2009 Q3 Moves of Bruce Berkowitz, Mohnish Pabrai and Robert Rodriguez

Unlike some of the managers I reviewed yesterday, Bruce Berkowitz and his cohorts at the Fairholme Capital have been buying. A scan of their Q3 2009 holdings spreadsheet suggests they favor healthcare companies and Berkshire Hathaway (BRK-A, BRK-B).

  • Fairholme opened two new positions, both in the healthcare industry: Wyeth (WYE) and Cardinal Health (CAH). However, Berkowitz sold off his UnitedHealth Group (UNH) stake and reduced the Wellpoint (WLP) position by 24%. Since he added 57% to his Humana (HUM) stake, I’d gather that his team is refining their health insurer picks and not abandoning their longstanding theme that the health insurers are vital to restructuring America’s health care system.
  • Other notable divestitures include defense companies General Dynamics (GD) and Boeing (BA). Fairholme decided to cash in a sizable gain in American Express (AXP) as well.
  • As mentioned above, Fairholme added substantially to their stake in Berkshire Hathaway, not too far removed from Berkowitz’s lukewarm assessment of the company. It also appears Fairholme is upgrading their United Rentals (URI) position to a stake in RSC Holdings (RRR), who may be best-in-class for the equipment rental industry.

Mohnish Pabrai made few major moves in Q3 2009. You can review his 2009 Q3 holdings spreadsheet here.

  • The only new position was a relatively small stake Interactive Brokers Group (IBKR).
  • Other notable moves included big adds to his Potash (POT) and Terex (TEX) stakes while selling off some Pinnacle Airlines (PNCL) and Ternium (TS).

Robert Rodriguez is nearing his sabbatical from FPA, at which point I will probably stop monitoring their filings. In any event, FPA have enough different funds and managers that the filing is a bit unwielding and yield little insight. In any case, readers can review FPA’s 13F-HR holdings spreadsheet here.

You can view other managers’ 13F holdings spreadsheets here.

More on this topic (What's this?)
Warren Buffett is now working for me
The Warren Buffett Argument Against Paying Dividends
Read more on Berkshire Hathaway at Wikinvest

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