Freddie Mac (FMCC)

[CatBirdSeat]

Happy Easter

Now we know Berko owns COMMON Big Time!

Berkowitz’s flagship Fairholme Fund (FAIRX) has generated significant alpha since its December 1999 inception: through Q3 2018, the fund returned at an annualized rate of 8.71% compared to 5.77% for S&P 500 index. FAIRX has, however, underperformed over the most recent 10-year period. Of the $1.1B AUM, Cash and Equivalents are at ~43%, St. Joe's stock at 30.6%, and Fannie/Freddie Pfds at 12.3%. The other funds under Fairholme umbrella are Fairholme Focused Income Fund (FOCIX) and Fairholme Allocation Fund (FAAFX). Large equity holdings that are not in the 13F report include Fannie Mae (OTCQB:FNMA) pfds (OTCQB:FNMAS), Freddie Mac (OTCQB:FMCC) pfds (OTCQB:FMCKJ), Imperial Metals (OTCPK:IPMLF), and International Wire Group (OTCPK:ITWG).