From recent 2008 Q1 13F-HR filings by Fairholme, Monish Pabrai, and Robert Rodriguez
Bruce Berkowitz and his team at Fairholme have been keeping busy with several new additions. Quick thoughts:
- I am not sure if my scripts are handling the options correctly but since the options have the same CUSPID as the underlying stock, it is hard to tell which options the manager(s) are holding. Berkowitz has call options on Sears (SHLD) at 80, Canadian Natural Resources (CNQ) @ 50 and Wellpoint (WLP) @ 40.
- Fairholme opened up a substantial position in Wellpoint this past quarter in addition to the call option. He joins Berkshire Hathaway and Seth Klarman in owning WLP.
- Berkowitz also bought Glaxo (GSK), which I must admit is a stock I've been watching [and waiting for it to hit $40 per ADR].
- Major stake-raising in St. Joe's (JOE), increasing shares held by over 250%.
- And on a personal note, sold out of 97% of his position in Penn West Energy (PWE).
After some disastrous investments in financial companies, Mohnish Pabrai seems like he's been trying to get back on track by piggybacking off of Berkowitz's picks. Last quarter, he added SHLD (and added SHLD options this quarter). For Q1, he picked up Wellcare (WCG) after seeing that Fairholme bought in in Q4 2007. Other notes:
- Raised his CompuCredit (CCRT) stake nearly 500%.
- Added some call options on Pinnacle Airlines (PNCL).
- Mostly a quiet quarter for Pabrai.
Robert Rodriguez's holdings are a little tougher to deciper as the FPA filing includes multiple funds in addition to the flagship fund managed by Rodriguez.
- The only stock with substantial stakes raised was Omnicare (OCR).
- Reduced positions looks like a consequence of fund withdrawal and/or money raising, with stakes evenly reduced across the board.
Gory details below:
- Fairholme Capital Q1 2008 13F-HR Breakdown
- Mohnish Pabrai Q1 2008 13F-HR Breakdown
- FPA Q1 2008 13F-HR Breakdown
Disclosure: Long PWE