Bruce Berkowitz
Fairholme Capital
Founder of Fairholme. One of the most concentrated portfolios among well-known managers, built on deep-value, contrarian positions.
13F portfolio value
Q2 2026
$1.49B
1-year growth
+21.4%
2-year growth
+7.3%
Positions
13
Top 10 share
99.8%
Quarterly turnover
2.7%
Last filed
Aug 14, 2026
Q2 2026: summary
MakklerAI- The portfolio was worth $1.5B across 13 positions; its top ten holdings made up 99.8%, and turnover was 2.7%.
- JOE remained the largest holding at 76.4% ($1.1B), despite a 5.4% share reduction; its weight fell from 79.7% last quarter.
- BRK-B shares rose 74.1% to a 3.0% portfolio weight ($44M); BRK-A shares increased 450.0% to 0.6%.
- New positions in PFE, CPB and UPS brought the total to three; KHC shares were also increased 92.1%, with no positions sold out.
Portfolio value (13F)
$1.39BQ2 2024
$1.46BQ3 2024
$1.18BQ4 2024
$1.22BQ1 2025
$1.23BQ2 2025
$1.24BQ3 2025
$1.43BQ4 2025
$1.51BQ1 2026
$1.49BQ2 2026
| Quarter | Value | Positions | New | Added | Trimmed | Sold | Quarterly turnover |
|---|---|---|---|---|---|---|---|
| Q2 2026 | $1.49B | 13 | 3 | 4 | 1 | 0 | 2.7% |
| Q1 2026 | $1.51B | 10 | 2 | 4 | 2 | 7 | 0.9% |
| Q4 2025 | $1.43B | 15 | 4 | 0 | 2 | 1 | 0.7% |
| Q3 2025 | $1.24B | 12 | 0 | 0 | 1 | 0 | 0.0% |
| Q2 2025 | $1.23B | 12 | 0 | 2 | 0 | 0 | 0.0% |
| Q1 2025 | $1.22B | 12 | 2 | 1 | 3 | 0 | 0.3% |
| Q4 2024 | $1.18B | 10 | 3 | 0 | 3 | 0 | 1.5% |
| Q3 2024 | $1.46B | 7 | 0 | 2 | 1 | 0 | 0.8% |
| Q2 2024 | $1.39B | 7 | — | — | — | — | — |
Weight of the largest positions
The latest quarter's 10 largest positions, with their weights in earlier quarters.
| Stock | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|---|
| JOE | 84.8% | 84.5% | 78.4% | 78.1% | 78.5% | 78.2% | 80.4% | 79.7% | 76.4% |
| EPD | 11.4% | 10.9% | 14.5% | 15.3% | 13.8% | 13.8% | 12.2% | 13.6% | 13.5% |
| OZK | 1.6% | 1.9% | 2.4% | 2.3% | 3.5% | 3.8% | 2.9% | 2.8% | 3.2% |
| BRK-B | 1.5% | 1.6% | 1.9% | 2.1% | 1.9% | 2.0% | 1.7% | 1.6% | 3.0% |
| WRB | 0.7% | 1.0% | 1.3% | 1.5% | 1.6% | 1.6% | 1.3% | 1.1% | 1.2% |
| PGR | — | — | — | — | — | — | 0.4% | 0.9% | 1.1% |
| BRK-A | <0.1% | <0.1% | <0.1% | <0.1% | <0.1% | <0.1% | <0.1% | <0.1% | 0.6% |
| PFE | — | — | — | — | — | — | — | — | 0.4% |
| KHC | — | — | — | — | — | — | — | 0.2% | 0.3% |
| CPB | — | — | — | — | — | — | — | — | 0.2% |
| UPS | — | — | — | — | — | — | — | — | 0.2% |
| AAPL | <0.1% | <0.1% | <0.1% | <0.1% | <0.1% | <0.1% | <0.1% | <0.1% | <0.1% |
| HOMB | — | — | — | — | — | — | — | <0.1% | <0.1% |
MakklerAI
Ask MakklerAI about Bruce Berkowitz's portfolio
Explore this quarter's moves and where each position stands against its estimated buy price and Makkler Fair Value. Answers are based on the 13F and today's prices.