Fairfax Financial

Q1 2022 13F · by Prem Watsa, CEO

As of: Mar 31, 2022
Filed: May 16, 2022
US stock: $3.0B · prev $3.1B
Positions: 66 · prev 63
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%

Moves21 since the prior filing

+4.2 pp in · −0.8 pp out

New 9 +0.83 pp
Added 3 +3.37 pp
Trimmed 3 −0.46 pp
Exited 6 −0.32 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.4% a year, about 29.5 years per position

Low
Moderate
High

Top 5 positions86% of US stock

ATCO Atlas Corp added+3.36 pp added+3.3648.8%
7AB1 Resolute Forest Products held held13.1%
BB BlackBerry Limited held held11.6%
KW Kennedy-wilson Holdings, Inc. held held10.8%
MU Micron Technology, Inc. held held1.8%

Positions66 in this filing · 6 exited


ATCOAtlas Corp	48.76%	100,037,675	$1.5B	added0%	+3.36 pp	9 q
7AB1Resolute Forest Products	13.09%	30,548,190	$394M	held	—	36 q
BBBlackBerry Limited	11.56%	46,724,700	$348M	held	—	35 q
KWKennedy-wilson Holdings, Inc.	10.79%	13,322,009	$325M	held	—	36 q
MUMicron Technology, Inc.	1.79%	690,200	$54M	held	—	14 q
GOOGLAlphabet Inc. Class A	1.55%	16,731	$47M	held	—	9 q
CCAPCrescent Capital BDC, Inc.	1.47%	2,491,737	$44M	trimmed−25%	−0.41 pp	9 q
HRBH&R Block, Inc.	0.97%	1,120,894	$29M	held	—	5 q
BENFranklin Templeton, Inc.	0.93%	1,000,000	$28M	held	—	9 q
CVXChevron Corporation	0.84%	155,800	$25M	held	—	9 q
HPHelmerich & Payne, Inc.	0.79%	555,105	$24M	held	—	29 q
PFEPfizer Inc.	0.69%	400,900	$21M	held	—	6 q
BNSBank of Nova Scotia	0.59%	247,100	$18M	held	—	14 q
GMGeneral Motors Company	0.55%	375,965	$16M	held	—	16 q
GEGE Aerospace	0.53%	173,862	$16M	held	—	3 q
BABAAlibaba Group Holding Limited	0.52%	143,800	$16M	held	—	3 q
MRKMerck & Co., Inc.	0.47%	172,900	$14M	held	—	6 q
JNJJohnson & Johnson	0.43%	73,400	$13M	held	—	36 q
INSWInternational Seaways, Inc.	0.34%	572,954	$10M	held	—	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.32%	93,700	$10M	held	—	19 q
MCFTMasterCraft Boat Holdings, Inc.	0.27%	328,699	$8M	trimmed−3%	−0.04 pp	11 q
TNNTenneco Inc-class A	0.22%	358,100	$7M	new	+0.22 pp	new
AIYActivision Blizzard Inc	0.20%	75,400	$6M	new	+0.20 pp	new
VNEVeoneer Inc	0.13%	104,444	$4M	new	+0.13 pp	new
ATHMAutohome Inc.	0.11%	110,000	$3M	new	+0.11 pp	new
CIGIColliers International Group Inc. Subordinate Voting Shares	0.11%	25,000	$3M	held	—	10 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.11%	1,650,000	$3M	held	—	9 q
unresolvedBrookfield Asset Mgmt Inc	0.09%	50,000	$3M	held	—	6 q
CVSCvs Health Corporation	0.09%	26,500	$3M	held	—	10 q
IMAXImax Corp	0.08%	125,000	$2M	held	—	6 q
IBAIndustrias Bachoco SAB De C.V.	0.08%	54,000	$3M	new	+0.08 pp	new
KKRKKR & Co. Inc.	0.08%	40,000	$2M	held	—	10 q
MIDDMiddleby Corp	0.08%	14,500	$2M	held	—	10 q
QSRRestaurant Brands International Inc.	0.08%	43,500	$3M	held	—	10 q
SLCAU.s. Silica Holdings, Inc.	0.08%	130,000	$2M	held	—	8 q
DINDine Brands Global, Inc.	0.07%	25,500	$2M	held	—	10 q
OROR Royalties Inc.	0.07%	160,000	$2M	held	—	10 q
TMETencent Music Entertainment Group	0.07%	409,000	$2M	held	—	2 q
DENNDenny's Corp	0.06%	125,000	$2M	held	—	6 q
FNFFidelity National Financial, Inc.	0.06%	40,000	$2M	held	—	8 q
MXMagnachip Semiconductor Corp.	0.06%	100,000	$2M	held	—	4 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.06%	119,000	$2M	held	—	6 q
METAMeta Platforms, Inc. Class A	0.05%	7,000	$2M	added×5.0	+0.03 pp	4 q
GRT-UCADGranite Real Estate Investme	0.05%	20,000	$2M	held	—	9 q
ICDIQIndependence Contract Drilling, Inc.	0.05%	390,294	$2M	held	—	2 q
JECJacobs Engineering Group	0.05%	11,000	$2M	held	—	19 q
VOOVanguard S&P 500 ETF	0.05%	3,616	$2M	trimmed−18%	−0.01 pp	4 q
unresolvedCanadian Pac Ry Ltd	0.04%	15,000	$1M	held	—	2 q
DARDarling Ingredients Inc.	0.04%	16,200	$1M	held	—	9 q
Garrett Motion Incconvertible	0.04%	159,239	$1M	held	—	2 q
LHCGLHC Group LLC	0.04%	7,400	$1M	held	—	2 q
TSATTelesat Corporation Class A and Class B Variable Voting Shares	0.04%	76,000	$1M	added+15%	−0.02 pp	2 q
GTXGarrett Motion Inc.	0.03%	109,900	$787,000	held	—	4 q
IRBTiRobot Corporation	0.03%	15,000	$950,000	held	—	4 q
LBRDKLiberty Broadband Corporation Class C	0.03%	6,380	$864,000	held	—	6 q
LYLTLoyalty Ventures Inc.	0.03%	60,000	$992,000	new	+0.03 pp	new
BRK.ABerkshire Hathaway Inc.	0.02%	1	$529,000	held	—	36 q
CTXSCitrix Systems Inc	0.02%	7,100	$716,000	new	+0.02 pp	new
DKDelek US Holdings, Inc.	0.02%	32,000	$679,000	new	+0.02 pp	new
DVNDevon Energy Corporation	0.02%	11,600	$686,000	held	—	3 q
EOGEOG Resources, Inc.	0.02%	4,000	$477,000	held	—	2 q
PXDPioneer Natural Resource Co.	0.02%	2,000	$500,000	held	—	3 q
VMDViemed Healthcare, Inc.	0.02%	150,000	$743,000	held	—	4 q
NLSNNielsen Holdings PLC	0.02%	26,900	$732,000	new	+0.02 pp	new
XERSXeris Biopharma Holdings, Inc.	0.01%	151,395	$388,000	held	—	2 q
unresolvedBrookfield Asset Mgmt Reins	0.00%	343	$20,000	held	—	4 q
NUANNuance Communications, Inc.	—	−77,000	—	exited	−0.14 pp	—
CNNECannae Holdings, Inc.	—	−40,000	—	exited	−0.05 pp	—
unresolvedCasper Sleep Inc	—	−219,000	—	exited	−0.05 pp	—
AGXArgan, Inc	—	−27,500	—	exited	−0.03 pp	—
WW6Willis Towers Watson Public Limited Company	—	−61,000	—	exited	−0.03 pp	—
CHNGChange Healthcare Inc.	—	−33,700	—	exited	−0.02 pp	—