Fairfax Financial

Q3 2020 13F · by Prem Watsa, CEO

As of: Sep 30, 2020
Filed: Nov 13, 2020
US stock: $1.8B · prev $1.6B
Positions: 60 · prev 59
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%

Moves17 since the prior filing

+0.5 pp in · +2.0 pp out

New 5 +0.46 pp
Added 4 +0.03 pp
Trimmed 4 +2.17 pp
Exited 4 −0.19 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions84% of US stock

ATCO Atlas Corp trimmed+2.17 pp trimmed+2.1750.1%
BB BlackBerry Limited held held12.1%
KW Kennedy-wilson Holdings, Inc. held held10.9%
7AB1 Resolute Forest Products held held7.7%
CCAP Crescent Capital BDC, Inc. held held2.7%

Positions60 in this filing · 4 exited


ATCOAtlas Corp	50.15%	99,400,952	$889M	trimmed−1%	+2.17 pp	3 q
BBBlackBerry Limited	12.07%	46,724,700	$214M	held	—	29 q
KWKennedy-wilson Holdings, Inc.	10.91%	13,322,009	$193M	held	—	30 q
7AB1Resolute Forest Products	7.71%	30,548,190	$137M	held	—	30 q
CCAPCrescent Capital BDC, Inc.	2.73%	3,796,246	$48M	held	—	3 q
MUMicron Technology, Inc.	1.86%	700,000	$33M	held	—	8 q
MCFTMasterCraft Boat Holdings, Inc.	1.85%	1,868,465	$33M	held	—	5 q
CTLLumen Technologies, Inc.	1.34%	2,359,100	$24M	held	—	12 q
BENFranklin Templeton, Inc.	1.15%	1,000,000	$20M	held	—	3 q
GOOGLAlphabet Inc. Class A	1.13%	13,731	$20M	held	—	3 q
FITFitbit, Inc. Class A	0.84%	2,150,000	$15M	held	—	4 q
GILGildan Activewear Inc.	0.81%	730,000	$14M	held	—	2 q
BKNGBooking Holdings Inc.	0.63%	6,500	$11M	held	—	3 q
CVXChevron Corporation	0.63%	155,800	$11M	held	—	3 q
GMGeneral Motors Company	0.63%	375,965	$11M	held	—	10 q
JNJJohnson & Johnson	0.62%	73,400	$11M	held	—	30 q
BNSBank of Nova Scotia	0.58%	247,100	$10M	held	—	8 q
unresolvedGeneral Electric Co	0.49%	1,390,900	$9M	held	—	11 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.43%	93,700	$8M	trimmed−6%	+0.07 pp	13 q
DSSIDiamond S Shipping Inc	0.40%	1,034,681	$7M	held	—	6 q
NTESNetEase, inc.	0.37%	14,500	$7M	trimmed−6%	−0.05 pp	17 q
EAFGrafTech International Ltd.	0.33%	852,628	$6M	new	+0.33 pp	new
HPHelmerich & Payne, Inc.	0.19%	226,400	$3M	held	—	23 q
TIFTiffany & Co.	0.12%	18,800	$2M	added+30%	+0.01 pp	3 q
QSRRestaurant Brands International Inc.	0.11%	33,500	$2M	held	—	4 q
AGXArgan, Inc	0.10%	42,200	$2M	held	—	13 q
KLICKulicke & Soffa Industries Inc	0.10%	78,000	$2M	held	—	13 q
CVSCvs Health Corporation	0.09%	26,500	$2M	held	—	4 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.09%	25,000	$2M	held	—	4 q
KKRKKR & Co. Inc.	0.09%	45,000	$2M	trimmed−18%	−0.02 pp	4 q
LORLLoral Space and Communications, Inc.	0.09%	87,000	$2M	added+13%	0.00 pp	4 q
DINDine Brands Global, Inc.	0.08%	25,500	$1M	held	—	4 q
NWPXNWPX Infrastructure, Inc.	0.08%	55,000	$1M	held	—	13 q
MSGSMadison Square Garden Sports Corp.	0.07%	8,000	$1M	held	—	4 q
MIDDMiddleby Corp	0.07%	14,500	$1M	held	—	4 q
TACTransAlta Corporation	0.07%	215,000	$1M	held	—	4 q
RAILFreightCar America, Inc.	0.06%	450,000	$1M	held	—	13 q
IRBTiRobot Corporation	0.06%	15,000	$1M	held	—	3 q
JECJacobs Engineering Group	0.06%	11,000	$1M	held	—	13 q
OROR Royalties Inc.	0.06%	87,697	$1M	added0%	+0.01 pp	4 q
SLCAU.s. Silica Holdings, Inc.	0.06%	345,000	$1M	held	—	2 q
CULPCulp, Inc.	0.05%	78,000	$959,000	held	—	4 q
FNFFidelity National Financial, Inc.	0.05%	30,000	$939,000	added+50%	+0.01 pp	2 q
GLIBAGci Liberty Inc - Class A	0.05%	11,000	$902,000	held	—	3 q
OSBCADNorbord Inc	0.05%	30,000	$880,000	held	—	2 q
CETVCentral European Media Ent-a	0.05%	230,860	$967,000	held	—	2 q
CCICrown Castle Inc.	0.04%	4,000	$665,000	new	+0.04 pp	new
DARDarling Ingredients Inc.	0.04%	21,000	$756,000	held	—	3 q
FLIRFLIR Systems, Inc. (DE)	0.04%	19,000	$681,000	held	—	3 q
GRT-UCADGranite Real Estate Investme	0.04%	13,500	$780,000	held	—	3 q
IMMUImmunomedics Inc	0.04%	8,500	$722,000	new	+0.04 pp	new
DKDelek US Holdings, Inc.	0.03%	40,000	$445,000	held	—	5 q
LHCGLHC Group LLC	0.03%	2,900	$616,000	held	—	3 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.03%	354,000	$609,000	held	—	3 q
SPHRSphere Entertainment Co.	0.03%	8,000	$548,000	held	—	2 q
SAFTSafety Insurance Group Inc	0.03%	6,600	$455,000	held	—	2 q
ZBRAZebra Technologies Corporation	0.03%	1,900	$479,000	new	+0.03 pp	new
BRK.ABerkshire Hathaway Inc.	0.02%	1	$320,000	held	—	30 q
CRUSCirrus Logic Inc	0.02%	6,400	$431,000	held	—	3 q
INWKInnerWorkings, Inc.	0.02%	130,000	$389,000	new	+0.02 pp	new
unresolvedEl Paso Elec Co	—	−16,725	—	exited	−0.07 pp	—
GTXGarrett Motion Inc.	—	−150,000	—	exited	−0.05 pp	—
PENNPENN Entertainment, Inc.	—	−20,000	—	exited	−0.04 pp	—
PACBPacific Biosciences of California, Inc.	—	−160,000	—	exited	−0.03 pp	—