Fairfax Financial

Q2 2021 13F · by Prem Watsa, CEO

As of: Jun 30, 2021
Filed: Aug 16, 2021
US stock: $3.1B · prev $2.9B
Positions: 59 · prev 57
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%

Moves27 since the prior filing

−1.6 pp in · −2.4 pp out

New 11 +0.39 pp
Added 3 −2.01 pp
Trimmed 4 −1.65 pp
Exited 9 −0.70 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions87% of US stock

ATCO Atlas Corp added−1.73 pp added−1.7345.8%
BB BlackBerry Limited held held18.4%
7AB1 Resolute Forest Products held held12.0%
KW Kennedy-wilson Holdings, Inc. held held8.5%
CCAP Crescent Capital BDC, Inc. held held2.3%

Positions59 in this filing · 9 exited


ATCOAtlas Corp	45.79%	99,932,826	$1.4B	added0%	−1.73 pp	6 q
BBBlackBerry Limited	18.37%	46,724,700	$571M	held	—	32 q
7AB1Resolute Forest Products	11.99%	30,548,190	$373M	held	—	33 q
KWKennedy-wilson Holdings, Inc.	8.52%	13,322,009	$265M	held	—	33 q
CCAPCrescent Capital BDC, Inc.	2.28%	3,796,246	$71M	held	—	6 q
MUMicron Technology, Inc.	1.89%	690,200	$59M	added+1%	−0.22 pp	11 q
GOOGLAlphabet Inc. Class A	1.31%	16,731	$41M	held	—	6 q
BENFranklin Templeton, Inc.	1.03%	1,000,000	$32M	held	—	6 q
GMGeneral Motors Company	0.72%	375,965	$22M	held	—	13 q
LUMNLumen Technologies, Inc.	0.62%	1,425,000	$19M	held	—	15 q
unresolvedGeneral Electric Co	0.60%	1,390,900	$19M	held	—	14 q
HRBH&R Block, Inc.	0.58%	770,894	$18M	held	—	2 q
HPHelmerich & Payne, Inc.	0.58%	555,105	$18M	held	—	26 q
BNSBank of Nova Scotia	0.52%	247,100	$16M	held	—	11 q
CVXChevron Corporation	0.52%	155,800	$16M	held	—	6 q
PFEPfizer Inc.	0.51%	400,900	$16M	held	—	3 q
MRKMerck & Co., Inc.	0.43%	172,900	$13M	held	—	3 q
JNJJohnson & Johnson	0.39%	73,400	$12M	held	—	33 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.36%	93,700	$11M	held	—	16 q
DSSIDiamond S Shipping Inc	0.33%	1,034,681	$10M	held	—	9 q
MCFTMasterCraft Boat Holdings, Inc.	0.28%	328,699	$9M	trimmed−81%	−1.28 pp	8 q
BKNGBooking Holdings Inc.	0.25%	3,500	$8M	trimmed−46%	−0.28 pp	6 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.22%	1,650,000	$7M	added+33%	−0.06 pp	6 q
VOOVanguard S&P 500 ETF	0.14%	11,313	$4M	new	+0.14 pp	new
CIGIColliers International Group Inc. Subordinate Voting Shares	0.09%	25,000	$3M	held	—	7 q
IMAXImax Corp	0.09%	125,000	$3M	held	—	3 q
QSRRestaurant Brands International Inc.	0.09%	43,500	$3M	held	—	7 q
WW6Willis Towers Watson Public Limited Company	0.09%	80,000	$3M	held	—	3 q
unresolvedBrookfield Asset Mgmt Inc	0.08%	50,000	$3M	held	—	3 q
KKRKKR & Co. Inc.	0.08%	40,000	$2M	held	—	7 q
LORLLoral Space and Communications, Inc.	0.08%	66,000	$3M	held	—	7 q
MIDDMiddleby Corp	0.08%	14,500	$3M	held	—	7 q
CVSCvs Health Corporation	0.07%	26,500	$2M	held	—	7 q
DENNDenny's Corp	0.07%	125,000	$2M	held	—	3 q
DINDine Brands Global, Inc.	0.07%	25,500	$2M	held	—	7 q
OROR Royalties Inc.	0.07%	160,000	$2M	held	—	7 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.07%	119,000	$2M	held	—	3 q
FNFFidelity National Financial, Inc.	0.06%	40,000	$2M	held	—	5 q
DKDelek US Holdings, Inc.	0.05%	70,000	$2M	held	—	8 q
IRBTiRobot Corporation	0.05%	15,000	$1M	new	+0.05 pp	new
JECJacobs Engineering Group	0.05%	11,000	$1M	held	—	16 q
KLICKulicke & Soffa Industries Inc	0.05%	24,000	$1M	trimmed−41%	−0.02 pp	16 q
SLCAU.s. Silica Holdings, Inc.	0.05%	130,000	$2M	held	—	5 q
AGXArgan, Inc	0.04%	27,500	$1M	trimmed−54%	−0.07 pp	16 q
DARDarling Ingredients Inc.	0.04%	16,200	$1M	held	—	6 q
GRT-UCADGranite Real Estate Investme	0.04%	20,000	$1M	held	—	6 q
LBRDKLiberty Broadband Corporation Class C	0.04%	6,380	$1M	held	—	3 q
MXMagnachip Semiconductor Corp.	0.04%	56,200	$1M	new	+0.04 pp	new
NWPXNWPX Infrastructure, Inc.	0.04%	43,000	$1M	held	—	16 q
CHNGChange Healthcare Inc.	0.03%	35,000	$805,000	held	—	2 q
GTXGarrett Motion Inc.	0.03%	109,900	$874,000	new	+0.03 pp	new
VMDViemed Healthcare, Inc.	0.03%	150,000	$1M	new	+0.03 pp	new
METAMeta Platforms, Inc. Class A	0.02%	1,400	$487,000	new	+0.02 pp	new
KSUKansas City Southern	0.02%	2,400	$680,000	new	+0.02 pp	new
NUANNuance Communications, Inc.	0.02%	13,500	$735,000	new	+0.02 pp	new
OGNOrganon & Co.	0.02%	17,290	$523,000	new	+0.02 pp	new
SBBPStrongbridge Biopharma PLC	0.02%	193,107	$572,000	new	+0.02 pp	new
BRK.ABerkshire Hathaway Inc.	0.01%	1	$418,000	held	—	33 q
unresolvedBrookfield Asset Mgmt Reins	0.00%	343	$18,000	new	0.00 pp	new
EAFGrafTech International Ltd.	—	−840,123	—	exited	−0.36 pp	—
MOMOHello Group Inc.	—	−134,000	—	exited	−0.07 pp	—
STLAStellantis N.V.	—	−89,713	—	exited	−0.06 pp	—
DISCADiscovery, Inc. Series A	—	−33,000	—	exited	−0.05 pp	—
MSGSMadison Square Garden Sports Corp.	—	−8,000	—	exited	−0.05 pp	—
CRHCRH Public Limited Company	—	−270,000	—	exited	−0.04 pp	—
2683813DAtlantic Power Corp	—	−250,000	—	exited	−0.03 pp	—
CCICrown Castle Inc.	—	−4,000	—	exited	−0.02 pp	—
RPRealPage, Inc.	—	−8,000	—	exited	−0.02 pp	—