This is pretty bad……….
From the 13F-HR footnotes on Fairholme’s SEC filing….
For purposes of this Form 13F-HR for the third quarter of 2014, the filer is not disclosing its holdings in both Federal Home Loan Mortgage Corp and Federal National Mortgage Association, because such securities are not included on the Official List of Section 13(f) (full list) securities released by the Securities and Exchange Commission (FNMA, FNMAS).
The 13(f) list from the SEC does not list either the common or preferred shares so neither is required to be listed. For the record I also emailed the reporter and editor of the story and alerted them to the error.
You’ll also note that Pershing Square, an >11% holder of the common of both GSE’s also does not list the common stock of either entity in their 13F-HR for the same reason. Now, as an 10% (or more) holder, ANY action Pershing takes regarding the common stock is immediately reportable in 13D filings…..no filing= no action.
Bloomberg article:
