Pabrai’s Largest Positions: Bank of America, Citigroup, Chesapeake

Pabrai’s Largest Positions: Bank of America, Citigroup, Chesapeake
By Fabarsi (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Mohnish Pabrai, the managing partner of Pabrai Investment Funds, did not acquire any new equity for the third quarter that ended September 30, 2013, based on its 13F filing with the Securities and Exchange Commission (SEC).

Pabrai heavily invested in BoA

Pabrai’s portfolio showed that his firm owns 7,502,000 shares of Bank of America Corp (NYSE:BAC) with a market value of $103,528,000. His firm initially purchased 7,053,551 shares of the bank in third quarter of 2011. The following quarter he reduced his stake by 69.72% to 2,135,986 shares. In 2012, he started building his stake in the bank every quarter until it reached its current amount. Bank of America accounts for 29.63% of Pabrai’s portfolio.

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Currently, Bank of America Corp (NYSE:BAC) is facing a potential penalty of $863 million after a jury found that its subsidiary, Countrywide Financial Corp was guilty of defrauding mortgage giants Fannie Mae / Federal National Mortgage Association (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) for selling defective loans.

Bank of America (NYSE:BAC) is trading at around $14.33 per share in the mid-afternoon trading on Tuesday, down by 0.52%. Over the past 52-week range, the stock price of the bank went up from $8.92 to $15.03 per share.

Citigroup, Chesapeake are other large holdings

Pabrai also owns 1,560,000 share of Citigroup Inc (NYSE:C) worth $75,676,000 and 3,268,145 shares of Chesapeake Energy Corporation (NYSE:CHK) worth $84,580,000. Citigroup and Chesapeake account for 16.46% and 18.40% of the firm’s portfolio, respectively.

Last week, Citigroup Inc (NYSE:C) launched its Retail Price Improvement, a new generation order facilitation mechanism platform for its institutional clients, particularly in Latin America. The platform provides significant price improvements for retail and institutional investors. The bank also received an extra surcharge of 2% of risk-weighted average assets from the Financial Stability Board.

Today, the shares of Citigroup Inc (NYSE:C) are down by 1.20% to $49.57 per share. The stock price of the company is lower by $3.50 from its highest trading price of $53.56 per share over the past 52 weeks.

On the other hand, Chesapeake Energy Corporation (NYSE:CHK) delivered positive financial results during the third quarter. The oil and natural gas producer posted $0.43 earnings per share and $4.87 billion in revenue compared with the consensus estimate of $0.42 earnings per share and $1.38 billion revenue.

Pabrai has also investments in Horsehead Holding Corp (NASDAQ:ZINC) and Goldman Sachs Group Inc (NYSE:GS) worth $63,172,000 and $22,444,000, respectively. His firm owns 5,070,000 shares of Horsehead Holding and 141,863 shares of Goldman Sachs

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Marie received her Bachelors Degree in Mass Communication from New Era University. She is a former news writer and program producer for Nation Broadcasting Corporation (NBC-DZAR 1026), a nationwide AM radio station. She was also involved in events management. Marie was also a former Young Ambassador of Goodwill during the 26th Ship for Southeast Asian Youth Program (SSEAYP). She loves to read, travel and take photographs. She considers gardening a therapy.
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