Bruce Berkowitz’s Top 5 Positions Represent 99.32% Of The Total Portfolio
Sunday, October 19, 2025 · Johnny Hopkins
In the most recent 13F, Bruce Berkowitz’s Fairholme Capital Management LLC reported a portfolio valued at $1.23 billion, with the top five holdings making up an exceptionally concentrated 99.32% of total assets. Berkowitz, a long-time deep-value investor, continues to focus on a handful of high-conviction bets—particularly in companies with tangible assets, recurring cash flow, and owner-operator alignment. Below is a detailed look at each of the top five positions.
The St. Joe Company (JOE) – 78.54%
Fairholme’s largest holding by far is St. Joe Company, representing 20.20 million shares worth $963.7 million—accounting for 78.54% of the total portfolio. Berkowitz trimmed 2,700 shares (-0.01%) during the quarter, effectively maintaining his long-standing controlling stake. This position reflects his enduring belief in JOE’s vast Florida real-estate holdings and long-term value creation through development, recurring income, and land appreciation.
Enterprise Products Partners (EPD) – 13.77%
The second-largest holding is Enterprise Products Partners, with 5.45 million units valued at $169.0 million (13.77% of assets). Fairholme made no changes this quarter. The position underscores Berkowitz’s appreciation for stable, high-yielding infrastructure assets, particularly in the midstream energy space where Enterprise’s fee-based cash flows and disciplined capital allocation fit his income-oriented philosophy.
Bank OZK (OZK) – 3.52%
Berkowitz owns 916,752 shares of Bank OZK valued at $43.14 million, representing 3.52% of the portfolio. Fairholme added 285,150 shares (+45.15%) this quarter—one of the few meaningful purchases—signaling renewed confidence in the bank’s conservative balance sheet and consistent profitability. The addition aligns with Berkowitz’s preference for well-capitalized financials trading below book value.
Berkshire Hathaway Inc. Class B (BRK.B) – 1.92%
The fund holds 48,597 shares of Berkshire Hathaway valued at $23.61 million, accounting for 1.92% of assets. Fairholme slightly reduced its stake (-120 shares, -0.25%). This modest trimming likely reflects portfolio maintenance rather than a change in conviction. Berkowitz has long viewed Berkshire as a model of disciplined capital allocation and diversified cash-flow generation.
W. R. Berkley Corp (WRB) – 1.57%
Rounding out the top five is W. R. Berkley Corp, with 261,450 shares worth $19.21 million (1.57% of the portfolio). There were no position changes this quarter. The holding illustrates Berkowitz’s steady exposure to high-quality insurers with underwriting discipline and durable profitability—core features of his value-driven approach.
Conclusion
Fairholme’s portfolio this quarter exemplifies Bruce Berkowitz’s hallmark concentration and patience. With nearly 80% in a single real-estate holding and additional weight in energy, banking, and insurance, his approach remains one of conviction rather than diversification. Rather than chasing momentum, Berkowitz continues to anchor his investments in assets with intrinsic value, dependable cash flows, and management alignment—hallmarks of his long-term, fundamentals-first philosophy.