Fairfax Financial

Q1 2016 13F · by Prem Watsa, CEO

As of: Mar 31, 2016
Filed: May 13, 2016
US stock: $1.1B · prev $1.2B
Positions: 29 · prev 33
Options notional: $0
Documents: 1· no amendments

Picture67.8% US stock

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

US stock listed on a US exchange 67.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 32.2%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves19 since the prior filing

+1.9 pp in · −1.2 pp out

New 6 +1.55 pp
Added 1 +0.31 pp
Trimmed 2 0.00 pp
Exited 10 −1.24 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.8% a year, about 17.2 years per position

Low
Moderate
High

Top 5 positions88% of US stock

BB BlackBerry Limited held held33.6%
IBM International Business Machines Corporation held held18.3%
KW Kennedy-wilson Holdings, Inc. held held17.4%
7AB1 Resolute Forest Products held held14.2%
NXH Neighborhood Intelligence, Inc. held held4.1%

Positions29 in this filing · 10 exited


BBBlackBerry Limited	33.65%	46,724,700	$379M	held	—	11 q
IBMInternational Business Machines Corporation	18.33%	1,362,500	$206M	held	—	12 q
KWKennedy-wilson Holdings, Inc.	17.42%	8,954,948	$196M	held	—	12 q
7AB1Resolute Forest Products	14.19%	29,048,190	$160M	held	—	12 q
NXHNeighborhood Intelligence, Inc.	4.07%	3,184,677	$46M	held	—	12 q
unresolvedExco Resources Inc	2.24%	25,538,912	$25M	held	—	12 q
unresolvedBaldwin & Lyons Inc Cl B	2.12%	969,875	$24M	held	—	12 q
HPHelmerich & Payne, Inc.	1.83%	349,974	$21M	added0%	+0.31 pp	5 q
BCEBCE, Inc.	1.09%	268,300	$12M	held	—	12 q
IBNICICI Bank Limited	0.95%	1,500,000	$11M	new	+0.95 pp	new
PKXPOSCO Holdings Inc.	0.81%	191,879	$9M	held	—	3 q
JNJJohnson & Johnson	0.80%	82,850	$9M	held	—	12 q
PFEPfizer Inc.	0.55%	210,000	$6M	held	—	12 q
unresolvedLeucadia National	0.43%	300,000	$5M	new	+0.43 pp	new
WFCWells Fargo & Co.	0.30%	69,300	$3M	held	—	12 q
TRQTurquoise Hill Resources Ltd	0.26%	1,150,400	$3M	held	—	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.25%	19,500	$3M	trimmed−5%	+0.03 pp	12 q
EROSEros International PLC	0.12%	116,200	$1M	trimmed−42%	−0.03 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.11%	6	$1M	held	—	12 q
USBU.S. Bancorp	0.08%	23,200	$941,000	held	—	12 q
unresolvedU S G Corp	0.07%	32,800	$813,000	held	—	12 q
RYAMRayonier Advanced Materials Inc.	0.06%	70,000	$664,000	held	—	7 q
unresolvedThe Adt Corporation	0.05%	12,500	$515,000	new	+0.05 pp	new
unresolvedCleco Corp	0.05%	9,200	$508,000	new	+0.05 pp	new
unresolvedStarwood HOTELS&RESORTS Wrld	0.05%	6,700	$559,000	new	+0.05 pp	new
unresolvedColfax Corp	0.04%	16,300	$466,000	held	—	2 q
LRNStride, Inc.	0.03%	33,133	$328,000	held	—	11 q
unresolvedNew Oriental Ed & Tech Grp I	0.03%	11,100	$384,000	held	—	12 q
CSXCSX Corporation	0.02%	9,800	$252,000	new	+0.02 pp	new
unresolvedSandridge Energy Inc	—	−57,296,933	—	exited	−0.91 pp	—
unresolvedSolera Holdings	—	−22,800	—	exited	−0.10 pp	—
unresolvedPrecision Castparts Corp	—	−4,300	—	exited	−0.08 pp	—
unresolvedOmnivision Technologies Inc	—	−28,500	—	exited	−0.07 pp	—
unresolvedReald Inc	—	−46,100	—	exited	−0.04 pp	—
GDGeneral Dynamics Corporation	—	−1,500	—	exited	−0.02 pp	—
unresolvedAtwood Oceanics Inc	—	−10,600	—	exited	−0.01 pp	—
UPLUltra Petroleum Corp	—	−58,200	—	exited	−0.01 pp	—
unresolvedDex Media Inc New	—	−159,198	—	exited	0.00 pp	—
unresolvedPenn West Petroleum Ltd	—	−55,700	—	exited	0.00 pp	—