Fairholme's Q1 2026 13F shows no changes: St. Joe at 30% of the portfolio, GSEs unchanged. The concentrated bet leaves little room for error.
ST JOE Co currently carries an Alpha Score of n/a, giving AlphaScala's model a neutral read on the setup.
Fairholme Capital Management filed its Q1 2026 13F with the SEC on April 30. The filing showed no changes to the fund's concentrated portfolio. St. Joe Company (JOE) remained the largest holding at roughly 30% of the portfolio. Common shares of Fannie Mae and Freddie Mac were also unchanged.
The filing listed no new equity positions. Fairholme sold a small SPAC holding during the quarter. The proceeds were trivial. Cash and equivalents stayed negligible.
The portfolio's performance now depends on three names. St. Joe develops land in Northwest Florida, an area tied to Sun Belt population flows. JOE shares rose 12% in the first quarter, matching a broader rally in Sun Belt real estate names. Berkowitz has held the stock since 2010 and has called it a long-term bet on regional growth. A reversal in that trend would hit the fund directly.
The GSE common shares represent a bet on the end of federal conservatorship, a timeline that remains uncertain. The positions have been central to Berkowitz's thesis for years. They have delivered uneven returns.
The fund's lack of diversification and negligible cash buffer means any adverse development in JOE, Fannie, or Freddie would have an outsized impact on the portfolio. The 13F shows no adjustments. Berkowitz has not changed the portfolio's structure.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.