American International Group, Inc. (AIG) Financial News - Berkowitz's Fairholme slashes U.S. stock holdings
American International Group, Inc. (AIG)
Berkowitz's Fairholme slashes U.S. stock holdings
2011-08-16 01:04:07Quote: stock holdings in the second quarter by moving some of its money into more concentrated bets like insurer American International Group (AIG.N), according to a regulatory filing. The Miami-based money-management firm's equity stake in AIG nearly doubled to about 103 million shares in the quarter ended June 30, Fairholme's most recent 13-F filing shows. However, Fairholme no longer held about 23 million in warrants in AIG, at the end of the second quarter. It is possible some of those warrants were converted into common stock in the period. Berkowitz's firm also added shares of Assured Guaranty (AGO.N), a new position in the second quarter. Overall, Fairholme now has stakes in 20 U.S. listed companies, down from 28 companies at the end of the first quarter. Some of the stocks Berkowitz's firm eliminated from its portfolio include Cisco Systems (CSCO.O), Astrazeneca (ASTR.NS) and Bristol-Meyers Squibb, according to the filing. The filing shows that Berkowitz, in the second quarter, had remained as bullish as ever on troubled lender Bank of America (BAC.N). As of June 30, the number of Bank of America shares owned by Fairholme stood at 99 million, up slightly from the end of the first quarter. His position in Florida real estate concern St. Joe Co also was largely unchanged at 26.6 million.(Reported by Matthew Goldstein, editing by Matthew Lewis)...
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