Bruce Berkowitz’s Fairholme had a terrible 2011. The fund lost more than 32% over the year, and only remains less than $7 billion under management.
As revealed in the letter, Fairholme’s largest stake is American International Group, Inc. (AIG), which dropped more than 50% over the past year after adjusted for dividends and splits. The firm’s third largest position – Sears Holdings Corp. (SHLD) – lost 57% in 2011. Its positions in Bank of America and Citigroup respectively lost 58% and 45%.
See Fairholme’s 2011 stat sheet here.