Bruce Berkowitz: Fairholme Capital’s Top 10 First Quarter 2011 Stocks

Following is information on Fairholme Capital Management’s top 10 holdings as of the end of the first quarter of 2011.  Note that the following only pertains to the fund’s common equity holdings, and excludes any warrants, notes, options, or other convertible securities described in its 13F filing.

  1. American International Group (NYSE:AIG): Fairholme Capital Management held 44,198,015 shares valued at $1,348,350,000 on March 31st, 2011. About the company:  American International Group, Inc. is a holding company which, through its subsidiaries, provides a varied range of insurance and insurance-related activities in the United States and abroad.  The Company’s main activities include both general insurance and life insurance & retirement services operations as well as financial services and asset management. Competitors to Watch: Hartford Financial Services (NYSE:HIG), HCC Insurance Hldgs., Inc. (NYSE:HCC), American Financial Group (NYSE:AFG), ACE Limited (NYSE:ACE), The Chubb Corporation (NYSE:CB), The Travelers Companies, Inc. (NYSE:TRV), White Mountains Insurance Group, Ltd. (NYSE:WTM), CNA Financial Corporation (NYSE:CNA), and Loews Corporation (NYSE:L)
  2. Sears Holdings Corp. (NASDAQ:SHLD): Fairholme Capital Management held 16,313,973 shares valued at $1,235,007,000 on March 31st, 2011. About the company:  Sears Holdings Corporation is a broadline retailer with full-line and specialty retail stores in the United States and Canada.  The Company retails home appliances, as well as tools, lawn and garden products, home electronics, and other products.  Sears Holdings also provides automotive repair and maintenance. Competitors to Watch: J.C. Penney Company, Inc. (NYSE:JCP), Kohl’s Corporation (NYSE:KSS), Macy’s, Inc. (NYSE:M), Dillard’s, Inc. (NYSE:DDS), Best Buy (NYSE:BBY), Bed Bath & Beyond (NASDAQ:BBBY), Ross Stores (NASDAQ:ROST), The TJX Companies (NYSE:TJX), Wal-Mart Stores, Inc. (NYSE:WMT), Saks Incorporated (NYSE:SKS), The Bon-Ton Stores, Inc. (NASDAQ:BONT), Target Corporation (NYSE:TGT), Overstock.com, Inc. (NASDAQ:OSTK), and Nordstrom, Inc. (NYSE:JWN).
  3. Bank of America Corporation (NYSE:BAC): Fairholme Capital Management held 92,648,715 shares valued at $1,161,644,000 on March 31st, 2011. About the company:  Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services.  The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.
  4. Berkshire Hathaway Inc. (NYSE:BRKB): Fairholme Capital Management held 7,868,272 shares valued at $1,142,316,000 on March 31st, 2011. About the company:  Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors.  The Company’s principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis.  Berkshire’s other operations include The Buffalo News, aviation training, and retail furniture businesses, as well as shoe, candy, and rug manufacturing.
  5. Citigroup Inc. (NYSE:C): Fairholme Capital Management held 258,442,600 shares valued at $1,062,510,000 on March 31st, 2011. About the company:  Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world.  The Company’s services include investment banking, retail brokerage, corporate banking, and cash management products and services.
  6. Morgan Stanley (NYSE:MS): Fairholme Capital Management held 38,891,300 shares valued at $1,062,113,000 on March 31st, 2011. About the company:  Morgan Stanley, a bank holding company, provides diversified financial services of a worldwide basis.  The Company operates a global securities business which serves individual and institutional investors and investment banking clients.  Morgan Stanley also operates a global asset management business.
  7. Goldman Sachs Group, Inc. (NYSE:GS): Fairholme Capital Management held 6,702,300 shares valued at $900,496,000 on March 31st, 2011. About the company:  The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services.  The Company provides services to corporations, financial institutions, governments, and high-net work individuals.
  8. Regions Financial Corp. (NYSE:RF): Fairholme Capital Management held 124,035,304 shares valued at $892,650,000 on March 31st, 2011. About the company:  Regions Financial Corporation is a regional multi-bank holding company.  The Company provides mortgage banking, credit life insurance, leasing commercial accounts receivable factoring, specialty mortgage financing, and securities brokerage services.  Regions provides banking services throughout the South, Midwest, and Eastern United States.
  9. Brookfield Asset Management Inc. (NYSE:BAM): Fairholme Capital Management held 27,500,000 shares valued at $845,146,000 on March 31st, 2011. About the company:  Brookfield Asset Management Inc, is a global asset management company focused on property, infrastructure and renewable power.  The Company owns office buildings in major business centers.  Brookfield also owns and operates power generating plants, ports, railways, utilities and timberlands, and invests on behalf of third parties.
  10. CIT Group (NYSE:CIT): Fairholme Capital Management held 19,862,429 shares valued at $0 on March 31st, 2011. About the company:  CIT Group Inc. operates as a holding company.  The Company, through its subsidiaries, provides lending, advisory, commercial banking, vendor finance, and leasing services to small and middle market businesses.  CIT Group operates globally.

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