Bruce Berkowitz’s Fairholme Fund recently sold 377,800 shares of The St. Joe Company (JOE) for approximately $24.84 million, according to a Form 4 filed with the SEC. This sale, executed between May 5 and May 7, 2026, represents a 2.35% reduction in the fund’s direct stake, which still holds 15.7 million shares, indicating a significant ownership interest remains intact.
This transaction is notable as it ranks among the largest of the Fairholme Fund’s 35 JOE sell transactions since June 2023. Despite the sizable sale, the fund retains about 75.5% of its June 2023 position, suggesting potential for future liquidity events. Investors should consider that while the sale is not indicative of a bearish stance on JOE, it highlights the ongoing strategic management of the fund’s holdings.
For market professionals, the key takeaway is that St. Joe’s long-term investment thesis hinges on the underdeveloped nature of Northwest Florida, making it a potential play for those with a patient outlook on land development rather than immediate growth.
Source: fool.com