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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
+6.23%
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
$1.31B
AUM Growth
-$289M
Cap. Flow
-$285M
Cap. Flow %
-21.79%
Top 10 Hldgs %
97.24%
Holding
47
New
6
Increased
2
Reduced
3
Closed
5

Top Buys

Rank Stock Value
1
EVAC
EDWARDS GROUP LTD ADR (CYM)
EVAC
+$490K
2
VPHM
VIROPHARMA INC
VPHM
+$447K
3
UPL
Ultra Petroleum Corp. Common Stock
UPL
+$389K
4
HPQ icon
HP
HPQ
+$238K
5
CSX icon
CSX Corp
CSX
+$204K

Top Sells

Rank Stock Value
1
JNJ icon
Johnson & Johnson
JNJ
+$263M
2
DELL
DELL INC
DELL
+$7.16M
3
CTB
Cooper Tire & Rubber Co.
CTB
+$1.16M
4
RUE
RUE21 INC COM STK (DE)
RUE
+$847K
5
XCO
Exco Resources
XCO
+$677K

Sector Composition

Rank Sector Weight
1 Materials 35.7%
2 Technology 29.56%
3 Energy 19.53%
4 Consumer Discretionary 7.55%
5 Financials 2.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RFP
1
DELISTED
Resolute Forest Products Inc.
RFP
$465M 35.59%
29,044,012
– –
BB icon
2
BlackBerry
BB
$4.71B
$386M 29.52%
51,854,700
– –
SD
3
DELISTED
SANDRIDGE ENERGY, INC.
SD
$197M 15.06%
32,463,200
– –
NXH
4
Neighborhood Intelligence, Inc. Common Stock
NXH
$396M
$98.1M 7.51%
4,238,805
– –
XCO
5
DELISTED
Exco Resources
XCO
$57.4M 4.39%
720,813
-7,929
-1% -$677K
PTVCB
6
DELISTED
Protective Insurance Corporation Class B Common Stock
PTVCB
$26.4M 2.02%
969,875
– –
BCE icon
7
BCE
BCE
$22.1B
$11.6M 0.89%
268,300
– –
KW
8
DELISTED
Kennedy-Wilson Holdings
KW
$8.9M 0.68%
400,000
– –
JNJ icon
9
Johnson & Johnson
JNJ
$651B
$7.76M 0.59%
84,700
-2,857,041
-97% -$263M
CRESY
10
Cresud
CRESY
$792M
$7.27M 0.56%
821,245
– –
PFE icon
11
Pfizer
PFE
$160B
$7.2M 0.55%
247,690
– –
WFC icon
12
Wells Fargo
WFC
$254B
$3.15M 0.24%
69,300
– –
BRK.B icon
13
Berkshire Hathaway Class B
BRK.B
$1.06T
$2.5M 0.19%
21,100
– –
USG
14
DELISTED
Usg
USG
$1.22M 0.09%
42,800
– –
USB icon
15
US Bancorp
USB
$96.7B
$1.21M 0.09%
30,000
– –
NYT icon
16
New York Times
NYT
$10.6B
$1.11M 0.09%
70,000
– –
DXM
17
DELISTED
DEX MEDIA INC NEW COM STK (DE)
DXM
$1.08M 0.08%
159,198
– –
BRK.A icon
18
Berkshire Hathaway Class A
BRK.A
$1.06T
$1.07M 0.08%
6
– –
C icon
19
Citigroup
C
$221B
$1.04M 0.08%
20,000
– –
ORI icon
20
Old Republic International
ORI
$10B
$777K 0.06%
45,000
– –
LRN icon
21
Stride
LRN
$3.51B
$720K 0.06%
33,133
– –
UPL
22
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$703K 0.05%
32,500
+19,100
+143% +$389K
FLG
23
Flagstar Bank National Association
FLG
$5.59B
$674K 0.05%
13,333
– –
MRK icon
24
Merck
MRK
$376B
$601K 0.05%
12,576
– –
CTB
25
DELISTED
Cooper Tire & Rubber Co.
CTB
$541K 0.04%
22,500
-47,000
-68% -$1.16M
1
2

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Prem Watsa's Q4 2013 Portfolio in Review

As of Q4 2013, Prem Watsa held 47 positions worth $1.31B, down 18% from $1.6B the previous quarter. Its ten largest holdings account for 97% of the portfolio.

Prem Watsa withdrew a net $285M in Q4 2013, closing 5 positions and reducing 3 holdings. Its most notable exit was DELL INC, an estimated $7.16M position sold in full.

By sector, the portfolio is most concentrated in Materials at 36% of assets, up from 24% a quarter earlier, followed by Technology and Energy.

Against the trend, Prem Watsa opened a new position in EDWARDS GROUP LTD ADR (CYM) worth $494K.

  • Prem Watsa's largest Q4 2013 buy was EDWARDS GROUP LTD ADR (CYM): 48,500 shares worth $494K.
  • Prem Watsa added most to Ultra Petroleum Corp. Common Stock in Q4 2013, an estimated $389K increase.
  • Prem Watsa's biggest Q4 2013 reduction was Johnson & Johnson, cutting an estimated $263M.
  • Prem Watsa fully exited DELL INC in Q4 2013, selling an estimated $7.16M.
  • Prem Watsa's ten largest holdings make up 97% of its $1.31B portfolio in Q4 2013.
  • Prem Watsa opened 6 new positions and closed 5 in Q4 2013.
  • Prem Watsa's portfolio value fell 18% quarter-over-quarter to $1.31B.

Based on Fairfax Financial Holdings's 13F filing for Q4 2013, filed 14 Feb 2014.