Berkowitz's Fairholme Out of Goldman (GS), Citi (C); Cuts Stake in Citi (C), Raises Position in BofA (BAC)
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NEUTRAL (= Flat)
Dividend Yield: 1.7%
EPS Growth %: +64.0%
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As an October 28th filling with the SEC shows, Bruce Berkowitz's Fairholme Capital completely sold out of shares of both Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) last quarter. The fund also lowered its stake in Citigroup (NYSE: C) and boosted its position in Bank of America (NYSE: BAC).
The Fairholme Fund held 34.8 million shares of Morgan Stanley and 6.26 million shares of Goldman Sachs for a total value of $1.721 billion (or about 11 percent of the fund's assets at the time) as of May 31, 2011.
Fairholme shaved roughly 2 percent from its stake in Citigroup and increased its stake in BofA by about 6 percent. The fund now holds nearly 20.79 million shares of Citi and about 81.9 million shares of BofA.
Also notable, Berkowitz reduced his fund's stake in Regions Financial (NYSE: RF) by 29 percent. The Fairholme fund held 115.84 million shares of RF as of May 31 and only 82.21 million as of August 31.
Recent reports show the Fairholme Fund has fallen around 21 percent this year, lagging the S&P 500 Index after topping the U.S. benchmark the past seven consecutive years.
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The Fairholme Fund held 34.8 million shares of Morgan Stanley and 6.26 million shares of Goldman Sachs for a total value of $1.721 billion (or about 11 percent of the fund's assets at the time) as of May 31, 2011.
Fairholme shaved roughly 2 percent from its stake in Citigroup and increased its stake in BofA by about 6 percent. The fund now holds nearly 20.79 million shares of Citi and about 81.9 million shares of BofA.
Also notable, Berkowitz reduced his fund's stake in Regions Financial (NYSE: RF) by 29 percent. The Fairholme fund held 115.84 million shares of RF as of May 31 and only 82.21 million as of August 31.
Recent reports show the Fairholme Fund has fallen around 21 percent this year, lagging the S&P 500 Index after topping the U.S. benchmark the past seven consecutive years.
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Citi, Morgan Stanley, Bank of America, Standard & Poor's, Fairholme Capital Management, Bruce Berkowitz
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