Fairfax Financial

Q4 2022 13F · by Prem Watsa, CEO

As of: Dec 31, 2022
Filed: Feb 14, 2023
US stock: $3.7B · prev $3.5B
Positions: 74 · prev 72
Options notional: $0
Documents: 1· no amendments

Picture91.9% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 91.9%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 8.1%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves29 since the prior filing

+0.6 pp in · −2.2 pp out

New 11 +0.27 pp
Added 5 +0.28 pp
Trimmed 4 −0.04 pp
Exited 9 −2.15 pp

The book

Very concentrated · behaves like 3 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.5% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions84% of US stock

ATCO Atlas Corp held held51.9%
7AB1 Resolute Forest Products held held17.9%
KW Kennedy-wilson Holdings, Inc. held held5.7%
MU Micron Technology, Inc. held held4.7%
BB BlackBerry Limited held held4.1%

Positions74 in this filing · 9 exited


ATCOAtlas Corp	51.93%	125,081,134	$1.9B	held	—	12 q
7AB1Resolute Forest Products	17.85%	30,548,190	$660M	held	—	39 q
KWKennedy-wilson Holdings, Inc.	5.67%	13,322,009	$210M	held	—	39 q
MUMicron Technology, Inc.	4.68%	3,462,049	$173M	held	—	17 q
BBBlackBerry Limited	4.11%	46,724,700	$152M	held	—	38 q
BACBank of America Corporation	2.78%	3,101,000	$103M	held	—	3 q
OXYOccidental Petroleum Corporation	1.57%	921,500	$58M	held	—	3 q
CVXChevron Corporation	1.53%	314,000	$56M	held	—	12 q
ORLAOrla Mining Ltd	1.16%	10,719,650	$43M	added+5%	+0.24 pp	2 q
GOOGLAlphabet Inc. Class A	0.80%	336,620	$30M	held	—	12 q
HPHelmerich & Payne, Inc.	0.74%	555,105	$28M	held	—	32 q
CCAPCrescent Capital BDC, Inc.	0.72%	2,092,698	$27M	held	—	12 q
BENFranklin Templeton, Inc.	0.71%	1,000,000	$26M	held	—	12 q
BABAAlibaba Group Holding Limited	0.70%	292,800	$26M	held	—	6 q
PFEPfizer Inc.	0.64%	460,900	$24M	held	—	9 q
MRKMerck & Co., Inc.	0.52%	172,900	$19M	held	—	9 q
INTCIntel Corp	0.47%	652,500	$17M	held	—	3 q
GEGE Aerospace	0.39%	173,862	$15M	held	—	6 q
BNSBank of Nova Scotia	0.38%	289,100	$14M	held	—	17 q
JNJJohnson & Johnson	0.35%	73,400	$13M	held	—	39 q
GMGeneral Motors Company	0.34%	375,965	$13M	held	—	19 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.20%	98,500	$7M	added+5%	+0.02 pp	22 q
AIYActivision Blizzard Inc	0.17%	83,700	$6M	added+6%	0.00 pp	4 q
ATHMAutohome Inc.	0.08%	93,000	$3M	held	—	4 q
QSRRestaurant Brands International Inc.	0.08%	43,500	$3M	held	—	13 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.06%	25,000	$2M	held	—	13 q
TFIITFI International Inc.	0.06%	23,600	$2M	held	—	3 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.06%	229,000	$2M	held	—	9 q
IMAXImax Corp	0.05%	125,000	$2M	held	—	9 q
KKRKKR & Co. Inc.	0.05%	40,000	$2M	held	—	13 q
MIDDMiddleby Corp	0.05%	14,500	$2M	held	—	13 q
OROR Royalties Inc.	0.05%	160,000	$2M	held	—	13 q
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF	0.05%	18,600	$2M	new	+0.05 pp	new
DOOBRP Inc. Common Subordinate Voting Shares	0.04%	21,200	$2M	held	—	3 q
BNBrookfield Corporation	0.04%	50,000	$2M	new	+0.04 pp	new
CIXCi Financial Corp	0.04%	165,200	$2M	new	+0.04 pp	new
CVSCvs Health Corporation	0.04%	15,000	$1M	held	—	13 q
METAMeta Platforms, Inc. Class A	0.04%	12,300	$1M	added+76%	+0.01 pp	7 q
FHNFirst Horizon Corporation	0.04%	64,300	$2M	held	—	3 q
Garrett Motion Incconvertible	0.04%	159,239	$1M	held	—	5 q
JJacobs Solutions Inc.	0.04%	11,000	$1M	held	—	2 q
MR4Meridian Bioscience Inc	0.04%	41,400	$1M	new	+0.04 pp	new
SLCAU.s. Silica Holdings, Inc.	0.04%	130,000	$2M	held	—	11 q
unresolvedCanadian Pac Ry Ltd	0.03%	15,000	$1M	held	—	5 q
DARDarling Ingredients Inc.	0.03%	16,200	$1M	held	—	12 q
DENNDenny's Corp	0.03%	125,000	$1M	held	—	9 q
DINDine Brands Global, Inc.	0.03%	20,000	$1M	held	—	13 q
FNFFidelity National Financial, Inc.	0.03%	28,000	$1M	held	—	11 q
ICDIQIndependence Contract Drilling, Inc.	0.03%	390,294	$1M	held	—	5 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.03%	1,650,000	$1M	held	—	12 q
MGMMgm Resorts International	0.03%	29,500	$988,840	held	—	3 q
MXMagnachip Semiconductor Corp.	0.03%	125,000	$1M	held	—	7 q
SWSmurfit Westrock plc	0.03%	38,200	$1M	new	+0.03 pp	new
VMDViemed Healthcare, Inc.	0.03%	150,000	$1M	held	—	7 q
CRDOCredo Technology Group Holding Ltd	0.03%	87,566	$1M	new	+0.03 pp	new
DKDelek US Holdings, Inc.	0.02%	32,000	$864,000	held	—	4 q
GTXGarrett Motion Inc.	0.02%	109,900	$838,537	held	—	7 q
LYLTLoyalty Ventures Inc.	0.02%	240,000	$578,400	held	—	4 q
TGNATEGNA Inc.	0.02%	32,000	$677,760	new	+0.02 pp	new
TMETencent Music Entertainment Group	0.02%	75,000	$621,000	trimmed−82%	−0.03 pp	5 q
AXPAmerican Express Company	0.01%	1,600	$236,336	held	—	2 q
BRK.ABerkshire Hathaway Inc.	0.01%	1	$467,830	held	—	39 q
BAMBrookfield Asset Management Ltd.	0.01%	12,583	$360,755	new	+0.01 pp	new
DVNDevon Energy Corporation	0.01%	6,000	$369,060	trimmed−48%	−0.01 pp	6 q
EOGEOG Resources, Inc.	0.01%	2,000	$259,060	trimmed−50%	0.00 pp	5 q
unresolvedF-star Therapeutics Inc	0.01%	49,399	$311,708	added×2.0	+0.01 pp	2 q
GNTXGentex Corp	0.01%	9,800	$267,050	new	+0.01 pp	new
LBRDKLiberty Broadband Corporation Class C	0.01%	6,380	$486,347	held	—	9 q
PXDPioneer Natural Resource Co.	0.01%	1,000	$228,390	trimmed−50%	0.00 pp	6 q
TSATTelesat Corporation Class A and Class B Variable Voting Shares	0.01%	76,000	$532,861	held	—	5 q
VOOVanguard S&P 500 ETF	0.01%	1,400	$491,932	held	—	7 q
XERSXeris Biopharma Holdings, Inc.	0.01%	151,395	$199,841	held	—	5 q
FGF&G Annuities & Life, Inc.	0.00%	1,904	$38,118	new	0.00 pp	new
unresolvedBrookfield Reins Ltd	0.00%	343	$10,746	new	0.00 pp	new
HRBH&R Block, Inc.	—	−1,035,019	—	exited	−1.24 pp	—
INSWInternational Seaways, Inc.	—	−572,954	—	exited	−0.57 pp	—
TNNTenneco Inc-class A	—	−375,000	—	exited	−0.18 pp	—
unresolvedBrookfield Asset Mgmt Inc	—	−50,000	—	exited	−0.06 pp	—
CTXSCitrix Systems Inc	—	−14,200	—	exited	−0.04 pp	—
GRT-UCADGranite Real Estate Investme	—	−20,000	—	exited	−0.03 pp	—
NLSNNielsen Holdings PLC	—	−26,900	—	exited	−0.02 pp	—
MCFTMasterCraft Boat Holdings, Inc.	—	−10,000	—	exited	−0.01 pp	—
unresolvedBrookfield Asset Mgmt Reins	—	−343	—	exited	0.00 pp	—