Fairfax Financial

Q1 2014 13F · by Prem Watsa, CEO

As of: Mar 31, 2014
Filed: May 14, 2014
US stock: $1.4B · prev $1.3B
Positions: 41 · prev 41
Options notional: $0
Documents: 1· no amendments

Picture99.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.9%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves12 since the prior filing

+2.6 pp in · −3.2 pp out

New 3 +0.10 pp
Added 3 +2.55 pp
Trimmed 3 −3.14 pp
Exited 3 −0.10 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 8.9 years per position

Low
Moderate
High

Top 5 positions93% of US stock

7AB1 Resolute Forest Products held held41.3%
BB BlackBerry Limited trimmed−3.13 pp trimmed−3.1326.7%
unresolved Sandridge Energy Inc held held14.1%
unresolved Exco Resources Inc added+2.51 pp added+2.517.0%
NXH Neighborhood Intelligence, Inc. held held4.4%

Positions41 in this filing · 3 exited


7AB1Resolute Forest Products	41.27%	29,044,012	$583M	held	—	4 q
BBBlackBerry Limited	26.68%	46,654,700	$377M	trimmed−10%	−3.13 pp	3 q
unresolvedSandridge Energy Inc	14.12%	32,463,200	$199M	held	—	4 q
unresolvedExco Resources Inc	6.95%	17,538,912	$98M	added+62%	+2.51 pp	4 q
NXHNeighborhood Intelligence, Inc.	4.44%	3,184,677	$63M	held	—	4 q
unresolvedBaldwin & Lyons Inc Cl B	1.81%	969,875	$25M	held	—	4 q
BCEBCE, Inc.	0.82%	268,300	$12M	held	—	4 q
KWKennedy-wilson Holdings, Inc.	0.64%	400,000	$9M	held	—	4 q
JNJJohnson & Johnson	0.59%	84,700	$8M	held	—	4 q
PFEPfizer Inc.	0.53%	235,000	$8M	held	—	4 q
CRESYCresud SA	0.47%	723,012	$7M	held	—	4 q
WFCWells Fargo & Co.	0.24%	69,300	$3M	held	—	4 q
BRK.BBERKSHIRE HATHAWAY Class B	0.22%	24,500	$3M	added+16%	+0.03 pp	4 q
unresolvedDex Media Inc New	0.10%	159,198	$1M	held	—	4 q
unresolvedU S G Corp	0.10%	42,800	$1M	held	—	4 q
USBU.S. Bancorp	0.09%	30,000	$1M	held	—	4 q
BRK.ABerkshire Hathaway Inc.	0.08%	6	$1M	held	—	4 q
NYTNew York Times Co.	0.08%	70,000	$1M	held	—	4 q
CCitigroup Inc.	0.07%	20,000	$952,000	held	—	4 q
UPLUltra Petroleum Corp	0.06%	32,500	$874,000	held	—	4 q
LRNStride, Inc.	0.05%	33,133	$750,000	held	—	3 q
MRKMerck & Co., Inc.	0.05%	12,000	$681,000	held	—	4 q
NYCBFlagstar Bank, National Association	0.05%	40,000	$642,000	held	—	4 q
ORIOld Republic International Corporation	0.05%	45,000	$738,000	held	—	4 q
BPBP p.l.c.	0.04%	11,000	$529,000	added+57%	+0.01 pp	3 q
PTENPatterson-UTI Energy Inc	0.04%	17,000	$538,000	trimmed−11%	0.00 pp	4 q
SPLPSteel Partners Holdings L.p.	0.04%	30,000	$509,000	new	+0.04 pp	new
CTBCooper Tire & Rubber Co.	0.03%	16,400	$398,000	trimmed−27%	−0.01 pp	4 q
unresolvedHarvest Natural Resources In	0.03%	100,000	$375,000	new	+0.03 pp	new
HOLXHologic Inc	0.03%	20,000	$430,000	held	—	4 q
MBIMBIA Inc.	0.03%	30,000	$419,000	held	—	4 q
unresolvedMorgan Stanley	0.03%	24,500	$413,000	new	+0.03 pp	new
SLMSLM Corporation	0.03%	15,000	$367,000	held	—	4 q
CSXCSX Corporation	0.02%	7,600	$220,000	held	—	2 q
GDGeneral Dynamics Corporation	0.02%	2,200	$240,000	held	—	2 q
IBMInternational Business Machines Corporation	0.02%	1,200	$231,000	held	—	4 q
unresolvedNam Tai Property Inc	0.02%	35,000	$250,000	held	—	4 q
unresolvedNew Oriental Ed & Tech Grp I	0.02%	11,100	$326,000	held	—	4 q
NEUNewMarket Corporation	0.02%	750	$293,000	held	—	3 q
STLSterling Bancorp	0.02%	25,000	$317,000	held	—	2 q
unresolvedPenn West Petroleum Ltd	0.01%	15,900	$133,000	held	—	2 q
unresolvedEdwards Group Ltd	—	−48,500	—	exited	−0.04 pp	—
unresolvedViropharma Inc	—	−10,000	—	exited	−0.04 pp	—
unresolvedHewlett Packard Co	—	−9,400	—	exited	−0.02 pp	—