Bruce Berkowitz

Bruce Berkowitz’s Fairholme Capital is not a diversified fund in any conventional sense. As of the first quarter of 2026, roughly 80 percent of the portfolio sits in one name: St. Joe Co., the Florida land developer. That is a conviction level most peers would call reckless, but it is consistent with Berkowitz’s long-running thesis that St. Joe’s vast, low-cost land holdings near the Gulf Coast will compound in value as the region develops. He has held the position through years of volatility, and the latest filing shows no trimming. The fund’s entire structure is built around this single bet. The rest of the book reads like a value investor’s side ledger. Enterprise Products Partners, a midstream energy partnership, is the second-largest holding at 13.6 percent, offering a yield that funds the carry while Berkowitz waits. Bank OZK’s preferred shares, Berkshire Hathaway, W.R. Berkley preferreds, and Progressive round out the financial and insurance tilt. These are not growth names; they are cash-generative, asset-backed businesses with management teams he trusts. The small positions in Kraft Heinz, Apple, and Home Bancshares are almost rounding errors, each under 0.2 percent of assets. What separates Berkowitz from peers is not just the concentration but the patience. He has not chased momentum or new sectors. The portfolio is nearly identical in shape to what he held years ago, with St. Joe as the anchor and a handful of income-producing equities around it. His total equity assets sit at about $1.51 billion, a fraction of the fund’s peak size, which suggests he has returned capital to investors rather than deploying it into new ideas. For a manager who once ran billions across dozens of positions, the current filing shows a man running a personal balance sheet, not a traditional mutual fund.