Canadian Billionaire Prem Watsa Still Likes Blackberry, IBM

Kennedy-Wilson Holdings Inc (NYSE:KW) was Fairfax Financial’s fourth-largest position at the end of the second quarter. The fund held 8.95 million shares of Kennedy-Wilson Holdings shares at the end of the quarter, the market value of which stood at $169.78 million. The stake amassed 11.12% of Fairfax’s equity portfolio. The fund first initiated a position in the company in the second quarter of 2011. Kennedy-Wilson’s shares are down by more than 9% so far this year, but over the last five years, the stock has returned more than 90%. Earlier this week, Kennedy-Wilson announced that its Kennedy Wilson Real Estate Fund V has acquired a 100% stake in LIV Bel-Red, a 451-unit multifamily community in Bellevue, Washington. The transaction is valued at $172 million. The number of funds from our database long Kennedy-Wilson at the end of the June quarter stood at 16 and the aggregate value of their positions amounted to $350.26 million, which translated into 16.20% of the outstanding stock.

Resolute Forest Products Inc (NYSE:RFP) was Fairfax Financial’s largest position in the Materials sector and the fifth-largest in its equity portfolio. At the end of the June quarter, the fund held approximately 30.55 million shares of Resolute Forest Products, up by 1.50 million over the quarter. The value of the stake amounted to $161.60 million and amassed slightly over 10% of the fund’s equity portfolio. Despite the fund’s bullish stance, Resolute Forest’s stock has fallen by more than 36% so far this year. Earlier this month, Resolute Forest Products announced that it has signed a new senior secured credit agreement with an aggregate lender commitment of up to $185 million. The agreement includes a $46.25 million nine-year term loan and a $138.75 million six-year revolving credit facility. Among the funds we track, 16 held $227.64 million worth of Resolute Forest Products shares at the end of the second quarter, compared to 14 funds holding $238.57 million worth of shares a quarter earlier.

In Overstock.com Inc (NASDAQ:OSTK), Fairfax reported ownership of some 3.18 million shares worth $51.24 million at the end of the quarter. Overstock.com recently has announced that Keystone Capital Corporation selected its financial technology subsidiary t0’s blockchain-based trading technology to support a blockchain preferred share offering from Overstock.com. The number of investors from our database holding a long position in Overstock stood at 12 at the end of June, unchanged over the quarter, while the total value of their holdings went up to $86.44 million from $75.48 million and represented 21.20% of the float at the end of the second quarter.

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