Fairholme Funds Discloses 3.9M Stake In Imperial Metals

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Fairholme Funds, the mutual fund managed by Bruce Berkowitz disclosed a stake 0f 3,860,300 shares of Imperial Metals Corporation (TSE:III) based on its latest Form-NQ filing with the Securities and Exchange Commission (SEC).

The regulatory filing showed that Fairholme Funds’ stake in Imperial Metals Corporation (TSE:III) has a market value of $31,953,187.  Imperial metals is a mining company based Canada. It has approximately $689.7 million in market capitalization.

Fairholme Funds initiated its position in Imperial Metals Corporation (TSE:III) in the fourth quarter last year. Its position in the mining company accounts 0.4% of its portfolio.

Imperial Metals’ stock performance

Over the past 52-week range, the shares of Imperial Metals Corporation (NYSE:III) traded from its highest level of $18.63 per share to its lowest level of $7.92 per share. The stock closed $9.20 per share on Monday. Year-to-date, the company lost more than 42% of its value.

Imperial Metals Corporation (TSE:III) is the operator of the Mount Polley copper/gold mine in British Columbia and the Sterling gold mine in Nevada. It has 50% stake in the Huckleberry copper mine and 50% interest in the Ruddock Creek lead/zinc property, both located in British Columbia.

Fairholme Funds’ other investments

Fairholme Funds also disclosed in its filing that it owned 81,607,015 shares in Bank of America Corp (NYSE:BAC) worth $1,313,056,871. The mutual fund owned 10,957,350 shares of Leucadia National Corp. (NYSE:LUK) with a market value of $273,166,736.

Fairholme Funds also declared an interest of 11,483,600 shares of Freddie Mac/ Federal Home Loan Mortgage Corp. (OTCBB:FMCC) worth 43,867,352  and 13,657,300 shares of Fannie Mae/Federal National Mortgage  Assctn Fnni Me (OTCBB:FNMA) worth $53,126,897.

Fairholme Funds also reported a stake of 61,756, 496 shares of American International Group (NYSE:AIG) worth $3,462,069,334. The mutual fund owned 23,136,502 shares of The St. Joe Company (NYSE:JOE) worth $501,136,633.

It has a stake of 14,212,673 shares in Sears Holdings Corp (NASDAQ:SHLD) worth $ $494,601,020 and 1,641,616 shares in Land’s End, Inc (NASDAQ:LE) worth $56,602,919.

Early this month, Fairholme Funds vowed to continue to pursue its claims to the profits of Fannie Mae and Freddie Mac. The firm said, “Litigation is a lengthy process. On behalf of hundreds of thousands of Fairholme Funds shareholders, we will vigorously pursue the enforcement of existing contractual claims and our inalienable rights of property ownership as guaranteed by the United States Constitution.”

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