NEW YORK (TheStreet) -- Fairholme Funds, the roughly $9 billion mutual fund manager run by Bruce Berkowitz, unloaded stakes in Citigroup (C) 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV