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| Rating and Risk |
| Fairholme FAIRX |
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| Morningstar Rating (Relative to Category) | 10-31-09 | | |
| | Morningstar Return | Morningstar Risk | Morningstar RatingTM | | 3-Year | High | High |  | | 5-Year | High | High | | | 10-Year | --- | --- |  | | Overall | High | High | |  | | Morningstar Category: Large Blend | Click here to see our Methodology | |
| Volatility
Measurements | Trailing 3-Yr
through 10-31-09 | *Trailing 5-Yr through 10-31-09 | | |
| Standard Deviation | 25.32 | | Sharpe Ratio | 0.06 | | Mean | 3.84 | | Bear Market Decile Rank* | 3 | |
| Modern
Portfolio Theory Statistics | Trailing 3-Yr
through 10-31-09 | | |
| | Standard Index
S&P 500 TR | Best Fit Index
Morningstar Small Cap TR | | R-Squared | 82 | 86 | | Beta | 1.17 | 0.91 | | Alpha | 10.46 | 7.22 |
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| Total Returns |
| Fairholme FAIRX |
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| Growth of $10,000 | 10-31-09 | | |
 | Fund: Fairholme | |  | Category: Large Blend | |  | Index: S&P 500 TR | | |
| Performance History | 11-20-09 | | |
| | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 |
YTD
| | Total Return % | -1.6 | 24.0 | 24.9 | 13.7 | 16.7 | 12.4 | -29.7 | 32.9 | | +/- Index | --- | --- | --- | --- | --- | --- | --- | 9.4 | | +/- Category | 15.0 | -12.3 | 8.6 | 4.5 | 2.7 | 6.2 | 8.1 | 14.3 | | % Rank in Category | 1 | 92 | 4 | 14 | 23 | 10 | 6 | --- | | Fund Category | MB | MB | MB | MB | MB | LB | LB | LB | | ||||||||
| See fund category codes | ||||||||
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| Trailing Total Returns | through 11-20-09 | | |
| | Total Return % | +/-
S&P 500 TR | +/-
Morningstar Large Core TR USD Index
| % Rank in Cat | | 1-Day | -0.14 | 0.16 | 0.30 | --- | | 1-Week | 0.45 | 0.58 | 0.70 | --- | | 1-Month | 2.36 | 2.10 | 1.88 | --- | | 3-Month | 4.46 | -4.45 | -4.12 | --- | | Year-to-date | 32.92 | 9.40 | 13.59 | --- | | 1-Year | 71.11 | 22.31 | 28.62 | --- | | 3-Year Annualized | 2.45 | 8.35 | 5.99 | --- | | 5-Year Annualized | 7.98 | 7.30 | 5.89 | --- | | 10-Yr Annualized | --- | --- | --- | --- | | | | | | |
| Historical Quarterly Returns | | | |
| Q1 | Q2 | Q3 | Q4 | | 2009 | -12.45 | 32.74 | 10.44 | --- | | 2008 | -3.55 | -2.44 | -1.70 | -23.99 | | 2007 | 2.52 | 6.83 | 4.00 | -1.36 | | 2006 | 6.35 | 2.43 | -0.95 | 8.17 | | 2005 | 1.89 | 3.97 | 3.45 | 3.79 | | 2004 | 9.63 | -3.71 | 5.72 | 11.94 | | 2003 | -6.03 | 13.82 | 2.91 | 12.62 |
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| Investor Returns |
| Fairholme FAIRX |
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| What are Investor Returns? | | Morningstar investor returns (also known as dollar-weighted returns) measure how the typical investor in a fund fared over various time periods, incorporating the impact of cash inflows and outflows from all investors' purchases and sales. If investors bought a fund after it had posted big gains and sold at a low ebb, investor returns will be lower than the fund's total returns. If investors bought and sold at more opportune times, however, investor returns will be higher than the fund's total returns. (For more details, please click here.) | |
| | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | | Investor Return % | -2.5 | 27.0 | 27.0 | 13.8 | 15.8 | 11.1 | -33.9 | | Total Return % | -1.6 | 24.0 | 24.9 | 13.7 | 16.7 | 12.4 | -29.7 | | +/- Category * | 14.8 | -12.6 | 10.3 | 4.6 | 3.2 | 6.6 | 3.8 | | % Rank in Category * | 1 | 65 | 2 | 4 | 22 | 7 | 20 | | | | | | | | | |
| Investor Returns vs Total Returns | through 10-31-09 | | |
| | Investor Return % | Total Return % | Investor Return
% Rank in Category | | 1-Year | 15.15 | 16.22 | 26 | | 3-Year Annualized | -2.33 | 0.63 | 10 | | 5-Year Annualized | -0.25 | 7.78 | 56 | | 10-Yr Annualized | --- | --- | --- | | | | *Data refers to Investor Returns |
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| Tax Analysis |
| Fairholme FAIRX |
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| | 3-Yr Avg % | 5-Yr Avg % | 10-Yr Avg % | | Pretax Return | 0.63 | 7.78 | --- | | Tax-adjusted Return | 0.14 | 7.21 | --- | | % Rank in Category | 1 | 1 | --- | | Tax Cost Ratio | 0.49 | 0.53 | --- | | | | | | | Potential Cap Gains Exposure % | -3.1 |
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| Sec Filing |
| Fairholme FAIRX |
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| Portfolio |
| Fairholme FAIRX |
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Style Box Details
| 08-31-09 | | |
| Size | | | Average Mkt Cap $Mil | 12,535 | | | |
| | Market Capitalization | % of
Portfolio |
| Giant | 25.74 | | Large | 13.37 | | Medium | 58.37 | | Small | 2.46 | | Micro | 0.06 | | | |
| | | | | Ownership Zone  | | | |  | Fund centroid represents weighted average of
domestic stock holdings | | | |  | Zone represents 75% of fund's domestic stock holdings |
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| | Investment Style History (as of 12-31) |
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| | Valuations and Growth Rates | Stock Portfolio | Rel to S&P 500 TR | Rel to Category | | Price/Prospective Earnings | 12.7 | 0.8 | 0.9 | | Price/Book | 1.4 | 0.7 | 0.8 | | Price/Sales | 0.5 | 0.5 | 0.6 | | Price/Cash Flow | 4.3 | 0.7 | 0.8 | | Dividend Yield | 1.8 | 0.6 | 0.6 | | | | | Long-Term Earnings | 6.6 | 0.7 | 0.6 | | Historical Earnings | -3.6 | 1.1 | 5.6 | | Sales Growth | 10.0 | 1.4 | 1.6 | | Cash-Flow Growth | -12.5 | -1.3 | -1.6 | | Book-Value Growth | 0.7 | -0.5 | -0.8 | | | | | | | | Style Box Detail calculations do not include the fund´s short positions (if any). | |
 | | | | % Long | % Short | % Net Assets |
| Cash | 22.4 | 0.0
| 22.4 | | Stocks | 72.2 | 0.0
| 72.2 | | Bonds | 3.9 | 0.0
| 3.9 | | Other | 1.5 | 0.0 | 1.5 | | | Foreign Stocks | 3.4 | 0.0 | 3.4 | | (as a % of assets) |
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| Sector Weightings | 08-31-09 |
| | | | | | | % of Stocks | Rel to
S&P 500 TR | Rel to Cat Avg |  | Information | | | |  | Software | 0.00 | 0.00 | 0.00 |  | Hardware | 0.00 | 0.00 | 0.00 |  | Media | 0.00 | 0.00 | 0.00 |  | Telecommunications | 0.00 | 0.00 | 0.00 | |  | Service | | | |  | Healthcare | 36.23 | 3.07 | 2.92 |  | Consumer Services | 12.24 | 1.40 | 1.35 |  | Business Services | 7.64 | 2.24 | 1.78 |  | Financial Services | 26.36 | 1.81 | 1.66 | |  | Manufacturing | | | |  | Consumer Goods | 0.00 | 0.00 | 0.00 |  | Industrial Materials | 15.00 | 1.39 | 1.30 |  | Energy | 2.52 | 0.21 | 0.22 |  | Utilities | 0.00 | 0.00 | 0.00 | | | | | | | | Sector weighting calculations do not include the fund´s short positions (if any). | |
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| Holdings |
| Fairholme FAIRX |
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| Number of Stock Holdings (Long) | 20 | | Annual Turnover % | 81 | | Number of Bond Holdings (Long) | 6 | | Yield % | 0.38 | | Number of Stock Holdings (Short) | --- | | % Assets in Top 10 Holdings | 57.22 | | Number of Bond Holdings (Short) | --- | | | | | | |
|  | | YTD Return through
11-20-09 | | Portfolio Holdings as of
08-31-09 |
| | | Top 25 holdings account for the fund's short positions (if any), which appear shaded. |
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| Management |
| Fairholme FAIRX |
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| Manager Name | Bruce Berkowitz | | Manager Start Date | 12-29-99 | | |
| | Biography | | Berkowitz is the managing member and portfolio manager of Fairholme Capital Management, L.L.C. He also serves as president and a director of the company. Berkowitz has been managing member and chief investment officer of Fairholme since its inception in 1997. He is also a director and audit committee member of TAL International and White Mountains Insurance Group. |
| | | | Manager Name | Charles M. Fernandez | | Manager Start Date | 03-31-08 | | |
| | Biography | | Fernandez is an analyst and the chief operating officer of the manager and serves as the secretary of Fairholme Funds, Inc. Fernandez was the president and director of Lakeview Health Systems LLC from 2003 to 2007 and was the CEO of Big City Radio, Inc. from 1999 to 2003. He held various positions with IVAX Corporation serving most recently as a director, and chairman of the audit committee of the board of directors. |
| | | Fund Inception | 12-29-99 | | Fund Advisor(s) |
Fairholme Capital Management LLC
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| Fees & Expenses |
| Fairholme FAIRX |
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| Fees and Expenses | 07-31-09 | | |
| Initial |
None
| | Deferred |
None
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| | Redemption Fees % | | | 0
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60
days
| 2.00 | | More Than
60
days | 0.00 | | | |
| | Maximum Fees % |
| Administrative | 0.01 | | Management | 1.00 | | | |
| | Total Cost Projections | Cost per $10,000 |
| 3-Year |
$325 | | 5-Year |
$563 | | 10-Year |
$1248 | | | |
| | | 12b-1 |
0.00
| | Management | 1.00 | | Net Expense Ratio: Annual Report | 1.01 | | (As of 11-30-08) | | Net Expense Ratio: Prospectus | 1.02 | | | | | Expense Waivers: | | | | |
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| Purchase Info |
| Fairholme FAIRX |
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| Analyst Report Archive |
| Fairholme FAIRX |
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| | Analyst Report Archive | | | |
| Date | Analyst Report | | Analyst | | 08-25-09 | This fine fund hasn't missed a beat. | | Michael Breen | | | 04-07-09 | This is still a great fund. | | Michael Breen | | | 12-04-08 | A recent manager change isn't cause for concern. | | Andrew Gogerty | | | 07-01-08 | It would be foolish to bet against this mutual fund. | | Andrew Gogerty | | | 02-28-08 | This mutual fund is one of the very best. | | Michael Breen | | | 12-19-07 | This fine fund leaves no stone unturned. | | Michael Breen | | | 04-30-07 | This mutual fund distills investing into a concentrated, powerful brew. | | Todd Trubey | | | 11-17-06 | This mutual fund has been refuting the efficient market hypothesis since 1999. | | Todd Trubey | | | 07-04-06 | This mutual fund is still a potent offering. | | Dan McNeela, CFA | | | 02-02-06 | An unusual mix of offense and defense helps give this mutual fund a chance to survive and thrive. | | Dan McNeela, CFA | | | | | | 12-20-05 | Showing off its investing acumen. | | Dan McNeela, CFA | | | 03-31-05 | It may look like we're chasing performance here, but we're not. | | Dan McNeela, CFA | | | 11-03-04 | It has just passed another field test. | | Dan McNeela, CFA | | | 05-31-04 | This fund is following up on its early success by continuing to go where it sees the best opportunities. | | Dan McNeela, CFA | | | 12-11-03 | This fund is finding success by being particular about the company it keeps. | | Dan McNeela, CFA | | | 07-31-03 | Making big bets on the business leaders it trusts the most. | | Dan McNeela, CFA | | | 02-20-03 | A compelling pick, but its risks are readily apparent. | | Dan McNeela, CFA | | | 01-13-03 | This fund has earned its high ranking, but investors shouldn't overestimate its capabilities. | | Dan McNeela, CFA | | | 08-12-02 | Being choosy helps this fund navigate through the land mines. | | Dan McNeela, CFA | | | 04-17-02 | The Fairholme Fund has great appeal for dedicated value investors. | | Dan McNeela, CFA |
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