Tuesday, September 9, 2008

AXA getting smacked

One never really knows what the exact holdings are of any investment company as there are delays in reporting and so on.

But using data from June 30, 2008, AXA portfolios (via AllianceBernstein mutual funds and others) should be getting hurt a bit from the FNM, FRE< and LEH falls.

According to filings, AXA is:

1) The #1 holder of FNM common (134 million shares or 13% of the company)
2) The #3 holder of FRE common (41 million shares or 6% of the company)
3) The #1 holder of LEH common (66 million shares or 10% of the company)

The total losses as of right now from Friday's close on those positions are $804 million from FNM, $164 million from FRE, and $528 million from LEH for a total of $1.4 billion.

I realize AXA handles a lot of assets ($289 billion as of 6/30/08), but still.......

Also generally hurt from large exposures are Dodge & Cox, John Hancock funds, and Fidelity.

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