3. American International Group Inc. (NYSE:AIG)
Billionaires with Long Positions (as of June 30): 14
Aggregate Value of Billionaires’ Holdings (as of June 30): $2.14 Billion
The number of billionaires with positions in American International Group Inc. (NYSE:AIG) increased by one quarter-over-quarter, whereas the value of these positions shrank by $773.26 million. The shares of AIG closed 1.11% in the red on Friday, but have narrowed down this loss during Friday’s after-market trading by almost a half. Even so, the stock has still managed to deliver a year-to-date return of slightly over 3%. Just recently, a U.S. appeals court rejected AIG’s efforts to recuperate $48.2 million of foreign tax credits that the IRS did not allow. In the meantime, Paulson & Co, founded by John Paulson, reported owning 14.60 million shares of American International Group Inc. (NYSE:AIG) in its 13F filing for the June quarter.
2. Bank of America Corp (NYSE:BAC)
Billionaires with Long Positions (as of June 30): 14
Aggregate Value of Billionaires’ Holdings (as of June 30): $1.71 Billion
Three more billionaires had Bank of America Corp (NYSE:BAC) in their portfolios at the end of the second quarter compared to the previous trimester. By the same token, the value of billionaires’ stake in the stock went up by $275.77 million during the recent quarter. Bond trading volume is anticipated to reduce following the Fed’s decision to keep interest rates unchanged, which will surely have an impact on Bank of America Corp (NYSE:BAC)’s bottom-line as well. Most investors tend to avoid taking too much risk in bonds until they get an idea about when the Fed will start its tightening campaign. Ken Fisher’s Fisher Asset Management owns 42.69 million shares of BAC as of June 30, accounting for 1.41% of its portfolio.
1. Citigroup Inc (NYSE:C)
Billionaires with Long Positions (as of June 30): 19
Aggregate Value of Billionaires’ Holdings (as of June 30): $2.61 Billion
Citigroup Inc (NYSE:C) is by far the most favorite financial stock among the billionaires we follow, with 19 investors holding stakes in the stock at the end of June, up by one over the quarter. However, the overall value of these stakes decreased by $375.02 million between April and June. Citigroup anticipates its trading revenue to fall by 5% in the third quarter, according to its Chief Financial Officer, John Gerspach. It is also worth noting that the increased volatility in the U.S. equity markets is expected to put downward pressure on Wall Street banks’ third-quarter results. In the meantime, the shares of Citigroup are in the red this year, losing slightly over 7% year-to-date. Boykin Curry’s Eagle Capital Management is the largest shareholder of Citigroup Inc (NYSE:C) within our database, holding 24.37 million shares.
Disclosure: None
