Lampert Raises Exposure To Financials In 4Q
February 16 2010 - 6:30PM
Dow Jones News
Hedge fund billionaire Edward Lampert built up exposure to the
financial sector last quarter, a regulatory filing Tuesday
shows.
Lampert-affiliated RBS Partners reported a substantially larger
Citigroup Inc. (C) stake as of Dec. 31, as well as 1.5 million new
shares in Wells Fargo & Co. (WFC) and about 454,000 in Bank of
America Corp. (BAC). Lampert's Citigroup holdings rose 12.5 million
shares to 31.3 million.
The chairman of Sears Holding Corp. (SHLD) also reported 4.5
million shares in lender CIT Group Inc. (CIT), after reporting no
CIT stake in the previous period.
The moves reverse some of the adjustments Lampert made over the
summer, when he reduced exposure to several financial stocks and
eliminated what was once a stake of 15.4 million CIT shares.
Lampert also kept cutting holdings in Sallie Mae (SLM), which he
reduced last summer as well. Lampert reported 2.9 million shares in
the student lender as of Dec. 31, down from 4.3 million in the
previous quarter.
Other adjustments made by the Sears chairman include a trimming
of nearly 200,000 shares in Capital One Financial Corp. (COF) and
about 400,000 in marketing-services company Acxiom Corp.
(ACXM).
Many investors who manage more than $100 million are required to
disclose holdings of most types of securities within 45 days of the
end of a quarter. The filings give the public its freshest possible
look inside the portfolios of well-known investors.
The fourth-quarter deadline was Tuesday.
-By Brendan Conway, Dow Jones Newswires; (212) 416-2670;
brendan.conway@dowjones.com
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