Manager buys Chesapeake Energy, sells CIT

In the last quarter, Fairholme Capital Management added 3 stocks among other transactions.

By GuruFocus.com May 17, 2013 12:26PM

Account statement © Alamy Creativity AlamyBruce Berkowitz, manager of Fairholme Capital Management, had a good year in 2012. That was after a miserable 2011. It seems that the redemption of funds have stopped and he could buy some more stocks.


He hasn't done much buying over the past year due to redemption. But he did buy back some past holdings in his fund in the recent quarter. He bought into Chesapeake Energy (CHK), Canadian Natural Resources (CNQ) and Genworth Financial (GNW). All of them were the past holdings in his portfolio.


He added to positions in Berkshire Hathaway (BRK.B), Sears Holdings (SHLD) and Leucadia National (LUK), reduced positions in MBIA (MBI) and Wells Fargo (WFC), and sold out of CIT Group (CIT) during the three-months ended  31 March, 2013, according to the most recent filings of his investment company, Fairholme Capital Management.


As of March 31, 2013, Fairholme Capital Management owned 21 stocks with a total value of $7.9 billion.


This is the sector weightings of his portfolio:
Financial Services 64.3%
Consumer Cyclical 12.4%
Real Estate 6.8%
Industrials 6.6%
Energy 3.9%

These are the fund's top 5 holdings:

  1. American International Group (AIG) - 85,900,077 shares, 42.4% of the total portfolio. Shares added by 0.04%

  2. Bank of America (BAC) - 100,589,215 shares, 15.6% of the total portfolio. Shares added by 0.08%

  3. Sears Holdings (SHLD) - 19,508,773 shares, 12.4% of the total portfolio. Shares added by 7.51%

  4. St. Joe Corporation (JOE) - 25,035,855 shares, 6.8% of the total portfolio. Shares reduced by 0.33%

  5. Leucadia National (LUK) - 18,770,478 shares, 6.6% of the total portfolio. Shares added by 4.72%

New purchase: Chesapeake Energy (CHK)

Berkowitz's purchase prices were between $16.6 and $22.52, with an estimated average price of $19.57. The impact to his portfolio due to this purchase was 3.5%. His holdings were 13,373,700 shares as of March 31, 2013.


New purchase: Canadian Natural Resources (CNQ)

Berkowitz's purchase prices were between $28.87 and $32.93, with an estimated average price of $30.71. The impact to his portfolio due to this purchase was 0.45%. His holdings were 1,101,800 shares as of March 31, 2013.


New purchase: Genworth Financial (GNW)

Berkowitz's purchase prices were between $7.51 and $10.51, with an estimated average price of $9.16. The impact to his portfolio due to this purchase was 0.11%. His holdings were 898,800 shares as of March 31, 2013.


Here is the complete portfolio of Bruce Berkowitz.


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