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PW

Prem Watsa Fairfax Financial Holdings

AUM $2.64B
1-Year Est. Return 24.46%
 

Prem Watsa is the founder and chairman of Fairfax Financial Holdings, a Canada-based insurance and investment company frequently compared to a Berkshire-style model. Fairfax combines underwriting operations with a value-oriented investment portfolio managed with a long-term horizon. Watsa is known for contrarian positioning, careful attention to insurance float, and candid annual letters.

This Fund
S&P 500
This Quarter Est. Return
-3.19%
1 Year Est. Return
+24.46%
3 Year Est. Return
+70.73%
5 Year Est. Return
+102.15%
10 Year Est. Return
+491.91%
AUM
$1.6B
AUM Growth
-$888M
Cap. Flow
-$916M
Cap. Flow %
-57.39%
Top 10 Hldgs %
96.88%
Holding
47
New
6
Increased
2
Reduced
5
Closed
5

Top Buys

Rank Stock Value
1
CTB
Cooper Tire & Rubber Co.
CTB
+$2.04M
2
RFP
Resolute Forest Products Inc.
RFP
+$1.2M
3
LRN icon
Stride
LRN
+$1.06M
4
RUE
RUE21 INC COM STK (DE)
RUE
+$869K
5
ONXX
ONYX PHARMACEUTICALS INC
ONXX
+$570K

Top Sells

Rank Stock Value
1
JNJ icon
Johnson & Johnson
JNJ
+$267M
2
LVLT
Level 3 Communications Inc
LVLT
+$255M
3
DELL
DELL INC
DELL
+$115M
4
USB icon
US Bancorp
USB
+$107M
5
WFC icon
Wells Fargo
WFC
+$53.5M

Sector Composition

Rank Sector Weight
1 Technology 25.77%
2 Materials 24.15%
3 Energy 16.53%
4 Healthcare 16.46%
5 Consumer Discretionary 6.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BB icon
1
BlackBerry
BB
$4.71B
$411M 25.76%
51,854,700
– –
RFP
2
DELISTED
Resolute Forest Products Inc.
RFP
$384M 24.06%
29,044,012
+86,685
+0.3% +$1.2M
JNJ icon
3
Johnson & Johnson
JNJ
$651B
$255M 15.98%
2,941,741
-2,974,059
-50% -$267M
SD
4
DELISTED
SANDRIDGE ENERGY, INC.
SD
$190M 11.92%
32,463,200
– –
NXH
5
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
$94.5M 5.92%
4,238,805
– –
XCO
6
DELISTED
Exco Resources
XCO
$72.9M 4.57%
728,742
– –
PTVCB
7
DELISTED
Protective Insurance Corporation Class B Common Stock
PTVCB
$23.5M 1.47%
969,875
– –
BCE icon
8
BCE
BCE
$22.1B
$11.5M 0.72%
268,300
– –
KW
9
DELISTED
Kennedy-Wilson Holdings
KW
$7.42M 0.46%
400,000
– –
DELL
10
DELISTED
DELL INC
DELL
$7.16M 0.45%
520,000
-8,456,589
-94% -$115M
PFE icon
11
Pfizer
PFE
$160B
$6.75M 0.42%
247,690
– –
CRESY
12
Cresud
CRESY
$792M
$6.3M 0.4%
821,245
– –
WFC icon
13
Wells Fargo
WFC
$254B
$2.86M 0.18%
69,300
-1,254,363
-95% -$53.5M
BRK.B icon
14
Berkshire Hathaway Class B
BRK.B
$1.06T
$2.39M 0.15%
21,100
– –
CTB
15
DELISTED
Cooper Tire & Rubber Co.
CTB
$2.14M 0.13%
69,500
+62,500
+893% +$2.04M
DXM
16
DELISTED
DEX MEDIA INC NEW COM STK (DE)
DXM
$1.29M 0.08%
159,198
– –
USG
17
DELISTED
Usg
USG
$1.22M 0.08%
42,800
– –
USB icon
18
US Bancorp
USB
$96.7B
$1.1M 0.07%
30,000
-2,879,279
-99% -$107M
LRN icon
19
Stride
LRN
$3.51B
$1.02M 0.06%
+33,133
New +$1.06M
BRK.A icon
20
Berkshire Hathaway Class A
BRK.A
$1.06T
$1.02M 0.06%
6
– –
C icon
21
Citigroup
C
$221B
$970K 0.06%
20,000
– –
NYT icon
22
New York Times
NYT
$10.6B
$880K 0.06%
70,000
– –
RUE
23
DELISTED
RUE21 INC COM STK (DE)
RUE
$847K 0.05%
+21,000
New +$869K
ORI icon
24
Old Republic International
ORI
$10B
$693K 0.04%
45,000
– –
FLG
25
Flagstar Bank National Association
FLG
$5.59B
$605K 0.04%
13,333
– –
1
2

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Prem Watsa's Q3 2013 Portfolio in Review

As of Q3 2013, Prem Watsa held 47 positions worth $1.6B, down 36% from $2.48B the previous quarter. Its ten largest holdings account for 97% of the portfolio.

Prem Watsa withdrew a net $916M in Q3 2013, closing 5 positions and reducing 5 holdings. Its most notable exit was Level 3 Communications Inc, an estimated $255M position sold in full.

By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 22% a quarter earlier, followed by Materials and Energy.

Against the trend, Prem Watsa opened a new position in Stride worth $1.02M.

  • Prem Watsa's largest Q3 2013 buy was Stride: 33,133 shares worth $1.02M.
  • Prem Watsa added most to Cooper Tire & Rubber Co. in Q3 2013, an estimated $2.04M increase.
  • Prem Watsa's biggest Q3 2013 reduction was Johnson & Johnson, cutting an estimated $267M.
  • Prem Watsa fully exited Level 3 Communications Inc in Q3 2013, selling an estimated $255M.
  • Prem Watsa's ten largest holdings make up 97% of its $1.6B portfolio in Q3 2013.
  • Prem Watsa opened 6 new positions and closed 5 in Q3 2013.
  • Prem Watsa's portfolio value fell 36% quarter-over-quarter to $1.6B.

Based on Fairfax Financial Holdings's 13F filing for Q3 2013, filed 14 Nov 2013.