Prem Watsa’s Fairfax Financial Holdings Ltd (OTCMKTS:FRFHF) (TSE:FFH) remains a very top heavy fund with its top five positions representing nearly 95% of the $1,448,097,000 portfolio. Resolute Forest Products Inc (NYSE:RFP) (TSE:RFP) represents 33.64% of the total portfolio while BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) comes in at 32.99% followed by SandRidge Energy Inc. (NYSE:SD) at 16.03%, EXCO Resources Inc (NYSE:XCO) at 7.13% and Overstock.com, Inc. (NASDAQ:OSTK) finishing out the five with 3.46%.
Prem Watsa Fairfax Financial’s new Purchases
None of the fund’s four purchases in Q2 2014 represent a total portfolio position of over 0.08%. The largest new position was a purchase of 50,400 shares in Idenix Pharmaceuticals Inc (NASDAQ:IDIX), a biopharmaceutical company which is engaged in the discovery and development of drugs for the treatment of human viral diseases in the United States and France. The reported price was $24.09.
Fairfax purchased 6,500 shares of Questcor Pharmaceuticals Inc (NASDAQ:QCOR) at $92.31. Questcor Pharmaceuticals, Inc., a biopharmaceutical company, provides drugs for the treatment of autoimmune and inflammatory disorders.
Welcome to our latest issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring Point72 Asset Management losing about 10% in January, Millennium Management on a hiring spree, and hedge fund industry's assets under management swell to nearly Read More
Next came a purchase of 6,400 shares in Susser Holdings Corporation (NYSE:SUSS) at $80.78. Susser Holdings Corporation, together with its subsidiaries, operates convenience stores and the company exists in two segments: retail and wholesale.
The smallest of the fund’s purchases with relationship to portfolio percentage was the purchase of 15,000 shares of Navient Corp (NASDAQ:NAVI). at $17.73. Navient Corporation provides financial products and services focusing on the education sector and was also purchased by Abrams in Q2 according to its filing today.
Prem Watsa Fairfax Financial’s reduced positions
The fund sold 5,000 shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) which reduced its position by 29.41%. In a larger reduction, Watsa sold 64.26% of its position in SLM Corp (NASDAQ:SLM) by selling 26,970 shares. Patterson-UTI Energy, Inc., through its subsidiaries, provides onshore contract drilling services to major and independent oil and natural gas operators in the United States and Canada. SLM is of course better known as Sallie Mae and specializes in student loans.
Prem Watsa Fairfax Financial’s sold postions
The fund shed all of its holdings in Steel Partners Holdings LP (NYSE:SPLP), Morgan Stanley (NYSE:MS), Harvest Natural Resources, Inc. (NYSE:HNR) and Cooper Tire & Rubber Co (NYSE:CTB).