Prem Watsa Fairfax Financial Holdings
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
RFP
Resolute Forest Products Inc.
RFP
|
+$8.36M |
| 2 |
LXK
Lexmark Intl Inc
LXK
|
+$598K |
| 3 |
CVT
CVENT, INC.
CVT
|
+$481K |
| 4 |
General Dynamics
GD
|
+$209K |
| 5 |
NOV
NOV
|
+$206K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BCE
BCE
|
+$12.3M |
| 2 |
ICICI Bank
IBN
|
+$10.7M |
| 3 |
EMWP
Eros Media World PLC
EMWP
|
+$1.34M |
| 4 |
HOT
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
|
+$559K |
| 5 |
ADT Corp
ADT
|
+$515K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 34.12% |
| 2 | Miscellaneous | 32.46% |
| 3 | Materials | 11.51% |
| 4 | Real Estate | 11.12% |
| 5 | Energy | 3.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
BlackBerry
BB
$5.13B
| $313M | 20.5% |
46,724,700
| – | – |
2013 Q2
12 quarters
|
|
2
IBM
IBM
$232B
| $207M | 13.54% |
1,425,175
| – | – |
2013 Q2
12 quarters
|
|
3
DELISTED
Kennedy-Wilson Holdings
KW
| $170M | 11.12% |
8,954,948
| – | – |
2013 Q2
12 quarters
|
|
|
RFP
4
DELISTED
Resolute Forest Products Inc.
RFP
| $162M | 10.58% |
30,548,190
+1,500,000
| +5% | +$8.36M |
2013 Q2
12 quarters
|
|
5
Neighborhood Intelligence Inc
NXH
$183M
| $51.2M | 3.36% |
3,853,459
| – | – |
2013 Q2
12 quarters
|
|
|
XCO
6
DELISTED
Exco Resources
XCO
| $33.2M | 2.17% |
1,702,594
| – | – |
2013 Q2
12 quarters
|
|
|
PTVCB
7
DELISTED
Protective Insurance Corporation Class B Common Stock
PTVCB
| $23.9M | 1.57% |
969,875
| – | – |
2013 Q2
12 quarters
|
|
8
Helmerich & Payne
HP
$3.52B
| $23.5M | 1.54% |
349,974
| – | – |
2015 Q1
5 quarters
|
|
9
Johnson & Johnson
JNJ
$665B
| $10M | 0.66% |
82,850
| – | – |
2013 Q2
12 quarters
|
|
10
POSCO
PKX
$14.8B
| $8.54M | 0.56% |
191,879
| – | – |
2015 Q3
3 quarters
|
|
11
Pfizer
PFE
$168B
| $7.39M | 0.48% |
221,340
| – | – |
2013 Q2
12 quarters
|
|
12
Jefferies Financial Group
JEF
$10.9B
| $5.2M | 0.34% |
335,138
| – | – |
2016 Q1
1 quarter
|
|
|
TRQ
13
DELISTED
Turquoise Hill Resources Ltd
TRQ
| $3.88M | 0.25% |
115,040
| – | – |
2015 Q4
2 quarters
|
|
14
Wells Fargo
WFC
$252B
| $3.28M | 0.21% |
69,300
| – | – |
2013 Q2
12 quarters
|
|
15
Berkshire Hathaway Class B
BRK.B
$1.22T
| $2.82M | 0.18% |
19,500
| – | – |
2013 Q2
12 quarters
|
|
16
Berkshire Hathaway Class A
BRK.A
$1.22T
| $1.3M | 0.09% |
6
| – | – |
2013 Q2
12 quarters
|
|
17
Rayonier Advanced Materials
RYAM
$399M
| $951K | 0.06% |
70,000
| – | – |
2014 Q3
7 quarters
|
|
18
US Bancorp
USB
$92.6B
| $936K | 0.06% |
23,200
| – | – |
2013 Q2
12 quarters
|
|
19
DELISTED
Usg
USG
| $884K | 0.06% |
32,800
| – | – |
2013 Q2
12 quarters
|
|
|
LXK
20
DELISTED
Lexmark Intl Inc
LXK
| $611K | 0.04% |
+16,200
| New | +$598K |
2016 Q2
0 quarters
|
|
|
CVT
21
DELISTED
CVENT, INC.
CVT
| $518K | 0.03% |
+14,500
| New | +$481K |
2016 Q2
0 quarters
|
|
22
New Oriental
EDU
$8.53B
| $465K | 0.03% |
11,100
| – | – |
2013 Q2
12 quarters
|
|
23
Enovis
ENOV
$1.57B
| $431K | 0.03% |
9,470
| – | – |
2015 Q4
2 quarters
|
|
24
Stride
LRN
$3.15B
| $413K | 0.03% |
33,133
| – | – |
2013 Q3
11 quarters
|
|
25
CSX Corp
CSX
$91B
| $255K | 0.02% |
29,400
| – | – |
2016 Q1
1 quarter
|
|
Similar funds
Prem Watsa's Q2 2016 Portfolio in Review
As of Q2 2016, Prem Watsa held 34 positions worth $1.53B, down 8% from $1.66B the previous quarter. Its ten largest holdings account for 97% of the portfolio.
Prem Watsa withdrew a net $550M in Q2 2016, closing 6 positions. Its most notable exit was BCE, an estimated $12.3M position sold in full.
By sector, the portfolio is most concentrated in Technology at 34% of assets, down from 35% a quarter earlier, followed by Miscellaneous and Materials.
Against the trend, Prem Watsa opened a new position in Lexmark Intl Inc worth $611K.
- Prem Watsa's largest Q2 2016 buy was Lexmark Intl Inc: 16,200 shares worth $611K.
- Prem Watsa added most to Resolute Forest Products Inc. in Q2 2016, an estimated $8.36M increase.
- Prem Watsa fully exited BCE in Q2 2016, selling an estimated $12.3M.
- Prem Watsa's ten largest holdings make up 97% of its $1.53B portfolio in Q2 2016.
- Prem Watsa opened 4 new positions and closed 6 in Q2 2016.
- Prem Watsa's portfolio value fell 8% quarter-over-quarter to $1.53B.
Based on Fairfax Financial Holdings's 13F filing for Q2 2016, filed 12 Aug 2016.