Bruce Berkowitz cut his stakes in financial stocks by the end of the first quarter, the head of Fairholme Capital Management revealed in an SEC filing this afternoon.
Berkowitz cut his entire 213,000 share stake in Goldman Sachs (GS) and pared back his Bank of America (BAC), Citigroup (C) and Berkshire Hathaway (BRKB) exposure.
Berkowitz’s Citi stake slid to 399,400 shares from 2.1 million, and his Berkshire stake fell to about 970,000 from 2.7 million.
That said, Berkwoitz added warrants for Bank of America, JPMorgan Chase (JPM) and Wells Fargo (WFC).
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