The Lion’s Share of Fairholme Capital’s Portfolio is Invested in The St. Joe Company (JOE)

Fairholme Capital Management, an investment management company, released its “Fairholme Fund” half-year 2022 investor letter. A copy of the same can be downloaded here. For the six months ended May 31, 2022, the fund outperformed the S&P 500 Index by 14.07% points and returned 5.22%. Over the last fiscal year, the fund outperformed the S&P 500 Index by 2.29% points. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Fairholme Capital Management discussed stocks like The St. Joe Company (NYSE:JOE) in the second quarter investor letter. Based in Panama City Beach, Florida, The St. Joe Company (NYSE:JOE) is into real estate development and asset management. On September 19, 2022, The St. Joe Company (NYSE:JOE) stock closed at $35.57 per share. One-month return of The St. Joe Company (NYSE:JOE) was -7.86% and its shares lost 18.23% of their value over the last 52 weeks. The St. Joe Company (NYSE:JOE) has a market capitalization of $2.065 billion.

Here is what Fairholme Capital Management specifically said about The St. Joe Company (NYSE:JOE) in its Q2 2022 investor letter:

“The St. Joe Company (NYSE:JOE) common stock is the lion’s share of the Fund’s assets. Dozens of JOE projects are in various stages of completion. Management’s 2024 milestones are 2,000 yearly residential sales; 2,500 multi-family and senior living units; 1,500 hotel rooms; 1,800,000 square feet of leased property; 3,250 club memberships; and 750 marina boat slips. 1 While supply chain disruptions have slowed progress, there are few signs, if any, of a slowdown in demand. The popularity of Watersound communities, the sprouting of Latitude Margaritaville along the Intracoastal Waterway, the redevelopment of Panama City, and the rebuilding of Tyndall Air Force Base into America’s “installation of the future” are major catalysts for JOE’s value creation along Florida’s Emerald Coast.”

Photo by Breno Assis on Unsplash

The St. Joe Company (NYSE:JOE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held The St. Joe Company (NYSE:JOE) at the end of the second quarter which was 14 in the previous quarter.

We discussed The St. Joe Company (NYSE:JOE) in another article and shared Praetorian Capital Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.