Bruce Berkowitz

Bruce Berkowitz

Last Update: 08-14-2015
Related: Fairholme Fund
Fairholme Focused Income Fund

Number of Stocks: 16
Number of New Stocks: 1

Total Value: $4,918 Mil
Q/Q Turnover: 2%

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 (%)
2014-2.7213.69-16.4
201335.5432.393.2
201235.811619.8
3-Year Cumulative79.1 (21.4%/year)74.6 (20.4%/year)4.5 (1%/year)
2011-32.422.11-34.5
201025.4715.0610.4
5-Year Cumulative51.8 (8.7%/year)105.1 (15.5%/year)-53.3 (-6.8%/year)
200939.0126.4612.5
2008-29.7-377.3
200712.355.496.9
200616.7115.790.9
200513.744.918.8
10-Year Cumulative121.3 (8.3%/year)109.4 (7.7%/year)11.9 (0.6%/year)
200424.9310.8814.1
200323.9628.68-4.7
2002-1.58-22.120.5
20016.18-11.8918.1
200046.54-9.155.6
15-Year Cumulative424.8 (11.7%/year)86.4 (4.2%/year)338.4 (7.5%/year)

Top Ranked Articles

Bank of America (BAC) with a compelling entry point for long term investors
Though It Hurts, Bruce Berkowitz Is No Bill Miller
There are a lot of analogies in the media these days to compare Fairholme Fund’s Bruce Berkowitz with Legg Mason Value Trust’s Bill Miller, as Berkowitz’s Fairholme Fund suffered its worst year of performance after years of tremendous outperformance. Many articles are predicting that Bruce Berkowitz is the next Bill Miller. Investors certainly treated Bruce Berkowitz the same way they treated Bill Miller. At the peak of Miller’s fame, after he had beaten the market average S&P 500 by 15 consecutive years, the size of his fund reached $20 billion in 2006. He suffered a 6.66% loss in 2007, while the market advanced in 2007, and a 55% loss in the market crash of 2008. Investors fled out of his fund. As of July 31, 2011, the fund has only $3.3 billion left, about 16% of the assets under management at its peak. Read more...
Chesapeake Energy – Ready to Rise
One of the gurus I pay attention to is Bruce Berkowitz who is the manager of Fairholme Funds and famed for his analysis and sticking to his convictions when he feels the facts are on his side, even if his stocks are down substantially from his purchase price. Given the recent disclosure by GuruFocus that Bruce Berkowitz has re-initiated a position in Chesapeake Energy (NYSE:CHK) in first quarter 2013 and the oil and gas sector being out of favor, I decided to take a look at Chesapeake Energy (NYSE:CHK). Read more...
Concentrates his bets, Bruce Berkowitz focuses on Berkshire Hathaway and Canadian National Resources
Bruce Berkowitz, manager of Fairholme Fund, started his fund 8 years ago. Over the past 8 years his fund has appreciated by 17.40% per annum compared to a gain of 1.71% per annum for the S&P 500 Index. With this article we like to review how Bruce Berkowitz achieved this outstanding result. Read more...
Answers from Bruce Berkowitz of Fairholme Fund; Comment on Banks, Insurers and St. Joe
In January we announced that our users can ask questions to Bruce Berkowitz of Fairholme Fund and we received tremendous responses. Now here are the answers back from Mr. Berkowitz in a joint interview with Advisor Perspective. Read more...
» More Bruce Berkowitz Articles

Commentaries and Stories

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Billionaire Steven Cohen's New Oil Pick
In this article, let's take a look at National Oilwell Varco, Inc. (NYSE:NOV), a $14.28 billion market cap company. The company designs and manufactures drill rig equipment, provides downhole tools and services and also provides supply chain integration services to the upstream oil and gas industry. More...

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Weekly CEO Buys Highlights: SHLD, HTZ, PAGP, DEA, ATEN
According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below: More...

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Sears Holdings Trading Near 52-Week Lows
Edward Lampert (Trades, Portfolio) is the largest shareholder of Sears Holdings Corp (NASDAQ:SHLD), with a stake of 26.44 million shares in the first quarter of 2015 valued at $1.09 billion. The second-largest shareholder is Bruce Berkowitz (Trades, Portfolio), the founder and the managing member of the Fairholme Fund (Trades, Portfolio). Lampert reported decreasing his stake in the stock in the first quarter. Berkowitz cut his stake by 3% on the quarter to 25.99 million shares held as of the end More...

Bruce Berkowitz, Sears


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Fairholme Allocation Fund Commentary
To the Shareholders and Directors of The Fairholme Allocation Fund: More...

BRUCE BERKOWITZ,FAIRHOLME CAPITAL,COMMENTARY,VALUE INVESTING,LONG-TERM,


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Bruce Berkowitz Increases 2 Holdings, Reduces AIG in Q2 Bruce Berkowitz - Bruce Berkowitz Increases 2 Holdings, Reduces AIG In Q2
Bruce Berkowitz (Trades, Portfolio)’s Fairholme Fund (Trades, Portfolio) (FAIRX) lagged the S&P 500 index’s 1.23% gain with a 0.91% decline for the first six months of the year. Overall, the long-term focused Fairholme has delivered an annualized return of 11.37% since its 1999 inception, versus 4.21% for the index. More...

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Bruce Berkowitz's Fairholme Fund 2015 Semi-Annual Portfolio Manager's Letters
Bruce Berkowitz's Fairholme Fund 2015 Semi-Annual Portfolio Manager's Letters: More...

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Bruce Berkowitz Gains Big Stake in Sears REIT Bruce Berkowitz - Bruce Berkowitz Gains Big Stake In Sears REIT
Bruce Berkowitz (Trades, Portfolio)’s Fairholme Capital Management on Thursday disclosed a stake worth 13.2% of Sears’ newly formed and long-anticipated REIT, Seritage Growth Properties (NYSE:SRG). More...

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What to Expect From Today's Bank of America's Earnings?
Bank of America Corporation (NYSE:BAC) is going to report second quarter earnings today, and I think it is a good moment to discuss if this stock represents an appealing investment. We are going to answer the question, but first, let´s take a look at the hedge fund´s positions. More...

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Insiders Keep Buying Kinder Morgan and Heron Therapeutics
The All-In-One Guru Screener can be used to find insider buys over the last week by clicking on the Insiders tab and changing the settings for All Insider Buying to “$2,000,000+” and Duration to "over the past 7 days". More...

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26 Investing Tips From A Classic AAII Discussion With Bruce Berkowitz
Bruce is a well-known value investor with concentrated portfolios. He labeled his fund as "Focused and Value Based." The following are my notes to this wonderful meeting. John O'Shaughnessy and I were very appreciative of the discussion. More...

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Berkowitz Sells Citigroup During First Quarter Bruce Berkowitz,Francis Chou - Berkowitz Sells Citigroup During First Quarter
Bruce Berkowitz (Trades, Portfolio), founder and managing member of Fairholme Capital Management, did not see opportunities to invest in new stocks during the first quarter, and instead sold one stock and trimmed his position in eight others. More...

BRUCE BERKOWITZ, FAIRHOLME FUND, CITIGROUP, SEARS HOLDINGS, AIG, BANK OF AMERICA


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Lampert, Berkowitz, and The Love Affair With Sears Holdings Edward Lampert, Bruce Berkowitz - Lampert, Berkowitz, And The Love Affair With Sears Holdings
In November 2004, Edward Lampert (Trades, Portfolio) was dubbed “The Next Warren Buffett (Trades, Portfolio)” by BusinessWeek (pre-Bloomberg), and from 1988 to 2008 he earned nearly 30% a year for investors. Since then, his largest investment, the retailer Sears Holdings (NASDAQ:SHLD) has been dead money, absolutely crushing Lampert’s long-term rate of compound returns, which are more in the 15% to 19% annualized range now. More...

Edward Lampert, Bruce Berkowitz, Sears Holdings


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Fairholme Fund Increases Stakes During 1Q2015 Bruce Berkowitz,Fairholme Fund - Fairholme Fund Increases Stakes During 1Q2015
Bruce Berkowitz (Trades, Portfolio)'s Fairholme Fund (Trades, Portfolio) recently increased its stakes in three positions in the portfolio. The fund currently owns 26 positions that are valued at $5.13 billion all together. The firm likes to hold onto stocks for long periods of time, as the quarter-over-quarter turnover of 1% indicates. More...

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Fairholme Fund Sells More Than One-Third of Stake in AIG Bruce Berkowitz - Fairholme Fund Sells More Than One-Third Of Stake In AIG
Four years ago, Bruce Berkowitz (Trades, Portfolio)’s Fairholme Fund (Trades, Portfolio) held nearly 95 million shares of American International Group (NYSE:AIG). If Fairholme still had that many shares in its portfolio, it would make AIG Fairholme’s largest holding today – by far. More...

Bruce Berkowitz, Fairholme Fund, AIG


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Fannie And Freddie: Flirting With Re-Privatization
For the last few year's there has been a quest by top value investors like Bill Ackman (Trades, Portfolio) and Bruce Berkowitz (Trades, Portfolio) to get the government to give all of the profits Fannie Mae (FNMA) and Freddie Mac (FMCC) back to the shareholders. A Whaton real estate professer has written a paper on Fannie and Freddie laying out that it may look like nothing is happening with the two firms, but a lot is happening. She did an interview with the Knowledge @ Whaton where she discussed Fannie and Freddie in detail. More...

FANNIE,FREDDIE,PRIVATIZATION,VALUE INVESTING,HOUSING,MORTGAGE


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Bruce Berkowitz: On Fannie And Freddie
Bruce Berkowitz (Trades, Portfolio) of Fairholme Capital Management talked about Fannie and Freddie with Bloomberg "Surveillance." He made its clear that Fannie and Freddie are private companies. More...

BRUCE BERKOWITZ,FANNIE,FREDDIE,UNDERVALUED,FAIRHOLME CAPITAL,


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Bruce Berkowitz Speaks With The University Of Miami
In 2012 value contrarian investor Bruce Berkowitz (Trades, Portfolio) sat down for a conversation at the University of Miami School of Business Administration. More...

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Bruce Berkowitz: It's a Sears Thing Bruce Berkowitz - Bruce Berkowitz: It's A Sears Thing
Fairholme Capital Management published a teaser of its upcoming presentation on Sears Holdings Corporation (NASDAQ: SHLD) earlier today. More...

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User Comments

Fox10
ReplyFox10 - 7 months ago
I would like to see a proof that berkowitz sold out of fannie and freddie (and mind you, way BEFORE the infamous lamberth-ruling). As it stands, it seems that both fairholme and pershing Square chose to not list fannie and freddie in their 13f filings anymore because they are NOTT required to do so under SEC rules. That is a huge difference though, to claiming they sold out! grurufocus may wish to comment/correct its tables?
Mocheng
ReplyMocheng - 11 months ago
On the homepage, it said Bruce added more SHLD, but it's not showing when I clicked to view details, is there anyway to find out how many shares he added?
Gurufocus
ReplyGurufocus - 1 year ago
"where's the fannie and freddie?"

They are in the portfolio of Fairholme Fund:

http://www.gurufocus.com/holdings.php?GuruName=Fairholme+Fund
A632784
ReplyA632784 - 1 year ago
where's the fannie and freddie??????????????????
Gegogego
ReplyGegogego - 1 year ago
Why are Freddie Mac and Fannie Mae not listed in current holdings or recent buys?

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