We have just updated Fairholme Fund’s latest portfolio. As we discussed, Fairholme Fund sold Citigroup (C, Financial) and Berkshire Hathaway (BRK.B, Financial) for the three months ended on February 29. Fairholme Fund reported total assets of $8.2 billion. About $7.1 billion was in stocks, $0.6 billion was in preferred, warrants and the remaining $0.5 billion was in cash.
Fairholme still faces redemption pressure although it went from the bottom 99% to top 1% of mutual funds in the first quarter. Since Nov. 30, 2011, the recovery of financial stocks has lifted the fund’s performance dramatically. The value of the fund’s top holdings grew by almost $1 billion. Please see the table below:
With these outsized gains in Fairholme’s top holdings, one would expect that the total assets at Fairholme would grow by a similar amount. But the total assets in the Fairholme Fund are almost unchanged over the past three months. This means that almost all of the fund’s growth was taken out by investors.
It is ironic how quickly investors poured tens of billions into the Fairholme Fund at the worst time, when Bruce Berkowitz could do nothing wrong, and how quickly they rush out when it is exactly the time they should stay. Bruce Berkowitz lost these investors’ money, but don’t blame him for that.
Check out Bruce Berkowitz’s complete portfolio here. Also check out the Undervalued Stocks, Top Growth Companies and High Yield stocks of Bruce Berkowitz.
Fairholme still faces redemption pressure although it went from the bottom 99% to top 1% of mutual funds in the first quarter. Since Nov. 30, 2011, the recovery of financial stocks has lifted the fund’s performance dramatically. The value of the fund’s top holdings grew by almost $1 billion. Please see the table below:
| Quarter ended 2/29/2012 | Quarter ended on 11/30/2012 | Change | ||||
| Symbol | Number of Shares | Value ($1000) | Number of Shares | Value ($1000) | Gain(%) | Gain ($1000) |
| AIG | 84,130,225 | 2,147,480 | 84,413,425 | 1,967,680 | 9% | 179,800 |
| AAIGF.PK | 302,221,000 | 1,145,570 | 302,221,000 | 916,145 | 25% | 229,425 |
| SHLD | 14,212,673 | 990,055 | 14,212,673 | 857,450 | 15% | 132,605 |
| CIT | 16,358,129 | 665,939 | 16,358,129 | 553,886 | 20% | 112,053 |
| BAC | 81,607,015 | 650,408 | 81,607,015 | 443,942 | 47% | 206,466 |
| JOE | 23,136,502 | 361,547 | 23,136,502 | 322,722 | 12% | 38,825 |
| LUK | 12,186,350 | 347,189 | 12,186,350 | 285,404 | 22% | 61,785 |
| MBI | 20,501,100 | 221,002 | 20,501,100 | 198,861 | 11% | 22,141 |
| AIG.WS | 21,588,480 | 178,537 | 21,588,480 | 132,121 | 35% | 46,416 |
| Total Value for Quarter (2/29/2012): | 6,707,727 | Total Value for Quarter (11/30/2011): | 5,678,211 | Difference | 1,029,516 |
It is ironic how quickly investors poured tens of billions into the Fairholme Fund at the worst time, when Bruce Berkowitz could do nothing wrong, and how quickly they rush out when it is exactly the time they should stay. Bruce Berkowitz lost these investors’ money, but don’t blame him for that.
Check out Bruce Berkowitz’s complete portfolio here. Also check out the Undervalued Stocks, Top Growth Companies and High Yield stocks of Bruce Berkowitz.
