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
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV