Bruce Berkowitz

Bruce Berkowitz at Fairholme Capital continues to run one of the most concentrated books among major super-investors, with JOE (St. Joe Company) consuming a staggering 79.7% of the $1.51B portfolio (~$1.20B) — essentially a single-stock fund with satellite positions. Activity this quarter was limited to the periphery: PGR (Progressive) was more than doubled (+159%) to 0.9% and BRK/A added at +100% to 0.1%, while six small positions were exited — CF, OXY, ET, TGT, NRP, and FANG — collectively less than 0.8% of assets. New entries KHC (0.16%) and HOMB (0.02%) are negligible. The exits look like housekeeping rather than conviction changes; the real story remains Berkowitz's unwavering concentration in the Florida real estate developer JOE, a position he has held and defended through significant volatility. The doubling of PGR is worth noting as a quality-compounder add. Watch whether JOE's weight creeps above 80% next quarter, or whether Berkowitz begins meaningful diversification as the Florida real estate cycle matures.