Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Fairholme Capital (Berkowitz)
superinvestor_value
B
Reliability improving可靠性走强
leaderboard rank榜单排名 #15
Book持仓规模
$1.5B
long US listed only仅美股多头
Positions持仓数
10
100% resolved已解析
Top-10 concentration前十集中度
100%
% of book占组合%
Turnover换手
LOW
5.1% per quarter每季
Median excess中位超额
-6%
buys vs SPY, since filing买入相对SPY，自申报起 · n 25
Hit rate胜率
40%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Insurance & Brokers — added PGR (+0.9pp of book this quarter)核心倾向：保险与经纪 — 本季度加仓 PGR（占组合 +0.9pp）
Insurance & Brokers保险与经纪
+0.9pp
2.0% of book held占组合持有
· 2 names标的
· Financials
PGR
Financials (Equal-Weight)金融（等权）
+0.9pp
3.6% of book held占组合持有
· 3 names标的
· US Sectors (EW)
PGR
Consumer Staples (Equal-Weight)必需消费（等权）
+0.2pp
0.2% of book held占组合持有
· 1 names标的
· US Sectors (EW)
KHC
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 8 scored quarters已评分季度 · 38% positive为正 · recent-4 median近4季中位 +3% vs all-time对全期 -4%
Median excess by quarter各季度中位超额: █▁▄▃▅▅▇▇ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 4 | +12% | 75% | +9% |
| 2023-09-30 | 2 | -33% | 0% | -4% |
| 2024-09-30 | 2 | -11% | 0% | +1% |
| 2024-12-31 | 3 | -19% | 0% | -6% |
| 2025-03-31 | 3 | -3% | 33% | -10% |
| 2025-06-30 | 2 | -5% | 50% | -14% |
| 2025-12-31 | 3 | +9% | 67% | -2% |
| 2026-03-31 | 3 | +12% | 100% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Real Estate
79.7%
▼ -0.8pp
Unclassified
13.7%
▲ +1.2pp
Financial
3.6%
▲ +0.2pp
Financials
2.8%
▼ -0.1pp
Consumer Defensive
0.2%
▲ +0.0pp
Technology
0.0%
▼ -0.0pp
Theme categories主题类别
Financials 2.0%
US Sectors (EW) 1.8%
AI & Technology 0.0%
Rotating into (QoQ)轮入（环比）
Financial +0.2pp
Rotating out of (QoQ)轮出（环比）
Real Estate -0.8pp
Basic Materials -0.3pp
Energy -0.2pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Real Estate 80% · Unclassified 14% · Financial 4% |
| 2025-12-31 | Real Estate 80% · Unclassified 13% · Financial 3% |
| 2025-09-30 | Real Estate 78% · Unclassified 14% · Financials 4% |
| 2025-06-30 | Real Estate 79% · Unclassified 14% · Financials 4% |
| 2025-03-31 | Real Estate 78% · Unclassified 16% · Financial 4% |
| 2024-12-31 | Real Estate 78% · Unclassified 16% · Financial 3% |
| 2024-09-30 | Real Estate 85% · Unclassified 11% · Financial 3% |
| 2024-06-30 | Real Estate 85% · Unclassified 11% · Financial 2% |
| 2024-03-31 | Real Estate 86% · Unclassified 11% · Financial 2% |
| 2023-12-31 | Real Estate 88% · Unclassified 9% · Financial 3% |
| 2023-09-30 | Real Estate 88% · Unclassified 10% · Financial 2% |
| 2023-06-30 | Real Estate 87% · Unclassified 9% · Financial 3% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。10 positions shown项持仓 · resolved已解析 10/10 (100%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  JOE |
St Joe Co | 79.7% | $1.2B | hold | -1% | — | 70 · HIGH | Real Estate | — | -5% |
| 2 |  EPD |
Enterprise Prods Partners L | 13.6% | $206M | hold | +0% | — | 66 · MODERATE | — | Oil Refining | — |
| 3 |  OZK |
Bank Ozk | 2.8% | $42M | hold | +1% | — | 53 · MODERATE | Financials | — | +8% |
| 4 |  BRK-B |
Berkshire Hathaway Inc Del | 1.6% | $24M | hold | +5% | — | 50 · MODERATE | Financial | Financials (Equal-Weight) | -1% |
| 5 |  WRB |
Wr Berkley Corp | 1.1% | $17M | hold | -2% | — | 46 · MODERATE | Financial | Insurance & Brokers, Financials (Equal-Weight) | +5% |
| 6 | PGR |
Progressive Corp | 0.9% | $13M | add | +159% | 2q | 52 · MODERATE | Financial | Insurance & Brokers, Financials (Equal-Weight) | +2% |
| 7 | KHC |
Kraft Heinz Co | 0.2% | $2M | new | — | 1q | 34 · LOW | Consumer Defensive | Consumer Staples (Equal-Weight) | +15% |
| 8 |  BRK-A |
Berkshire Hathaway Inc Del | 0.1% | $1M | add | +100% | 1q | 40 · LOW | — | — | — |
| 9 |  AAPL |
Apple Inc | 0.0% | $609096 | hold | +0% | — | 32 · LOW | Technology | Magnificent Seven, Technology (Equal-Weight) | +9% |
| 10 |  HOMB |
Home Bancshares Inc | 0.0% | $325853 | new | — | 1q | 34 · LOW | Financials | — | +12% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (4)
| PGR add |
0.9% | +2% |
| KHC new |
0.2% | +15% |
| BRK-A add |
0.1% | — |
| HOMB new |
0.0% | +12% |
Rotated out of轮出 (6)
 CF exit |
-100% | -7% |
 EOG exit |
-100% | -4% |
 ET exit |
-100% | -1% |
 FANG exit |
-100% | -9% |
 OXY exit |
-100% | -12% |
 TGT exit |
-100% | +12% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。