FAIRX ranks in the top 1 % percentile for Large Value funds (YTD)...rising from last in class...the fund's bifurcated performance over the last decade has been a very bumpy ride for shareholders. I exited the fund years ago. M* places FAIRX in the LV category yet describes it's investment style as Small Growth.
77% of the fund is one company (St Joe = JOE) which probably was bought at a low in 2008. JOE's weight seems to skew it into the SG investment style while the other holdings (24% of portfolio) appears more LV. 42% of JOE is owned by Fairholme. For that privileged Fairholme shareholders pay a 1% ER. Ouch!
Anyone use this fund in small amounts? Attempt to buy the lows, not the highs when it comes to the fund.