Bruce Berkowitz

Bruce Berkowitz

Last Update: 08-14-2018
Related: Fairholme Fund
Fairholme Focused Income Fund

Number of Stocks: 12
Number of New Stocks: 4

Total Value: $744 Mil
Q/Q Turnover: 18%

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

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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...
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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...
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Commentaries and Stories

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Bruce Berkowitz Updates Portfolio With 4 New Stocks Fairholme Fund veers away from troubled assets that have crushed returns Bruce Berkowitz - Bruce Berkowitz Updates Portfolio With 4 New Stocks
After outsized holdings in troubled stocks like Sears (NASDAQ:SHLD) and Fannie Mae (FNMA) hurt performance over the past year and a half, Fairholme Fund (Trades, Portfolio)s manager Bruce Berkowitz (Trades, Portfolio) replenished his portfolio with five fresh positions and sold one stock in the second quarter. More...

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Bruce Berkowitz Comments on Citigroup Guru stock highlight
Citigroup (NYSE:C) was purchased at approximately ten times earnings and a discount to book value, a modest valuation for an essential, global financial institution. Recently approved by the Federal Reserve, Citigroup’s capital allocation plan calls for substantially all earnings to be used for share repurchases, which should drive per share earnings growth. More...

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Bruce Berkowitz Comments on Vistra Energy Guru stock highlight
Vistra Energy (NYSE:VST), the merger of a reorganized Energy Future Holdings and Dynegy, is a uniquely positioned generator and retailer of electricity. The combination of its diversified portfolio of power plants, well-regarded TXU Energy consumer brand, focus on the growing Texas market, and a strong balance sheet results in an attractive business profile with significant free cash flow generation. Shares were purchased at a double-digit free cash flow yield. More...

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Bruce Berkowitz Comments on Spectrum Brands Holdings Guru stock highlight
Spectrum Brands Holdings (NYSE:SPB) is a global consumer products company with leading brands, including Armor All, Kwikset, and Nature’s Miracle to name a few. The company just completed an all-stock merger with its controlling shareholder, HRG. We expect that the combined company will generate much higher levels of cash, sell non-core assets, and apply proceeds to reduce debt and repurchase common shares. More...

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Bruce Berkowitz Comments on Vista Outdoors Guru stock highlight
Vista Outdoors (NYSE:VSTO), originally owned by Honeywell until the early 1990s, is a dominant producer of ammunition that is purchased by military, police, and governments around the world, in addition to U.S. consumers. Vista’s product portfolio spans 50+ brands. We believe that Vista’s bottom-cycle profitability has largely been clouded by the temporary oversupply of the U.S. consumer ammunitions market. We expect a return to equilibrium this year and that the company will further recover to past profit levels by selling non-core brands and reducing debt outstanding. More...

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Bruce Berkowitz Comments on Sears Guru stock highlight
Sears (NASDAQ:SHLD) continues to reduce its operating footprint. Its pension liability has been greatly diminished and the maturity date of most debt obligations have been extended beyond our senior bonds, which mature December 2019. Over the past few quarters, liquidity has been enhanced from a new credit card agreement with Citigroup and further monetizations of real estate assets. Sears securities are priced for doom, but we continue to expect additional asset sales and continued cost cutting will fuel outperformance in our remaining Sears investments. More...

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Bruce Berkowitz Comments on Imperial Metals Corp Guru stock highlight
The securities of Imperial are backed by substantial asset value, notably the copper and gold deposits at the Red Chris mine in northern British Columbia. Imperial is only a few years into operating Red Chris, which has the resource depth to be a multi-generational asset. Continuous operational improvements and improving copper fundamentals provide tailwinds. Given current prices, Imperial bonds provide double digit yields with near term maturities, and we also expect a favorable return on the company’s equity over the next few years. More...

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Bruce Berkowitz Comments on Fannie Mae and Freddie Mac Guru stock highlight
We remain confident in our preferred equity ownership. For evidence, look no further than the latest developments. More...

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Bruce Berkowitz Comments on St. Joe Guru stock highlight
St. Joe’s (NYSE:JOE) entitled land, resort assets, commercial properties, and ample cash pile are presently priced below a reasonable estimate of intrinsic value. As important, St. Joe is more focused than ever on increasing shareholder value in the coming years through expanding its portfolio of income producing assets. Currently, the market values all of St. Joe at $6,800 per acre of owned land or about $5,100 per acre net of the company’s cash and short-term liquidity portfolio. We are hard pressed to find cheaper comparables considering: More...

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Bruce Berkowitz's Fairholme Fund 2nd Quarter Shareholder Letter Buys, sales, market commentary from Fairholme investor Bruce Berkowitz - Bruce Berkowitz's Fairholme Fund 2nd Quarter Shareholder Letter
To the Shareholders and Directors of The Fairholme Fund (Trades, Portfolio): More...

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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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