UPDATE 1-Lampert cuts housing, financial stocks

* Lampert trims Citi while other fund managers stock up

* Dissolves stakes in Home Depot, Fannie Mae, Hartford

BOSTON, Nov 16 (Reuters) - Hedge fund manager Edward Lampert cut his stakes in housing and financial stocks during the third quarter, possibly suggesting he does not see a quick recovery following last year's financial crisis.

According to a regulatory filing on Monday, Lampert's ESL Investments RBS Partners Fund dissolved stakes in Home Depot Inc (HD.N), Fannie Mae (FNM.N), Hartford Financial Services Group Inc (HIG.N) and cut his stake in Citigroup Inc (C.N) during the third quarter.

Lampert took a very different tack from other hedge fund managers by trimming his stake in Citi. At the end of September, Lampert owned 18.8 million shares, down from 19.1 million at the end of the second quarter.

On Friday, hedge funds Paulson & Co and Renaissance Technologies said they added Citi shares. The bank's stocks were among the most severely damaged during the financial crisis.

The bank's shares closed at $4.18 on Monday, four times higher than the low they hit earlier this year.

Lampert also cut his holdings in financial services companies Capital One Financial Corp (COF.N) and Genworth Financial Inc (GNW.N).

Lampert, who owns more than half of retailer Sears, kept that position unchanged. (Reporting by Svea Herbst-Bayliss; editing by Andre Grenon)