This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Berkowitz's Fairholme Sells Citigroup, China Pacific

NEW YORK ( TheStreet) -- Fairholme Funds, the roughly $9 billion mutual fund manager run by Bruce Berkowitz, unloaded stakes in Citigroup (C - Get Report) and China Pacific Insurance in its fiscal first quarter ending Feb. 29, according to a filing with the Securities and Exchange Commission Wednesday.

Fairholme's largest investment vehicle, an $8.2 billion mutual fund called The Fairholme Fund (FAIRX), owned just over 5.18 million shares of Citigroup worth about $142 million, according to the annual report posted on the fund's website. As of Feb. 29, it owned no Citigroup shares.
Fairholme Funds boss Bruce Berkowitz

The Fairholme Fund also owned nearly 110 million shares of China Pacific Insurance, China third largest life insurer, worth over $300 million at the end of November. It held no shares of the company as of Feb. 29. U.S.-based private equity firm The Carlyle Group, has also been selling down its stake in the Chinese insurer.

10 Stocks That Won't Leave You High and Dry >>

The Fairholme Fund also bought some 642 thousand shares in Orchard Supply Hardware Stores (OSH) during the first quarter, though it had already disclosed that investment in a Jan. 10 filing with the SEC.

The fund also exited a $50 million stake in a fund called JZ Capital Partners.

The Fairholme Fund made no change to the vast majority of its top holdings during its fiscal first quarter. Those include AIG (AIG), Sears Holdings Corp (SHLD - Get Report), Bank of America (BAC - Get Report) and CIT GROUP (CIT).

The $307 million Fairholme Allocation Fund (FAAFX), however, added to holdings of Sears and Leucadia National Corp (LUK), while also adding to existing warrants to buy shares of Bank of America, Wells Fargo (BAC - Get Report) and JPMorgan Chase (JPM).

How to Turn Apple's Stock Into an Income Stream >>

Fairholme's Berkowitz, Morningstar Manager of the Decade in 2010, got crushed in 2011 after betting heavily on beaten-down financials. The Fairholme Fund has bounced back strongly in the first quarter, however, literally going from worst to first.

Fairholme's mutual funds represent the vast majority of the assets managed by Fairholme Capital Management, which will likely make its 13F filing of first calendar quarter holdings shortly before the 45-day deadline in mid-May.

A spokesman for Berkowitz declined to comment on firm investments.

-- Written by Dan Freed in New York.

Follow me on Twitter
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $14.56 0.00%
C $46.28 0.00%
SHLD $16.38 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs