Fairholme plans to introduce a non-diverified bond fund in January 2010, an SEC filing revealed on Wednesday.

The Fairholme Focused Income Fund will have an expense ratio of 100 bps, though half of that will be waived through the next year. The fund requires a minimum investment of $25,000.

Bruce Berkowitz will lead portfolio management, just as he does for Fairholme's existing (and very successful) Fairholme Fund, which invests the majority of its $10 billion in assets in equities.

Fairholme plans to open the new bond fund on January 1, 2010. 

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