FairholmeFAIRX

Morningstar Rating

Fund Research and Analysis

by Michael Breen

The more Fairholme changes, the more it stays the same.

A glance at this fund's most recent portfolio might lead you to believe manager Bruce Berkowitz is going back to the future. The fund now has a double-digit stake in Berkshire Hathaway BRK.A that, Read more

Kudos

Veteran management with proven record of security selection.

Stellar long-term record.

Focus on high-quality companies and large cash and bond stakes have helped limit volatility.

Flexibility to invest at several levels of the capital structure. Read more

Risks

Fund will concentrate its picks in individual sectors.

Highly concentrated portfolio, with top positions consuming as much as 15% of assets. Read more

Strategy

Lead manager Bruce Berkowitz has adopted the principles of legendary value investor Warren Buffett. The primary objective is to buy good businesses run by great managers. But he'll also buy challenged Read more

Management

Bruce Berkowitz started this fund in December 1999 as an outgrowth of his separate-accounts practice. Previously, he worked for Salomon Smith Barney and Lehman Brothers. Charlie Fernandez joined in 2008 after a career as an executive in operating businesses. Read more

Inside Scoop

The underlying philosophy here owes greatly to Warren Buffett. A focused portfolio targets firms whose persistent cash flows, solid assets, and great managers seem undervalued Read more

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