FFH's 13F is out

[omagh]

http://www.sec.gov/Archives/edgar/data/915191/000095012310049874/o62061ae13fvhr.txt

 

-O

[Grenville]

Summary of changes:

http://holdings.nasdaq.com/asp/OwnerPortfolio.asp?

FormType=OwnerPortfolio&CIK=0000915191&HolderName=FAIRFAX+FINANCIAL+HOLDINGS+LTD/+CAN

 

Interesting to see the investment in Citigroup.

[bargainman]

Wow, looks like they agree with Bruce from FAIRX.

[EdWatchesBoxing]

Interesting to see C make it into FFH, but it's just about 1.3% of their holding reported on on the 13-F. This means it's less than 1% in their overall portfolio.

 

I wonder who on the HWIC team came up with this one.

 

Funny, 13F lists the position as PRN (principal amount), but the Nasdaq link shows it being a common stock position.

[Uccmal]

They only list a tiny amount of Magna on this statement.  I am hoping they kept the 200 M worth into the recent runup.  I expect it is not listed on the 13 F. 

[kh812000]

Supermedia (SPMD) looks really interesting with 50%+ FCF yield...

 

[Viking]

I have updated my spreadsheet and here is my take (I only track common stocks):

 

1.) total sales in Q1 = $825 mill =  21% reduction

2.) total purchases in Q1 = $15 mill = 0.5% (this does not include CITI purchase = $49 mill)

FFH has realized a large chunk of the gains in their equity portfolio which we saw in Q1 results.

I estimate the equity portfolio was up about $280 million in Q1 (assume all sales happened Jan 1, which is not accurate).

 

Specifically:

1.) partial sales: Dell = $167; WFC = $161; GE = $139; USB = $102

2.) 100% sales: MGA = $242; LUK = $10

3.) partial purchases: no positions were added to

4.) new purchases: SPMD = $15; CITI (preferred?) = $49

 

At May 19, the portfolio is valued at $2,925 = -$140 million = -4.6% (compared to March 31).

Given the deterioration in the market since FFH conference call the end of April I would expect that FFH has sold more securities or hedged more of the portfolio.

 

I like the fact that they are actively managing the equity portfolio and realizing gains.

 

[Myth465]

 

I like the fact that they are actively managing the equity portfolio and realizing gains.

 

 

Thanks for the update, very interesting. This is something I really need to work on. I tend to hold a bit too much at times.

[Crip1]

I have updated my spreadsheet and here is my take (I only track common stocks):

 

1.) total sales in Q1 = $825 mill =  21% reduction

2.) total purchases in Q1 = $15 mill = 0.5% (this does not include CITI purchase = $49 mill)

FFH has realized a large chunk of the gains in their equity portfolio which we saw in Q1 results.

I estimate the equity portfolio was up about $280 million in Q1 (assume all sales happened Jan 1, which is not accurate).

 

Specifically:

1.) partial sales: Dell = $167; WFC = $161; GE = $139; USB = $102

2.) 100% sales: MGA = $242; LUK = $10

3.) partial purchases: no positions were added to

4.) new purchases: SPMD = $15; CITI (preferred?) = $49

 

At May 19, the portfolio is valued at $2,925 = -$140 million = -4.6% (compared to March 31).

Given the deterioration in the market since FFH conference call the end of April I would expect that FFH has sold more securities or hedged more of the portfolio.

 

I like the fact that they are actively managing the equity portfolio and realizing gains.

 

 

Viking,

First and foremost, I really appreciate your sharing your work with the rest of the board. It is very clear and concise for all of us.

 

One thing, though, is that I believe that you need to adjust the formulae in your columns AE and AF in the Canadian Holdings section as they are not consistent with the US Holdings section. Perhaps you are waiting to determine share quantities of the Canadian Holdings from March of 2010? As it stands now, the unrealized change is roughly C$98M of which nearly C$61M is attributable to change to Brick.

 

 

-Crip

[Viking]

Crip, thanks for the kind words. Regarding my spreadsheet, there are a number of flaws. Regarding the US holdings, the largest flaw is we do not know what changes they have made to the portfolio since March 31. I also only track common stock holdings and they do report other securities (such as the new CITI purchase). The summary of Canadian holdings is even more flawed as purchases and sales of these stocks are not updated quarterly; the details in this list were obtained from news releases from the past year. As time passes we can expect the Canadian list to become less and less accurate. So I will leave the Canadian stuff on the list and may continue to update the prices but I do not like to include them in the changes section because the information is too innacurate. Board members can then decide how they want to use the information provided.

 

The bottom line is my plan is to continue to update the US list as it provides pretty accurate information. Just as important, I also like to have a summary of past transactions (so I have not deleted prior quarter updates) to see what FFH has done to the portfolio over time. If we get confirmation of changes to the Canadian portfolio I will update as well but likely will not add to the US stuff as it is too inaccurate.

 

I also need to update the dividend section to the right as this has not been done since last year...

[EricSchleien]

In regards to Supermedia, there's a website saying very negative things about.  I'll leave it up to everyone to make up their own decision about it but it's something I found and wanted to share it to gets peoples thoughts about it.

 

http://www.yellowcrooks.com/

[kh812000]

The yellowcrooks website reminds me of the toxic negativity that surrounded Kmart & Sears before it took off. 

Do you know if there are any true facts instead of opinion around the allegation of crookedness? 

 

 

[EricSchleien]

Hey KH,

 

I have absolutely no idea.  I had never heard of the company until yesterday after I read about it on these boards.

[benhacker]

A minor point, but I thought I would mention that Odyssey America's latest NAIC filing shows 910k of Toyota Motor shares (cost of $33.8m) listed.  Must be foreign shares as the 13F doesn't list them.

 

Just a note for those tracking the investments in detail (Viking... :) ).

 

Ben