Great investors · Bruce Berkowitz · Q4 2025
What Bruce Berkowitz bought and sold in Q4 2025
Fairholme 13F portfolio as of Dec 31, 2025: 15 positions worth $1.4 bn. Largest: JOE, EPD, OZK, BRK/B. Filed with the SEC on Feb 17, 2026.
The 13F is filed by Fairholme, not by Bruce Berkowitz personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q4 2025
No sale of 0.5 points of the portfolio or more this quarter.
0 companies with material moves, out of 5 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Fairholme's Q4 2025 13F lists 15 lines of US-listed securities worth $1.4 bn; the largest is JOE at 80.4% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 4:10 PM ET.
Against the previous quarter, it opened 4 positions (PGR, CF, TGT and NRP), closed 1 (CNR), added to none and trimmed none. 11 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | St JOE JOE | 19.4 M | $1.2 bn | 80.4% | no change |
| 2 | Enterprise Products Partners EPD | 5.5 M | $175M | 12.2% | no change |
| 3 | Bank OZK Little Rock ARK OZK | 913,652 | $42.0M | 2.93% | no change |
| 4 | Berkshire Hathaway BRK/B | 48,012 | $24.1M | 1.68% | no change |
| 5 | Berkley W R WRB | 260,150 | $18.2M | 1.27% | no change |
| 6 | Progressive PGR | 25,600 | $5.8M | 0.41% | new |
| 7 | CF Industries Holdings CF | 54,700 | $4.2M | 0.30% | new |
| 8 | Occidental Petroleum OXY | 69,100 | $2.8M | 0.20% | no change |
| 9 | Energy Transfer ET | 166,600 | $2.7M | 0.19% | no change |
| 10 | Target TGT | 23,000 | $2.2M | 0.16% | new |
| 11 | Natural Resource Partners NRP | 12,000 | $1.3M | 0.09% | new |
| 12 | Berkshire Hathaway BRK/A | 1 | $755K | 0.05% | no change |
| 13 | Apple AAPL | 2,400 | $652K | 0.05% | no change |
| 14 | Diamondback Energy FANG | 4,000 | $601K | 0.04% | no change |
| 15 | EOG Resources EOG | 2,000 | $210K | 0.01% | no change |
Positions it closed (1)
- Core Natural Resources CNRwas 0.03% · 5,000 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Fairholme's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.