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Top Guru Update - Bruce Berkowitz Sells in Second Quarter

Sally Jones

Sally Jones

49 followers
With so much illuminated competition among a pantheon of great investors, it means a great deal that GuruFocus readers cast their votes to name Bruce Berkowitz the GuruFocus “Guru of the Year 2012.” Berkowitz’s Fairholme Capital Management currently lists 19 stocks, two of them new stocks, in a portfolio valued at $7.69 billion, and a quarter-over-quarter turnover of 1%. His portfolio is heavily weighted with 73.6% in the financial services sector, followed by consumer cyclical at 11.5% and real estate at 7.4%.

Guru Berkowitz was actively selling in the second quarter of 2013 as follows:

Chesapeake Energy Co. (CHK): Reduced

Up 31% over 12 months, Chesapeake Energy Co. has a market cap of $16.63 billion and trades with a P/B of 1.30. The current share price is $24.99.

Guru Action: As of June 30, 2013, Bruce Berkowitz reduced his position by 93.99%, selling 12,569,900 shares at an average price of $20.29 for a gain of 22%.

Berkowitz has averaged a gain of 26% on 13,373,700 shares bought at an average price of $19.62 per share. On shares sold, he averaged a gain of 22% on 12,569,900 shares sold at an average price of $20.29 per share.

His current CHK shares stand at 803,800.

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Berkshire Hathaway Inc. (BRK.B): Reduced

Berkshire Hathaway Inc. is up 35% over 12 months and has a market cap of $268.31 billion. It trades with a P/E of 15.10. The current share price is $114.80.

Guru Action: As of June 30, 2013, Bruce Berkowitz reduced his position by 52.54%, selling 804,450 shares at an average price of $110.02 for a gain of 4.3%.

Berkowitz has averaged a gain of 63% on 18,781869 shares bought at an average price of $70.55 per share. On shares sold, he averaged a gain of 48% on 18,055,344 shares sold at an average price of $77.55 per share.

His current BRK.B shares stand at 726,525.

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Canadian Natural Resources Ltd. (CNQ): Sold Out

Down 5% over 12 months, Canadian Natural Resources has a market cap of $33.04 billion and trades with a P/E of 20.50. The current share price is $30.39.

Guru Action: As of June 30, 2013, Bruce Berkowitz sold out his holding, unloading 1,101,800 shares at an average price of $29.64 for a gain of 2.5%.

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Assured Guaranty Ltd. (AGO): Sold Out

Up 51% over 12 months, Assured Guaranty Ltd. has a market cap of $3.89 billion and trades with a P/E of 8.90. The current share price is $21.30.

Guru Action: As of June 30, 2013, Bruce Berkowitz sold out his holding, selling 51,700 shares at an average price of $21.79 for a loss of 2.2%.

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MBIA Inc. (MBI): Sold Out

Up 18% over 12 months, MBIA Inc. has a market cap of $2.44 billion and trades with a P/E of 3.90. The current share price is $12.62.

Guru Action: In the second quarter of 2013, Bruce Berkowitz sold out his MBI holding. He had a loss of 1.7% on 31,425,820 shares sold at an average price of $12.56.

Guru Action: Berkowitz’s Fairholme Fund reduced its MBI position by 89.02%. The Fairholme Fund sold 18,251,000 shares at an average price of $12.56 for a loss of 1.7%. The Fairholme Fund has averaged a gain of 29% on 20,501,000 shares bought at an average price of $9.56 per share. The fund has averaged a loss of 2% on 18,251,000 shares sold at an average price of $12.56 per share.

Historical pricing:

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Read related story on MBIA Inc. settlement.

Sears Canada Inc. (SCC.Canada): Reduced

Up 22% over 12 months, Sears Canada Inc. has a market cap of $1.26 billion and trades with a P/E of 9.20. The current share price is $12.35.

Guru Action: Berkowitz's Fairholme Fund also reduced its Sears Canada Inc. (SCC.Canada) position by 21.87% in the second quarter of 2013. The Fairholme Fund sold 1,331,099 shares at an average price of $9.74 for a gain of 26.8%. The Fairholme Fund has averaged a gain of 10% on 6,087,327 shares bought at an average price of $11.20 per share. The Fund has also averaged a gain of 27% on 1,331,099 shares sold at an average price of $9.74 per share.





GuruFocus Real Time Picksreports the stock purchases and sales that Gurus have made within the prior 2 weeks. The report time lag can be as short as 2 days after the date of the transaction. This feature is for Premium Members only.

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About the author:

Sally Jones
Sally Jones writes about Real Time Picks. She says, "I truly enjoy watching the Gurus in realtime and telling their story."

Rating: 3.8/5 (5 votes)

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