Bruce Berkowitz’s top 5 positions make up 98.54% of his current portfolio, signaling a highly concentrated approach. His largest holding, St. Joe Co (JOE), alone accounts for 78.38%. Below is a detailed look at each of the top 5 positions, including shares held, value, portfolio weight, and commentary.
St. Joe Co (JOE)
Shares: 20,617,467
Value: $926.34M
Portfolio %: 78.38%
Change in Shares: -528,600
% Change in Shares: -2.50%
Analysis: Berkowitz’s massive bet on St. Joe reflects long-standing confidence in Florida real estate. Despite trimming slightly, the high concentration shows a strong belief in JOE’s land development potential and strategic location advantages.
Enterprise Products Partners LP (EPD)
Shares: 5,448,900
Value: $170.88M
Portfolio %: 14.46%
Change in Shares: +2,500
% Change in Shares: +0.05%
Analysis: This large pipeline operator provides Berkowitz with exposure to stable cash flows and high dividend yields in the energy sector. The slight increase in shares indicates continued conviction in midstream infrastructure.
Bank OZK (OZK)
Shares: 643,402
Value: $28.65M
Portfolio %: 2.42%
Change in Shares: -9,700
% Change in Shares: -1.49%
Analysis: Known for its conservative lending and strong capital base, Bank OZK represents a smaller but steady play in regional banking. Berkowitz’s slight reduction suggests portfolio rebalancing rather than a major strategic shift.
Berkshire Hathaway Inc. Class B (BRK.B)
Shares: 48,717
Value: $22.08M
Portfolio %: 1.87%
Change in Shares: -1,355
% Change in Shares: -2.71%
Analysis: This holding gives Berkowitz indirect exposure to a broad portfolio of businesses. The modest trim in shares might reflect profit-taking or a minor rebalance rather than waning conviction in Buffett’s empire.
Energy Transfer LP (ET)
Shares: 852,900
Value: $16.71M
Portfolio %: 1.41%
Change in Shares: +852,900
% Change in Shares: +0.00%
Analysis: A new position, Energy Transfer adds further depth to Berkowitz’s energy theme. Its strong yield and scale in natural gas infrastructure align with his focus on durable, income-producing assets.
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