Fundsters interested in Bruce Berkowitz
may want to check out his latest move. Morningstar's U.S. stock manager of the decade is
launching a go-anywhere mutual fund that will bet on stocks, bonds, cash-like financial instruments, or none of the above, according to Bloomberg
The Fairholme Allocation Fund
], which will be managed by Berkowitz and Charles Fernandez
, president of Miami-based Fairholme Capital Management LLC
, will invest in a “focused portfolio” of equity, fixed income, and cash-equivalent instruments, according to a filing
. The fund's mandate allows it to invest any, all or none of its assets in each of those asset classes, and it can also invest in junk bonds, convertible debt, partnerships and real estate investment trusts.
As of Sept. 30, Fairholme Capital Management oversaw $18.2 billion, according to the filing, including $16.3 billion in its two existing mutual funds and another $1.9 billion in separate client accounts.
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