The St. Joe pany(US:JOE) Acquirersmultiple·2025-10-20 01:13Core Insights - Fairholme Capital Management's portfolio is valued at $1.23 billion, with the top five holdings constituting 99.32% of total assets, reflecting a concentrated investment strategy [1][7] Group 1: Top Holdings - The largest holding is St. Joe Company (JOE), with 20.20 million shares valued at $963.7 million, representing 78.54% of the portfolio. Berkowitz trimmed 2,700 shares, maintaining a controlling stake, driven by confidence in JOE's Florida real estate and long-term value creation [2] - The second-largest holding is Enterprise Products Partners (EPD), with 5.45 million units valued at $169.0 million, accounting for 13.77% of assets. No changes were made this quarter, highlighting a focus on stable, high-yielding infrastructure assets [3] - Bank OZK (OZK) represents 3.52% of the portfolio, with 916,752 shares valued at $43.14 million. Fairholme added 285,150 shares, indicating renewed confidence in the bank's conservative balance sheet and profitability [4] - Berkshire Hathaway Inc. Class B (BRK.B) holds 1.92% of assets, with 48,597 shares valued at $23.61 million. A slight reduction in stake reflects portfolio maintenance rather than a change in conviction [5] - W. R. Berkley Corp (WRB) rounds out the top five with 261,450 shares worth $19.21 million, representing 1.57% of the portfolio. No changes were made this quarter, showcasing exposure to high-quality insurers [6] Group 2: Investment Philosophy - Berkowitz's investment strategy emphasizes concentration and patience, with nearly 80% of the portfolio in a single real estate holding and additional investments in energy, banking, and insurance [7] - The approach is characterized by a focus on intrinsic value, dependable cash flows, and management alignment, rather than diversification or chasing momentum [7]