Courtesy of Todd Sullivan, below is Bruce Berkowitz's Fairholme Fund Annual Report. FAIRX had a tough year but this is one of the better large cap "value" funds who generally runs a very conservative policy; but does have very concentrated positions. And unlike (sadly) the majority of fund managers he has a large stake of his own money in the fund. Frankly at $7B+ in assets I don't know how one could manage in this type of environment.
His top position, Pfizer (PFE) makes up 18% of the portfolio.
Making up the rest of the top 10 are: Sears Holdings (SHLD), Forest Labs (FRX), Canadian Natural Resources (CNQ),Wellpoint (WLP), Boeing (BA), Northrop Grumman (NOC), United Health (UNH), The St Joe (JOE), and Humana (HUM)
Recent removals from top 10 include: Leucadia (LUK), Berkshire Hathaway (BRK.A), DISH Network (DISH), Mohawk Industries (MHK),
Mr. Berkowitz is hiding out in the same 2 themes we've identified for 2009: defense and healthcare.... safest bets in a relative sense; although he lives in large cap value world, and I'm more of a small to medium growth player.
Web Pages 4 through 9 of the document below are of most interest to peruse.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows