Tracking Bruce Berkowitz's Fairholme Portfolio - Q2 2024 Update

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Fairholme’s 13F stock portfolio value decreased from $1.51B to $1.39B during the quarter.Notable stake increases include Enterprise Products Partners and Bank OZK.Fairholme Fund has underperformed ...

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Q2 2024 Update</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTracking Bruce Berkowitz's Fairholme Portfolio - Q2 2024 Update\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-09-17 10:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4721460-tracking-bruce-berkowitzs-fairholme-portfolio-q2-2024-update><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Fairholme’s 13F stock portfolio value decreased from $1.51B to $1.39B during the quarter.Notable stake increases include Enterprise Products Partners and Bank OZK.Fairholme Fund has underperformed ...</p>\n\n<a href=\"https://seekingalpha.com/article/4721460-tracking-bruce-berkowitzs-fairholme-portfolio-q2-2024-update\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B5949003.HKD","symbol_name":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","start_time":0,"source_url":"https://seekingalpha.com/article/4721460-tracking-bruce-berkowitzs-fairholme-portfolio-q2-2024-update","article_id":"2468809446","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1013942720/image_1013942720.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2468809446","pubTimestamp":1726538751,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Fairholme’s 13F stock portfolio value decreased from $1.51B to $1.39B during the quarter.Notable stake increases include Enterprise Products Partners and Bank OZK.Fairholme Fund has underperformed ove","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","BK4507":"流媒体概念","BK4193":"多样化房地产活动","IPMLF":"Imperial Metals Corp.","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4575":"芯片概念","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","BK4559":"巴菲特持仓","BK4501":"段永平概念","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4550":"红杉资本持仓","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","EPD":"Enterprise Products Partners L.P","BK4592":"伊斯兰概念","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","FMCC":"房地美","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","BK4574":"无人驾驶","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","AAPL":"苹果","BK4573":"虚拟现实","BK4561":"索罗斯持仓","BK4581":"高盛持仓","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","BK4512":"苹果概念","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","WRB":"WR柏克利","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","OZK":"欧扎克银行","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","JOE":"圣乔","BRK.A":"伯克希尔","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","FNMA":"房利美","LU0234572021.USD":"高盛美国核心股票组合Acc","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC"},"translate_title":"跟踪Bruce Berkowitz的Fairholme投资组合-2024年第二季度更新","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WRB":1,"FNMA":1,"FMCC":1,"EPD":1,"BRK.A":1,"IPMLF":1,"JOE":1,"OZK":1,"AAPL":0.6},"content_text":"Fairholme’s 13F stock portfolio value decreased from $1.51B to $1.39B during the quarter.Notable stake increases include Enterprise Products Partners and Bank OZK.Fairholme Fund has underperformed over the last decade despite historically strong returns since its 1999 inception.~85% of the 13F portfolio is invested in the stock of St. Joe Company.   Kruck20 This article is part of a series that provides an ongoing analysis of the changes made to Fairholme’s 13F stock portfolio on a quarterly basis. It is based on Fairholme’s regulatory 13F Form filed on 08/14/2024. Please visit our Tracking Bruce Berkowitz's Fairholme Fund Holdings article for an idea on how his holdings have progressed over the years and our previous update for the fund’s moves during Q1 2024. Berkowitz’s 13F stock portfolio value decreased from $1.51B to $1.39B this quarter. The 13F portfolio currently has most of the assets invested in St. Joe Companies. Berkowitz’s flagship Fairholme Fund (MUTF:FAIRX) has generated significant alpha since its December 1999 inception: it returned at an annualized rate of ~10.3% compared to ~7% for S&P 500 index. FAIRX has, however, underperformed over the most recent 10-year period. The other fund under Fairholme umbrella is the Fairholme Focused Income Fund (MUTF:FOCIX). Equity holdings that are not in the 13F report include Fannie Mae (OTCQB:FNMA) pfds, Freddie Mac (OTCQB:FMCC) pfds, and Imperial Metals (OTCPK:IPMLF). The stake in Fannie/Freddie pfds was reduced by ~55% during 2023 following a court loss last January. The stake was further reduced to a miniscule 0.1% of the portfolio stake as of May 2024. Stake Increases: Enterprise Products Partners (EPD): EPD is an 11.35% of the portfolio position, primarily built over the four quarters through Q2 2022 at prices between ~$21 and ~$28. There were minor increases in the four quarters through Q2 2023. That was followed by a ~15% increase during Q3 2023 at prices between $25.38 and $26.91. The stock is now at $29.69. There was a minor ~3% stake increase during Q4 2023 and a ~4% increase in the last quarter. There was a marginal increase this quarter. Note: Bruce Berkowitz gave a bullish take on EPD in a WealthTrack interview on November 2nd 2023. Bank OZK (OZK): The 1.62% OZK stake was purchased during Q3 2023 at prices between $35.94 and $44.23. The next quarter saw the position sold down by around two-thirds at prices between ~$35 and ~$52. The position was rebuilt during the last quarter at prices between ~$41.50 and ~$50. This quarter saw a ~70% stake increase at prices between ~$38 and ~$49. It is now at $42.04. Berkshire Hathaway (BRK.A) (BRK.B): Q1 2019 saw a 5.6% of the portfolio stake purchased at prices between $188 and $209. The stake has wavered. Recent activity follows. Q3 2022 saw the position almost doubled at prices between ~$264 and ~$307. There was a roughly one-third reduction in the next quarter at prices between ~$264 and ~$319. That was followed by a ~22% selling during Q3 2023 at prices between ~$341 and ~$371. The next quarter saw a ~140% stake increase at prices between ~$332 and ~$363. The last quarter saw the position sold down again by ~60% at prices between ~$359 and ~$421. The stock currently trades at ~$452 and the stake is now at 1.5% of the portfolio. There was a marginal increase this quarter. Stake Decreases: St. Joe Company (JOE): ~85% of Fairholme’s 13F assets are in St. Joe stock. The bulk of the position was purchased in the 2008-2009 timeframe, and there have only been minor adjustments since. The last three quarters of 2017 had seen a combined ~14% increase at prices between $16.35 and $19.55. Since then, the activity has been minor. The stock is now at $58.64. There was minor trimming in the last ten quarters. They control around one-third of the business. W. R. Berkeley (WRB): The very small 0.71% of the portfolio stake in WRB was reduced marginally this quarter. Kept Steady: Apple Inc. (AAPL): The minutely small 0.04% AAPL stake was kept steady this quarter. The spreadsheet below highlights changes to Fairholme’s 13F stock holdings in Q2 2024:   Bruce Berkowitz - Fairholme Fund Portfolio - Q2 2024 13F Report Q/Q Comparison (John Vincent (author)) Source: John Vincent. Data constructed from Fairholme's 13F filings for Q1 2024 and Q2 2024.  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"analysis","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.27.0","shortVersion":"4.27.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2468809446"}