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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.

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