Prem Watsa portfolio
Latest holdings of Fairfax Financial Holdings as of Q2 2026: 32 positions worth $2.6B, decoded into plain English.
Portfolio summary and charts
- Orla Mining is the largest position at 21.5% of a $2.6B portfolio.
- Biggest buy: opened a new position in Eldorado Gold, about $427M of new money.
- Biggest sale: sold out of Kennedy-Wilson, about $144M.
- Very high conviction: the top 10 holdings make up 91%, and the portfolio behaves like 8 equal-sized bets.
Every box is a position, sized by its weight
What this meansOrla Mining alone is 22% of the portfolio, and the top three make up 51%. Colors show what changed since last quarter, so you can spot fresh conviction at a glance.
Where the money is
What this meansConsumer Staples is the biggest slice at 26% of the portfolio.
How focused is the portfolio?
What this meansThe steeper the gold curve rises above the dashed line, the more the portfolio depends on a few big bets. It behaves like 8 equal-sized positions.
Biggest buys and sells
What this meansThe largest move was opening Eldorado Gold, worth about $427M. Values are estimated at quarter-end prices.
Two years of reported value
What this meansValue changes with both market prices and new money in or out. It moved from $1.2B to $2.6B over 9 quarters.
How today’s top positions grew over time
What this meansWide, steady bands are long-term core holdings; bands that appear suddenly are recent bets.
All 32 positions
| # | Stock | Sector | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|---|---|
| 1 | Orla Orla Mining | Other | 21.55% | Added +84% | 58,399,504 | $568M |
| 2 | EGO Eldorado Gold | Materials | 16.18% | New | 13,746,506 | $427M |
| 3 | KHC Kraft Heinz | Consumer Staples | 12.80% | Added +172% | 14,306,500 | $338M |
| 4 | UAA Under Armour (Class A) | Consumer Discretionary | 10.98% | Added +5% | 45,356,965 | $290M |
| 5 | CVS CVS Health | Consumer Staples | 10.63% | Hold | 2,712,000 | $281M |
| 6 | CLF Cleveland-Cliffs | Materials | 5.30% | Hold | 14,899,273 | $140M |
| 7 | UA Under Armour (Class C) | Consumer Discretionary | 5.18% | Hold | 21,999,128 | $137M |
| 8 | TAP Molson Coors Beverage | Consumer Staples | 2.94% | Added +39% | 1,994,500 | $78M |
| 9 | ATS ATS | Industrials | 2.67% | Hold | 2,486,400 | $70M |
| 10 | WEN Wendy's | Consumer Discretionary | 2.51% | Added +145% | 8,005,627 | $66M |
| 11 | TSM Taiwan Semiconductor Manufacturing | Technology | 1.69% | Hold | 93,700 | $45M |
| 12 | HP Helmerich & Payne | Energy | 1.46% | Hold | 1,174,105 | $38M |
| 13 | BNS Bank of Nova Scotia | Financials | 1.18% | Hold | 359,100 | $31M |
| 14 | GM General Motors | Consumer Discretionary | 1.10% | Hold | 375,965 | $29M |
| 15 | PFE Pfizer | Health Care | 0.95% | Added +5% | 1,043,900 | $25M |
| 16 | MRK Merck | Health Care | 0.84% | Hold | 172,900 | $22M |
| 17 | JNJ Johnson & Johnson | Health Care | 0.71% | Hold | 73,400 | $19M |
| 18 | KSPI Joint Stock Co Kaspi.kz | Industrials | 0.35% | New | 106,000 | $9M |
| 19 | RCI Rogers Communications | Communication | 0.18% | New | 150,200 | $5M |
| 20 | GTX Garrett Motion | Consumer Discretionary | 0.14% | Trimmed −44% | 102,783 | $4M |
| 21 | CNI Canadian National Railway | Industrials | 0.11% | Hold | 24,800 | $3M |
| 22 | CIGI Colliers International | Real Estate | 0.09% | Hold | 25,000 | $2M |
| 23 | WBD Warner Bros. Discovery | Communication | 0.08% | Added +41% | 81,900 | $2M |
| 24 | DPZ Dominos Pizza | Consumer Staples | 0.08% | New | 7,230 | $2M |
| 25 | CPRI Capri | Materials | 0.05% | Hold | 78,100 | $1M |
| 26 | LULU lululemon athletica | Consumer Discretionary | 0.05% | Hold | 12,500 | $1M |
| 27 | PENN PENN Entertainment | Consumer Discretionary | 0.04% | Hold | 54,900 | $1M |
| 28 | Electronic Electronic Arts | Other | 0.04% | New | 5,100 | $1M |
| 29 | BRK.A Berkshire Hathaway (Class A) | Financials | 0.03% | Hold | 1 | $749K |
| 30 | BRSL Brightstar Lottery | Consumer Discretionary | 0.03% | Hold | 68,733 | $738K |
| 31 | CPAC Cementos Pacasmayo Saa | Materials | 0.02% | New | 50,000 | $595K |
| 32 | MX Magnachip Semiconductor | Technology | 0.01% | Trimmed −50% | 62,500 | $296K |
Values as reported at quarter end (30 Jun 2026). Activity compares share counts with the Q1 2026 filing. Source: SEC filing 0001104659-26-096276 · all filings on EDGAR.
Positions closed
- Kennedy-WilsonKennedy-Wilson$144M at Q1 2026
- BBBlackberry$113M at Q1 2026
- PRTHPriority Technology$333K at Q1 2026
Prem Watsa
Prem Watsa built Fairfax, a Toronto-based insurance and investment holding company often called “Canada’s Berkshire”. He invests the insurance float with a long-term, contrarian value mindset, frequently in out-of-favour areas.
Philosophy in brief
- Buy when others are selling, with a margin of safety.
- Protect the downside first; returns will follow.
- Fair and friendly long-term partnerships with management.
How to read this page
Who else is trading these holdings
- 03KHC Kraft Heinz3 congressional trades disclosed (2 buys)12.8% of portfolio
- 05CVS CVS Health3 congressional trades disclosed (1 buys)10.6% of portfolio
- 06CLF Cleveland-Cliffs16 congressional trades disclosed (9 buys)5.3% of portfolio
- 07UA Under Armour (Class C)2 congressional trades disclosed (1 buys) · insiders bought $100K in Q3 20265.2% of portfolio
- 08TAP Molson Coors Beverage4 congressional trades disclosed (2 buys)2.9% of portfolio
- 11TSM Taiwan Semiconductor Manufacturing5 congressional trades disclosed (5 buys) · insiders bought $2M in Q3 20261.7% of portfolio
- 14GM General Motors1 congressional trade disclosed (1 buys)1.1% of portfolio
- 15PFE Pfizer6 congressional trades disclosed (0 buys) · insiders bought $3M in Q3 20261.0% of portfolio
Investors who think alike
Cosine similarity of position weights (100 = identical portfolios). Chips show the biggest shared holdings.
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