Bruce Berkowitz

Bruce Berkowitz

Last Update: 05-15-2018
Related: Fairholme Fund
Fairholme Focused Income Fund

Number of Stocks: 10
Number of New Stocks: 5

Total Value: $701 Mil
Q/Q Turnover: 11%

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 (%)
2017-5.9621.71-27.7
201625.6811.9913.7
2015-11.481.24-12.7
3-Year Cumulative4.6 (1.5%/year)38 (11.3%/year)-33.4 (-9.8%/year)
2014-2.7213.47-16.2
201335.5432.33.2
5-Year Cumulative37.9 (6.6%/year)107.2 (15.7%/year)-69.3 (-9.1%/year)
201235.8115.9919.8
2011-32.421.9-34.3
201025.4715.0510.4
200939.0126.3512.7
2008-29.7-36.797.1
10-Year Cumulative55.2 (4.5%/year)125 (8.4%/year)-69.8 (-3.9%/year)
200712.355.147.2
200616.7115.850.9
200513.744.838.9
200424.9310.714.2
200323.9628.19-4.2
15-Year Cumulative258.5 (8.9%/year)307.7 (9.8%/year)-49.2 (-0.9%/year)
2002-1.58-21.5820.0
20016.18-11.7617.9
200046.54-9.7556.3

Top Ranked Articles

Excerpt from “Invest Like a Guru” Chapter 2 Take a peek if you haven't read the book
Excerpt from Chapter 2 of the new book by GuruFocus Founder Dr. Charlie Tian, “Invest Like a Guru: How to Generate Higher Returns At Reduced Risk With Value Investing”. The book is available on Amazon. Read more...
David Einhorn Discusses Tesla, GM, Pitches Tempur Sealy at Dallas Investing Conference Guru gave best ideas at charity event
Greenlight Capital’s David Einhorn (Trades, Portfolio) discussed some of his favorite stock picks in an interview at the 11th Annual Great Investors’ Best Ideas Investment Symposium in Dallas on Tuesday. Read more...
Bruce Berkowitz Steps Down From Sears Board but Remains Invested Berkowitz releases statement as shares plunge
After Sears Holdings (NASDAQ:SHLD) shares tumbled nearly 12% on Bruce Berkowitz (Trades, Portfolio)’s announcement that he would exit the company’s board of directors Monday, he issued a statement Tuesday saying he continued to have confidence in the investment: Read more...
Hedge Fund Manager Mark Sellers on Becoming a Great Investor A killer talk from hedge fund manager Mark Sellers, speaking to some Harvard MBA kids on what it takes to make it in markets
This is a killer talk I came across from hedge fund manager Mark Sellers, speaking to some Harvard MBA kids on what it takes to make it in markets. Regardless of whether you consider yourself a trader or investor, Mark’s “seven traits” apply. Read more...
Bruce Berkowitz Further Slims Stake in Seritage Growth Properties Guru real-time pick highlight
Former Sears Holdings Corp. (NASDAQ:SHLD) director Bruce Berkowitz (Trades, Portfolio) disclosed March 23 that he axed 48.22% of his stake in Seritage Growth Properties (NYSE:SRG), reducing his position in the real estate investment trust for the third consecutive time since third-quarter 2017. Read more...
» More Bruce Berkowitz Articles

Commentaries and Stories

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Bruce Berkowitz Buys AT&T, Oaktree Capital After Sears Meltdown Continues to sell Sears Bruce Berkowitz - Bruce Berkowitz Buys AT&T, Oaktree Capital After Sears Meltdown
Bruce Berkowitz (Trades, Portfolio)’s first-quarter portfolio signaled a change in direction after pursuing a failed investment in Sears for years. More...

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Bruce Berkowitz’s Fairholme Fund Buys Vistra Energy in 1st Quarter Fund continues trimming Fannie Mae, Freddie Mac and Sears Bruce Berkowitz, Fairholme Fund, Edward Lampert - Bruce Berkowitz’s Fairholme Fund Buys Vistra Energy In 1st Quarter
Fairholme Fund (Trades, Portfolio), managed by Bruce Berkowitz (Trades, Portfolio), disclosed on Monday it initiated a position in Vistra Energy Corp. (NYSE:VST) during the quarter ending Feb. 28. The fund also reduced its holdings in Sears Holdings Corp. (NASDAQ:SHLD) and preferred shares of both Federal Home Loan Mortgage Corp. (FMCC) and Fannie Mae (FNMA). More...

BRUCE BERKOWITZ, FAIRHOLME FUND, FAIRHOLME FOCUSED INCOME FUND, EDWARD LAMPERT


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New Screener Filters Added Under Growth Tab You can now screen for changes in long-term debt, market cap and Piotroski F-Score Bruce Berkowitz - New Screener Filters Added Under Growth Tab
We are pleased to announce we have added new All-in-One Screener filters under the Growth tab. More...

BRUCE BERKOWITZ, NEW FEATURE ANNOUNCEMENT


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Bruce Berkowitz Further Slims Stake in Seritage Growth Properties Guru real-time pick highlight Bruce Berkowitz - Bruce Berkowitz Further Slims Stake In Seritage Growth Properties
Former Sears Holdings Corp. (NASDAQ:SHLD) director Bruce Berkowitz (Trades, Portfolio) disclosed March 23 that he axed 48.22% of his stake in Seritage Growth Properties (NYSE:SRG), reducing his position in the real estate investment trust for the third consecutive time since third-quarter 2017. More...

BRUCE BERKOWITZ


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Bruce Berkowitz Reduces Position in REIT Slammed by Sears Headwinds The guru raises stake in St. Joe as he diminishes exposure in a REIT that is redeveloping former Sears properties Bruce Berkowitz, Warren Buffett - Bruce Berkowitz Reduces Position In REIT Slammed By Sears Headwinds
Bruce Berkowitz (Trades, Portfolio) ended the year with no new stock picks to Fairholme Capital Management’s portfolio. More...

ST. JOE, LEUCADIA, SEARS, SERITAGE GROWTH, REITS, RETAIL PROPERTY, LEASING, STOCKS, SELLING, PORTFOLIO


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Bruce Berkowitz Sells Off Millions More of Sears The guru investor has reported a loss of 88% since he began buying shares in 2012 Bruce Berkowitz - Bruce Berkowitz Sells Off Millions More Of Sears
It’s easy to compare guru investor Bruce Berkowitz (Trades, Portfolio)’s holdings of Sears Holdings Corp. (NASDAQ:SHLD) to a relationship in slow decline. More...

BRUCE BERKOWITZ, SEARS, RETAIL, EARNINGS, PORTFOLIO,


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Bruce Berkowitz Comments on St. Joe Guru stock highlight
St. Joe (NYSE:JOE) is building a vibrant economic region and sustainable corporate profits with its communities across coastal Walton and Bay counties in Northwest Florida. The company is doing it the right way, with little debt, low fixed expenses, low-cost land, and $300 million of cash for the inevitable surprises of real estate development. Entitled to develop 178,000 homes and 22 million square feet of commercial space over 122,000 acres, St. Joe has a bright future, something its CEO Jorge Gonzalez and I –as the Chairman of both Fairholme and St. Joe – agree on. More...

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Bruce Berkowitz Comments on Imperial Metals Corp Guru stock highlight
Imperial (TSX:III) owns the Red Chris mine, which holds a mother lode of copper and gold in British Columbia, Canada. Copper is essential to the transmission of electrons. Gold has been a store of value since the beginning of time. Industry demand for copper is increasing, but mine supply growth is slowing. Demand for electric vehicles, updated electric grids and smart infrastructure will cause further imbalances without new supplies. There is renewed merger and acquisition activity in the sector, as it has become cheaper and quicker to buy assets rather than dig for them. The price of copper has moved back above $3.00. Together, these trends will boost Imperial’s cash flows and valuation. More...

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Bruce Berkowitz Comments on Seritage Guru stock highlight
Seritage (NYSE:SRG) is a simple redevelopment story clouded by a complex tenant relationship with Sears. Seritage owns 40 million square feet of retail space and surrounding parking lots; Sears occupies 75% of its retail space. When Sears closes stores at Seritage locations, the real estate is re-rented at market rates three times higher to tenants such as Whole Foods and Nordstrom Rack. Proportionally higher cash distributions to owners then follow. I believe this opportunity to recapture valuable real estate is why Warren Buffett (Trades, Portfolio) personally became one of the largest shareholders of Seritage. More...

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Bruce Berkowitz Comments on Fannie Mae and Freddie Mac Guru stock highlight
Fannie (FNMA) and Freddie have helped tens of millions of Americans secure affordable, predictable mortgages to help achieve the dream of financial independence while operating under the conservatorship of the Federal Housing Finance Agency (“FHFA”). Since 2012, Fannie and Freddie have shipped the entirety of their profits—$275 billion and counting—to the U.S. Treasury. You’ve heard this all before. The point is, with hundreds of billions in profits flowing to the federal government, there is no doubt about Fannie and Freddie’s earnings power or their ability to serve the public and survive. That is why reform is coming. In a letter to the Senate this month, FHFA Director Mel Watt re-emphasized that “ongoing conservatorship is not sustainable and needs to end.” He believes Fannie and Freddie should be public utilities with regulated rates of return. We agree. Treasury Secretary Steve Mnuchin tells us 2018 is the year for Fannie and Freddie reform. “We need to fix Fannie and Freddie,” Mnuchin said in September. “[…] we’re going to fix [them] and when we fix [them] we want to make sure we never put the taxpayers More...

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Edward Lampert: Should He Be Defined by Sears? After success with AutoNation, Lampert took on Kmart and Sears. Can he succeed? Edward Lampert,Bruce Berkowitz - Edward Lampert: Should He Be Defined By Sears?
More...

EDWARD LAMPERT, EDDIE LAMPERT, ESL INVESTMENTS, HEDGE FUND, SEARS, KMART, AUTONATION, BUYBACKS, AMAZON, BRUCE BERKOWITZ


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Fairholme Fund's Largest Sales of 4th Quarter Sears Holdings, St. Joe on the list Bruce Berkowitz,Fairholme Fund - Fairholme Fund's Largest Sales Of 4th Quarter
Fairholme Fund (Trades, Portfolio), led by guru Bruce Berkowitz, sold shares in the following stocks during the fourth quarter. More...

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Bruce Berkowitz's 2017 Shareholder Letter: Comments on Seritage, St. Joe, Government Cover-Ups Berkowitz discusses Sears Bruce Berkowitz - Bruce Berkowitz's 2017 Shareholder Letter: Comments On Seritage, St. Joe, Government Cover-Ups
January 29, 2018 More...

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Guru Investor Dumps More Sears Stock This is the sixth time in as many months that Bruce Berkowitz has sold shares of the retail icon Bruce Berkowitz - Guru Investor Dumps More Sears Stock
Guru investor Bruce Berkowitz (Trades, Portfolio) has once more reduced his position in Sears Holdings Corp. (NASDAQ:SHLD). More...

SEARS HOLDINGS, SEARS, RETAIL, SHOPPING, SHOP YOUR WAY


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Sears Holdings Corp Announces Strategy to Try to Stay Afloat The company has raised $100 million in new financing and hopes to renegotiate $1 billion in debt Edward Lampert, Bruce Berkowitz - Sears Holdings Corp Announces Strategy To Try To Stay Afloat
Top officials at Sears Holdings Corp. (NASDAQ:SHLD) announced today the company has raised $100 million in new financing and is trying to drum up another $200 million from additional sources. More...

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Sears Rises on Narrower Loss Department store records sixth year of declining sales Bruce Berkowitz,Edward Lampert - Sears Rises On Narrower Loss
Sears Holdings Corp. (NASDAQ:SHLD) reported its third-quarter results before the opening bell on Nov. 30, recording a narrower loss than it did a year ago. More...

SEARS, EARNINGS, RISE, 3Q, LAMPERT, KMART


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Is There Still a Bull Case for Sears? Not everyone is ready to give up on the ailing retailer just yet Edward Lampert, Bruce Berkowitz, Fairholme Fund - Is There Still A Bull Case For Sears?
There have been few investments that have promised so much yet achieved so little as Sears Holdings Corp. (NASDAQ:SHLD). More...

SEARS, EDDIE LAMPERT, BRUCE BERKOWITZ


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Hedge Fund Manager Mark Sellers on Becoming a Great Investor A killer talk from hedge fund manager Mark Sellers, speaking to some Harvard MBA kids on what it takes to make it in markets Charlie Munger,Bruce Berkowitz - Hedge Fund Manager Mark Sellers On Becoming A Great Investor
This is a killer talk I came across from hedge fund manager Mark Sellers, speaking to some Harvard MBA kids on what it takes to make it in markets. Regardless of whether you consider yourself a trader or investor, Mark’s “seven traits” apply. More...

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Bruce Berkowitz Steps Down From Sears Board but Remains Invested Berkowitz releases statement as shares plunge Bruce Berkowitz - Bruce Berkowitz Steps Down From Sears Board But Remains Invested
After Sears Holdings (NASDAQ:SHLD) shares tumbled nearly 12% on Bruce Berkowitz (Trades, Portfolio)’s announcement that he would exit the company’s board of directors Monday, he issued a statement Tuesday saying he continued to have confidence in the investment: More...

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David Einhorn Discusses Tesla, GM, Pitches Tempur Sealy at Dallas Investing Conference Guru gave best ideas at charity event David Einhorn,Bruce Berkowitz,Mario Gabelli,T Boon - David Einhorn Discusses Tesla, GM, Pitches Tempur Sealy At Dallas Investing Conference
Greenlight Capital’s David Einhorn (Trades, Portfolio) discussed some of his favorite stock picks in an interview at the 11th Annual Great Investors’ Best Ideas Investment Symposium in Dallas on Tuesday. More...

EINHORN, GREENLIGHT, DALLAS, CONFERENCE, TESLA, TEMPUR SEALY, GM


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