Bruce Berkowitz

Across Bruce Berkowitz’s registered funds — $1.51B disclosed in SEC Form N-PORT — just 85.0% sits in US-listed equity, the only slice a 13F reports. The other $226M is bonds, foreign listings and cash — none of which a 13F can show.

From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 2 funds. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $1.49B for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.

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.