Fairholme Fund (Trades, Portfolio)'s Latest 13F Filing Highlights Key Moves in Value Investing
Fairholme Fund (Trades, Portfolio), steered by the seasoned investor Bruce Berkowitz (Trades, Portfolio), has disclosed its N-PORT filing for the first quarter of 2024. Berkowitz, known for his contrarian investment approach, has led the fund to impressive gains of 253% over a decade since its inception in 1999, outperforming the S&P during the same period. The fund's strategy is characterized by a concentrated portfolio, seeking out companies with robust management and strong cash flows, guided by the principle of "Ignore the Crowd".
Summary of New Buys
Fairholme Fund (Trades, Portfolio) initiated a position in one new stock during the quarter:
- The most significant addition was Federal National Mortgage Association Fannie Mae (FNMA, Financial), purchasing 170,000 shares, which now represents 0.08% of the portfolio with a total value of $935,000.
Key Position Increases
The fund also bolstered its stake in existing holdings:
- Notably, Berkshire Hathaway Inc (BRK.B, Financial) saw an addition of 21,300 shares, increasing the total to 38,700 shares. This represents a substantial 122.41% increase in share count, impacting the portfolio by 0.75%, with a total value of $15,843,780.
Summary of Sold Out Positions
Fairholme Fund (Trades, Portfolio) exited its position in one company:
- All 10,000 shares of Energy Transfer LP (ET, Financial) were sold, leading to a -0.01% impact on the portfolio.
Key Position Reductions
Reductions were made in three stocks, with significant changes in:
- Federal Home Loan Mortgage Corp (FMCC, Financial) shares were cut by 2,995,300, a -69.08% decrease, affecting the portfolio by -0.58%. The stock's average trading price was $0.9 during the quarter, with a 32.04% return over the past three months and a 60.00% year-to-date return.
- The St. Joe Co (JOE, Financial) was reduced by 70,000 shares, a -0.36% change in shares, impacting the portfolio by -0.33%. The average trading price was $55.89, with a 4.47% return over the past three months and a -4.17% year-to-date return.
Portfolio Overview
As of the first quarter of 2024, Fairholme Fund (Trades, Portfolio)'s portfolio comprised 6 stocks, with top holdings including 90.16% in The St. Joe Co (JOE), 7.02% in Enterprise Products Partners LP (EPD, Financial), 1.37% in Berkshire Hathaway Inc (BRK.B, Financial), 0.96% in Imperial Metals Corp (TSX:III, Financial), and 0.4% in Federal Home Loan Mortgage Corp (FMCC). The investments are primarily concentrated in four industries: Real Estate, Energy, Financial Services, and Basic Materials.
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.
