Did Fairholme Allocation fund sell all MBIA stock?
It looks like it based on the NAV movement of the fund (at last reported period it was 26% of the fund).
I tracked the NAV for the last week and it seems that if reflects the sale (i.e. MBI was up more than 7% yesterday and FAAFX was up only 1.74%). Fairholme was one of the largest shareholders. Also MBIA presentation was removed from the Fairholme's web site. Thoughts?
Perhaps they don't see a settlement at all and expect it to go the distance ... 2014 - 2015.
With that in mind they reduce holdings (not the same as an exit) and invest those funds in something more near term. All with the plan to increase holdings in the future.