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.
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