According to the Miami firm, the funds are closing in oder to prevent inflows from new investors from diluting the proportionate interests of existing fund shareholders.
The Fairholme manager recently spoke to our analysts about his intentions for St. Joe, the fund's distinctive research-outsourcing model, and the new Allocation Fund.
In Part 1 of a Morningstar Conference interview with Don Phillips, the Fairholme manager discusses the fund's contrarian philosophy, operations, and size.