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Citigroup (NYSE:C) is one of the leading financial companies, operating in the consumer, corporate and investment banking and insurance sectors. Citigroup revenues for full year 2010 were $86.6 billion, down 5% from $91.1 billion in 2009. Citigroup net income for full year 2010 was $10.6 billion, compared with a net loss of $1.6 billion in the full year 2009.

Citigroup has had more than 3,000 securities in its 13F portfolio with a total value of $99 billion as of December 31, 2010. Some of Citigroup’s largest positions are iShares Trust Russell 2000 Index Fund (NYSEARCA:IWM) with $5.2 billion invested, Carnival Corporation (NYSE:CCL) with $2.8 billion invested, Nabors Industries (NYSE:NBR) with $1.08 billion invested, The Pohang Iron and Steel Company [South Korea] (NYSE:PKX) with $1.05 billion invested, Procter & Gamble (NYSE:PG) with $803 million invested and Wells Fargo (NYSE:WFC) with $660 million invested. In addition, put options on SPDR S&P 500 ETF (NYSEARCA:SPY), Crown Holdings Inc (NYSE:CCK), and SPDR Gold Trust (NYSEARCA:GLD).

We believe investors might benefit by focusing on Citigroup’s newer positions. Citigroup’s largest new stock picks have gained 15.3% since the end of 2010, vs. 5.3% gain for the S&P 500 (SPY). Eight of Citigroup’s largest 10 new positions managed to beat the market. Here are the largest new positions in Citigroup’s portfolio at the end of December:

  1. GENERAL GROWTH PROPERTIES INC (NYSE:GGP): In fiscal 2010, GGP reported total revenue of $2.84 billion, a decrease of 2.41% compared with a year ago. Annual net income was -$1.44 billion in 2010. GGP recently traded at $15.18 and lost 1.94% since the end of December. The stock has a market cap of $14.18 billion. Citigroup had $245 million invested in GGP at the end of December. John Griffin, Bill Ackman, Bruce Berkowitz, and Whitney Tilson were also investing in General Growth Properties.
  2. HOWARD HUGHES CORPORATION (NYSE:HHC): In fiscal 2009, HHC reported total revenue of $136 million. Annual net income was -$703 million in 2009. HHC recently traded at $68.56 and gained 25.98% since the end of December. The stock has a market cap of $2.59 billion. Citigroup had $82 million invested in HHC at the end of December. John Griffin also bought $32 million worth of HHC shares during the last quarter of 2010.
  3. GENERAL MOTORS CORP. (NYSE:GM): In fiscal 2010, GM reported total revenue of $135.6 billion, an increase of 29.64% compared with a year ago. Annual net income was $4.67 billion in 2010. GM recently traded at $30.85 and lost 16.3% since the end of December. The stock has a market cap of $48.5 billion and P/E ratio of 10.76. Citigroup had $69 million invested in GM at the end of December. GM is also one of the 5 stocks with substantial insider purchases. As GM’s stock price fell below its IPO price, several insiders stepped in and purchased modest amounts of shares. Daniel F. Akerson, CEO, purchased 5,000 shares at $31.81. George Soros, William Ackman’s Pershing Square, David Tepper’s Appaloosa, Roberto Mignone’s Bridger Management, Richard Perry’s Perry Capital, and Leon Cooperman’s Omega Advisors are among the other hedge fund managers with GM investments.
  4. COCA-COLA ENTERPRISES INC (NYSE:CCE): In fiscal 2010, CCE reported total revenue of $6.71 billion an increase of 2.91% compared with a year ago. Annual net income was $624 million in 2010. CCE recently traded at $26.78 and gained 5.68% since the end of December. The stock has a market cap of $8.9 billion and P/E ratio of 14.73. Citigroup had $68 million invested in CCE at the end of December. During the fourth quarter last year, George Soros also initiated brand new positions in Coca-Cola Enterprises.
  5. PROMOTORA DE INFORMA ADR CL B C (NYSE:PRIS): In fiscal 2010, PRIS reported total revenue of $2.7 billion a decrease of 14.7% compared with a year ago. Annual net income was -$73 million in 2010. PRIS recently traded at $11.63 and gained 45.01% since the end of December. The stock has a market cap of $1.12 billion.
  6. CHEMTURA CORP (NYSE:CHMT): In fiscal 2010, CHMT reported total revenue of $2.76 billion, an increase of 20% compared with a year ago. Annual net income was -$586 million in 2010. CHMT recently traded at $16.88 and gained 5.63% since the end of December. The stock has a market cap of $1.62 billion.
  7. ABITIBIBOWATER INC COM NEW (ABH): In fiscal 2009, ABH reported total revenue of $4.37 billion. Annual net income was -$1.55 billion in 2009. ABH recently traded at $27 and gained 14.07% since the end of December.
  8. EMBRAER SA (NYSE:ERJ): In fiscal 2009, ERJ reported total revenue of $5.4 billion. Annual net income was $248 million in 2009. ERJ recently traded at $32.96 and gained 12.11% since the end of December. The stock has a market cap of $6.04 billion and P/E ratio of 19.58.
  9. COMPANHIA PARANAENSE DE ENERGIA - COPEL (NYSE:ELP): In fiscal 2009, ELP reported total revenue of $5.62 billion. Annual net income was $1.02 billion in 2009. ELP recently traded at $26.69 and gained 6.04% since the end of December. The stock has a market cap of $7.3 billion and P/E ratio of 14.2.
  10. VALEANT PHARMACEUTICALS INTERNATIONAL INC (NYSE:VRX): In fiscal 2010, VRX reported total revenue of $1.18 billion, an increase of 43.9% compared with a year ago. Annual net income was -$208 million in 2010. VRX recently traded at $44.39 and gained 56.91% since the end of December. The stock has a market cap of $13.2 billion. John Griffin also bought VRX shares during the last quarter of 2010. Andreas Halvorsen and Viking Global’s had $261 million invested in VRX at the end of December.

Disclosure: I am long SPY, C.