
	Bruce Berkowitz \| FAIRX Mutual Fund
	Fairholme Capital Management

	Last update 2023-02-14	12 Stocks (0 new)
	Value $1.20 Bil	Turnover 1 %
	Top Holdings: JOE(78.50%) CMC(9.00%) EPD(8.36%) BRK.B(1.60%) C(0.65%) Portfolio Report

Bruce Berkowitz 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.

Bruce Berkowitz 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 event that makes it likely the gap between market price and intrinsic value will narrow in a reasonable amount of time.

Bruce Berkowitz Portfolio and Latest Trades

Ticker
Ticker
BRK.B
INTC
KMI
JOE
CMC
EPD
BABA
C
BRK.B
EPD
KMI
DHI
CMC
WFG
WBA
BABA
C
INTC
EPD
CMC
JOE
DHI
ET
C
SAFM
ORI
WFG
BABA
KMI
BRK.B
EPD
JOE
ENB
CMC
WMB
C
ET
KMI
LYB
INTC
WES
DOW
WBA
AAPL
SAFM
ORI
CMC
EPD
JOE
WES
INTC
ENB
LYB
WMB
DOW
KMI
NTR
C
WBA
ORI
BABA
BRK.B
ET
EPD
JOE
CMC
INTC
VST
ET
KMI
WES
ORI
ENB
NTR
WMB
CMC
T
CVS
INTC
VZ
TRP
BABA
EPD
WES
AAPL
VST
ENB
JOE
BAC
CNQ
VST
CINF
WMB
VZ
ENB
TRP
ORI
CVS
MO
BRK.B

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
BRK.B	Berkshire Hathaway Inc	2022-12-31	Reduce	-0.92%	● 264 ($296.98) 318.6	$298.92	0.65%	Reduce -36.47%	61,955	-35,570
INTC	Intel Corp	2022-12-31	Reduce	-0.77%	● 25.04 ($27.77) 30.71	$29.36	5.73%	Reduce -52.62%	277,300	-308,000
KMI	Kinder Morgan Inc	2022-12-31	Sold Out	-0.57%	● 17.05 ($17.99) 19.15	$16.79	-6.67%	Sold Out	0	-355,200
JOE	The St. Joe Co	2022-12-31	Reduce	-0.56%	● 32.06 ($35.8) 39.17	$39.42	10.11%	Reduce -0.74%	24,288,448	-181,342
CMC	Commercial Metals Co	2022-12-31	Reduce	-0.52%	● 37.57 ($45.85) 49.81	$46.54	1.50%	Reduce -6.29%	2,228,200	-149,600
EPD	Enterprise Products Partners LP	2022-12-31	Add	+0.52%	● 23.39 ($24.62) 25.5	$25.31	2.80%	Add 6.7%	4,142,800	260,000
BABA	Alibaba Group Holding Ltd	2022-12-31	Reduce	-0.06%	● 63.15 ($78.85) 94.17	$86.90	10.21%	Reduce -50.9%	7,610	-7,890
C	Citigroup Inc	2022-12-31	Reduce	-0.01%	● 40.45 ($45.43) 50.19	$43.11	-5.11%	Reduce -0.98%	172,400	-1,700
BRK.B	Berkshire Hathaway Inc	2022-09-30	Add	+1.25%	● 264.32 ($284.56) 306.65	$298.92	5.05%	Add 97.72%	97,525	48,200
EPD	Enterprise Products Partners LP	2022-09-30	Add	+0.67%	● 22.91 ($25.8) 27.31	$25.31	-1.90%	Add 8.07%	3,882,800	290,000
KMI	Kinder Morgan Inc	2022-09-30	Reduce	-0.60%	● 16.09 ($17.78) 19.26	$16.79	-5.57%	Reduce -54.84%	355,200	-431,400
DHI	D.R. Horton Inc	2022-09-30	Sold Out	-0.39%	● 67.35 ($73.57) 79.72	$96.93	31.75%	Sold Out	0	-71,000
CMC	Commercial Metals Co	2022-09-30	Add	+0.30%	● 32.77 ($38.59) 43.85	$46.54	20.60%	Add 3.79%	2,377,800	86,800
WFG	West Fraser Timber Co.Ltd	2022-09-30	Sold Out	-0.07%	● 70.04 ($86.75) 101.99	$69.34	-20.07%	Sold Out	0	-11,000
WBA	Walgreens Boots Alliance Inc	2022-09-30	Add	+0.02%	● 31.4 ($37.05) 42.04	$32.70	-11.74%	Add 7.25%	74,000	5,000
BABA	Alibaba Group Holding Ltd	2022-09-30	Reduce	-0.01%	● 77.87 ($95.27) 122.39	$86.90	-8.79%	Reduce -4.85%	15,500	-790
C	Citigroup Inc	2022-09-30	Reduce	-0.01%	● 41.67 ($49.4) 54.38	$43.11	-12.73%	Reduce -1.02%	174,100	-1,800
INTC	Intel Corp	2022-09-30	Reduce	-0.01%	● 25.77 ($34.09) 40.61	$29.36	-13.88%	Reduce -0.53%	585,300	-3,100
EPD	Enterprise Products Partners LP	2022-06-30	Add	+0.74%	● 23.45 ($26.3) 28.47	$25.31	-3.76%	Add 11.41%	3,592,800	368,000
CMC	Commercial Metals Co	2022-06-30	Add	+0.59%	● 33.1 ($39.42) 46.14	$46.54	18.06%	Add 10.44%	2,291,000	216,600
JOE	The St. Joe Co	2022-06-30	Reduce	-0.50%	● 38.27 ($50.01) 61.01	$39.42	-21.18%	Reduce -0.6%	24,469,790	-146,800
DHI	D.R. Horton Inc	2022-06-30	New Buy	+0.39%	● 60.56 ($70.35) 76.66	$96.93	37.78%	New holding	71,000	71,000
ET	Energy Transfer LP	2022-06-30	Reduce	-0.37%	● 9.79 ($11.2) 12.31	$11.70	4.46%	Reduce -68.17%	268,700	-575,500
C	Citigroup Inc	2022-06-30	Add	+0.11%	● 45.69 ($50.08) 54.09	$43.11	-13.92%	Add 20.31%	175,900	29,700
SAFM	Sanderson Farms Inc	2022-06-30	Sold Out	-0.08%	● 183.84 ($195.62) 219.9	$204.00	4.28%	Sold Out	0	-7,000
ORI	Old Republic International Corp	2022-06-30	Reduce	-0.08%	● 21.04 ($23.19) 26.32	$24.01	3.54%	Reduce -14.82%	316,100	-55,000
WFG	West Fraser Timber Co.Ltd	2022-06-30	New Buy	+0.07%	● 72.12 ($84.23) 94.26	$69.34	-17.68%	New holding	11,000	11,000
BABA	Alibaba Group Holding Ltd	2022-06-30	Add	+0.07%	● 81.09 ($98.24) 119.62	$86.90	-11.54%	Add 98.9%	16,290	8,100
KMI	Kinder Morgan Inc	2022-06-30	Reduce	-0.01%	● 16.05 ($18.73) 20.14	$16.79	-10.36%	Reduce -1.44%	786,600	-11,500
BRK.B	Berkshire Hathaway Inc	2022-06-30	Add	0%	● 267.52 ($314.34) 353.1	$298.92	-4.91%	Add 0.35%	49,325	170
EPD	Enterprise Products Partners LP	2022-03-31	Add	+1.66%	● 22.64 ($24.26) 26.07	$25.31	4.33%	Add 52.41%	3,224,800	1,108,900
JOE	The St. Joe Co	2022-03-31	Reduce	-1.60%	● 44.12 ($51.61) 60.93	$39.42	-23.62%	Reduce -1.88%	24,616,590	-470,900
ENB	Enbridge Inc	2022-03-31	Sold Out	-0.74%	● 38.97 ($42.78) 46.36	$36.73	-14.14%	Sold Out	0	-288,400
CMC	Commercial Metals Co	2022-03-31	Add	+0.73%	● 33.32 ($37.55) 43.55	$46.54	23.94%	Add 17.1%	2,074,400	302,900
WMB	Williams Companies Inc	2022-03-31	Sold Out	-0.45%	● 26.5 ($30.53) 33.88	$28.74	-5.86%	Sold Out	0	-263,000
C	Citigroup Inc	2022-03-31	Add	+0.39%	● 53.4 ($61.89) 67.84	$43.11	-30.34%	Add 631%	146,200	126,200
ET	Energy Transfer LP	2022-03-31	Reduce	-0.36%	● 8.71 ($9.91) 11.53	$11.70	18.06%	Reduce -44.01%	844,200	-663,500
KMI	Kinder Morgan Inc	2022-03-31	Reduce	-0.26%	● 16.35 ($17.59) 19.09	$16.79	-4.55%	Reduce -24.03%	798,100	-252,500
LYB	LyondellBasell Industries NV	2022-03-31	Sold Out	-0.24%	● 93.03 ($99.74) 107.69	$86.57	-13.20%	Sold Out	0	-40,500
INTC	Intel Corp	2022-03-31	Add	+0.18%	● 44.4 ($49.59) 55.91	$29.36	-40.79%	Add 11.57%	588,400	61,000
WES	Western Midstream Partners LP	2022-03-31	Sold Out	-0.14%	● 22.57 ($24.67) 27.27	$24.76	0.36%	Sold Out	0	-98,800
DOW	Dow Inc	2022-03-31	Sold Out	-0.12%	● 56.62 ($60.33) 64.7	$51.78	-14.17%	Sold Out	0	-31,700
WBA	Walgreens Boots Alliance Inc	2022-03-31	Add	+0.12%	● 44.77 ($49.22) 54.33	$32.70	-33.56%	Add 187.5%	69,000	45,000
AAPL	Apple Inc	2022-03-31	Reduce	-0.11%	● 150.62 ($168.23) 182.01	$160.25	-4.74%	Reduce -69.7%	4,260	-9,800
SAFM	Sanderson Farms Inc	2022-03-31	New Buy	+0.08%	● 177.73 ($183.13) 189.98	$204.00	11.40%	New holding	7,000	7,000
ORI	Old Republic International Corp	2022-03-31	Reduce	-0.01%	● 24.25 ($25.81) 26.91	$24.01	-6.97%	Reduce -1.33%	371,100	-5,000
CMC	Commercial Metals Co	2021-12-31	Add	+1.52%	● 30.9 ($33.19) 36.41	$46.54	40.22%	Add 56.74%	1,771,500	641,300
EPD	Enterprise Products Partners LP	2021-12-31	Add	+0.75%	● 20.73 ($22.42) 24.69	$25.31	12.89%	Add 32.79%	2,115,900	522,500
JOE	The St. Joe Co	2021-12-31	Reduce	-0.53%	● 43.33 ($48.65) 53.52	$39.42	-18.97%	Reduce -0.62%	25,087,490	-155,600
WES	Western Midstream Partners LP	2021-12-31	Reduce	-0.46%	● 19.23 ($21.38) 23.64	$24.76	15.81%	Reduce -73.71%	98,800	-277,000
INTC	Intel Corp	2021-12-31	Add	+0.37%	● 47.89 ($51.07) 56	$29.36	-42.51%	Add 25.99%	527,400	108,800
ENB	Enbridge Inc	2021-12-31	Reduce	-0.33%	● 36.89 ($40.06) 43.3	$36.73	-8.31%	Reduce -26.2%	288,400	-102,400
LYB	LyondellBasell Industries NV	2021-12-31	New Buy	+0.24%	● 84.55 ($92.69) 99.46	$86.57	-6.60%	New holding	40,500	40,500
WMB	Williams Companies Inc	2021-12-31	Reduce	-0.14%	● 25.35 ($27.64) 29.55	$28.74	3.98%	Reduce -20.71%	263,000	-68,700
DOW	Dow Inc	2021-12-31	New Buy	+0.12%	● 52.76 ($56.99) 60.06	$51.78	-9.14%	New holding	31,700	31,700
KMI	Kinder Morgan Inc	2021-12-31	Add	+0.12%	● 15.24 ($16.62) 18.65	$16.79	1.02%	Add 12.38%	1,050,600	115,700
NTR	Nutrien Ltd	2021-12-31	Sold Out	-0.10%	● 65.93 ($70.11) 76.54	$71.77	2.37%	Sold Out	0	-20,000
C	Citigroup Inc	2021-12-31	New Buy	+0.08%	● 58.28 ($66.33) 72.53	$43.11	-35.01%	New holding	20,000	20,000
WBA	Walgreens Boots Alliance Inc	2021-12-31	New Buy	+0.08%	● 43.72 ($48.45) 52.25	$32.70	-32.51%	New holding	24,000	24,000
ORI	Old Republic International Corp	2021-12-31	Add	+0.07%	● 23.24 ($24.86) 26.34	$24.01	-3.42%	Add 13.59%	376,100	45,000
BABA	Alibaba Group Holding Ltd	2021-12-31	Reduce	-0.03%	● 111.96 ($145.1) 177.7	$86.90	-40.11%	Reduce -22.59%	8,190	-2,390
BRK.B	Berkshire Hathaway Inc	2021-12-31	Reduce	-0.02%	● 273.64 ($286.71) 300.17	$298.92	4.26%	Reduce -1.61%	49,155	-805
ET	Energy Transfer LP	2021-12-31	Add	+0.01%	● 8.15 ($9.06) 10.19	$11.70	29.14%	Add 1.24%	1,507,700	18,500
EPD	Enterprise Products Partners LP	2021-09-30	Add	+2.65%	● 21.3 ($22.74) 24.6	$25.31	11.30%	Add 2024.53%	1,593,400	1,518,400
JOE	The St. Joe Co	2021-09-30	Reduce	-1.77%	● 40.87 ($44.09) 47.03	$39.42	-10.59%	Reduce -1.95%	25,243,090	-502,467
CMC	Commercial Metals Co	2021-09-30	Add	+1.40%	● 29.58 ($31.83) 36.23	$46.54	46.21%	Add 102.51%	1,130,200	572,100
INTC	Intel Corp	2021-09-30	Add	+1.12%	● 52.01 ($54.24) 56.87	$29.36	-45.87%	Add 165.78%	418,600	261,100
VST	Vistra Corp	2021-09-30	Sold Out	-0.81%	● 16.77 ($18.5) 19.47	$23.42	26.59%	Sold Out	0	-552,900
ET	Energy Transfer LP	2021-09-30	Add	+0.36%	● 8.73 ($9.62) 10.71	$11.70	21.62%	Add 44.69%	1,489,200	460,000
KMI	Kinder Morgan Inc	2021-09-30	Add	+0.36%	● 15.68 ($17) 18.67	$16.79	-1.24%	Add 40.12%	934,900	267,700
WES	Western Midstream Partners LP	2021-09-30	Reduce	-0.19%	● 18.34 ($19.96) 21.94	$24.76	24.05%	Reduce -22.72%	375,800	-110,500
ORI	Old Republic International Corp	2021-09-30	Add	+0.17%	● 22.52 ($24.76) 26.45	$24.01	-3.03%	Add 37.33%	331,100	90,000
ENB	Enbridge Inc	2021-09-30	Add	+0.11%	● 37.31 ($39.47) 40.69	$36.73	-6.94%	Add 9.84%	390,800	35,000
NTR	Nutrien Ltd	2021-09-30	New Buy	+0.10%	● 57.51 ($61.13) 66.26	$71.77	17.41%	New holding	20,000	20,000
WMB	Williams Companies Inc	2021-09-30	Add	+0.06%	● 23.89 ($25.2) 26.94	$28.74	14.05%	Add 8.86%	331,700	27,000
CMC	Commercial Metals Co	2021-06-30	New Buy	+1.35%	● 28.22 ($30.99) 33.91	$46.54	50.18%	New holding	558,100	558,100
T	AT&T Inc	2021-06-30	Sold Out	-1.00%	● 28.65 ($30.11) 32.63	$18.61	-38.19%	Sold Out	0	-398,800
CVS	CVS Health Corp	2021-06-30	Sold Out	-0.91%	● 73.79 ($81.74) 89.81	$73.26	-10.37%	Sold Out	0	-147,000
INTC	Intel Corp	2021-06-30	New Buy	+0.70%	● 53.62 ($58.84) 68.26	$29.36	-50.10%	New holding	157,500	157,500
VZ	Verizon Communications Inc	2021-06-30	Sold Out	-0.37%	● 55.82 ($57.4) 59.52	$37.66	-34.39%	Sold Out	0	-76,900
TRP	TC Energy Corp	2021-06-30	Sold Out	-0.23%	● 45.75 ($49.93) 53.21	$37.88	-24.13%	Sold Out	0	-60,600
BABA	Alibaba Group Holding Ltd	2021-06-30	New Buy	+0.19%	● 206.08 ($222.15) 244.01	$86.90	-60.88%	New holding	10,580	10,580
EPD	Enterprise Products Partners LP	2021-06-30	New Buy	+0.14%	● 22.02 ($23.62) 25.44	$25.31	7.15%	New holding	75,000	75,000
WES	Western Midstream Partners LP	2021-06-30	Reduce	-0.11%	● 18.59 ($20.66) 23.35	$24.76	19.85%	Reduce -12.63%	486,300	-70,300
AAPL	Apple Inc	2021-06-30	Add	+0.10%	● 122.15 ($129.28) 136.96	$160.25	23.96%	Add 230.05%	14,060	9,800
VST	Vistra Corp	2021-06-30	Add	+0.09%	● 15.92 ($17.26) 18.81	$23.42	35.69%	Add 12.17%	552,900	60,000
ENB	Enbridge Inc	2021-06-30	Add	+0.04%	● 36.4 ($38.63) 40.78	$36.73	-4.92%	Add 4.1%	355,800	14,000
JOE	The St. Joe Co	2021-03-31	Reduce	-2.35%	● 41.61 ($47.9) 55.3	$39.42	-17.70%	Reduce -2.59%	25,745,557	-684,800
BAC	Bank of America Corp	2021-03-31	Sold Out	-1.19%	● 29.65 ($34.49) 38.99	$27.14	-21.31%	Sold Out	0	-483,500
CNQ	Canadian Natural Resources Ltd	2021-03-31	Sold Out	-0.93%	● 22.58 ($27.6) 32.41	$51.40	86.23%	Sold Out	0	-475,300
VST	Vistra Corp	2021-03-31	New Buy	+0.72%	● 16.43 ($19.9) 23.83	$23.42	17.69%	New holding	492,900	492,900
CINF	Cincinnati Financial Corp	2021-03-31	Sold Out	-0.68%	● 83.7 ($95.79) 108.93	$106.60	11.29%	Sold Out	0	-96,700
WMB	Williams Companies Inc	2021-03-31	New Buy	+0.60%	● 20.1 ($22.72) 24.56	$28.74	26.50%	New holding	304,700	304,700
VZ	Verizon Communications Inc	2021-03-31	New Buy	+0.37%	● 54.15 ($56.4) 59.29	$37.66	-33.23%	New holding	76,900	76,900
ENB	Enbridge Inc	2021-03-31	Add	+0.26%	● 31.97 ($35.14) 37.2	$36.73	4.52%	Add 33.05%	341,800	84,900
TRP	TC Energy Corp	2021-03-31	New Buy	+0.23%	● 40.84 ($44.35) 47.74	$37.88	-14.59%	New holding	60,600	60,600
ORI	Old Republic International Corp	2021-03-31	Reduce	-0.22%	● 17.98 ($20.03) 22.43	$24.01	19.87%	Reduce -36.4%	241,100	-138,000
CVS	CVS Health Corp	2021-03-31	Add	+0.22%	● 68.13 ($72.86) 76.3	$73.26	0.55%	Add 32.31%	147,000	35,900
MO	Altria Group Inc	2021-03-31	Sold Out	-0.18%	● 40.76 ($44.79) 52.5	$43.97	-1.83%	Sold Out	0	-54,200
BRK.B	Berkshire Hathaway Inc	2021-03-31	Reduce	-0.18%	● 227.36 ($242.84) 263.99	$298.92	23.09%	Reduce -15.96%	49,960	-9,490

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