This is the Q3 portfolio update of Fairholme Capital Management, the firm that are run by Bruce Berkowitz. As of 11/12/2010, Fairholme Capital Management owns 21 stocks with a total value of $11.2 billion.
As we mentioned a few times before, we also track the portfolio of Fairholme Fund, which is different from Fairholme Capital Management. The latter has broader coverage; it also has a different fiscal period from Fairholme Fund.
As we have discussed many time, Bruce Berkowitz has been heavily getting in financials. Most of the stock prices are much lower than they were two years back. Apparently Bruce Berkowitz thinks that they will rebound. The investing thesis seems to be more from macro economic view instead of bottom up investing.
Bruce Berkowitz buys American International Group Inc., Morgan Stanley, General Electric Company, Bank Of America Corp., Cit Group Inc., Mbia Inc., Sears Holdings Corp., Citigroup Inc., sells Humana Inc., Hertz Global Holdings Inc., Bp P.l.c., Comcast Corp. Special, Wellcare Health Plans Inc., Tal International Group Inc., Comcast Corp., Daily Journal Corp. during the 3-months ended 11/12/2010, according to the most recent filings of his investment company, Fairholme Capital Management. These are the details of the buys and sells.
Added: American International Group Inc. (AIG, Financial)
Bruce Berkowitz added to his holdings in American International Group Inc. by 1.68%. The impact to his portfolio due to this purchase was 0.26%. His holdings were 38,951,449 shares as of 11/12/2010.
American International Group, Inc., world leaders in insurance and financial services, is the international insurance organization with operations in more than one hundred thirty countries and jurisdictions. American International Group Inc. has a market cap of $5.65 billion; its shares were traded at around $41.81 with and P/S ratio of 0.06.
Added: Morgan Stanley (MS, Financial)
Bruce Berkowitz added to his holdings in Morgan Stanley by 123.56%. His purchase prices were between $22.83 and $27.87, with an estimated average price of $25.93. The impact to his portfolio due to this purchase was 4.42%. His holdings were 36,345,300 shares as of 11/12/2010.
MORGAN STANLEY is a preeminent global financial services firm that maintains market positions in each of its three primary businesses: securities; asset management; and credit services. Morgan Stanley has a market cap of $35.72 billion; its shares were traded at around $25.57 with a P/E ratio of 13.97 and P/S ratio of 1.53. The dividend yield of Morgan Stanley stocks is 0.78%. Morgan Stanley had an annual average earning growth of 6.4% over the past 10 years.
Added: Bank Of America Corp. (BAC, Financial)
Bruce Berkowitz added to his holdings in Bank Of America Corp. by 30.66%. His purchase prices were between $12.32 and $15.67, with an estimated average price of $13.68. The impact to his portfolio due to this purchase was 1.94%. His holdings were 70,678,015 shares as of 11/12/2010.
Bank of America Corp. is one of the world's financial services companies. Bank Of America Corp. has a market cap of $121.61 billion; its shares were traded at around $12.12 with a P/E ratio of 55.09 and P/S ratio of 0.81. The dividend yield of Bank Of America Corp. stocks is 0.33%.
Added: Cit Group Inc. (CIT, Financial)
Bruce Berkowitz added to his holdings in Cit Group Inc. by 26.17%. His purchase prices were between $34.4 and $40.77, with an estimated average price of $37.7. The impact to his portfolio due to this purchase was 1.16%. His holdings were 15,442,529 shares as of 11/12/2010.
CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Cit Group Inc. has a market cap of $8.28 billion; its shares were traded at around $41.34 with and P/S ratio of 2.08.
Added: Mbia Inc. (MBI)
Bruce Berkowitz added to his holdings in Mbia Inc. by 41.29%. His purchase prices were between $5.61 and $11.19, with an estimated average price of $8.97. The impact to his portfolio due to this purchase was 0.84%. His holdings were 32,123,000 shares as of 11/12/2010.
MBIA Incorporated is engaged in providing financial guaranteeinsurance and investment management and financial services to public finance clients and financial institutions on a global basis. Mbia Inc. has a market cap of $2.2 billion; its shares were traded at around $10.97 with and P/S ratio of 0.74.
Added: Sears Holdings Corp. (SHLD)
Bruce Berkowitz added to his holdings in Sears Holdings Corp. by 4.45%. His purchase prices were between $60.14 and $75.13, with an estimated average price of $67.03. The impact to his portfolio due to this purchase was 0.4%. His holdings were 14,661,671 shares as of 11/12/2010.
Sears Holdings Corporation, the parent of Kmart and Sears, Roebuck and Co. Sears Holdings Corp. has a market cap of $7.66 billion; its shares were traded at around $69.2 with a P/E ratio of 24.28 and P/S ratio of 0.17.
Added: Citigroup Inc. (C)
Bruce Berkowitz added to his holdings in Citigroup Inc. by 1.72%. His purchase prices were between $3.66 and $4.3, with an estimated average price of $3.94. The impact to his portfolio due to this purchase was 0.14%. His holdings were 241,413,400 shares as of 11/12/2010.
Citigroup Inc., the global financial services company, has some two hundred million customer accounts and does business in more than hundred countries, providing consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citigroup Inc. has a market cap of $124.62 billion; its shares were traded at around $4.29 with and P/S ratio of 1.37.
New Purchase: General Electric Company (GE, Financial)
Bruce Berkowitz initiated holdings in General Electric Company. His purchase prices were between $13.88 and $16.66, with an estimated average price of $15.58. The impact to his portfolio due to this purchase was 2.08%. His holdings were 14,394,800 shares as of 11/12/2010.
General Electric is one of the largest and most diversified industrial corporations in the world. General Electric Company has a market cap of $173.73 billion; its shares were traded at around $16.25 with a P/E ratio of 14.64 and P/S ratio of 1.11. The dividend yield of General Electric Company stocks is 2.95%. General Electric Company had an annual average earning growth of 14.1% over the past 10 years. GuruFocus rated General Electric Company the business predictability rank of 4-star.
Reduced: Humana Inc. (HUM, Financial)
Bruce Berkowitz reduced to his holdings in Humana Inc. by 73.49%. His sale prices were between $44.34 and $52.78, with an estimated average price of $48.71. The impact to his portfolio due to this sale was -4.3%. Bruce Berkowitz still held 3,473,900 shares as of 11/12/2010.
Humana, Inc. is a health services company that facilitates the delivery of health care services through networks of providers to its medical members. Humana Inc. has a market cap of $10.02 billion; its shares were traded at around $59.2 with a P/E ratio of 8.71 and P/S ratio of 0.32. Humana Inc. had an annual average earning growth of 23.5% over the past 10 years. GuruFocus rated Humana Inc. the business predictability rank of 3.5-star.
Reduced: Wellcare Health Plans Inc. (WCG, Financial)
Bruce Berkowitz reduced to his holdings in Wellcare Health Plans Inc. by 21.61%. His sale prices were between $22.92 and $29.51, with an estimated average price of $25.99. The impact to his portfolio due to this sale was -0.41%. Bruce Berkowitz still held 5,834,967 shares as of 11/12/2010.
WellCare Health Plans, Inc. provides managed care services targeted exclusively to government-sponsored healthcare programs, focusing on Medicaid and Medicare. Wellcare Health Plans Inc. has a market cap of $1.24 billion; its shares were traded at around $29.23 with a P/E ratio of 12.03 and P/S ratio of 0.18.
Reduced: Tal International Group Inc. (TAL)
Bruce Berkowitz reduced to his holdings in Tal International Group Inc. by 21.47%. His sale prices were between $21.14 and $28.28, with an estimated average price of $24.26. The impact to his portfolio due to this sale was -0.09%. Bruce Berkowitz still held 1,467,388 shares as of 11/12/2010.
TAL International Group, Inc. is a lessor of intermodal containers and chassis. Tal International Group Inc. has a market cap of $865.35 million; its shares were traded at around $28.18 with a P/E ratio of 16.87 and P/S ratio of 2.45. The dividend yield of Tal International Group Inc. stocks is 4.97%. Tal International Group Inc. had an annual average earning growth of 4.3% over the past 5 years.
Sold Out: Hertz Global Holdings Inc. (HTZ, Financial)
Bruce Berkowitz sold out his holdings in Hertz Global Holdings Inc.. His sale prices were between $8.51 and $11.95, with an estimated average price of $10.19.
HERTZ GLOBAL HOLDING is the worlds largest general use car rental brand, operating from approximately 8,100 locations in 147 countries worldwide. Hertz Global Holdings Inc. has a market cap of $4.95 billion; its shares were traded at around $12.02 with a P/E ratio of 25.57 and P/S ratio of 0.7.
Sold Out: BP P.l.c. (BP, Financial)
Bruce Berkowitz sold out his holdings in Bp P.l.c.. His sale prices were between $29.35 and $41.33, with an estimated average price of $37.3.
BP p.l.c. is the holding company of one of the world's largest petroleum and petrochemicals groups. Bp P.l.c. has a market cap of $134.62 billion; its shares were traded at around $42.99 with a P/E ratio of 6.04 and P/S ratio of 0.55. Bp P.l.c. had an annual average earning growth of 20.3% over the past 10 years. GuruFocus rated Bp P.l.c. the business predictability rank of 3-star.
Sold Out: Comcast Corp. Special (CMCSK)
Bruce Berkowitz sold out his holdings in Comcast Corp. Special. His sale prices were between $15.98 and $18.49, with an estimated average price of $17.2.
Comcast Corporation is principally involved in the development, management and operation of broadband cable networks, and in the provision of electronic commerce and programming content. Comcast Corp. Special has a market cap of $55.45 billion; its shares were traded at around $19.18 with a P/E ratio of 15.34 and P/S ratio of 1.55. The dividend yield of Comcast Corp. Special stocks is 1.97%. Comcast Corp. Special had an annual average earning growth of 8.5% over the past 10 years.
Sold Out: Comcast Corp. (CMCSA)
Bruce Berkowitz sold out his holdings in Comcast Corp.. His sale prices were between $17 and $19.56, with an estimated average price of $18.26.
Comcast Corp., among the world's communication companies, provides basic cable, digital cable and high speed internet services that connect people to what's important in their lives. Comcast Corp. has a market cap of $57.34 billion; its shares were traded at around $20.43 with a P/E ratio of 16.34 and P/S ratio of 1.6. The dividend yield of Comcast Corp. stocks is 1.85%. Comcast Corp. had an annual average earning growth of 14.9% over the past 10 years.
Sold Out: Daily Journal Corp. (DJCO)
Bruce Berkowitz sold out his holdings in Daily Journal Corp.. His sale prices were between $65.91 and $76.51, with an estimated average price of $70.73.
DAILY JOURNAL CORPORATION publishes newspapers in California, Washington, Arizona, Colorado and Nevada. Daily Journal Corp. has a market cap of $98.74 million; its shares were traded at around $70.32 with a P/E ratio of 12.5 and P/S ratio of 2.44. Daily Journal Corp. had an annual average earning growth of 11.3% over the past 10 years.
As we mentioned a few times before, we also track the portfolio of Fairholme Fund, which is different from Fairholme Capital Management. The latter has broader coverage; it also has a different fiscal period from Fairholme Fund.
As we have discussed many time, Bruce Berkowitz has been heavily getting in financials. Most of the stock prices are much lower than they were two years back. Apparently Bruce Berkowitz thinks that they will rebound. The investing thesis seems to be more from macro economic view instead of bottom up investing.
Bruce Berkowitz buys American International Group Inc., Morgan Stanley, General Electric Company, Bank Of America Corp., Cit Group Inc., Mbia Inc., Sears Holdings Corp., Citigroup Inc., sells Humana Inc., Hertz Global Holdings Inc., Bp P.l.c., Comcast Corp. Special, Wellcare Health Plans Inc., Tal International Group Inc., Comcast Corp., Daily Journal Corp. during the 3-months ended 11/12/2010, according to the most recent filings of his investment company, Fairholme Capital Management. These are the details of the buys and sells.
- New Purchases: GE,
- Added Positions: AIG, MS, BAC, CIT, MBI, SHLD, C,
- Reduced Positions: HUM, WCG, TAL,
- Sold Out: HTZ, BP, CMCSK, CMCSA, DJCO,
Added: American International Group Inc. (AIG, Financial)
Bruce Berkowitz added to his holdings in American International Group Inc. by 1.68%. The impact to his portfolio due to this purchase was 0.26%. His holdings were 38,951,449 shares as of 11/12/2010.
American International Group, Inc., world leaders in insurance and financial services, is the international insurance organization with operations in more than one hundred thirty countries and jurisdictions. American International Group Inc. has a market cap of $5.65 billion; its shares were traded at around $41.81 with and P/S ratio of 0.06.
Added: Morgan Stanley (MS, Financial)
Bruce Berkowitz added to his holdings in Morgan Stanley by 123.56%. His purchase prices were between $22.83 and $27.87, with an estimated average price of $25.93. The impact to his portfolio due to this purchase was 4.42%. His holdings were 36,345,300 shares as of 11/12/2010.
MORGAN STANLEY is a preeminent global financial services firm that maintains market positions in each of its three primary businesses: securities; asset management; and credit services. Morgan Stanley has a market cap of $35.72 billion; its shares were traded at around $25.57 with a P/E ratio of 13.97 and P/S ratio of 1.53. The dividend yield of Morgan Stanley stocks is 0.78%. Morgan Stanley had an annual average earning growth of 6.4% over the past 10 years.
Added: Bank Of America Corp. (BAC, Financial)
Bruce Berkowitz added to his holdings in Bank Of America Corp. by 30.66%. His purchase prices were between $12.32 and $15.67, with an estimated average price of $13.68. The impact to his portfolio due to this purchase was 1.94%. His holdings were 70,678,015 shares as of 11/12/2010.
Bank of America Corp. is one of the world's financial services companies. Bank Of America Corp. has a market cap of $121.61 billion; its shares were traded at around $12.12 with a P/E ratio of 55.09 and P/S ratio of 0.81. The dividend yield of Bank Of America Corp. stocks is 0.33%.
Added: Cit Group Inc. (CIT, Financial)
Bruce Berkowitz added to his holdings in Cit Group Inc. by 26.17%. His purchase prices were between $34.4 and $40.77, with an estimated average price of $37.7. The impact to his portfolio due to this purchase was 1.16%. His holdings were 15,442,529 shares as of 11/12/2010.
CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Cit Group Inc. has a market cap of $8.28 billion; its shares were traded at around $41.34 with and P/S ratio of 2.08.
Added: Mbia Inc. (MBI)
Bruce Berkowitz added to his holdings in Mbia Inc. by 41.29%. His purchase prices were between $5.61 and $11.19, with an estimated average price of $8.97. The impact to his portfolio due to this purchase was 0.84%. His holdings were 32,123,000 shares as of 11/12/2010.
MBIA Incorporated is engaged in providing financial guaranteeinsurance and investment management and financial services to public finance clients and financial institutions on a global basis. Mbia Inc. has a market cap of $2.2 billion; its shares were traded at around $10.97 with and P/S ratio of 0.74.
Added: Sears Holdings Corp. (SHLD)
Bruce Berkowitz added to his holdings in Sears Holdings Corp. by 4.45%. His purchase prices were between $60.14 and $75.13, with an estimated average price of $67.03. The impact to his portfolio due to this purchase was 0.4%. His holdings were 14,661,671 shares as of 11/12/2010.
Sears Holdings Corporation, the parent of Kmart and Sears, Roebuck and Co. Sears Holdings Corp. has a market cap of $7.66 billion; its shares were traded at around $69.2 with a P/E ratio of 24.28 and P/S ratio of 0.17.
Added: Citigroup Inc. (C)
Bruce Berkowitz added to his holdings in Citigroup Inc. by 1.72%. His purchase prices were between $3.66 and $4.3, with an estimated average price of $3.94. The impact to his portfolio due to this purchase was 0.14%. His holdings were 241,413,400 shares as of 11/12/2010.
Citigroup Inc., the global financial services company, has some two hundred million customer accounts and does business in more than hundred countries, providing consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citigroup Inc. has a market cap of $124.62 billion; its shares were traded at around $4.29 with and P/S ratio of 1.37.
New Purchase: General Electric Company (GE, Financial)
Bruce Berkowitz initiated holdings in General Electric Company. His purchase prices were between $13.88 and $16.66, with an estimated average price of $15.58. The impact to his portfolio due to this purchase was 2.08%. His holdings were 14,394,800 shares as of 11/12/2010.
General Electric is one of the largest and most diversified industrial corporations in the world. General Electric Company has a market cap of $173.73 billion; its shares were traded at around $16.25 with a P/E ratio of 14.64 and P/S ratio of 1.11. The dividend yield of General Electric Company stocks is 2.95%. General Electric Company had an annual average earning growth of 14.1% over the past 10 years. GuruFocus rated General Electric Company the business predictability rank of 4-star.
Reduced: Humana Inc. (HUM, Financial)
Bruce Berkowitz reduced to his holdings in Humana Inc. by 73.49%. His sale prices were between $44.34 and $52.78, with an estimated average price of $48.71. The impact to his portfolio due to this sale was -4.3%. Bruce Berkowitz still held 3,473,900 shares as of 11/12/2010.
Humana, Inc. is a health services company that facilitates the delivery of health care services through networks of providers to its medical members. Humana Inc. has a market cap of $10.02 billion; its shares were traded at around $59.2 with a P/E ratio of 8.71 and P/S ratio of 0.32. Humana Inc. had an annual average earning growth of 23.5% over the past 10 years. GuruFocus rated Humana Inc. the business predictability rank of 3.5-star.
Reduced: Wellcare Health Plans Inc. (WCG, Financial)
Bruce Berkowitz reduced to his holdings in Wellcare Health Plans Inc. by 21.61%. His sale prices were between $22.92 and $29.51, with an estimated average price of $25.99. The impact to his portfolio due to this sale was -0.41%. Bruce Berkowitz still held 5,834,967 shares as of 11/12/2010.
WellCare Health Plans, Inc. provides managed care services targeted exclusively to government-sponsored healthcare programs, focusing on Medicaid and Medicare. Wellcare Health Plans Inc. has a market cap of $1.24 billion; its shares were traded at around $29.23 with a P/E ratio of 12.03 and P/S ratio of 0.18.
Reduced: Tal International Group Inc. (TAL)
Bruce Berkowitz reduced to his holdings in Tal International Group Inc. by 21.47%. His sale prices were between $21.14 and $28.28, with an estimated average price of $24.26. The impact to his portfolio due to this sale was -0.09%. Bruce Berkowitz still held 1,467,388 shares as of 11/12/2010.
TAL International Group, Inc. is a lessor of intermodal containers and chassis. Tal International Group Inc. has a market cap of $865.35 million; its shares were traded at around $28.18 with a P/E ratio of 16.87 and P/S ratio of 2.45. The dividend yield of Tal International Group Inc. stocks is 4.97%. Tal International Group Inc. had an annual average earning growth of 4.3% over the past 5 years.
Sold Out: Hertz Global Holdings Inc. (HTZ, Financial)
Bruce Berkowitz sold out his holdings in Hertz Global Holdings Inc.. His sale prices were between $8.51 and $11.95, with an estimated average price of $10.19.
HERTZ GLOBAL HOLDING is the worlds largest general use car rental brand, operating from approximately 8,100 locations in 147 countries worldwide. Hertz Global Holdings Inc. has a market cap of $4.95 billion; its shares were traded at around $12.02 with a P/E ratio of 25.57 and P/S ratio of 0.7.
Sold Out: BP P.l.c. (BP, Financial)
Bruce Berkowitz sold out his holdings in Bp P.l.c.. His sale prices were between $29.35 and $41.33, with an estimated average price of $37.3.
BP p.l.c. is the holding company of one of the world's largest petroleum and petrochemicals groups. Bp P.l.c. has a market cap of $134.62 billion; its shares were traded at around $42.99 with a P/E ratio of 6.04 and P/S ratio of 0.55. Bp P.l.c. had an annual average earning growth of 20.3% over the past 10 years. GuruFocus rated Bp P.l.c. the business predictability rank of 3-star.
Sold Out: Comcast Corp. Special (CMCSK)
Bruce Berkowitz sold out his holdings in Comcast Corp. Special. His sale prices were between $15.98 and $18.49, with an estimated average price of $17.2.
Comcast Corporation is principally involved in the development, management and operation of broadband cable networks, and in the provision of electronic commerce and programming content. Comcast Corp. Special has a market cap of $55.45 billion; its shares were traded at around $19.18 with a P/E ratio of 15.34 and P/S ratio of 1.55. The dividend yield of Comcast Corp. Special stocks is 1.97%. Comcast Corp. Special had an annual average earning growth of 8.5% over the past 10 years.
Sold Out: Comcast Corp. (CMCSA)
Bruce Berkowitz sold out his holdings in Comcast Corp.. His sale prices were between $17 and $19.56, with an estimated average price of $18.26.
Comcast Corp., among the world's communication companies, provides basic cable, digital cable and high speed internet services that connect people to what's important in their lives. Comcast Corp. has a market cap of $57.34 billion; its shares were traded at around $20.43 with a P/E ratio of 16.34 and P/S ratio of 1.6. The dividend yield of Comcast Corp. stocks is 1.85%. Comcast Corp. had an annual average earning growth of 14.9% over the past 10 years.
Sold Out: Daily Journal Corp. (DJCO)
Bruce Berkowitz sold out his holdings in Daily Journal Corp.. His sale prices were between $65.91 and $76.51, with an estimated average price of $70.73.
DAILY JOURNAL CORPORATION publishes newspapers in California, Washington, Arizona, Colorado and Nevada. Daily Journal Corp. has a market cap of $98.74 million; its shares were traded at around $70.32 with a P/E ratio of 12.5 and P/S ratio of 2.44. Daily Journal Corp. had an annual average earning growth of 11.3% over the past 10 years.
