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FRFHF - HWIC constituents


shalab
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HWIC is a wholly owned division of Fairfax.

 

They are distinctly separate entity from the insurance Companies.  Their sole purpose is to invest for all of the FFh companies.  VPs oversee the various types of investments.  There are numerous analysts working there.  Any analyst can bring an idea forward.  They have meetings where everyone needs to defend their choices.  Prem has the final say on making an investment.  I have met at least a couple of the VPs and analysts over the years.

 

For off shore investments there are "investors" of the value framework that work for Fairfax.  This gives them a global catchment of equities, bonds, and other instruments.  These days they work with their partly owned sub Kennedy Wilson in buying distressed real estate as well.  KW has an excellent record of buying real estate in downturns.

 

I addition, of course, they have been involved in Joint Ventures with Wilbur Ross, Kennedy Wilson, Longleaf, and others. 

 

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As far as I know, Paul Rivett is managing the shop and  B. Bradstreet is key member the team.

 

There is a former Mackenzie Cundill analyst working there:

"Wade Burton, a key fund manager in Mackenzie Financial Corp.'s Cundill Investment unit, is leaving to run money for Prem Watsa at Fairfax Financial Holdings Ltd.

 

"I'm leaving to take the [investment] craft to another level," the 37-year-old manager said yesterday. "If you get a chance to work with Prem in his prime, I don't think you have any choice but to do that."

 

As lead manager of Mackenzie Cundill Canadian Security and Mackenzie Cundill Canadian Balanced funds, Mr. Burton has been overseeing $2.4-billion in assets in addition to running other money at the Vancouver-based unit."

http://investdb2.theglobeandmail.com/servlet/ArticleNews/story/GAM/20090407/RFUND07ART1851

http://www.torontolife.com/features/2-billion-man/?pageno=3

 

I know from experience that they are extremely fast moving. I once made them aware of an investment opportunity outside of North America. Within the hour, Mr. Rivett had made contact and the same day I had a chat with a person at HWIC.

 

I've witnessed business managers have trouble deciding if they should take a cup of coffee, so this was truly amazing.

 

 

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Roger Lace

President, Hamblin Watsa Investment Counsel Ltd.

 

Mr. Lace is currently President of Hamblin Watsa Investment Counsel Ltd., a wholly-owned subsidiary of Fairfax Financial Holdings Limited, a publicly listed insurance holding company. In this capacity, he and his team are responsible for managing Fairfax’s global investment assets. He leads the equity management group in uncovering investment opportunities worldwide using the value investing approach.

 

He has served in the investment industry since 1975, initially receiving his training as a research analyst at Confederation Life under the tutelage of value investing specialist John H. Watson (cofounder of Sprucegrove Investment Management Ltd.) He subsequently worked in portfolio management at Scotia McLeod and has been a portfolio manager and principal at Hamblin Watsa since 1986.

 

He received his SB in management from the Alfred P. Sloan School, MIT in 1973, his MBA from Ivey in 1975, and CFA in 1979.

http://www.bengrahaminvesting.ca/About_Us/advisory_board.htm

 

 

2008 was another very good year for Hamblin Watsa’s investment results, even excluding our CDS position which is not included in the results shown above. These results are due to Hamblin Watsa’s outstanding investment team, led by Roger Lace, Brian Bradstreet, Chandran Ratnaswami, Sam Mitchell, Paul Rivett, Frances Burke and Enza La Selva.

http://advisoranalyst.com/glablog/2009/03/10/prem-watsa-letter-to-fairfax-financial-shareholders/

 

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Looks like a small army  ;D

 

Do you guys know how these analysts are compensated?

 

I just found while googeling your answer some minutes ago.

 

HWIC had a job offering in the fall of 2009 with some target salary of $79,000.00. They were searching for some investment analyst, who could also speak Mandarin.

 

There is some informative link to that older job offering.

http://www.scribd.com/doc/23732176/Hamblin-Watsa

 

 

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  • 2 months later...

There are six main people who make up HWIC's investment committee, with Prem having final say out of that committee.  They are allocated significant capital to put into their ideas, but over a certain threshold, it goes through the committee.  The analysts provide many of the ideas and do a lot of the grunt work.  They are given capital to allocate as well, but much smaller.  Most of the usual suspects are on that committee (Prem, Brian, Roger, Sam, Paul, Chandran), but there is also one additional person that you would not normally expect.  Cheers!

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Is that our friend Francis Chou?  :)  As you mentioned, it would be a wonderful idea to bring him back in the fold by purchasing Chou Funds!!!! 

 

Modification: changed the company name to Chou Funds from Chou Associates AND clarified which Francis it was. :-)

 

There are six main people who make up HWIC's investment committee, with Prem having final say out of that committee.  They are allocated significant capital to put into their ideas, but over a certain threshold, it goes through the committee.  The analysts provide many of the ideas and do a lot of the grunt work.  They are given capital to allocate as well, but much smaller.  Most of the usual suspects are on that committee (Prem, Brian, Roger, Sam, Paul, Chandran), but there is also one additional person that you would not normally expect.  Cheers!

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Is that our friend Francis?  :)  As you mentioned, it would be a wonderful idea to bring him back in the fold by purchasing Chou Associates!!!! 

 

There are six main people who make up HWIC's investment committee, with Prem having final say out of that committee.  They are allocated significant capital to put into their ideas, but over a certain threshold, it goes through the committee.  The analysts provide many of the ideas and do a lot of the grunt work.  They are given capital to allocate as well, but much smaller.  Most of the usual suspects are on that committee (Prem, Brian, Roger, Sam, Paul, Chandran), but there is also one additional person that you would not normally expect.  Cheers!

 

Well there is Frances Burke and there is Francis Chou.  It could be one, it could be both.  ;D  Cheers!

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