Insights from the Latest N-PORT Filing
Bruce Berkowitz (Trades, Portfolio), the founder and Managing Member of the Fairholme Fund (Trades, Portfolio), is renowned for his focused investment approach, drawing inspiration from Benjamin Graham's "The Intelligent Investor". Berkowitz's strategy is centered on investing in companies with exceptional management and significant free cash flow, or those undervalued but poised for a turnaround due to a catalyst event. His latest N-PORT filing for the second quarter of 2024 reveals some intriguing adjustments to his portfolio.
Key Position Increases
Bruce Berkowitz (Trades, Portfolio) has expanded his holdings in three stocks during the quarter. Notably:
- Bank OZK (OZK, Financial) saw an addition of 224,050 shares, bringing the total to 548,550 shares. This increase of 69.04% in share count had a 0.66% impact on the current portfolio, valuing at $22,490,550.
- Berkshire Hathaway Inc (BRK.B, Financial) also experienced a boost with an additional 994 shares, now totaling 49,952 shares. This adjustment represents a 2.03% increase in share count, with a total value of $20,320,470.
Key Position Reduces
Conversely, Berkowitz has reduced his positions in two stocks:
- The St. Joe Co (JOE, Financial) was reduced by 992,981 shares, marking a -4.41% decrease in shares and a -3.81% impact on the portfolio. The stock traded at an average price of $56.30 during the quarter and has seen a -1.32% return over the past three months and -3.82% year-to-date.
- WR Berkley Corp (WRB, Financial) saw a reduction of 1,700 shares, resulting in a -1.34% reduction in shares and a -0.01% impact on the portfolio. The stock traded at an average price of $53.56 during the quarter and has returned 9.81% over the past three months and 22.56% year-to-date.
Portfolio Overview
As of the second quarter of 2024, Bruce Berkowitz (Trades, Portfolio)'s portfolio included 7 stocks. The top holdings were predominantly in The St. Joe Co (JOE), which comprised 84.78% of the portfolio, followed by Enterprise Products Partners LP (EPD, Financial) at 11.35%, Bank OZK (OZK, Financial) at 1.62%, Berkshire Hathaway Inc (BRK.B, Financial) at 1.46%, and WR Berkley Corp (WRB) at 0.71%. The investments are mainly concentrated in four industries: Real Estate, Energy, Financial Services, and Technology.
This quarter's filing underscores Berkowitz's strategic adjustments in response to market dynamics, particularly his significant reduction in The St. Joe Co and his increased confidence in financial institutions like Bank OZK and Berkshire Hathaway. These moves reflect his ongoing commitment to investing in value and potential catalysts that align with his investment philosophy.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
