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Hedge fund billionaire and Sears Holding Corp. (SHLD) Chairman Edward Lampert reported a smaller stake in Citigroup Inc. (C) but a larger one in insurer Genworth Financial Inc. (GNW) as of Sept. 30, a regulatory filing shows.
It's the second straight quarter that Lampert-affiliated RBS Partners has reported a smaller stake in the giant bank and a bigger one in Genworth. The Citigroup stake reported by the company fell to 22 million shares, from 24.6 million, while Genworth rose to 10.8 million shares, from 9.1 million.
Lampert is known for his large, concentrated bets on the stocks of a small number of companies. Lampert-affiliated ESL Investments holds close to 59% of the Sears Holding Corp., according to Thomson One Analytics. The hedge-fund manager created the new Sears company in 2005 by joining Sears and Kmart.
Lampert is a major shareholder in AutoNation Inc. (AN). In recent quarters, he has transferred ownership of large blocks of shares in some companies, including Sears, to limited partners of his legacy partnerships. Tax experts have described the moves as efforts to guard against tax increases on investment partnerships. In the most recent quarter, Lampert left his Sears and AutoNation holdings unchanged.
Overall, the value of stocks reported by Lampert's RBS Partners rose to $8.4 billion for the period, up from $7.6 billion three months earlier.
Many investors who manage more than $100 million are required to disclose most securities holdings within a month and a half of the end of a quarter. The filings give the public a relatively fresh look at the portfolios of well-known investors.
-By Brendan Conway, Dow Jones Newswires; (212) 416-2670; email@example.com