Bruce Berkowitz
Fairholme Capital
Bruce Berkowitz (Fairholme Capital) discloses a $1.51B portfolio across 10 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is JOE at 79.7% of the book. The biggest move of the quarter: added 159% to the PGR share count (position now $13M). Latticework's clone backtest puts this 13F book at -8.6%/yr vs SPY over 12.0 years.
About Bruce Berkowitz
Bruce Berkowitz founded Fairholme Capital in 1999 and spent the following decade building a reputation as one of the more rigorous practitioners of concentrated, bottom-up value investing in the mutual-fund space — Morningstar named him domestic stock fund manager of the decade for the 2000s. His approach has always been to hold very few positions at high conviction, and the current 13F reflects that without ambiguity: ten reported positions, with St. Joe Company (JOE) alone accounting for roughly 80% of disclosed equity value. That single-stock concentration is not a transitional artifact; Berkowitz has been publicly vocal about his thesis on JOE's Northwest Florida land holdings for years. Readers should note that Fairholme also manages funds with fixed-income and distressed exposure not visible in a 13F, so the equity filing understates portfolio complexity. The long-run clone backtest showing roughly 8-9 points of annual drag versus SPY reflects both the cost of deep concentration and a post-2011 period during which several high-conviction positions — financials, Sears, SHLD — moved materially against him.
2026Q1 brief
Bruce Berkowitz's Fairholme Capital remains one of the most concentrated portfolios in the 13F universe, with JOE (St. Joe Company) consuming a staggering 79.7% of a $1.51B book — effectively a single-stock vehicle at this point. Activity this quarter was confined to the portfolio's fringes: new positions in KHC (0.16%) and HOMB (0.02%), and meaningful percentage adds to PGR (+159% to 0.87%) and BRK/A (+100% to 0.10%). Six positions were exited — CF, OXY, ET, TGT, NRP, and FANG — all of which were sub-0.3% stakes, suggesting Berkowitz is deliberately simplifying an already simple book and consolidating around core insurance/financial names (EPD at 13.6%, OZK at 2.8%, WRB at 1.1%, PGR at 0.87%). The PGR add is the most substantive signal: doubling down on a best-in-class P&C insurer fits his long-held preference for businesses with durable pricing power. Watch next quarter whether PGR continues to scale meaningfully, potentially becoming a second real conviction position alongside the dominant JOE stake.
AI-generated. Not investment advice.
In the news
all news →- Bruce Berkowitz’s Top 10 Stocks: Fairholme’s High-Conviction PortfolioThe Acquirer's Multiple ·
- Fairholme Funds, Bruce Berkowitz sell $24.8m of St Joe CoInvesting.com ·
- Fairholme Funds, Bruce Berkowitz sell $9.2m of St. Joe Co stockInvesting.com ·
- Bruce Berkowitz, Fairholme (NYSE: JOE) report 31.7% St. Joe stakeStock Titan ·
- Bruce Berkowitz, Fairholme funds sell $12.08m St. Joe Co shares.Investing.com ·
Headlines via Google News. Links open in a new tab.
Holdings (10) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | JOE | 79.7% | $1.21B | |||
| 2 | EPD | 13.6% | $206M | |||
| 3 | OZK | 2.8% | $42M | |||
| 4 | BRK/B | 1.6% | $24M | |||
| 5 | WRB | 1.1% | $17M | |||
| 6 | PGR | 0.9% | $13M | |||
| 7 | KHC | 0.2% | $2M | |||
| 8 | BRK/A | 0.1% | $1M | |||
| 9 | AAPL | <0.1% | $609K | |||
| 10 | HOMB | <0.1% | $326K |
- 1JOEport79.7%val$1.21BST Joe Co/thethis Q hold·40q
- 2EPDport13.6%val$206MEnterprise Products Partnersthis Q hold·21q
- 3OZKport2.8%val$42MBank Ozkthis Q hold·11q
- port1.6%val$24MBerkshire Hathaway Inc-cl Bthis Q hold·30q
- 5WRBport1.1%val$17MWR Berkley Corpthis Q hold·12q
- 6PGRport0.9%val$13MProgressive Corpthis Q +159%·2q
- 7KHCport0.2%val$2MKraft Heinz Co/thethis Q New·5q
- port0.1%val$1MBerkshire Hathaway Inc-cl Athis Q +100%·24q
- 9AAPLport<0.1%val$609KApple Incthis Q hold·23q
- 10HOMBport<0.1%val$326KHome Bancshares Incthis Q New·2q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| PGR | Progressive Corp | ADD | 0.9% | +159% | $13M |
| CF | CF Industries Holdings Inc | EXIT | 0.3% | -100% | $0 |
| OXY | Occidental Petroleum Corp | EXIT | 0.2% | -100% | $0 |
| ET | Energy Transfer LP | EXIT | 0.2% | -100% | $0 |
| TGT | Target Corp | EXIT | 0.2% | -100% | $0 |
| KHC | Kraft Heinz Co/the | NEW | 0.2% | +100% | $2M |
| BRK/A | Berkshire Hathaway Inc-cl A | ADD | 0.1% | +100% | $1M |
| NRP | Natural Resource Partners LP | EXIT | 0.1% | -100% | $0 |
| FANG | Diamondback Energy Inc | EXIT | <0.1% | -100% | $0 |
| HOMB | Home Bancshares Inc | NEW | <0.1% | +100% | $326K |
| EOG | Eog Resources Inc | EXIT | <0.1% | -100% | $0 |
- ADDPGR0.9%Progressive CorpΔ +159%·$13M
- EXITCF0.3%CF Industries Holdings IncΔ -100%·$0
- EXITOXY0.2%Occidental Petroleum CorpΔ -100%·$0
- EXITET0.2%Energy Transfer LPΔ -100%·$0
- EXITTGT0.2%Target CorpΔ -100%·$0
- NEWKHC0.2%Kraft Heinz Co/theΔ +100%·$2M
- ADDBRK/A0.1%Berkshire Hathaway Inc-cl AΔ +100%·$1M
- EXITNRP0.1%Natural Resource Partners LPΔ -100%·$0
- EXITFANG<0.1%Diamondback Energy IncΔ -100%·$0
- NEWHOMB<0.1%Home Bancshares IncΔ +100%·$326K
- EXITEOG<0.1%Eog Resources IncΔ -100%·$0
Frequently asked questions
- What stocks does Bruce Berkowitz own?
- As of 2026Q1, Bruce Berkowitz's 13F discloses 10 positions worth $1.51B. The top five holdings: JOE (79.7%), EPD (13.6%), OZK (2.8%), BRK/B (1.6%), WRB (1.1%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Bruce Berkowitz buy this quarter?
- In 2026Q1, the filing shows 2 new positions and 2 additions to existing holdings. The largest positions touched by buying: PGR, KHC, BRK/A, HOMB.
- How big is Bruce Berkowitz's portfolio?
- $1.51B across 10 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 99% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001056831). Not investment advice.