Fairholme Funds, zarządzany przez Bruca Berkowitza ($5,561,843,000 aktywów - spadek z 23 miliardów USD tylko 2 lata temu), zlikwidował swoją pozycję w Berkshire Hathaway oraz zredukował AIG, CIT Group oraz Orchard Supply Hardware Stores Corp.. Fundusz nie dokupił akcji w 2 kwartale 2012.
Portfel poniżej za http://www.dataroma.com
Bruce Berkowitz w liście do inwestorów twierdzi, że AIG (około 35% wartości funduszu) - skoro dalej to podstawowa inwestycje dlaczego ją zredukował (tylko o 3,3%, ale zawsze) - Bank of America (9% funduszu) i Sears Holdings (11% funduszu) to jego najlepsze pomysły, uzasadnienie poniżej. 87% portfela stanowią firmy z sektora finansowego.
"Our best idea remains AIG common (35% of the Fund) with a reported book value of $57 per share. There are few occasions when systemically important franchises sell for half of book value and are profitable. This is one of those times. AIG warrants held by the Fund (another 3% of the Fund) provide the right to 21+ million shares at $45, or maybe more shares at lower strike prices for the next 34 quarters if dividends above $0.675 per trailing 12-month period are paid.
Bank of America is the Fund’s next largest financial holding (9% of the Fund) affected by the great housing price collapse. The company’s reported book value is over $20 per share. We believe that America’s bank is returning to its retail roots (think of Wells Fargo) with a $1 trillion deposit franchise and that bank profits will skyrocket as legacy real estate loans burn-off.
Sears Holdings (11% of the Fund) is one of the largest corporate real estate organizations in the world, with a portfolio of retail locations that is second to none. Generally Accepted Accounting Principles (“GAAP”) mandate valuing their real estate at the lower of cost or market. GAAP would force the Dutch settlers to value Manhattan today at the 1626 purchase price of $23.70. The company’s reported book value of $43 understates real values."
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