---
title: "Fairholme Capital Q4 2025: Bruce Berkowitz's 80% Conviction in St. Joe Company"
type: research
slug: fairholme-capital-q4-2025-bruce-berkowitz-massive-joe-conviction
canonical_url: https://13finsight.com/research/fairholme-capital-q4-2025-bruce-berkowitz-massive-joe-conviction
published_at: 2026-04-12T08:28:34.414Z
updated_at: 2026-04-12T08:28:36.750Z
author: Marcus Chen
author_title: Senior Market Analyst
author_url: https://13finsight.com/authors/marcus-chen
word_count: 212
locale: en
source: 13F Insight
---

# Fairholme Capital Q4 2025: Bruce Berkowitz's 80% Conviction in St. Joe Company

> Fairholme Capital Management's $1.43B portfolio reveals extreme conviction, with real estate developer St. Joe Company (JOE) commanding over 80% of assets.

When it comes to concentrated investing, Bruce Berkowitz's Fairholme Capital Management often stands in a league of its own. The firm's Q4 2025 13F filing reveals a highly targeted $1.43 billion portfolio distributed across just 15 positions, reflecting a profound commitment to a select few deep-value and real estate plays. The St. Joe Behemoth The defining characteristic of Fairholme's portfolio is its astronomical allocation to a single stock: The St. Joe Company (JOE). Valued at $1.15 billion, this position represents an incredible 80.4% of the firm's reported 13F assets. St. Joe is a major real estate developer and land manager in Northwest Florida. This isn't just a stock pick for Berkowitz; it is essentially a co-ownership of a massive regional development operation. Energy and Financial Selectivity Beyond the massive real estate bet, Fairholme's remaining capital is primarily deployed in energy and financials. A $174.7 million (12.2%) stake in midstream energy giant Enterprise Products Partners (EPD) provides substantial yield and inflation protection. Additionally, a $42.0 million (2.9%) position in regional lender Bank OZK (OZK) highlights Berkowitz's willingness to step into complex financial stories where he perceives a margin of safety. Rounding out the top tier is a modest 1.7% position in Berkshire Hathaway (BRK/B), a common anchor holding among deeply convicted value investors.

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Source: 13F Insight — https://13finsight.com/research/fairholme-capital-q4-2025-bruce-berkowitz-massive-joe-conviction
Author: Marcus Chen — https://13finsight.com/authors/marcus-chen
Last updated: 2026-04-12T08:28:36.750Z