Bruce Berkowitz’s Fairholme Funds (FAIRX), a value mutual fund hold which holds a total of $5,561,843,000 worth of assets. Fairholme is down from peak assets of $23 billion only two years ago.
Apparently, the firm did not buy any stock during the second quarter of 2012, and only made one purchase in the first quarter. The sales were likely due to redemptions by investors.
Fairholme sold a large stake AIA group Ltd (OTC:AAIGF), selling 111,470,000 at an average price of $3.26 per share, for a total value of 363,392,200 or 6.53 percentage change in Fairholme’s portfolio. As of May 31st, 2012, the company held 190,751,000 representing 11.18% of the company’s portfolio.
The company was also short on Warren Buffet’s Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B), after it offloaded all the 2,532 shares held, at an average price of 123,363.93 per share, for a total value of 312,357,471 or 4.17 percentage change on the overall portfolio. Since then, Berkshire Hathaway Inc. (NYSE:BRK.A) (BRK.B) shares have rallied on to trade at 126,472.63, as at the time of this writing.
Other stocks include; American International Group, Inc. (NYSE:AIG), 2,802,800. Bruce Berkowitz’s Fairholme is the largest shareholder of American International Group, Inc. (NYSE:AIG), after the US Government. Berkowitz also sold sold 2,761,100 shares or 16.88% of its stake in CIT Group Inc. (NYSE:CIT). The fund also sold 56,000 shares or 5.7%, of its stake Orchard Supply Hardware Stores Corporation (NASDAQ:OSH).
Fairholme has a majority of its funds concentrated in the Financials sector, with approximately 87.19% invested, while the consumer discretionary sector has attracted nearly 13% of the company’s investments.
The fund has been cutting down the number of positions to just nine from more than 20 reported a year ago.
