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Fund Times

Fairholme's Berkowitz Buys American International Group

Domestic Stock Fund Manager of the Decade continues his return to financials.

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Bruce Berkowitz on Monday morning informed Morningstar that  Fairholme (FAIRX) and Fairholme Capital, advisor to the Fairholme fund, have initiated a sizable position in insurer  American International Group (AIG).

Berkowitz says Fairholme Capital owns more than 13 million of AIG's common shares, more than 20% of some tranches of the firm's convertible debt, as well as other AIG bonds.

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Michael Breen does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.