Bruce Berkowitz (Trades, Portfolio), a fund manager known for consistently correct prescient bets on undervalued assets, has recently piled his Fairholme Fund (Trades, Portfolio) high with shares of Fannie Mae and Freddie Mac, mortgage entities whose fates hang in a legislative balance. He has also been both a fan of Warren Buffett (Trades, Portfolio) and a holder of his company, Berkshire Hathaway (BRK.A)(BRK.B). But in the first quarter, he cut the holding, which had been his tenth largest, in half, and bought stocks of two additional companies: Vodafone Group PLC (VOD) and AT&T Inc. (T).
Berkowitz started his Berkshire B-shares stake in 2009, when the price plunged to as low as an average of $59 per share. By the end of the year, he had accumulated 12,075,350 shares, of the company. He subsequently bought and sold more shares of the company, but he reduced the stake to its smallest yet in the first quarter. The investor cut 421,300 shares, or 59.32% of the holding, keeping just 288,935 shares, and relegating it to 0.36% of his portfolio. Continue Reading »