Investor profile

Prem Watsa

Fairfax Financial · Chairman & CEO · Net worth: ~$1.7B

Built Fairfax from a $30M shell in 1985 into one of Canada's largest insurance holding companies using the Berkshire float model.

"Value investing with insurance float. The Canadian Buffett."

Today — 2026-04-21

All movers →

Portfolio day:+11.46%

Biggest winner:BB +36.57%

Biggest loser:MU -4.36%

Positions: Q4 2025 13F · Prices: EOD 2026-04-21

Latest 13F: Q4 2025(69d ago)Next due: Q1 2026by 2026-05-15View on SEC EDGAR →● RSS — move alerts

Tracked positions

Top concentration

89%

Longest holding

Blackberry (contentious, since 2010)

Concentration profile

Concentrated

Top 1 · ORLA

20.7%

Top 5 combined

65.5%

Top 10 combined

89.3%

Tracked positions

ORLATop-5 zoneTop-10

Prem's single largest bet is ORLA at 20.7% of tracked positions. Top 5 names carry 66% of the weight — a focused approach without single-stock dominance.

Realized 10-year track record

Fairfax Financial book value growth (FRFHF)

See leaderboard →

10y CAGR

18.0%

net of fees

Alpha vs S&P

+4.9%

vs 13.1% benchmark

Win rate

50%

years beating S&P

Quality score

6.9

computed 0–10

Best year

+53%

Worst year

-7%

Cumulative 10y

5.2×

Volatility

21%

Recent moves

Manager quality score: 6.9/10

Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.

Q4 2025

3 buys · 4 sells

Ticker	Activity	Share change	% portfolio
UAA	Add 715%	+45.10M	12.40%
CNI	Buy (new)	+20K	0.10%
OXY	Add 15% Aligning with Buffett on Occidental.	+510K	15.50%
KKR	Sell (exit)	-20K	0.00%
LULU	Reduce 50%	-13K	0.10%
ORLA	Reduce 44%	-25.00M	20.70%
GTX	Reduce 14%	-41K	0.20%

Q3 2025

5 buys · 1 sell

Ticker	Activity	Share change	% portfolio
LULU	Buy (new)	+25K	0.20%
PFE	Add 37%	+240K	1.10%
HP	Add 21%	+200K	1.30%
OXY	Add 20% Aligning with Buffett on Occidental.	+560K	13.50%
MU	Add 15% Semi cycle bet.	+100K	7.40%
BB	Reduce 13%	-5.39M	8.50%

Q2 2025

2 buys · 4 sells

Ticker	Activity	Share change	% portfolio
KHC	Add 45%	+1.52M	6.90%
HP	Add 26%	+200K	0.80%
MU	Sell (exit)	-80K	0.00%
MKTX	Sell (exit)	-30K	0.00%
TSM	Reduce 34%	-48K	1.20%
BB	Reduce 13%	-5.94M	10.20%

Q1 2025

1 buy · 1 sell

Ticker	Activity	Share change	% portfolio
CLF	Add 153%	+9.00M	6.60%
KKR	Reduce 15%	-4K	0.10%

Q4 2024

7 buys · 5 sells

Ticker	Activity	Share change	% portfolio
KHC	Add 342%	+2.56M	6.50%
CVS	Buy (new)	+2.71M	7.80%
ATS	Buy (new)	+2.49M	4.70%
CLF	Buy (new)	+5.90M	3.60%
PFE	Add 41%	+190K	1.10%
HP	Add 39%	+219K	1.60%
GTX	Add 7%	+19K	0.20%
GOOGL	Sell (exit)	-275K	0.00%
INTC	Sell (exit)	-190K	0.00%
QSR	Sell (exit)	-42K	0.00%
TEGNA	Sell (exit)	-32K	0.00%
CAPRI	Reduce 61%	-124K	0.10%

Q3 2024

3 buys · 3 sells

Ticker	Activity	Share change	% portfolio
KHC	Buy (new)	+750K	2.40%
MU	Add 100%	+40K	0.80%
UAA	Add 49%	+2.09M	5.10%
BABA	Sell (exit)	-293K	0.00%
META	Sell (exit)	-13K	0.00%
BRP	Sell (exit)	-21K	0.00%

Q2 2024

5 buys · 5 sells

Ticker	Activity	Share change	% portfolio
UAA	Buy (new)	+4.22M	2.50%
BABA	Buy (new)	+293K	1.90%
META	Buy (new)	+13K	0.60%
TSM	Add 51%	+48K	2.20%
CAPRI	Add 7%	+14K	0.60%
BABA	Sell (exit)	-293K	0.00%
GE	Sell (exit)	-26K	0.00%
CP	Sell (exit)	-19K	0.00%
CVS	Sell (exit)	-15K	0.00%
MU	Reduce 94%	-655K	0.50%

Prem's sector breakdown

How the top 10 positions are diversified across 6 sectors. Weighted by stated portfolio percentage.

Other

5 positions · ORLA, UAA, CLF, ATS, HP

53.4%

47.7% of AUM

Energy

1 position · OXY

13.7%

12.2% of AUM

Healthcare

1 position · CVS

11.8%

10.5% of AUM

Technology

1 position · BB

7.3%

6.5% of AUM

Real Estate

1 position · KW

7.1%

6.3% of AUM

Consumer Staples

1 position · KHC

6.8%

6.1% of AUM

Top holdings

Ticker	Company	% Portfolio	Shares (M)
ORLA	ORLA MINING LTD	20.7%	31.82
UAA	UNDER ARMOUR INC	12.4%	51.42
OXY	OCCIDENTAL PETROLEUM CORP Energy float compounder, aligned with Buffett.	12.2%	6.05
CVS	CVS HEALTH CORP Healthcare at reasonable P/E.	10.5%	2.71
CLF	CLEVELAND-CLIFFS INC	9.7%	14.9
BB	BLACKBERRY LTD Software turnaround play, held for 15+ years.	6.5%	34.98
KW	KENNEDY-WILSON HOLDINGS INC Real estate asset manager, book value discount.	6.3%	13.32
KHC	KRAFT HEINZ CO	6.1%	5.12
ATS	ATS CORP	3.3%	2.49
HP	HELMERICH & PAYNE INC	1.6%	1.17

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Dividend tax by country

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Source & treaty reference

Treaty: Domestic — no cross-border withholding

Citation: IRC §§ 1441–1446 (withholding applies to foreign persons; US residents not subject to WHT on US-source dividends)

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