Bruce Berkowitz
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Date updated:05-20-2007
New positions: SE, FCX
Sold out of: TWMC, SYX, OKS, MU, KALU, PD
Top increased positions: BRK-A, CNQ, LUK, EMN, MWA-B
Top decreased positions: CLMT
Note: As of 4-4-07, Berkowitz increased his position and now has an 11% stake in MWA.
Bruce Berkowitz is the founder of the Fairholme Fund (FAIRX). Fairholme believes in a focused approach to investing. Its portfolio is a focused, low-turnover portfolio and is designed that way as Berkowitz believes the more companies you own the more difficult it is to understand all of them.
According to its website, “The Fairholme Fund's preferred investment strategy is to become a "silent partner" with exceptional owner-managers who have a "paper trail" of financial success and a demonstrated history of honesty and integrity. When we find a company that generates free cash with a low stock price, we expect investment performance to be exceptional.”
Berkowitz has been nominated by Morningstar as Domestic-Stock Manager of the Year for 2006. Morningstar said, “This year, performance has been driven by investments from both the main and secondary strategy. In the great managers camp there's top holding Berkshire Hathaway (BRK.A), Sears (SHLD ); in the special situations fold there's Phelps Dodge (PD). Fairholme bought Phelps Dodge because its planned acquisitions had depressed the share price. However, the hunter became prey, and the copper giant agreed to be bought by Freeport-McMoRan Copper & Gold."
As of 3/31/07
-
BRK-A
Berkshire Hath Hl - $102400.00
- +0.49%
- $101178.00
21.77% of portfolio
-
BRK-A
Berkshire Hath Hl - $102400.00
- +0.49%
- $101178.00
21.77% of portfolio
-
CNQ
Canadian Nat Res - $65.14
- +2.81%
- $62.40
20.37% of portfolio
-
DISH
Dish Network Corp - $19.15
- +3.74%
- $18.43
12.08% of portfolio
-
PWE
Penn West Energy - $17.24
- -1.93%
- $17.09
7.41% of portfolio
-
MHK
Mohawk Inds Inc - $44.21
- +1.68%
- $43.13
5.64% of portfolio
-
LUK
Leucadia Natl Cp - $22.81
- -0.35%
- $22.63
5.24% of portfolio
-
EMN
Eastman Chem Co - $56.49
- -0.05%
- $56.04
5.14% of portfolio
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