Prem Watsa Sells Polypore, Advent Software

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Fairfax was founded in 1985 by the present chairman and CEO Prem Watsa (Trades, Portfolio), and is headquartered in Toronto, Canada. The following are Watsa's most heavily weighted trades during the third quarter.


The firm sold out its stake in Polypore International Inc. (PPO) with an impact of 0.15% on the portfolio.

The company is a high technology filtration company that develops, manufactures and markets specialized microporous membranes used in separation and filtration processes.

During the third quarter, Polypore reported strong sales with an increase across all business segments, a growth of 9% year-over-year.

GuruFocus gives Polypore International a profitability and growth rating of 7 out of 10. The company has positive returns with ROE 8.23% and ROA 3.66% that are outperforming 53% of the companies in the Global Diversified Industrials industry. Financial strength has a rating of 7 out of 10, with a cash to debt of 0.10 that is far below the industry median of 0.74.

Watsa sold out his stake in Catamaran Corp. (CTRX) with an impact of 0.07% on the portfolio.

The stock is trading with a P/E ratio of 42.60, a forward P/E of 21.60 and P/S of 0.64.

The company is a provider of pharmacy benefit management services and healthcare IT solutions to the healthcare benefit management industry.

Watsa also sold out its stake in Advent Software Inc. (ADVS) with an impact of 0.07% on the portfolio.

The stock is trading with a P/E ratio of 53.70, a forward P/E of 25.84 and P/S of 5.94.

The company offers software and services that automate work flows and data across investment management organizations, as well as the information flows between an investment management organization and external parties.

Watsa reduced his stake in Biglari Holdings Inc. (BH) with an impact of 0.04% on the portfolio.

The stock is trading with a P/E ratio of 26.40, a forward P/E ratio of 12.25 and P/S ratio of 0.72.

The company is currently engaged in and the franchising and operating of restaurants. Its reportable segments are Restaurant Operations and Investment Management.

GuruFocus gives Biglari Holdings a profitability and growth rating of 6 out of 10 with weak returns, ROE 4.43%, ROA 2.33% that are underperforming 64% of the other companies in the Global Restaurants industry. Financial strength has a rating of 6 out of 10, with a cash to debt of 0.23 that is slightly above the industry median of 0.62.

Watsa sold out his stake in Wendy's Co. (WEN) with an impact of 0.04% on the portfolio.

The stock is trading with a P/E ratio of 39.75, a forward P/E ratio of 30.49 and P/S ratio of 1.96.

Wendy's franchises and operates company-owned Wendy's quick-service restaurants in the U.S.

GuruFocus gives Wendy's a profitability and growth rating of 4 out of 10 with weak returns of ROE 6.48%, ROA 2.28% that are underperforming 63% of the other companies in the Global Restaurants industry. Financial strength has a rating of 6 out of 10, with a cash to debt of 0.07 that is far below the industry median of 0.62.

The company's largest shareholder among the gurus is Murray Stahl (Trades, Portfolio) with 6.13% of outstanding shares, followed by Jim Simons (Trades, Portfolio) with 0.78%, Robert Olstein (Trades, Portfolio) with 0.43% and Paul Tudor Jones (Trades, Portfolio) with 0.01%.

Watsa also reduced his stake in Geeknet Inc. (GKNT) with an impact of 0.03% on the portfolio.

The stock is trading with a forward P/E ratio of 105.26 and P/S ratio of 0.98.

The company is the parent company of ThinkGeek Inc. an online premier retailer for the global geek community, comprised of technology enthusiasts and general consumers of geek-themed, technology-oriented and popular culture goods.

Watsa reduced his stake in Old Republic International Corp. (ORI) with an impact of 0.03% on the portfolio.

The stock is trading with a P/E ratio of 13.83, a forward P/E ratio of 14.04 and P/S ratio of 0.99.

It conducts its operations through insurance company subsidiaries organized into three major segments: General Insurance Group (property and liability insurance), Title Insurance Group, and the Republic Financial Indemnity Group.

GuruFocus gives Old Republic International a profitability and growth rating of 7 out of 10 with strong returns of ROE 10.04% and ROA 2.30% that are outperforming 54% of the other companies in the Global Insurance - Diversified industry. Financial strength has a rating of 6 out of 10, with a cash to debt of 0.17.

The largest shareholder among the gurus is Lee Ainslie (Trades, Portfolio) with 1.97% of outstanding shares, followed by HOTCHKIS & WILEY with 1.05%, Chuck Royce (Trades, Portfolio) with 0.6% and Charles Brandes (Trades, Portfolio) with 0.42%.

The firm reduced its stake in NewMarket Corp. (NEU) with an impact of 0.02% on the portfolio.

The stock is trading with a P/E ratio of 20.01, a forward P/E ratio of 22.62 and P/S ratio of 2.14.

The company is the parent of Afton Chemical Corporation, Ethyl Corporation, NewMarket Services Corporation, and NewMarket Development Corporation. Each of the company's subsidiaries manages its own assets and liabilities.

GuruFocus gives NewMarket a profitability and growth rating of 8 out of 10 with strong returns of ROE 53.03% and ROA 18.62% that are outperforming 91% of the other companies in the Global Specialty Chemicals industry. Financial strength has a rating of 8 out of 10, with a cash to debt of 0.22 that is below the industry median of 0.44.

The company's largest shareholder among the gurus is Jim Simons (Trades, Portfolio) with 0.36% of outstanding shares, followed by Mario Gabelli (Trades, Portfolio) with 0.16%, Murray Stahl (Trades, Portfolio) with 0.02% and Ray Dalio (Trades, Portfolio) with 0.01%.

Watsa reduced his stake in Atwood Oceanics Inc. (ATW) with an impact of 0.02% on the portfolio.

The stock is trading with a P/E ratio of 1.68, a forward P/E ratio of 2.80 and P/S ratio of 0.49.

The company is an offshore drilling contractor, engaged in drilling and completion of exploratory and developmental oil and gas wells.

GuruFocus gives Atwood Oceanics a profitability and growth rating of 9 out of 10 with strong returns of ROE 15.86% and ROA 9.35% that are outperforming 91% of the other companies in the Global Oil & Gas Drilling industry. Financial strength has a rating of 3 out of 10, with a cash to debt of 0.07 that is slightly above the industry median of 0.21.

Steven Cohen (Trades, Portfolio) is the largest shareholder among the gurus with 2.31% of outstanding shares, followed by Jim Simons (Trades, Portfolio) with 2.09%, Chuck Royce (Trades, Portfolio) with 1.77% and Arnold Van Den Berg (Trades, Portfolio) with 1.42%.

Watsa reduced its stake in Colfax Corp. (CFX) with an impact of 0.02% on the portfolio.

The stock is trading with a P/E ratio of 14.34, a forward P/E ratio of 15.67 and P/S ratio of 0.72.

The company designs, manufactures, installs and maintains gas- and fluid-handling products for use in a wide range of markets, including power generation, oil, gas and petrochemical, mining, marine (including defense) and general industrial.

GuruFocus gives Colfax a profitability and growth rating of 8 out of 10 with weak returns of ROE 6.43% and ROA 2.85% that are underperforming 53% of other companies in the Global Diversified Industrials industry. Financial strength has a rating of 7 out of 10, with a cash to debt of 0.14 that is below the industry median of 0.74.

The largest shareholder among the gurus is Chuck Akre (Trades, Portfolio) with 5.66% of outstanding shares, followed by Diamond Hill Capital (Trades, Portfolio) with 3.38%, Ron Baron (Trades, Portfolio) with 1.84% and Tom Gayner (Trades, Portfolio) with 0.91%.

This article first appeared on GuruFocus.


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