Fairholme Fund's 13F portfolio increased to approximately $1.43 billion in Q4 2025, with about 80% allocated to St. Joe Company. The update reflects a concentrated, long-term investment strategy. New minor positions were added in several companies, while others saw small reductions.
Fairholme Fund's latest 13F filing, submitted on February 17, 2026, reveals its portfolio value climbed to around $1.43 billion by the end of Q4 2025. The bulk of the holdings—roughly 80%—remains invested in St. Joe Company (NYSE:JOE), underscoring manager Bruce Berkowitz's high-conviction approach to long-term value investing in this real estate developer and landowner in Florida's northwest region, though specifics on the company's operations are not detailed in the filing summary. This concentration highlights ongoing confidence in the stock despite market fluctuations. Enterprise Products Partners continues as a significant holding at about 12% of the portfolio. The fund reiterated a bullish stance on this energy infrastructure firm after earlier purchases at lower prices. Among changes, Fairholme initiated small new stakes in Progressive, CF Industries, Target, and Natural Resource Partners. These moves suggest tentative exploration into insurance, fertilizers, retail, and energy sectors. Meanwhile, positions in Bank OZK, Berkshire Hathaway, and W. R. Berkley underwent slight trims following more substantial trading in prior periods. The portfolio adjustments are tracked quarterly through regulatory disclosures, providing transparency into Berkowitz's strategy, known for bold bets on undervalued assets. No major shifts were noted beyond these tweaks, maintaining a focused lineup.