Bruce Berkowitz

Bruce Berkowitz

Last Update: 05-17-2016
Related: Fairholme Fund
Fairholme Focused Income Fund

Number of Stocks: 13
Number of New Stocks: 0

Total Value: $1,655 Mil
Q/Q Turnover: 4%

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

Bruce Berkowitz Comments on DNOW Guru stock highlight
Supply naturally depletes. Oil and natural gas reserves naturally deplete. Meanwhile, demand for oil and gas will not dissipate; in fact, it increases, especially with the conversion we are seeing to natural gas for utilities. Today, we have a situation where the selling price of these commodities is lower than the price to produce them. This can’t last – something has to give. Demand will go up, and price must rise to entice producers to supply more. When? We don’t know. Read more...
Bruce Berkowitz Buys Bank of America, Sells Leucadia National The investor's largest trades in the 1st quarter
Bruce Berkowitz (Trades, Portfolio) is the founder and the managing member of the Fairholme Fund (Trades, Portfolio). During the first quarter he traded the following stocks: Read more...
Bruce Berkowitz Comments on AIG Guru stock highlight
Bruce Berkowitz (Trades, Portfolio): As we have written in all of our letters, we bought AIG at substantial discount to tangible book value (“TBV”). We had a simple thesis that AIG still had a franchise value, and that AIG (NYSE:AIG) was worth at least TBV. We then started selling in 2014 as our thesis played out and AIG approached our estimate of TBV. That was always our game plan. Read more...
Bruce Berkowitz Comments on Bank of America Guru stock highlight
Daniel Schmerin: During 2015, you reduced Bank of America (NYSE:BAC) common stock across portfolios. What changed? Do you fear another crisis brewing like 2008? Read more...
Bruce Berkowitz Comments on Leucadia Guru stock highlight
Daniel Schmerin: Let’s turn to Leucadia (NYSE:LUK). You’ve owned it for a long time. What are your thoughts? Read more...
» More Bruce Berkowitz Articles

Commentaries and Stories

  • Currently 5.00/5

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Bruce Berkowitz Comments on DNOW Guru stock highlight
Supply naturally depletes. Oil and natural gas reserves naturally deplete. Meanwhile, demand for oil and gas will not dissipate; in fact, it increases, especially with the conversion we are seeing to natural gas for utilities. Today, we have a situation where the selling price of these commodities is lower than the price to produce them. This can’t last – something has to give. Demand will go up, and price must rise to entice producers to supply more. When? We don’t know. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bruce Berkowitz Buys Bank of America, Sells Leucadia National The investor's largest trades in the 1st quarter Bruce Berkowitz,Dodge & Cox,Barrow Hanley Mewhinne - Bruce Berkowitz Buys Bank Of America, Sells Leucadia National
Bruce Berkowitz (Trades, Portfolio) is the founder and the managing member of the Fairholme Fund (Trades, Portfolio). During the first quarter he traded the following stocks: More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Bruce Berkowitz Comments on Sears Guru stock highlight
Daniel Schmerin: Let’s move on, we received the most questions about Sears (NASDAQ:SHLD). More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Bruce Berkowitz Comments on Fannie Mae Guru stock highlight
Daniel Schmerin: Let’s turn to Fannie Mae (FNMA) and Freddie Mac. Shareholders expressed a lot of support for our ongoing efforts. I know that you recently corresponded with a soldier bravely serving overseas in the 5th Marine Expeditionary Brigade. More...

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Bruce Berkowitz Comments on St. Joe Company Guru stock highlight
Daniel Schmerin: Let’s move on to the St. Joe Company (NYSE:JOE). Some market participants have interpreted the recent registration statement filed by St. Joe to mean that your view on the company has soured. What’s the truth? More...

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Bruce Berkowitz Comments on Leucadia Guru stock highlight
Daniel Schmerin: Let’s turn to Leucadia (NYSE:LUK). You’ve owned it for a long time. What are your thoughts? More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Bruce Berkowitz Comments on Bank of America Guru stock highlight
Daniel Schmerin: During 2015, you reduced Bank of America (NYSE:BAC) common stock across portfolios. What changed? Do you fear another crisis brewing like 2008? More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Bruce Berkowitz Comments on AIG Guru stock highlight
Bruce Berkowitz (Trades, Portfolio): As we have written in all of our letters, we bought AIG at substantial discount to tangible book value (“TBV”). We had a simple thesis that AIG still had a franchise value, and that AIG (NYSE:AIG) was worth at least TBV. We then started selling in 2014 as our thesis played out and AIG approached our estimate of TBV. That was always our game plan. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Bruce Berkowitz Axes Positions in Berkshire Hathaway, AIG, IBM Fairholme manager also closed out energy holdings Bruce Berkowitz - Bruce Berkowitz Axes Positions In Berkshire Hathaway, AIG, IBM
Bruce Berkowitz (Trades, Portfolio), staunch contrarian investor at the Fairholme Fund (Trades, Portfolio), engaged in unusually aggressive selling in the first quarter and unloaded some of his key long-term holdings. More...

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Fairholme Fund Sells Bank of America, Leucadia National Fund's top trades during the 1st quarter Fairholme Fund,Bruce Berkowitz,Dodge & Cox,Barrow  - Fairholme Fund Sells Bank Of America, Leucadia National
Fairholme Fund (Trades, Portfolio) is managed by its founder Bruce Berkowitz (Trades, Portfolio). For the 10-year period after inception in 1999, the fund gained 253% while the Standard & Poor's lost money. During the first quarter the fund traded some stocks as follows: More...

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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...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

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...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

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...

  • Currently 5.00/5

Rating: 5.0/5 (3 votes)

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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