BOSTON (TheStreet) -- Bruce Berkowitz can't escape the final week of 2011 unscathed. But rather than suffering at the hands of the usual suspect, Bank of America (BAC) - Get Report, the star fund manager is losing big on Sears Holdings (SHLD) .
is down more than 30% this year as the fund's biggest holdings have fallen. His fondness for financial stocks has brought the fund its biggest losers. Bank of America and
American International Group
are two of Berkowitz's more publicized picks, dealing the manager hefty losses of 58% each this year.
Fairholme Fund manager Bruce Berkowitz
, though, is Berkowitz's latest headache, with the stock plunging 24% Tuesday after the struggling retailer disclosed dismal same-store sales for the important holiday season and announced it would close as many as 120 Sears and Kmart stores.
Sears is Berkowitz's second-largest position at more than 16 million shares, representing 11% of his portfolio. Of all institutional holders, Berkowitz's Fairholme Capital is second only to Eddie Lampert and his RBS Partners hedge fund, which owns 48 million shares of the retailer.
In addition to AIG, Bank of America and Sears, the other seven stocks that round out Fairholme Capital's top holdings have declined this year.
is down 42%,
Brookfield Asset Management
has fallen 18%,
has slid 25%,
has dropped 21%,
has plunged 30%, and both classes of
are off more than 3%.
Berkowitz can take some comfort that he isn't suffering alone today because of Sears' decline. In addition to Lampert's huge stake, hedge funds Orbis Holdings, Horizon Asset Management and Kinetics Asset Management each held more than 1.1 million shares of Sears as of Sept. 30, while other institutional holders like State Street, Vanguard and Invesco all held more than 1 million shares as of the end of the third quarter.
-- Written by Robert Holmes in Boston
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