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Ken Fisher is one of the fund managers we follow closely because of his strong track record. We focus on his new stock picks, largest positions and the stocks he sold out recently. His actions provide us insights about what he is thinking about the markets and particular sectors and stocks. We provided a detailed table showing his detailed movements in 12 stocks he sold out during the fourth quarter. Most of these positions were held more than one year. These are the transactions made by Ken Fisher's Fisher Asset Management on behalf of its clients.

Companies sold out

Ticker

Q3 End Position

Value (x$1000)

Q3

Q2

Q1

American Greetings

AM-OLD

1,707,031

31,580

-12%

-23%

+14%

ABM Industries Inc.

ABM

900,419

17,162

-45%

-20%

+5%

Nacco Industries

NC

127,812

8,103

-39%

-28%

+5%

Natus Medical Inc.

BABY

740,975

7,047

+8%

+433%

Initiate

Azz Inc.

AZZ

110,200

4,272

-

-

-

STEC Inc.

STEC

296,025

3,005

+29%

Initiate

Suncor Energy Inc.

SU

85,830

2,184

+3%

-7%

2%

Netflix Inc.

NFLX

18,550

2,101

+73%

-

-

UBS AG

UBS

178,658

2,042

-1%

-9%

-

Telefonica (ADR)

TEF

80,856

1,546

+7%

-93%

+195%

Black Box Corp

BBOX

52,885

1,129

-88%

-8%

+6%

Arcelormittal (ADR)

MT

68,135

1,084

-14%

-44%

-89%

The largest position sold out by Ken Fisher in the fourth quarter was American Greetings Corp (NYSE:AM-OLD). The stock lost 43% in 2011. Prior to the fourth quarter, Fisher was AM's largest stakeholder, with more than 1.7 million shares in the stock - almost twice as much as the next guy. Ken Fisher began to cut his position in AM during the second quarter when the stock was hovering around $24. But, he would have been better off if he had sold out the position at that time. Ken Fisher didn't report owning any position in AM in his Q4 13F filing, which indicates that he might have sold the rest of his position at about $17 per share. Ken Fisher also sold out ABM Industries Inc. (NYSE:ABM) during Q4. Before that he had the largest stake in the stock among the 350-plus hedge funds we are tracking.

Natus Medical Inc. (NASDAQ:BABY), which was picked by Ken Fisher in the first quarter, is another stock that Ken Fisher sold out of during Q4. It seems that Fisher was quite bullish about the stock in the first half of 2011. He initiated a new position of 128,000 shares in Natus during Q1, and boosted its position by more than four times during Q2. However, Natus slumped more than 40% in Q3 and finally lost 34% in 2011. Ken Fisher sold his 741,000 shares position during Q4.

Ken Fisher initiated a new position in STEC Inc. (OTC:SETC) during the second quarter. However, STEC slid more than 40% in August after the company released a worse-than-expected Q4 guidance. Ken Fisher probably lost more than 30% in this investment.

Other top positions sold out by Ken Fisher include Nacco Industries (NYSE:NC), Suncor Energy Inc. (NYSE:SU), Netflix Inc. (NASDAQ:NFLX), UBS AG (NYSE:UBS), Telefonica (NYSE:TEF), Black Box Corp (NASDAQ:BBOX) and Arcelormittal (NYSE:MT). Netflix lost a significant chunk of its value during the first two months of the fourth quarter. We didn't include positions that were worth less than $1 million, or are traded over the counter.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Billionaire Ken Fisher Recently Sold These Stocks