Fairfax Financial

Q4 2020 13F · by Prem Watsa, CEO

As of: Dec 31, 2020
Filed: Feb 12, 2021
US stock: $2.2B · prev $1.8B
Positions: 59 · prev 60
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%

Moves33 since the prior filing

−0.3 pp in · −2.8 pp out

New 10 +1.30 pp
Added 6 −1.56 pp
Trimmed 6 −0.44 pp
Exited 11 −2.34 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.9% a year, about 12.7 years per position

Low
Moderate
High

Top 5 positions84% of US stock

ATCO Atlas Corp added−2.17 pp added−2.1748.0%
BB BlackBerry Limited held held13.8%
KW Kennedy-wilson Holdings, Inc. held held10.6%
7AB1 Resolute Forest Products held held8.9%
CCAP Crescent Capital BDC, Inc. held held2.5%

Positions59 in this filing · 11 exited


ATCOAtlas Corp	47.98%	99,638,552	$1.1B	added0%	−2.17 pp	4 q
BBBlackBerry Limited	13.77%	46,724,700	$310M	held	—	30 q
KWKennedy-wilson Holdings, Inc.	10.60%	13,322,009	$238M	held	—	31 q
7AB1Resolute Forest Products	8.88%	30,548,190	$200M	held	—	31 q
CCAPCrescent Capital BDC, Inc.	2.46%	3,796,246	$55M	held	—	4 q
MUMicron Technology, Inc.	2.34%	700,000	$53M	held	—	9 q
MCFTMasterCraft Boat Holdings, Inc.	2.06%	1,868,465	$46M	held	—	6 q
GOOGLAlphabet Inc. Class A	1.30%	16,731	$29M	added+22%	+0.17 pp	4 q
BENFranklin Templeton, Inc.	1.11%	1,000,000	$25M	held	—	4 q
CTLLumen Technologies, Inc.	0.97%	2,247,100	$22M	trimmed−5%	−0.37 pp	13 q
GMGeneral Motors Company	0.70%	375,965	$16M	held	—	11 q
unresolvedGeneral Electric Co	0.67%	1,390,900	$15M	held	—	12 q
BKNGBooking Holdings Inc.	0.64%	6,500	$14M	held	—	4 q
BNSBank of Nova Scotia	0.59%	247,100	$13M	held	—	9 q
CVXChevron Corporation	0.58%	155,800	$13M	held	—	4 q
JNJJohnson & Johnson	0.51%	73,400	$12M	held	—	31 q
PFEPfizer Inc.	0.49%	300,900	$11M	new	+0.49 pp	new
MRKMerck & Co., Inc.	0.45%	122,900	$10M	new	+0.45 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.45%	93,700	$10M	held	—	14 q
HPHelmerich & Payne, Inc.	0.44%	426,400	$10M	added+88%	+0.25 pp	24 q
EAFGrafTech International Ltd.	0.40%	852,628	$9M	held	—	2 q
DSSIDiamond S Shipping Inc	0.31%	1,034,681	$7M	held	—	7 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.20%	1,017,000	$4M	added×2.9	+0.17 pp	4 q
TIFTiffany & Co.	0.11%	18,800	$2M	held	—	4 q
SLCAU.s. Silica Holdings, Inc.	0.11%	345,000	$2M	held	—	3 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.10%	25,000	$2M	held	—	5 q
KLICKulicke & Soffa Industries Inc	0.09%	61,000	$2M	trimmed−22%	−0.01 pp	14 q
LORLLoral Space and Communications, Inc.	0.09%	101,000	$2M	added+16%	0.00 pp	5 q
QSRRestaurant Brands International Inc.	0.09%	33,500	$2M	held	—	5 q
AGXArgan, Inc	0.08%	42,200	$2M	held	—	14 q
CVSCvs Health Corporation	0.08%	26,500	$2M	held	—	5 q
MIDDMiddleby Corp	0.08%	14,500	$2M	held	—	5 q
DINDine Brands Global, Inc.	0.07%	25,500	$1M	held	—	5 q
IMAXImax Corp	0.07%	90,000	$2M	new	+0.07 pp	new
KKRKKR & Co. Inc.	0.07%	40,000	$2M	trimmed−11%	−0.02 pp	5 q
MSGSMadison Square Garden Sports Corp.	0.07%	8,000	$1M	held	—	5 q
TACTransAlta Corporation	0.07%	215,000	$2M	held	—	5 q
unresolvedBrookfield Asset Mgmt Inc	0.06%	35,000	$1M	new	+0.06 pp	new
DENNDenny's Corp	0.06%	94,000	$1M	new	+0.06 pp	new
DKDelek US Holdings, Inc.	0.05%	70,000	$1M	added+75%	+0.02 pp	6 q
FNFFidelity National Financial, Inc.	0.05%	30,000	$1M	held	—	3 q
RAILFreightCar America, Inc.	0.05%	450,000	$1M	held	—	14 q
IRBTiRobot Corporation	0.05%	15,000	$1M	held	—	4 q
JECJacobs Engineering Group	0.05%	11,000	$1M	held	—	14 q
NWPXNWPX Infrastructure, Inc.	0.05%	43,000	$1M	trimmed−22%	−0.03 pp	14 q
OROR Royalties Inc.	0.05%	87,697	$1M	held	—	5 q
CLGXCorelogic, Inc.	0.04%	11,200	$866,000	new	+0.04 pp	new
DARDarling Ingredients Inc.	0.04%	16,200	$934,000	trimmed−23%	0.00 pp	4 q
FLIRFLIR Systems, Inc. (DE)	0.04%	19,000	$833,000	held	—	4 q
GRT-UCADGranite Real Estate Investme	0.04%	13,500	$823,000	held	—	4 q
LBRDKLiberty Broadband Corporation Class C	0.04%	6,380	$1M	new	+0.04 pp	new
SPHRSphere Entertainment Co.	0.04%	8,000	$841,000	held	—	3 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.04%	64,000	$952,000	new	+0.04 pp	new
WW6Willis Towers Watson Public Limited Company	0.04%	41,000	$1M	new	+0.04 pp	new
CCICrown Castle Inc.	0.03%	4,000	$637,000	held	—	2 q
BRK.ABerkshire Hathaway Inc.	0.02%	1	$348,000	held	—	31 q
CRUSCirrus Logic Inc	0.02%	6,400	$526,000	held	—	4 q
LHCGLHC Group LLC	0.02%	1,900	$405,000	trimmed−34%	−0.01 pp	4 q
CBMGCellular Biomedicine Group, Inc.	0.01%	8,600	$158,000	new	+0.01 pp	new
FITFitbit, Inc. Class A	—	−2,150,000	—	exited	−0.84 pp	—
GILGildan Activewear Inc.	—	−730,000	—	exited	−0.81 pp	—
NTESNetEase, inc.	—	−72,500	—	exited	−0.37 pp	—
CULPCulp, Inc.	—	−78,000	—	exited	−0.05 pp	—
GLIBAGci Liberty Inc - Class A	—	−11,000	—	exited	−0.05 pp	—
OSBCADNorbord Inc	—	−30,000	—	exited	−0.05 pp	—
CETVCentral European Media Ent-a	—	−230,860	—	exited	−0.05 pp	—
IMMUImmunomedics Inc	—	−8,500	—	exited	−0.04 pp	—
SAFTSafety Insurance Group Inc	—	−6,600	—	exited	−0.03 pp	—
ZBRAZebra Technologies Corporation	—	−1,900	—	exited	−0.03 pp	—
INWKInnerWorkings, Inc.	—	−130,000	—	exited	−0.02 pp	—