In the most recent 13F, Bruce Berkowitz’s Fairholme Capital Management LLC reported a portfolio valued at $1.23 billion, with the top five holdings making up an exceptionally concentrated 99.32% of total assets. Berkowitz, a long-time deep-value investor, continues to focus on a handful of high-conviction bets—particularly in companies with tangible assets, recurring cash flow, and owner-operator alignment. Below is a detailed look at each of the top five positions.The St. Joe Company (JOE) – 78.54%Fairholm ...