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Take the Fairholme Fund, which was one of the few outliers where active management outperformed over the long term.
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Today, the Fairholme fund has more than 60% of assets in just its four largest holdings: AIG, Sears Holding, Bank of America and options in General Growth Properties.
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Likewise, Bruce Berkowitz has managed the Fairholme Fund since 1999.
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Fairholme fund more then doubled the market and returned 35.8%.
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How long are you willing to stick with holding the Fairholme Fund, especially if none of the reasons to sell a fund that were cited above seem to be evident in this case?
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He owned this stock before in Fairholme Focused Income Fund, but sold later.
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He has been in the news lately because his flagship fund, Fairholme (FAIRX) , will close to new investors at the end of this month.
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Fairholme Capital surfaced as a major holder in early 2011 with 38.5 million shares, a position the hedge fund run by Bruce Berkowitz has increased to 46.5 million, or 22%.
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