Fairfax Financial

Q2 2016 13F · by Prem Watsa, CEO

As of: Jun 30, 2016
Filed: Aug 12, 2016
US stock: $1.0B · prev $1.1B
Positions: 27 · prev 29
Options notional: $0
Documents: 1· no amendments

Picture67.5% US stock

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

US stock listed on a US exchange 67.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 32.5%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves11 since the prior filing

+1.6 pp in · −2.3 pp out

New 4 +0.15 pp
Added 1 +1.48 pp
Trimmed 0 0.00 pp
Exited 6 −2.31 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.7% a year, about 27.2 years per position

Low
Moderate
High

Top 5 positions88% of US stock

BB BlackBerry Limited held held30.4%
IBM International Business Machines Corporation held held20.1%
KW Kennedy-wilson Holdings, Inc. held held16.5%
7AB1 Resolute Forest Products added+1.48 pp added+1.4815.7%
NXH Neighborhood Intelligence, Inc. held held5.0%

Positions27 in this filing · 6 exited


BBBlackBerry Limited	30.36%	46,724,700	$313M	held	—	12 q
IBMInternational Business Machines Corporation	20.05%	1,362,500	$207M	held	—	13 q
KWKennedy-wilson Holdings, Inc.	16.46%	8,954,948	$170M	held	—	13 q
7AB1Resolute Forest Products	15.67%	30,548,190	$162M	added+5%	+1.48 pp	13 q
NXHNeighborhood Intelligence, Inc.	4.97%	3,184,677	$51M	held	—	13 q
unresolvedExco Resources Inc	3.22%	25,538,912	$33M	held	—	13 q
unresolvedBaldwin & Lyons Inc Cl B	2.32%	969,875	$24M	held	—	13 q
HPHelmerich & Payne, Inc.	2.28%	349,974	$23M	held	—	6 q
JNJJohnson & Johnson	0.97%	82,850	$10M	held	—	13 q
PKXPOSCO Holdings Inc.	0.83%	191,879	$9M	held	—	4 q
PFEPfizer Inc.	0.72%	210,000	$7M	held	—	13 q
unresolvedLeucadia National	0.50%	300,000	$5M	held	—	2 q
TRQTurquoise Hill Resources Ltd	0.38%	1,150,400	$4M	held	—	3 q
WFCWells Fargo & Co.	0.32%	69,300	$3M	held	—	13 q
BRK.BBERKSHIRE HATHAWAY Class B	0.27%	19,500	$3M	held	—	13 q
BRK.ABerkshire Hathaway Inc.	0.13%	6	$1M	held	—	13 q
RYAMRayonier Advanced Materials Inc.	0.09%	70,000	$951,000	held	—	8 q
USBU.S. Bancorp	0.09%	23,200	$936,000	held	—	13 q
unresolvedU S G Corp	0.09%	32,800	$884,000	held	—	13 q
LXKLexmark International Inc-a	0.06%	16,200	$611,000	new	+0.06 pp	new
unresolvedCvent Inc	0.05%	14,500	$518,000	new	+0.05 pp	new
unresolvedNew Oriental Ed & Tech Grp I	0.05%	11,100	$465,000	held	—	13 q
unresolvedColfax Corp	0.04%	16,300	$431,000	held	—	3 q
LRNStride, Inc.	0.04%	33,133	$413,000	held	—	12 q
CSXCSX Corporation	0.02%	9,800	$255,000	held	—	2 q
GDGeneral Dynamics Corporation	0.02%	1,500	$209,000	new	+0.02 pp	new
NOVNOV Inc.	0.02%	6,400	$215,000	new	+0.02 pp	new
BCEBCE, Inc.	—	−268,300	—	exited	−1.09 pp	—
IBNICICI Bank Limited	—	−1,500,000	—	exited	−0.95 pp	—
EROSEros International PLC	—	−116,200	—	exited	−0.12 pp	—
unresolvedThe Adt Corporation	—	−12,500	—	exited	−0.05 pp	—
unresolvedCleco Corp	—	−9,200	—	exited	−0.05 pp	—
unresolvedStarwood HOTELS&RESORTS Wrld	—	−6,700	—	exited	−0.05 pp	—