giofranchi Posted July 14, 2015 Share Posted July 14, 2015 http://www.fairfaxindia.ca/news/press-releases/press-release-details/2015/Offer-to-Acquire-26-of-IIFL-Holdings-Limited/default.aspx It seems to be a very large investment! More than 25% of AUM. After all non-banking finance, housing finance, wealth management, retail broking, institutional equities, investment banking and insurance distribution, certainly are in Fairfax’s sweet spot, and backed by a rapidly growing market. Of course I like it! ;) Cheers, Gio Link to comment Share on other sites More sharing options...
giofranchi Posted July 15, 2015 Share Posted July 15, 2015 Skill India Mission http://timesofindia.indiatimes.com/india/Skill-India-Mission-Highlights-of-PM-Modis-speech/articleshow/48085324.cms?utm_source=twitter.com&utm_medium=referral&utm_campaign=TOIIndiaNews Cheers, Gio Link to comment Share on other sites More sharing options...
Guest MarkS Posted July 17, 2015 Share Posted July 17, 2015 I’m brand new to this board - and very impressed with the quality of the posts. I would love to pick up some of these shares, but I would need to hold them in an IRA. l’ve been researching whether dividends issued by Canadian companies paid to owners of shares held in an American IRA are subject to Canadian withholding tax. First, let me state that I’m neither a tax attorney nor a CPA. I’m just an ordinary Joe trying to make a little money. I’m offering the pitiful results of my research in the hope that someone might find it helpful. A tax treaty exists between the United States and Canada. An American can file form NR301 with their brokerage firm and get a reduction in Canadian withholding tax from 25% to 15%. As I understand the process, NR301 applies to ordinary brokerage accounts not retirement accounts. See: http://www.cra-arc.gc.ca/E/pbg/tf/nr301/README.html As stated in form NR301, if you are seeking a tax exemption, you must “apply to the CRA for a Letter of Exemption. Refer to guide T4016, Exempt U.S. Organizations – Under Article XXI of the Canada-United States Tax Convention.” The Canadian Revenue Agency states that you can seek a tax exemption for Canadian Dividends paid to owners of shares held in an IRA: “Individual Retirement Accounts (IRAs) are also exempt under Paragraph 2 of Article XXI. In order for an IRA plan to qualify for purposes of a Letter of Exemption, the custodian/trust/individual must provide the CRA with the following information: • The name of the beneficial owners of the IRAs • The Tax Identification Number of the beneficial owners • The addresses of the beneficial owners • A notarized affidavit as to the country of residence of the holder of the IRAs and either i. a hard copy of the IRAs approved adoption agreement of an Individual Retirement Plan/Trust Agreement ii. a hard copy of the custodian’s Individual Retirement Plan/Trust Agreement, and iii. a hard copy of the fully completed IRS Form 5305 or 5305A” See: http://www.cra-arc.gc.ca/E/pub/tg/t4016/t4016-e.html Obviously, an individual would have a difficult time complying with these requirements. A brokerage firm would need to spend a significant amount of time and money complying with the rules for the benefit of their clients. I wasted two hours of my time today on the phone with TD Ameritrade and MerrillEdge, two hours which I will never get back, trying to get someone on the phone that was willing and/or able to help. If you have accounts with either of the above, an exemption is probably not in the cards. I cannot speak for other brokerage accounts. Anyone interested should contact their own brokerage firm. I would love to know if other firms are more interested in helping their clients. Link to comment Share on other sites More sharing options...
beerbaron Posted July 17, 2015 Share Posted July 17, 2015 I live in Canada, if I buy US equities thru my retirement account dividends are exempt from the US witholding tax. I believe it's part of a tax treaty between both countries. I did not have to fill in any paperwork, the broker just "knows" not to withhold anything. I would believe that it would be the same thing in the US. It might just be that the persons you talked to know very little about those details. If I were you I'd do a test and buy a dividend stock a few days before the dividend and see what happens when you get your statement. It will cost you 5$ in fees maybe but you won't lose another 2 hours at least. BeerBaron Link to comment Share on other sites More sharing options...
giofranchi Posted July 17, 2015 Share Posted July 17, 2015 A republic of greed: Why PM Modi must crack the whip on India’s snowballing corruption http://economictimes.indiatimes.com/news/politics-and-nation/a-republic-of-greed-why-pm-modi-must-crack-the-whip-on-indias-snowballing-corruption/articleshow/48108824.cms Gio Link to comment Share on other sites More sharing options...
Guest MarkS Posted July 17, 2015 Share Posted July 17, 2015 Thanks beerbaron. That's not a bad idea. Link to comment Share on other sites More sharing options...
Tommm50 Posted July 18, 2015 Share Posted July 18, 2015 Mark S. and Beer Baron, I've been getting Fairfax dividends for years into my IRA (I live in the U.S.) and never had any withholding. Link to comment Share on other sites More sharing options...
Guest MarkS Posted July 19, 2015 Share Posted July 19, 2015 Thanks Tommm50. Appreciate the info. Link to comment Share on other sites More sharing options...
bearprowler6 Posted July 20, 2015 Share Posted July 20, 2015 Another deal by the Fairfax India team: http://www.stockhouse.com/news/press-releases/2015/07/20/fairfax-india-to-acquire-national-collateral-management-services-india-s Link to comment Share on other sites More sharing options...
giofranchi Posted July 20, 2015 Share Posted July 20, 2015 Another deal by the Fairfax India team: http://www.stockhouse.com/news/press-releases/2015/07/20/fairfax-india-to-acquire-national-collateral-management-services-india-s Another large investment: more than 12% of AUM. National Collateral is a leading private-sector agricultural commodities storage company in India that has operated for over 10 years and is now preparing to expand to take advantage of the significant market potential in India's under-developed agricultural storage industry. The company operates in the mid-stream agriculture value chain by offering end-to-end solutions in grain procurement, testing, storage and collateral management. As a result of recent fiscal and non-fiscal policy announcements in India, private sector players such as National Collateral (www.ncml.com) are enhancing the range of solutions provided to Indian farmers, traders, food processors, banks and governments and to the businesses connected to the agriculture supply chain, thereby generating significant efficiencies to help India achieve its stated national objective of greater food security. Sounds like another opportunity for significant growth. Cheers, Gio Link to comment Share on other sites More sharing options...
bearprowler6 Posted July 20, 2015 Share Posted July 20, 2015 For those wanting to do a deeper dive---here is a link to the NCMSL's website: http://www.ncmsl.com/index.asp Link to comment Share on other sites More sharing options...
giofranchi Posted July 31, 2015 Share Posted July 31, 2015 Q2 2015 Results. The two meaningful investments recently announced were made after the end of the quarter. Cheers, Gio 2015-Q2-Press-Release-FIH-Final.pdf Link to comment Share on other sites More sharing options...
giofranchi Posted July 31, 2015 Share Posted July 31, 2015 Some not so great news... http://www.forbes.com/sites/dougbandow/2015/07/30/india-losing-opportunity-to-become-next-great-power-narendra-modis-faltering-revolution/ Gio Link to comment Share on other sites More sharing options...
gym97 Posted November 4, 2015 Share Posted November 4, 2015 for anybody that is interested. http://www.fairfaxindia.ca/news/press-releases/press-release-details/2015/Fairfax-India-to-Acquire-45-of-ADI-Finechem-Limited-and-to-Make-an-Open-Offer-for-an-Additional-26-of-ADI-Finechem-Limited/default.aspx Link to comment Share on other sites More sharing options...
Viking Posted December 30, 2015 Share Posted December 30, 2015 The price dipped below $10/unit this morning, which is about where it ipo'd at the beginning of the year. I like the idea of getting some exposure in my portfolio to India; can't think of a better way than Fairfax. The key will be to give FFH 3-5 years; I think it will take that long to build a very good portfolio of businesses. My guess is FFH will be focused on buying positions in quality businesses (given the other risks such as corruption etc). The stock market in India has also been on a tear the last few years. It looks to me like FFH will be making purchases at fair prices. This means the benefit to FIH shareholders will take years to show through earnings growth at the acquired companies. :-) Link to comment Share on other sites More sharing options...
wondering Posted January 15, 2016 Share Posted January 15, 2016 Now that the company is over its IPO honeymoon stage, and the stock is trading very close to book value, and I am considering buying a little. My question is regarding the currency. The reporting currency is in USD. The functional currency is in INR. I am Canadian with Canadian dollars. I am concerned if the Canadian rises against the US dollar, it will greatly diminish my investment. Upon greater reflection, I am thinking my bigger concern should be how the Canadian dollar performs vs. the Indian rupee because the US dollar is essentially "in" and "out". Is my thinking correct? Link to comment Share on other sites More sharing options...
giofranchi Posted February 19, 2016 Share Posted February 19, 2016 2015 Results: http://www.fairfaxindia.ca/news/press-releases/press-release-details/2016/Fairfax-India-Holdings-Corporation-Financial-Results-for-the-Year-Ended-December-31-2015/default.aspx Fairfax India is selling exactly at BV: not bad for a company very well positioned to capitalize on India's strong demographic trend. Cheers, Gio Link to comment Share on other sites More sharing options...
ourkid8 Posted March 28, 2016 Share Posted March 28, 2016 http://www.bloomberg.com/news/articles/2016-03-28/fairfax-to-buy-bangalore-airport-stake-for-322-million-from-gvk?cmpid=yhoo.headline Fairfax to Buy Bangalore Airport Stake for $322 Million From GVK. Link to comment Share on other sites More sharing options...
obtuse_investor Posted March 28, 2016 Share Posted March 28, 2016 A toll bridge purchase. Wonderful! Link to comment Share on other sites More sharing options...
Jurgis Posted March 28, 2016 Share Posted March 28, 2016 A toll bridge purchase. Wonderful! It's not a bridge. It's an airport. ::) jk Link to comment Share on other sites More sharing options...
hobbit Posted October 15, 2017 Share Posted October 15, 2017 http://www.fairfaxindia.ca/news/press-releases/press-release-details/2017/Fairfax-India-Holdings-Corporation-Intention-to-Make-a-Normal-Course-Issuer-Bid-for-Subordinate-Voting-Shares/default.aspx Link to comment Share on other sites More sharing options...
WneverLOSE Posted October 16, 2017 Share Posted October 16, 2017 Selling shares at 11.75$ and buying them back just a few months later for 18$. This will surely create a ton of value. Link to comment Share on other sites More sharing options...
obtuse_investor Posted October 16, 2017 Share Posted October 16, 2017 This is a typical NCIB announcement. It gives management the right to repurchase stock, should they choose to exercise it. Link to comment Share on other sites More sharing options...
WneverLOSE Posted October 16, 2017 Share Posted October 16, 2017 Ya it was part joke part true criticism, they actually did prove the theory when they bought 1.7m shares just above the price they issues the shares (add the friction costs and it becomes material) Link to comment Share on other sites More sharing options...
DooDiligence Posted October 16, 2017 Share Posted October 16, 2017 Ya it was part joke part true criticism, they actually did prove the theory when they bought 1.7m shares just above the price they issues the shares (add the friction costs and it becomes material) Does anyone know if they have any repurchase agreements with OMERS from the last offering? Link to comment Share on other sites More sharing options...
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