Prem Watsa Fairfax Financial Holdings
Prem Watsa is the founder and chairman of Fairfax Financial Holdings, a Canada-based insurance and investment company frequently compared to a Berkshire-style model. Fairfax combines underwriting operations with a value-oriented investment portfolio managed with a long-term horizon. Watsa is known for contrarian positioning, careful attention to insurance float, and candid annual letters.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Under Armour
UAA
|
+$165M |
| 2 |
Under Armour Class C
UA
|
+$42.1M |
| 3 |
Molson Coors Class B
TAP
|
+$2.23M |
| 4 |
Canadian National Railway
CNI
|
+$1.9M |
| 5 |
Priority Technology Holdings
PRTH
|
+$436K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ORLA
Orla Mining
ORLA
|
+$303M |
| 2 |
Dollar Tree
DLTR
|
+$4.19M |
| 3 |
Franco-Nevada
FNV
|
+$3.74M |
| 4 |
KKR & Co
KKR
|
+$2.6M |
| 5 |
lululemon athletica
LULU
|
+$2.26M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Materials | 29.82% |
| 2 | Consumer Discretionary | 14.16% |
| 3 | Energy | 13.55% |
| 4 | Healthcare | 13% |
| 5 | Consumer Staples | 8.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ORLA
1
DELISTED
Orla Mining
ORLA
| $424M | 20.33% |
31,817,229
-25,000,000
| -44% | -$303M |
|
2
Occidental Petroleum
OXY
$61.3B
| $249M | 11.94% |
6,050,418
| – | – |
|
3
CVS Health
CVS
$119B
| $215M | 10.33% |
2,712,000
| – | – |
|
|
4
Under Armour
UAA
$2.32B
| $209M | 10.01% |
41,958,923
+35,647,123
| +565% | +$165M |
|
5
Cleveland-Cliffs
CLF
$6.43B
| $198M | 9.49% |
14,899,273
| – | – |
|
6
BlackBerry
BB
$4.71B
| $132M | 6.35% |
34,980,220
-415,100
| -1% | -$1.83M |
|
|
KW
7
DELISTED
Kennedy-Wilson Holdings
KW
| $129M | 6.18% |
13,322,009
| – | – |
|
8
Kraft Heinz
KHC
$30.3B
| $124M | 5.96% |
5,119,000
| – | – |
|
9
ATS Corp
ATS
$1.94B
| $68.3M | 3.28% |
2,486,400
| – | – |
|
|
10
Molson Coors Class B
TAP
$8.01B
| $62.5M | 3% |
1,338,500
+48,429
| +4% | +$2.23M |
|
|
11
Under Armour Class C
UA
$2.25B
| $45.4M | 2.18% |
+9,457,355
| New | +$42.1M |
|
12
Vanguard S&P 500 ETF
VOO
$1.02T
| $36.5M | 1.75% |
58,248
| – | – |
|
13
Helmerich & Payne
HP
$4.35B
| $33.7M | 1.62% |
1,174,105
| – | – |
|
14
General Motors
GM
$77.2B
| $30.6M | 1.47% |
375,965
| – | – |
|
15
TSMC
TSM
$2.17T
| $28.5M | 1.37% |
93,700
| – | – |
|
16
Scotiabank
BNS
$107B
| $26.5M | 1.27% |
359,100
| – | – |
|
17
Pfizer
PFE
$160B
| $22.2M | 1.06% |
890,900
| – | – |
|
18
Merck
MRK
$376B
| $18.2M | 0.87% |
172,900
| – | – |
|
19
Johnson & Johnson
JNJ
$651B
| $15.2M | 0.73% |
73,400
| – | – |
|
20
Garrett Motion
GTX
$4.96B
| $4.54M | 0.22% |
260,460
-41,400
| -14% | -$659K |
|
21
Colliers International
CIGI
$5.47B
| $3.19M | 0.15% |
22,000
| – | – |
|
|
22
lululemon athletica
LULU
$13.7B
| $2.6M | 0.12% |
12,500
-12,500
| -50% | -$2.26M |
|
|
23
Canadian National Railway
CNI
$78.5B
| $1.96M | 0.09% |
+19,800
| New | +$1.9M |
|
24
Capri Holdings
CPRI
$1.55B
| $1.91M | 0.09% |
78,100
| – | – |
|
25
PENN Entertainment
PENN
$2.5B
| $809K | 0.04% |
54,900
| – | – |
|
Similar funds
Prem Watsa's Q4 2025 Portfolio in Review
As of Q4 2025, Prem Watsa held 32 positions worth $2.08B, up 0.91% from $2.06B the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Prem Watsa withdrew a net $107M in Q4 2025, closing 3 positions and reducing 4 holdings. Its most notable exit was Dollar Tree, an estimated $4.19M position sold in full.
By sector, the portfolio is most concentrated in Materials at 30% of assets, down from 39% a quarter earlier, followed by Consumer Discretionary and Energy.
Against the trend, Prem Watsa opened a new position in Under Armour Class C worth $45.4M.
- Prem Watsa's largest Q4 2025 buy was Under Armour Class C: 9,457,355 shares worth $45.4M.
- Prem Watsa added most to Under Armour in Q4 2025, an estimated $165M increase.
- Prem Watsa's biggest Q4 2025 reduction was Orla Mining, cutting an estimated $303M.
- Prem Watsa fully exited Dollar Tree in Q4 2025, selling an estimated $4.19M.
- Prem Watsa's ten largest holdings make up 87% of its $2.08B portfolio in Q4 2025.
- Prem Watsa opened 3 new positions and closed 3 in Q4 2025.
- Prem Watsa's portfolio value rose 0.91% quarter-over-quarter to $2.08B.
Based on Fairfax Financial Holdings's 13F filing for Q4 2025, filed 17 Feb 2026.