Diversified Portfolio Dominated by Real Estate Investments

Diversified Portfolio Dominated by Real Estate Investments

As of September 30, 2025, Bruce Berkowitz's portfolio at Fairholme Capital Management features a total value of $1,238,938,255. The largest allocation is to JOE (ST JOE CO), which accounts for approximately 78% of the portfolio. EPD (ENTERPRISE PRODS PARTNERS L) follows with about 14%, while OZK (BANK OZK) contributes roughly 4%. Other notable holdings include BRK-B, BRK-A, and WRB.

Sector Allocation: The portfolio is heavily weighted toward real estate, with JOE and OZK collectively accounting for over 60% of the total value. Energy investments are represented by EPD and OXY (OCCIDENTAL PETE CORP), which together make up approximately 14%. Financial services form a smaller but significant portion, dominated by BRK-B, BRK-A, and other holdings totaling about 8%.

Notable Changes: JOE has experienced a slight decrease in shares (-625,800) while maintaining its portfolio percentage allocation. EPD remains stable with no changes to shares or percentage allocation. OZK shows minimal movement, reflecting the overall stability of financial services investments.

Investment Strategy: The portfolio demonstrates a strategic focus on high-growth sectors like real estate and energy, while maintaining diversification across financial services. This approach aims to balance risk and return, with a clear emphasis on concentration in key holdings such as JOE and EPD.

The investment strategy appears to prioritize significant allocations to sectors with strong growth potential, while also ensuring exposure to stable financial services investments. This diversification helps mitigate risks associated with market volatility.

As of September 30, 2025, the portfolio remains well-balanced, with a clear emphasis on real estate and energy investments. The allocations reflect a calculated risk management approach, focusing on high-value holdings while maintaining a broad investment strategy.