Fairholme Capital Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Bruce Berkowitz's Fairholme Capital Management reported 15 stock positions worth $1.4 billion. Its top holding was St Joe (JOE) at 80.4% of the portfolio, followed by Enterprise Products Partners (EPD, 12.2%) and Bank Ozk (OZK, 2.9%). Compared with Q3 2025, it opened 4 new positions, sold out of 1 and reduced 4. The biggest buy was a new position in Progressive (PGR) and the biggest sale Bank Ozk (OZK, shares −0%).

Most Recent 13F
Q2 2026
Notable People
Bruce Berkowitz
Location
South Miami, FL
CIK
0001056831
Portfolio Value
$1.4B (Q4 2025)
SEC Filing
0000919574-26-001186 ↗ filed Feb 17, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.5B Q1 2024 Q2 2024: $1.4B Q2 2024 Q3 2024: $1.5B Q3 2024 Q4 2024: $1.2B Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $1.2B Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $1.4B $1.4B Q4 2025 Q1 2026: $1.5B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 15 stocks · $1.4B
JOE The St Joe Co. 80.43% 19,422,467 $1.2B Reduce -0.8%
EPD Enterprise Products Partners 12.19% 5,450,400 $174.7M No change
OZK Bank Ozk 2.93% 913,652 $42.0M Reduce -0.2%
BRK.B Berkshire Hathaway Inc. Class B 1.68% 48,012 $24.1M Reduce -0.9%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 1.27% 260,150 $18.2M Reduce -0.5%
PGR Progressive Corp. 0.41% 25,600 $5.8M New
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.30% 54,700 $4.2M New
OXY Occidental Petroleum Corp. 0.20% 69,100 $2.8M No change
ET Energy Transfer LP 0.19% 166,600 $2.7M No change
TGT Target Corp. 0.16% 23,000 $2.2M New
NRP Natural Resource Partners LP 0.09% 12,000 $1.3M New
BRK.A Berkshire Hathaway Inc. Class A 0.05% 1 $755K No change
AAPL Apple Inc. 0.05% 2,400 $652K No change
FANG Diamondback Energy Inc. 0.04% 4,000 $601K No change
EOG EOG Resources Inc. 0.01% 2,000 $210K No change

Portfolio Sells Q3 2025 → Q4 2025
OZK Bank Ozk Reduce -0.2% 2.93% −0.83
WRB WR Berkley Corp. Reduce -0.5% 1.27% −0.34
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.9% 1.68% −0.28
CNR Core Natural Resources Inc. Sold out 0.00% −0.03
JOE The St Joe Co. Reduce -0.8% 80.43% +2.24

Portfolio Buys Q3 2025 → Q4 2025
PGR Progressive Corp. New 0.41% +0.41
CF CF Industries Holdings Inc. New 0.30% +0.30
TGT Target Corp. New 0.16% +0.16
NRP Natural Resource Partners LP New 0.09% +0.09

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 13$1.5BJOE, EPD, OZK, BRK.B, WRB
Q1 2026 10$1.5BJOE, EPD, OZK, BRK.B, WRB
Q4 2025 15$1.4BJOE, EPD, OZK, BRK.B, WRB
Q3 2025 12$1.2BJOE, EPD, OZK, BRK.B, WRB
Q2 2025 12$1.2BJOE, EPD, OZK, BRK.B, WRB
Q1 2025 12$1.2BJOE, EPD, OZK, BRK.B, WRB
Q4 2024 10$1.2BJOE, EPD, OZK, BRK.B, ET
Q3 2024 7$1.5BJOE, EPD, OZK, BRK.B, WRB
Q2 2024 7$1.4BJOE, EPD, OZK, BRK.B, WRB
Q1 2024 7$1.5BJOE, EPD, BRK.B, OZK, WRB