholme Capital Management disclosed an equity portfolio valued at $2.43 billion as of the end of the fourth quarter 2015. The equity portfolio was mainly invested in finance (29%), consumer discretionary (31%) and real estate (24%) stocks. More...

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Bruce Berkowitz Buys More Shares of 2 Energy-Related Companies Fairholme investor hints at mergers Bruce Berkowitz - Bruce Berkowitz Buys More Shares Of 2 Energy-Related Companies
The oil rout pulled two stocks down to a buying range for Fairholme Fund (Trades, Portfolio) investor Bruce Berkowitz (Trades, Portfolio) this week. More...

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Bruce Berkowitz Shows New Stock Positions for Q4 Two are from oil industry Bruce Berkowitz - Bruce Berkowitz Shows New Stock Positions For Q4
Bruce Berkowitz (Trades, Portfolio) released his fourth-quarter letter and portfolio update Wednesday, reporting he purchased three new stocks. More...

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Bruce Berkowitz Comments on Imperial Metals Corp Guru stock highlight
Imperial Metals Corporation (“Imperial”) (TSX:III), whose securities comprise 4.9% of Fund assets, posted record production results in 2015: 88.1 million pounds of copper, 44.7 thousand ounces of gold, and 224.5 thousand ounces of silver. During the year, the company focused on ramping up its world-class Red Chris mine that is expected to produce copper at cash costs around $1.20 per pound for decades to come. While primarily known for its huge copper reserve, Red Chris also boasts the seventh largest gold deposit in the world. We anticipate that Imperial will prudently weather this commodity cycle while preparing for the next development phase at Red Chris. More...

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Bruce Berkowitz Comments on Bank of America Guru stock highlight
Bank of America (NYSE:BAC) warrants comprise 9.4% of Fund assets. The warrants offer attractive upside given that the company trades under tangible book value per share of $15.62. CEO Brian Moynihan recently noted that Bank of America’s 2015 results were the “company’s highest earnings in nearly a decade,” and much more improvement is possible. As the company reduces expenses and increases capital distributions, the double-ratchet feature of our warrants ensures that we are more than compensated for dividends paid to common equity shareholders. More...

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Bruce Berkowitz Comments on Sears Holdings Corp Guru stock highlight
Sears Holdings Corporation (“Sears”) (NASDAQ:SHLD) common stock, warrants, and bonds comprise 13.2% of Fund assets. Our ongoing valuation work reinforces our longstanding belief that Sears is worth multiples of its current market price (as evidenced in the chart below), largely based on its vast real estate empire and disparate businesses confi gured to sell, deliver, connect, control, service, and replace all manner of consumer products. Throughout the year, the Fund took advantage of price declines to increase its stake. More...

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Bruce Berkowitz Comments on Imperial Metals Corporation Guru stock highlight
Imperial Metals Corporation (“Imperial”) (TSX:III) common shares and senior unsecured notes due 2019 comprise 5.4% of Fund assets. We first bought Imperial after observing Murray Edwards develop Canadian Natural Resources Limited – particularly its massive Horizon oil sands project – into a world-class energy producer. We believe that Imperial’s Red Chris mine is a replay of low-cost Horizon, but with one of the largest copper resources and the seventh largest gold deposit in the world. Imperial posted record production results in 2015, and we expect the company to weather the current commodity cycle while preparing for the next upswing. More...

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Bruce Berkowitz Comments on St. Joe Company Guru stock highlight
The St. Joe Company (“St. Joe”) (NYSE:JOE) comprises 12.8% of Fund assets. Today, St. Joe stands well capitalized and focused on future developments in Florida’s Bay and Walton Counties. The company is entitled to develop 170,000 residential units and 22 million square feet of retail, commercial, and industrial facilities on 110,500 acres of nearly contiguous land on the “Emerald Coast.” We believe that the intrinsic value of St. Joe’s current entitlements and other assets is substantially higher than its recent market price, and were pleased that the company repurchased almost 17 million shares of its common stock (over 18% of the outstanding public float) at $18 per share in 2015. More...

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Bruce Berkowitz Comments on Fannie Mae Guru stock highlight
In 1986, famed Magellan Fund manager Peter Lynch touted Fannie Mae (OTCBB:FNMA) as “the best business, literally, in America.” At that time, Fannie Mae had a price-to-earnings ratio of one. Lynch noted that “when a company can earn back the price of its stock in one year, you’ve found a good deal.” Thirty years later, the price-to-earnings ratio of Fannie Mae is back at one – but the circumstances are quite different. In our view, current prices of Fannie Mae as well as its smaller cousin Freddie Mac do not refl ect the economic value of existing assets, let alone future earnings power, embedded in these world-class franchises. Indeed, the companies are not priced for a run-off of their existing businesses; they are priced for the permanent expropriation of all assets.Fannie Mae and Freddie Mac represent 16.4% of Fund assets, primarily in the form of preferred stock. For those unfamiliar, Fannie Mae and Freddie Mac are simple and straightforward insurance companies. They are not More...

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Bruce Berkowitz Comments on Seritage Growth Properties Guru stock highlight
Seritage Growth Properties (“Seritage”) (NYSE:SRG), a newly formed public real estate investment trust (REIT) that purchased the aforementioned 266 properties from Sears in mid-2015, comprises 2.5% of Fund assets. Our detailed property-by-property analysis, which has been independently corroborated by third party real estate professionals, indicates that Seritage is signifi cantly undervalued at current market prices. One can only speculate that Warren Buffett (Trades,Portfolio) concurs with our assessment given his recent decision to personally acquire shares. Seritage’s real estate portfolio, which includes 235 properties and joint venture interests in 31 additional properties, has the opportunity to command signifi More...

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