Fairfax Financial

Q1 2020 13F · by Prem Watsa, CEO

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $1.4B · prev $2.0B
Positions: 56 · prev 41
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves41 since the prior filing

+62.5 pp in · −54.9 pp out

New 20 +60.74 pp
Added 9 +1.72 pp
Trimmed 7 −0.73 pp
Exited 5 −54.20 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 250% a year, about 0.4 years per position

Low
Moderate
High

Top 5 positions84% of US stock

ATCO Atlas Corp new+53.34 pp new+53.3453.3%
BB BlackBerry Limited held held13.2%
KW Kennedy-wilson Holdings, Inc. held held12.3%
7AB1 Resolute Forest Products held held2.7%
CCAP Crescent Capital BDC, Inc. new+2.54 pp new+2.542.5%

Positions56 in this filing · 5 exited


ATCOAtlas Corp	53.34%	100,573,798	$770M	new	+53.34 pp	new
BBBlackBerry Limited	13.23%	46,724,700	$191M	held	—	27 q
KWKennedy-wilson Holdings, Inc.	12.32%	13,322,009	$178M	held	—	28 q
7AB1Resolute Forest Products	2.67%	30,548,190	$38M	held	—	28 q
CCAPCrescent Capital BDC, Inc.	2.54%	3,796,246	$37M	new	+2.54 pp	new
MUMicron Technology, Inc.	2.04%	700,000	$29M	added×2.2	+1.18 pp	6 q
CTLLumen Technologies, Inc.	1.55%	2,359,100	$22M	held	—	10 q
BENFranklin Templeton, Inc.	1.16%	1,000,000	$17M	new	+1.16 pp	new
GOOGLAlphabet Inc. Class A	1.10%	13,731	$16M	new	+1.10 pp	new
FITFitbit, Inc. Class A	0.99%	2,150,000	$14M	held	—	2 q
DSSIDiamond S Shipping Inc	0.84%	1,034,681	$12M	held	—	4 q
MCFTMasterCraft Boat Holdings, Inc.	0.81%	1,599,333	$12M	added×3.0	+0.40 pp	3 q
CVXChevron Corporation	0.78%	155,800	$11M	new	+0.78 pp	new
unresolvedGeneral Electric Co	0.76%	1,390,900	$11M	held	—	9 q
BNSBank of Nova Scotia	0.69%	247,100	$10M	held	—	6 q
JNJJohnson & Johnson	0.67%	73,400	$10M	trimmed−50%	−0.38 pp	28 q
BKNGBooking Holdings Inc.	0.61%	6,500	$9M	new	+0.61 pp	new
GMGeneral Motors Company	0.54%	375,965	$8M	held	—	8 q
SIX1Six Flags Entertainment Corp.	0.54%	625,000	$8M	new	+0.54 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.33%	99,700	$5M	added+86%	+0.18 pp	11 q
HPHelmerich & Payne, Inc.	0.25%	226,400	$4M	held	—	21 q
NTESNetEase, inc.	0.18%	8,000	$3M	held	—	15 q
RARXRa Pharmaceuticals, Inc.	0.14%	42,000	$2M	new	+0.14 pp	new
MSGSMadison Square Garden Sports Corp.	0.12%	8,000	$2M	held	—	2 q
QSRRestaurant Brands International Inc.	0.12%	43,500	$2M	added+18%	0.00 pp	2 q
CVSCvs Health Corporation	0.11%	26,500	$2M	held	—	2 q
KKRKKR & Co. Inc.	0.11%	66,000	$2M	held	—	2 q
KLICKulicke & Soffa Industries Inc	0.11%	78,000	$2M	trimmed−40%	−0.06 pp	11 q
AGXArgan, Inc	0.10%	42,200	$1M	trimmed−51%	−0.07 pp	11 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.08%	25,000	$1M	held	—	2 q
NWPXNWPX Infrastructure, Inc.	0.08%	55,000	$1M	trimmed−35%	−0.06 pp	11 q
TIFTiffany & Co.	0.08%	9,000	$1M	new	+0.08 pp	new
TACTransAlta Corporation	0.08%	215,000	$1M	held	—	2 q
WBCWabco Holdings Inc.	0.08%	8,800	$1M	new	+0.08 pp	new
LORLLoral Space and Communications, Inc.	0.07%	62,000	$1M	added+18%	−0.01 pp	2 q
IRBTiRobot Corporation	0.06%	19,500	$796,000	new	+0.06 pp	new
JECJacobs Engineering Group	0.06%	11,000	$872,000	trimmed−66%	−0.08 pp	11 q
MIDDMiddleby Corp	0.06%	14,500	$824,000	added+96%	+0.02 pp	2 q
DINDine Brands Global, Inc.	0.05%	23,500	$672,000	added+18%	−0.03 pp	2 q
CULPCulp, Inc.	0.04%	78,000	$563,000	added+44%	0.00 pp	2 q
DKDelek US Holdings, Inc.	0.04%	40,000	$628,000	trimmed−20%	−0.04 pp	3 q
FLIRFLIR Systems, Inc. (DE)	0.04%	19,000	$606,000	new	+0.04 pp	new
FSCTForeScout Technologies, Inc.	0.04%	18,500	$584,000	new	+0.04 pp	new
GLIBAGci Liberty Inc - Class A	0.04%	10,500	$597,000	new	+0.04 pp	new
GRT-UCADGranite Real Estate Investme	0.04%	13,500	$546,000	new	+0.04 pp	new
OROR Royalties Inc.	0.04%	87,000	$638,000	held	—	2 q
PENNPENN Entertainment, Inc.	0.04%	46,000	$581,000	trimmed−29%	−0.04 pp	2 q
CALYCallaway Golf Company	0.03%	47,000	$480,000	new	+0.03 pp	new
CRUSCirrus Logic Inc	0.03%	6,400	$419,000	new	+0.03 pp	new
DARDarling Ingredients Inc.	0.03%	21,000	$401,000	new	+0.03 pp	new
RAILFreightCar America, Inc.	0.03%	450,000	$419,000	held	—	11 q
GTXGarrett Motion Inc.	0.03%	150,000	$429,000	added+36%	−0.02 pp	6 q
LHCGLHC Group LLC	0.03%	2,900	$406,000	new	+0.03 pp	new
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.03%	204,000	$369,000	new	+0.03 pp	new
PACBPacific Biosciences of California, Inc.	0.03%	160,000	$490,000	held	—	6 q
BRK.ABerkshire Hathaway Inc.	0.02%	1	$274,000	held	—	28 q
SSWSeaspan Corp	—	−77,155,000	—	exited	−53.90 pp	—
SBNYSignature Bank (NY)	—	−25,400	—	exited	−0.17 pp	—
SLCAU.s. Silica Holdings, Inc.	—	−215,000	—	exited	−0.07 pp	—
APAmpco-Pittsburgh Corp.	—	−254,119	—	exited	−0.04 pp	—
MDRMcDermott International	—	−655,400	—	exited	−0.02 pp	—