Fairfax Financial

Q3 2021 13F · by Prem Watsa, CEO

As of: Sep 30, 2021
Filed: Nov 17, 2021
US stock: $3.1B · prev $3.1B
Positions: 61 · prev 59
Options notional: $0
Documents: 1· 1 amendment

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%

Moves24 since the prior filing

+5.5 pp in · −2.0 pp out

New 10 +1.45 pp
Added 4 +4.09 pp
Trimmed 2 −0.05 pp
Exited 8 −1.96 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.2% a year, about 14.0 years per position

Low
Moderate
High

Top 5 positions88% of US stock

ATCO Atlas Corp added+3.74 pp added+3.7449.5%
BB BlackBerry Limited held held14.8%
7AB1 Resolute Forest Products held held11.9%
KW Kennedy-wilson Holdings, Inc. held held9.1%
CCAP Crescent Capital BDC, Inc. held held2.4%

Revealed late, restated

restated 4 rows corrected by the filer · US stock +7.81%; later quarters recomputed 13F-HR/A · Nov 17, 2021 ↗

Positions61 in this filing · 8 exited


ATCOAtlas Corp	49.53%	99,981,389	$1.5B	added0%	+3.74 pp	7 q
BBBlackBerry Limited	14.81%	46,724,700	$454M	held	—	33 q
7AB1Resolute Forest Products	11.86%	30,548,190	$364M	held	—	34 q
KWKennedy-wilson Holdings, Inc.	9.09%	13,322,009	$279M	held	—	34 q
CCAPCrescent Capital BDC, Inc.	2.36%	3,796,246	$72M	held	—	7 q
MUMicron Technology, Inc.	1.60%	690,200	$49M	held	—	12 q
GOOGLAlphabet Inc. Class A	1.46%	16,731	$45M	held	—	7 q
BENFranklin Templeton, Inc.	0.97%	1,000,000	$30M	held	—	7 q
HRBH&R Block, Inc.	0.91%	1,120,894	$28M	added+45%	+0.33 pp	3 q
GMGeneral Motors Company	0.65%	375,965	$20M	held	—	14 q
GEGE Aerospace	0.58%	173,862	$18M	new	+0.58 pp	new
PFEPfizer Inc.	0.56%	400,900	$17M	held	—	4 q
CVXChevron Corporation	0.52%	155,800	$16M	held	—	7 q
BNSBank of Nova Scotia	0.50%	247,100	$15M	held	—	12 q
HPHelmerich & Payne, Inc.	0.50%	555,105	$15M	held	—	27 q
MRKMerck & Co., Inc.	0.42%	172,900	$13M	held	—	4 q
JNJJohnson & Johnson	0.39%	73,400	$12M	held	—	34 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.34%	93,700	$10M	held	—	17 q
INSWInternational Seaways, Inc.	0.34%	572,954	$10M	new	+0.34 pp	new
MCFTMasterCraft Boat Holdings, Inc.	0.28%	339,199	$8M	added+3%	0.00 pp	9 q
TRTrillium Therapeutics Inc	0.20%	341,000	$6M	new	+0.20 pp	new
BABAAlibaba Group Holding Limited	0.17%	35,800	$5M	new	+0.17 pp	new
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.17%	1,650,000	$5M	held	—	7 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.10%	25,000	$3M	held	—	8 q
VOOVanguard S&P 500 ETF	0.10%	7,963	$3M	trimmed−30%	−0.04 pp	2 q
unresolvedBrookfield Asset Mgmt Inc	0.09%	50,000	$3M	held	—	4 q
LORLLoral Space and Communications, Inc.	0.09%	66,000	$3M	held	—	8 q
QSRRestaurant Brands International Inc.	0.09%	43,500	$3M	held	—	8 q
IMAXImax Corp	0.08%	125,000	$2M	held	—	4 q
KKRKKR & Co. Inc.	0.08%	40,000	$2M	held	—	8 q
MIDDMiddleby Corp	0.08%	14,500	$2M	held	—	8 q
CVSCvs Health Corporation	0.07%	26,500	$2M	held	—	8 q
DENNDenny's Corp	0.07%	125,000	$2M	held	—	4 q
DINDine Brands Global, Inc.	0.07%	25,500	$2M	held	—	8 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.07%	119,000	$2M	held	—	4 q
FNFFidelity National Financial, Inc.	0.06%	40,000	$2M	held	—	6 q
OROR Royalties Inc.	0.06%	160,000	$2M	held	—	8 q
GRT-UCADGranite Real Estate Investme	0.05%	20,000	$1M	held	—	7 q
JECJacobs Engineering Group	0.05%	11,000	$1M	held	—	17 q
TXNMTXNM Energy, Inc.	0.05%	27,951	$1M	new	+0.05 pp	new
WW6Willis Towers Watson Public Limited Company	0.05%	80,000	$1M	held	—	4 q
AGXArgan, Inc	0.04%	27,500	$1M	held	—	17 q
CNNECannae Holdings, Inc.	0.04%	40,000	$1M	new	+0.04 pp	new
DARDarling Ingredients Inc.	0.04%	16,200	$1M	held	—	7 q
IRBTiRobot Corporation	0.04%	15,000	$1M	held	—	2 q
KSUKansas City Southern	0.04%	4,800	$1M	added×2.0	+0.02 pp	2 q
LBRDKLiberty Broadband Corporation Class C	0.04%	6,380	$1M	held	—	4 q
GTXGarrett Motion Inc.	0.03%	109,900	$809,000	held	—	2 q
MXMagnachip Semiconductor Corp.	0.03%	56,200	$998,000	held	—	2 q
unresolvedPpd Inc	0.03%	16,500	$772,000	new	+0.03 pp	new
SLCAU.s. Silica Holdings, Inc.	0.03%	130,000	$1M	held	—	6 q
VMDViemed Healthcare, Inc.	0.03%	150,000	$830,000	held	—	2 q
CHNGChange Healthcare Inc.	0.02%	33,700	$705,000	trimmed−4%	−0.01 pp	3 q
METAMeta Platforms, Inc. Class A	0.02%	1,400	$475,000	held	—	2 q
NUANNuance Communications, Inc.	0.02%	13,500	$743,000	held	—	2 q
SOLYSoliton Inc	0.02%	34,500	$703,000	new	+0.02 pp	new
BRK.ABerkshire Hathaway Inc.	0.01%	1	$411,000	held	—	34 q
DVNDevon Energy Corporation	0.01%	11,600	$412,000	new	+0.01 pp	new
PXDPioneer Natural Resource Co.	0.01%	2,000	$333,000	new	+0.01 pp	new
SBBPStrongbridge Biopharma PLC	0.01%	193,107	$392,000	held	—	2 q
unresolvedBrookfield Asset Mgmt Reins	0.00%	343	$19,000	held	—	2 q
LUMNLumen Technologies, Inc.	—	−1,425,000	—	exited	−0.62 pp	—
unresolvedGeneral Electric Co	—	−1,390,900	—	exited	−0.60 pp	—
DSSIDiamond S Shipping Inc	—	−1,034,681	—	exited	−0.33 pp	—
BKNGBooking Holdings Inc.	—	−3,500	—	exited	−0.25 pp	—
DKDelek US Holdings, Inc.	—	−70,000	—	exited	−0.05 pp	—
KLICKulicke & Soffa Industries Inc	—	−24,000	—	exited	−0.05 pp	—
NWPXNWPX Infrastructure, Inc.	—	−43,000	—	exited	−0.04 pp	—
OGNOrganon & Co.	—	−17,290	—	exited	−0.02 pp	—