Bruce Berkowitz’s Top 10 Stocks: Fairholme’s High-Conviction Portfolio
Sunday, July 12, 2026 · Johnny Hopkins
Bruce Berkowitz reported an equity portfolio valued at approximately $1.51 billion in the latest reported quarter, continuing the highly concentrated investment approach that has defined Fairholme Capital Management for decades. Rather than owning hundreds of positions, Berkowitz maintains conviction in a small number of businesses that he believes trade significantly below intrinsic value and is willing to allow those holdings to dominate the portfolio.
The latest filing highlights just how concentrated that strategy remains. The top ten holdings account for 100% of reported assets, with nearly 80% invested in a single company. Activity during the quarter was relatively limited, consisting primarily of modest position adjustments while the firm’s largest investments remained largely unchanged.
Portfolio Snapshot
Total Portfolio Value: ~$1.51B
Top 10 Weight: 100.00%
Turnover: Low
Top Holdings & Weights
The St. Joe Company (JOE) — 79.67%
Enterprise Products Partners (EPD) — 13.63%
Bank OZK (OZK) — 2.79%
Berkshire Hathaway Class B (BRK.B) — 1.60%
W.R. Berkley (WRB) — 1.12%
Progressive (PGR) — 0.87%
Kraft Heinz (KHC) — 0.16%
Berkshire Hathaway Class A (BRK.A) — 0.09%
Apple (AAPL) — 0.04%
Home BancShares (HOMB) — 0.02%
Key Takeaways
The dominant feature of Berkowitz’s portfolio remains The St. Joe Company, which represents nearly 80% of total assets. The Florida land developer has been Berkowitz’s highest-conviction investment for many years and continues to serve as the cornerstone of Fairholme’s portfolio.
Energy infrastructure is the second-largest exposure through Enterprise Products Partners, a business known for stable cash flows and attractive distributions. Financials also remain well represented through positions in Bank OZK, W.R. Berkley, Progressive, and Home BancShares, reflecting Berkowitz’s long-standing preference for conservatively managed financial institutions.
The portfolio also includes smaller holdings in Berkshire Hathaway, Apple, and Kraft Heinz, all businesses associated with durable franchises and strong capital allocation.
Overall, the latest filing remains highly consistent with Berkowitz’s long-held philosophy of concentrating capital in a handful of businesses where he believes the gap between market price and intrinsic value is substantial, rather than pursuing broad diversification.
Biggest Changes Last Quarter
Kraft Heinz (KHC)
Shares increased by 105,300 (+100.00%)
→ Fairholme initiated a new position in Kraft Heinz during the quarter.
Progressive (PGR)
Shares increased by 40,800 (+159.38%)
→ Berkowitz significantly expanded his investment in Progressive, making it one of the largest percentage additions.
Bank OZK (OZK)
Shares increased by 7,600 (+0.83%)
→ The firm modestly added to its existing Bank OZK position.
The St. Joe Company (JOE)
Shares decreased by 212,300 (-1.09%)
→ Berkowitz slightly trimmed his largest holding while it continued to represent nearly four-fifths of the portfolio.
W.R. Berkley (WRB)
Shares decreased by 3,800 (-1.46%)
→ A small reduction was made to the insurance holding during the quarter.