What smart money is saying about Federal National Mortgage Association
1 fund in our archive has pitched Federal National Mortgage Association, most recently Pershing Square Holdings, Ltd. in September 2026.
The Federal National Mortgage Association, commonly known as Fannie Mae, was established in 1938 and has its headquarters in Washington, D.C. Its fundamental purpose is to facilitate the flow of capital in the United States mortgage market, ensuring a consistent source of financing for home loans. Fannie Mae achieves this by transforming mortgage loans originated by various lenders into standardized investment products called Fannie Mae mortgage-backed securities (MBS). The organization operates through two distinct primary segments: 1. Single-Family Segment: This division is responsible for acquiring and securitizing a wide range of residential mortgage loans. These include conventional first-lien mortgages (both fixed and adjustable-rate), loans guaranteed by government agencies like the Federal Housing Administration (FHA), Department of Veterans Affairs (VA), and the U.S. Department of Agriculture's Rural Development Housing and Community Facilities Program, as well as manufactured housing loans and other related mortgage securities. Additionally, this segment provides mortgage servicing and comprehensive credit risk and loss management services for single-family properties. 2. Multifamily Segment: Focusing on properties with multiple dwelling units, this segment securitizes and purchases multifamily mortgage loans, converting them into Fannie Mae MBS. It also plays a role in public finance by offering credit enhancements for bonds issued by state and local housing authorities to support multifamily housing initiatives. Its activities further include issuing structured MBS backed by existing Fannie Mae multifamily MBS, trading multifamily agency mortgage-backed securities, and making investments in low-income housing tax credit (LIHTC) projects. Services provided by this segment encompass delegated underwriting, servicing, and robust credit risk and loss management for multifamily mortgages. Fannie Mae serves a diverse array of financial partners, including mortgage banking companies, various types of banks (savings and loan associations, savings banks, commercial banks, community banks), credit unions, insurance companies, private mortgage originators, and state and local housing finance agencies.
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Position history
Between Q4 2025 and Q3 2026, 6 fund letters reported a position in Federal National Mortgage Association, with 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 0 | 0 | 0 | 1 |
| Q2 2026 | 2 | 0 | 1 | 0 |
| Q1 2026 | 2 | 0 | 0 | 0 |
| Q4 2025 | 2 | 0 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 6 positions · 1 move
- HoldsPershing SquareJune 2026
Listed in Pershing Square’s reported holdings.
Federal National Mortgage Association - June 2026
“We sold out of Lululemon (LULU) and Fannie Mae (FNMA).”
Federal National Mortgage Association - March 2026
“In Fund Management’s view, such a setback is likely to be temporary given the long-term fundamental setup, along with well-capitalized Fund holdings Fannie Mae and Freddie Mac stepping in to foster additional liquidity in the mortgage-backed security market to enhance affordability.”
Federal National Mortgage Association - HoldsThird PointMarch 2026
“We do not own GSE (Fannie/Freddie) common stock but did take a position in the GSE preferred based on optimism that the Trump administration would follow through on its announced plan to have the GSEs exit their 17-year conservatorship and go public.”
Federal National Mortgage Association - December 2025
“Following this activity, the Fund had 40.3% of its capital invested in U.S.-based companies focused on Residential Real Estate, including those involved with: Homebuilding (Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes); Niche Rental Platforms (Sun Communities and AMH); Land and Timber (Five Point, Rayonier, and Weyerhaeuser); and Mortgage and Title Insurance (Fannie Mae, Freddie Mac, and Fidelity National).”
Federal National Mortgage Association - HoldsAppleseedNovember 2025
“Within the equity portion of the portfolio, the biggest contributors to the Fund’s performance over the past 12 months were Lumentum convertible bonds, Fannie Mae preferred equities, AerCap (AER), Cameco (CCJ), and physical gold trusts.”
Federal National Mortgage Association
Also mentioned · 1
These funds discuss Federal National Mortgage Association as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedLindsell Train Global Equity FundOctober 2026
“Lenders sell mortgages to the Government-Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, which bundle them into securities for sale to end investors and underwrite the default risk.”
Federal National Mortgage Association
Fund coverage · 1 thesis
- Pershing Square Holdings, Ltd.September 2026
Fannie Mae is held as a mispriced long-term option on exiting conservatorship, backed by a duopolistic government-sponsored position, over $200 billion of equity, credit losses averaging 0.05%, and a valuation of about 1.5 times earnings.
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