Fairholme Capital Management, L.L.C.
- Regulatory AUM
- $2.1B
- Discretionary
- $2.1B
- Clients
- 81
- Avg AUM / client
- $26.4M
- Accounts
- 81
- Employees
- 7
AUM over time
Annual snapshots from Form ADV filings · as of Mar 27, 2026
Investments (13F portfolio — 10 positions, $1,514,192,261)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | St Joe Co | COM | $1,206,398,488 | 19,210,167 | 79.7% | 56.3% |
| 2 | Enterprise Prods Partners L | COM | $206,447,472 | 5,455,800 | 13.6% | 9.64% |
| 3 | Bank Ozk | COM | $42,276,263 | 921,252 | 2.79% | 1.97% |
| 4 | Berkshire Hathaway Inc Del | CL B NEW | $24,176,598 | 50,452 | 1.6% | 1.13% |
| 5 | Wr Berkley Corp | COM | $16,990,878 | 256,350 | 1.12% | 0.79% |
| 6 | Progressive Corp | COM | $13,163,136 | 66,400 | 0.87% | 0.61% |
| 7 | Kraft Heinz Co | COM | $2,368,197 | 105,300 | 0.16% | 0.11% |
| 8 | Berkshire Hathaway Inc Del | CL A | $1,436,280 | 2 | 0.09% | 0.07% |
| 9 | Apple Inc | COM | $609,096 | 2,400 | 0.04% | 0.03% |
| 10 | Home Bancshares Inc | COM | $325,853 | 12,100 | 0.02% | 0.02% |
Top 25 of 10 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| High net worth individuals | 57 | $105M | 4.89% |
| Investment companies | 2 | $1.7B | 78.0% |
| Pension and profit sharing plans | 5 | $28.3M | 1.32% |
| Charitable organizations | 2 | $87.2M | 4.07% |
| Corporations and other businesses | 15 | $252M | 11.8% |
People (4)
| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Berkowitz, Bruce, Robert | Chief Investment Officer | Jun 1997 (29y) | 75% or more of Gables Investment Gp, Llc (indirect) | |
| Font, Fernando, Manuel | Chief Operating Officer | Aug 2009 (17y) | Less than 5% | |
| Kapahi, Erica, K | Chief Compliance Officer And Chief Administrative Officer | Feb 2020 (7y) | Less than 5% | |
| Berkowitz, Alexander, Michael | Chief Legal Officer And Treasurer | Nov 2024 (2y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Fairholme Holdings Llc | Sole Member | Jan 2015 | A | 75% or more |
| Gables Investment Partnership, Lllp | Member | Jan 2015 | B | ≈ 37.5% – 75% via Fairholme Holdings Llc |
| East Lane Llc | Member | Jan 2015 | B | ≈ 18.75% – 50% via Fairholme Holdings Llc |
| Gables Investment Gp, Llc | General Partner | Jun 2007 | B | GP / trustee / elected manager of Gables Investment Partnership, Lllp (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Gables Investment Partnership, Lllp: 50% – 75% of Fairholme Holdings Llc × 75% – 100% direct ≈ 37.5% – 75% of the firm
- East Lane Llc: 25% – 50% of Fairholme Holdings Llc × 75% – 100% direct ≈ 18.75% – 50% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/27/2026 | 1 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- National Financial Services (Fidelity) $392M (18% of AUM) Mar 2026
- Jefferies Llc $64.4M (3% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 27, 2026.
View current Form ADV (SEC/IAPD) ↗