Fairfax Financial

Q4 2021 13F · by Prem Watsa, CEO

As of: Dec 31, 2021
Filed: Feb 14, 2022
US stock: $3.1B · prev $3.1B
Positions: 63 · prev 61
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%

Moves23 since the prior filing

−3.2 pp in · −1.0 pp out

New 9 +0.36 pp
Added 4 −3.59 pp
Trimmed 3 −0.54 pp
Exited 7 −0.44 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions87% of US stock

ATCO Atlas Corp added−4.13 pp added−4.1345.4%
7AB1 Resolute Forest Products held held14.9%
BB BlackBerry Limited held held14.0%
KW Kennedy-wilson Holdings, Inc. held held10.2%
MU Micron Technology, Inc. held held2.1%

Positions63 in this filing · 7 exited


ATCOAtlas Corp	45.40%	99,988,690	$1.4B	added0%	−4.13 pp	8 q
7AB1Resolute Forest Products	14.91%	30,548,190	$465M	held	—	35 q
BBBlackBerry Limited	14.00%	46,724,700	$437M	held	—	34 q
KWKennedy-wilson Holdings, Inc.	10.19%	13,322,009	$318M	held	—	35 q
MUMicron Technology, Inc.	2.06%	690,200	$64M	held	—	13 q
CCAPCrescent Capital BDC, Inc.	1.88%	3,338,999	$59M	trimmed−12%	−0.48 pp	8 q
GOOGLAlphabet Inc. Class A	1.55%	16,731	$48M	held	—	8 q
BENFranklin Templeton, Inc.	1.07%	1,000,000	$33M	held	—	8 q
HRBH&R Block, Inc.	0.85%	1,120,894	$26M	held	—	4 q
PFEPfizer Inc.	0.76%	400,900	$24M	held	—	5 q
GMGeneral Motors Company	0.71%	375,965	$22M	held	—	15 q
CVXChevron Corporation	0.59%	155,800	$18M	held	—	8 q
BNSBank of Nova Scotia	0.56%	247,100	$18M	held	—	13 q
BABAAlibaba Group Holding Limited	0.55%	143,800	$17M	added×4.0	+0.38 pp	2 q
GEGE Aerospace	0.53%	173,862	$16M	held	—	2 q
HPHelmerich & Payne, Inc.	0.42%	555,105	$13M	held	—	28 q
MRKMerck & Co., Inc.	0.42%	172,900	$13M	held	—	5 q
JNJJohnson & Johnson	0.40%	73,400	$13M	held	—	35 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.36%	93,700	$11M	held	—	18 q
MCFTMasterCraft Boat Holdings, Inc.	0.31%	339,199	$10M	held	—	10 q
INSWInternational Seaways, Inc.	0.27%	572,954	$8M	held	—	2 q
NUANNuance Communications, Inc.	0.14%	77,000	$4M	added×5.7	+0.12 pp	3 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.12%	25,000	$4M	held	—	9 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.11%	1,650,000	$4M	held	—	8 q
unresolvedBrookfield Asset Mgmt Inc	0.10%	50,000	$3M	held	—	5 q
KKRKKR & Co. Inc.	0.10%	40,000	$3M	held	—	9 q
CVSCvs Health Corporation	0.09%	26,500	$3M	held	—	9 q
MIDDMiddleby Corp	0.09%	14,500	$3M	held	—	9 q
TMETencent Music Entertainment Group	0.09%	409,000	$3M	new	+0.09 pp	new
QSRRestaurant Brands International Inc.	0.08%	43,500	$3M	held	—	9 q
FNFFidelity National Financial, Inc.	0.07%	40,000	$2M	held	—	7 q
IMAXImax Corp	0.07%	125,000	$2M	held	—	5 q
MXMagnachip Semiconductor Corp.	0.07%	100,000	$2M	added+78%	+0.04 pp	3 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.07%	119,000	$2M	held	—	5 q
DENNDenny's Corp	0.06%	125,000	$2M	held	—	5 q
DINDine Brands Global, Inc.	0.06%	25,500	$2M	held	—	9 q
OROR Royalties Inc.	0.06%	160,000	$2M	held	—	9 q
TSATTelesat Corporation Class A and Class B Variable Voting Shares	0.06%	66,000	$2M	new	+0.06 pp	new
VOOVanguard S&P 500 ETF	0.06%	4,416	$2M	trimmed−45%	−0.04 pp	3 q
CNNECannae Holdings, Inc.	0.05%	40,000	$1M	held	—	2 q
unresolvedCasper Sleep Inc	0.05%	219,000	$1M	new	+0.05 pp	new
GRT-UCADGranite Real Estate Investme	0.05%	20,000	$2M	held	—	8 q
JECJacobs Engineering Group	0.05%	11,000	$2M	held	—	18 q
DARDarling Ingredients Inc.	0.04%	16,200	$1M	held	—	8 q
Garrett Motion Incconvertible	0.04%	159,239	$1M	new	+0.04 pp	new
ICDIQIndependence Contract Drilling, Inc.	0.04%	390,294	$1M	new	+0.04 pp	new
SLCAU.s. Silica Holdings, Inc.	0.04%	130,000	$1M	held	—	7 q
AGXArgan, Inc	0.03%	27,500	$1M	held	—	18 q
unresolvedCanadian Pac Ry Ltd	0.03%	15,000	$1M	new	+0.03 pp	new
GTXGarrett Motion Inc.	0.03%	109,900	$882,000	held	—	3 q
IRBTiRobot Corporation	0.03%	15,000	$987,000	held	—	3 q
LHCGLHC Group LLC	0.03%	7,400	$1M	new	+0.03 pp	new
LBRDKLiberty Broadband Corporation Class C	0.03%	6,380	$1M	held	—	5 q
VMDViemed Healthcare, Inc.	0.03%	150,000	$784,000	held	—	3 q
WW6Willis Towers Watson Public Limited Company	0.03%	61,000	$983,000	trimmed−24%	−0.02 pp	5 q
CHNGChange Healthcare Inc.	0.02%	33,700	$721,000	held	—	4 q
DVNDevon Energy Corporation	0.02%	11,600	$511,000	held	—	2 q
METAMeta Platforms, Inc. Class A	0.02%	1,400	$471,000	held	—	3 q
BRK.ABerkshire Hathaway Inc.	0.01%	1	$451,000	held	—	35 q
EOGEOG Resources, Inc.	0.01%	4,000	$355,000	new	+0.01 pp	new
PXDPioneer Natural Resource Co.	0.01%	2,000	$364,000	held	—	2 q
XERSXeris Biopharma Holdings, Inc.	0.01%	151,395	$441,000	new	+0.01 pp	new
unresolvedBrookfield Asset Mgmt Reins	0.00%	343	$21,000	held	—	3 q
TRTrillium Therapeutics Inc	—	−341,000	—	exited	−0.20 pp	—
LORLLoral Space and Communications, Inc.	—	−66,000	—	exited	−0.09 pp	—
TXNMTXNM Energy, Inc.	—	−27,951	—	exited	−0.05 pp	—
KSUKansas City Southern	—	−4,800	—	exited	−0.04 pp	—
unresolvedPpd Inc	—	−16,500	—	exited	−0.03 pp	—
SOLYSoliton Inc	—	−34,500	—	exited	−0.02 pp	—
SBBPStrongbridge Biopharma PLC	—	−193,107	—	exited	−0.01 pp	—