Bruce Berkowitz is opening up a little bit more, but not entirely.

On Friday Fairholme Capital Management [profile] reopened the three-star, bronze-rated, $208.7-million Fairholme Focused Income Fund to new investors. Jodi Lin, a spokesperson for the Miami-based, deep-value equity mutual fund firm, offered MFWire an emailed statement on the move.

The decision to re-open The Fairholme Focused Income Fund to new investors was based on the expectation that, given the Income Fund's current holdings, investment opportunities, and liquidity, inflows from new investors can be invested in a manner that is consistent with the Income Fund's investment objective and strategies.

Berkowitz (founder's chief investment officer, founder, and star PM) and his team shuttered all three of their mutual funds to new investors two years ago. At the time the Focused Income Fund held $240.7 million.

Focused Income Fund is the second mutual fund that Fairholme has reopened to new investors. In August 2013 Fairholme opened up the gates to Berkowitz's flagship, multi-billion-dollar Fairholme Fund. The one-star, $358.6-million Fairholme Allocation Fund remains closed to new investors. 

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