Fairholme Fund

Last Update: 2013-04-26

Number of Stocks: 10
Number of New Stocks: 0

Total Value: $5,993 Mil
Q/Q Turnover: 0%

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

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Fairholme Fund's Profile & Performance

Profile

Fairholme Fund is managed by its founder Bruce Berkowitz. For the 10-year period after inception in 1999, the fund gained 253% while the S&P lost money. This portfolio is the quarterly portfolio of Fairholme Fund. It is different from the portfolio under the name of "Bruce Berkowitz", which covers more accounts and funds managed by Bruce Berkowitz.

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

Investing Philosophy

Bruce Berkowitz concentrates his investments in a relatively small number of companies. He looks for companies with good management and cashflow. His motto: "Ignore the Crowd'.

Total Holding History

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Performance of Fairholme Fund

Year	Return (%)	S&P500 (%)	Excess Gain (%)
2012	35.81	15.4	20.4
2011	-32.42	2.08	-34.5
2010	25.47	15.06	10.4
3-Year Cumulative	15.2 (4.8%/year)	35.5 (10.7%/year)	-20.3 (-5.9%/year)
2009	39.01	26.46	12.5
2008	-29.7	-37	7.3
5-Year Cumulative	12.5 (2.4%/year)	8 (1.5%/year)	4.5 (0.9%/year)
2007	12.35	5.61	6.7
2006	16.71	15.79	0.9
2005	13.74	4.91	8.8
2004	24.93	12	12.9
2003	23.96	28.7	-4.7
10-Year Cumulative	159.9 (10%/year)	99.7 (7.2%/year)	60.2 (2.8%/year)
2002	-1.58	-22.1	20.5
2001	6.18	-11.9	18.1
2000	46.54	-9.1	55.6

Commentaries and Stories

Currently 2.33/5

Rating: 2.3/5 (3 votes)

OSH Trades by Lampert and Gurus - Can Orchard Bear Fruit?

March 29, 2013

In the world of garden tools, paint and outdoor furniture — where we shop for price — can Orchard Supply Hardware (OSH) compete with retail giants for top-of-mind among potential customers and flourish in California’s neighborhoods as the go-to place for home improvement? Only the Gurus know the answer, maybe. Meanwhile, California-centric Orchard Supply Hardware faces tough competition in the home improvement and garden market, selling against The Home Depot, Ace Hardware, Costco, Wal-Mart, Target, TrueValue and Lowe’s. More...

Currently 3.50/5

Rating: 3.5/5 (8 votes)

Protecting Yourself Against Fear

February 22, 2013

When I looked today at Hewlett Packard’s (HPQ) three-month, 40% run, I became physically ill. Then, remembering that I had only myself to blame, I punched myself in the leg for good measure. Why, you ask? Because three months ago I sold HP near its lowest point in 15 years. It was not the size of the mistake that frustrated me – it was a small position – but that I succumbed to the fear and made a rare emotion-based sell decision. More...

BRUCE BERKOWITZ, FAIRHOLME FUND, NASSIM TALEB

Currently 4.25/5

Rating: 4.3/5 (16 votes)

What Does It Take to Be a Guru?

February 1, 2013

What annual return do you need to achieve to be considered a guru? Over the last 15 years, you were lucky to make 8% to 9% a year in stocks. And since today’s stock prices aren’t any lower than they were 15 years ago – the same is true of the future. If you can make 8% to 9% a year over 15 years, you’re worthy of guru consideration. More...

Currently 3.20/5

Rating: 3.2/5 (5 votes)

Bruce Berkowitz Adds to Wells Fargo, Reduces CIT Group and Jefferies Group

November 16, 2012

As of the quarter ending Sept. 30, Bruce Berkowitz, founder of Fairholme Capital Management, has reported three updates to his portfolio, which include an increase in his stake of Wells Fargo (WFC) and stake reductions in CIT Group (CIT) and Jefferies Group (JEF). More...

Currently 3.83/5

Rating: 3.8/5 (6 votes)

Fairholme Fund Buys Orchard Supply, Sells Berkshire Hathaway Inc., Cit Group Inc.

August 7, 2012

Fairholme Fund just reported its second quarter portfolio. The fund did not trade much during the second quarter. It added slightly to Orchard Supply, and sold Berkshire Hathaway and CIT group. The fund had $7 billion under management as of May 31, which is a drop of more than 60% since 15 months ago. More...

Currently 4.10/5

Rating: 4.1/5 (42 votes)

Value Is Not Enough

July 15, 2012

NONE

Currently 3.69/5

Rating: 3.7/5 (13 votes)

Career Risk and Investment Opportunity

April 26, 2012

In May of 1998, Adam Smith, author of the book “The Money Game,” interviewed Warren Buffett (link here). During that discussion, Mr. Smith asked Buffett one question that particularly caught my attention: Why do smart people do dumb things? More...

LONG BRK.B

Currently 3.86/5

Rating: 3.9/5 (21 votes)

Fairholme Fund Buys Jefferies, Bank of America; Sells Others

October 28, 2011

The long awaited Q3 portfolio of Fairholme Fund is out. Apparently Bruce Berkowitz was under pressure for redemptions. He has sold most of his non-core positions. He sold financials like Goldman Sachs (GS) and Morgan Stanley (MS). But he did buy into a new position – again financial – Jefferies (JEF). These are some observations: More...

Currently 4.04/5

Rating: 4.0/5 (24 votes)

Stock Market Pitching a Fat One Down the Middle with American Bank Stock Prices?

August 19, 2011

Currently 4.00/5

Rating: 4.0/5 (1 vote)

Pitkowsky and Trauner (former Fairholme Investors) - Value Investing in the Tech Boom 2.0

August 14, 2011

Larry Pitkowsky and Keith Trauner sat out the first bubble. Now the value investors justify why Google (GOOG) is a top holding and Microsoft (MSFT) is more exciting now than a decade ago. More...

Currently 2.80/5

Rating: 2.8/5 (15 votes)

Fairholme Fund Buys CSCO, AIG, BRK.B, GS; Sells RRR, SPR

August 3, 2011

Bruce Berowitz is having some hard times, at least for now. The Fairholme Fund lost 9.42% during the first six months of 2011 while the S&P 500 Index ("S&P 500") gained 6.02%. Since inception, the Fairholme Fund increased by 301.18%, which compares favorably to the S&P 500's gain of 11.34%. As of 05/31/2011, Fairholme Fund owns 22 stocks with a total value of $14.6 billion. These are the details of the buys and sells. More...

Currently 3.95/5

Rating: 3.9/5 (58 votes)

Bank of America (BAC) with a compelling entry point for long term investors

July 31, 2011

More...

CONTEST

Currently 2.40/5

Rating: 2.4/5 (10 votes)

Weekly Guru Bargains Highlights: RCL, CYH, AUO, MS, CCJ

July 16, 2011

Last week’s top five guru bargains were RCL, CYH, AUO, MS, and CCJ. According to GuruFocus updates, these stocks have declined the most since Gurus have bought. More...

Currently 2.18/5

Rating: 2.2/5 (11 votes)

Fairholme Fund Q1 Portfolio: Buys BAM, CHPXF.PK, RF, SHLD, BRK.B, AIG; Sells GGP, GE, WCG, STD, TEVA

May 9, 2011

After a decade of stellar performance by buying high quality companies with strong cashflows and capable management, Fairholme Fund’s asset under management ballooned. With a much bigger size of fund, Bruce Berkowitz, the guru that manages Fairholme Fund, bet heavily that the giant financial companies will recover after the stresses they have experienced in the financial crisis. He has close to 80% of the fund equity investment in these big financials. More...

Currently 3.73/5

Rating: 3.7/5 (26 votes)

Fairholme Funds Buys T, VZ, STD, RDS.A and Sells GGP, HUM, WCG, FUR, TAL

April 9, 2011

BERKOWITZ

Currently 4.31/5

Rating: 4.3/5 (39 votes)

Answers from Bruce Berkowitz of Fairholme Fund; Comment on Banks, Insurers and St. Joe

February 22, 2011

Currently 4.00/5

Rating: 4.0/5 (11 votes)

Fairholme Funds, Ignore the Crowd; Top Holdings: GGP, AIG, AAIGF.PK, GS, BAC

February 14, 2011

Fairholme Funds (NASDAQ: FAAFX) is a valued oriented fund headed by Bruce R. Berkowitz that focuses primarily on equity and fixed income securities. Its manager, Bruce Berkowitz, earned his BA in Economics from the University of Massachusetts Amherst. His career can be characterized as nothing less than successful, named both the domestic stock fund manager of the year in 2009 and of the decade in 2010 by Morningstar. Inherently a follower of the Graham methodology of value investing, his success has entitled him into the annals of the timely classic, Security Analysis. As such, it should come as no surprise that he strives to follow a rule that fellow legendary value investor, Warren Buffet derived. That is, "The first rule is: Don't lose money. The second rule is: Follow the first rule." More...

Currently 2.69/5

Rating: 2.7/5 (13 votes)

What Does Bruce Berkowitz See from Teva Pharmaceutical?

February 10, 2011

As we update the latest purchases of Fairholme Fund, we found that Bruce Berkowitz bought into two new positions. One is Banco Santander S.a. (STD), the other is Teva Pharmaceutical Industries Ltd. (TEVA). More...

Currently 3.00/5

Rating: 3.0/5 (23 votes)

Fairholme Fund Buys STD, TEVA, AIG, CIT, BAC, RF, MS, BRK.B, GE

February 5, 2011

This is the portfolio update for Fairholme Fund. The fund is run by the best mutual fund manager Bruce Berkowitz. It gained 25.5% in the last year, and has rewarded almost 200% in the last 10 years, as the market gained just 16%. More...