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Hedge Funds Recovered Some of their $BAC Losses Today

Bank of America Corp (BAC) rose over 40 cents a share on news Tuesday that it “posted a profit of $6.2 billion, or 56 cents a share, compared to a year-ago loss of $7.3 billion, or 77 cents a share,” according to MarketWatch. While the increase is largely due to one-time items like “$4.5 billion in positive fair value adjustments,” “a pretax gain of $3.6 billion from the sale of shares in China Construction Bank,” ” a $1.7 billion gain in trading debit valuation adjustments, and a loss of $2.2 billion related to private equity and strategic investments,” BAC’s third quarter earnings still total 2 cents a share, according to MarketWatch. BAC Went from trading at $6.03 a share at close on Monday to $6.44 a share Tuesday morning.

FAIRHOLME (FAIRX) Bruce Berkowitz

The following hedge funds made big on the news:

1. Fairholme (Fairx) – Bruce Berkowitz: Gained $40.9 million

2. Paulson & Co – John Paulson: Gained $24.8 million

3. Edinburgh Partners – Sandy Nairn: Gained $9.0 million

4. Eton Park Capital – Eric Mindich: Gained $8.7 million

5. Legg Mason Capital Management – Bill Miller: Gained $5.1 million

6. Kingdon Capital Managemet – Mark Kingdon: Gained $4.7 million

7. Appaloosa Management Lp – David Tepper: Gained $4.1 million

8. Adage Capital Management – Phill Gross And Robert Atchinson: Gained $4.1 million

9. Glenview Capital – Larry Robbins: Gained $3.4 million

10. Sirios Capital Management – John Brennan: Gained $3.4 million

DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in BAC since the end of June. We did not take into account their option positions.

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