Fund managed by Bruce Berkowitz reveals 3rd-quarter portfolio. : Last week, the Fairholme Fund (Trades, Portfolio) released its portfolio for the third quarter, which ended Aug.31. The fund is part of Bruce Berkowitz (Trades, Portfolio)’s Miami-based Fairholme Capital Management. As he believes that more diversified portfolios lead to more average returns, the guru invests in a concentrated number of undervalued stocks whose underlying companies have good management teams and steady cash flow generation.