Prem Watsa
Fairfax Financial Holdings
Prem Watsa (Fairfax Financial Holdings) discloses a $2.64B portfolio across 32 US-listed positions in the latest 13F filing (2026Q2, filed Aug 14, 2026). The largest holding is ORLA at 21.5% of the book. The biggest move of the quarter: added 84% to the ORLA share count (position now $568M). Mechanically cloning this 13F returned 8.3%/yr over the past 12.2 years, versus 13.7%/yr for the S&P 500 across that identical 12.2-year window.
Holdings (32) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | ORLA | 21.5% | $568M | |||
| 2 | EGO | 16.2% | $427M | |||
| 3 | KHC | 12.8% | $338M | |||
| 4 | UAA | 11.0% | $290M | |||
| 5 | CVS | 10.6% | $281M | |||
| 6 | CLF | 5.3% | $140M | |||
| 7 | UA | 5.2% | $137M | |||
| 8 | TAP | 2.9% | $78M | |||
| 9 | ATS | 2.7% | $70M | |||
| 10 | WEN | 2.5% | $66M | |||
| 11 | TSM | 1.7% | $45M | |||
| 12 | HP | 1.5% | $38M | |||
| 13 | BNS | 1.2% | $31M | |||
| 14 | GM | 1.1% | $29M | |||
| 15 | PFE | 1.0% | $25M | |||
| 16 | MRK | 0.8% | $22M | |||
| 17 | JNJ | 0.7% | $19M | |||
| 18 | KSPI | 0.3% | $9M | |||
| 19 | RCI | 0.2% | $5M | |||
| 20 | GTX | 0.1% | $4M | |||
| 21 | CNI | 0.1% | $3M | |||
| 22 | CIGI | 0.1% | $2M | |||
| 23 | WBD | 0.1% | $2M | |||
| 24 | DPZ | 0.1% | $2M | |||
| 25 | G1890L107 | 0.1% | $1M | |||
| 26 | LULU | 0.1% | $1M | |||
| 27 | PENN | <0.1% | $1M | |||
| 28 | EA | <0.1% | $1M | |||
| 29 | BRK/A | <0.1% | $749K | |||
| 30 | G4863A108 | <0.1% | $738K | |||
| 31 | CPAC | <0.1% | $595K | |||
| 32 | MX | <0.1% | $296K |
- 1ORLAport21.5%val$568MOrla Mining Ltdthis Q +84%·16q
- 2EGOport16.2%val$427MEldorado Gold Corpthis Q New·—1q
- 3KHCport12.8%val$338MKraft Heinz Co/thethis Q +172%·8q
- 4UAAport11.0%val$290MUnder Armour Inc-class Athis Q hold·9q
- 5CVSport10.6%val$281MCvs Health Corpthis Q hold·25q
- 6CLFport5.3%val$140MCleveland-cliffs Incthis Q hold·7q
- 7UAport5.2%val$137MUnder Armour Inc-class Cthis Q hold·16q
- 8TAPport2.9%val$78MMolson Coors Beverage CO - Bthis Q +39%·7q
- 9ATSport2.7%val$70MAts Corpthis Q hold·11q
- 10WENport2.5%val$66MWendy's Co/thethis Q +145%·2q
- 11TSMport1.7%val$45MTaiwan Semiconductor-sp Adrthis Q hold·36q
- 12HPport1.5%val$38MHelmerich & Paynethis Q hold·40q
- 13BNSport1.2%val$31MBank OF Nova Scotiathis Q hold·31q
- 14GMport1.1%val$29MGeneral Motors COthis Q hold·33q
- 15PFEport1.0%val$25MPfizer Incthis Q hold·29q
- 16MRKport0.8%val$22MMerck & Co. Inc.this Q hold·23q
- 17JNJport0.7%val$19MJohnson & Johnsonthis Q hold·40q
- 18KSPIport0.3%val$9MJsc Kaspi.kz Adrthis Q New·—1q
- 19RCIport0.2%val$5MRogers Communications Inc-bthis Q New·—1q
- 20GTXport0.1%val$4MGarrett Motion Incthis Q -44%·28q
- 21CNIport0.1%val$3MCanadian Natl Railway COthis Q hold·3q
- 22CIGIport0.1%val$2MColliers Intl Gr-subord Votthis Q hold·27q
- 23WBDport0.1%val$2MWarner Bros Discovery Incthis Q +41%·2q
- 24DPZport0.1%val$2MDomino's Pizza Incthis Q New·—1q
- 25G1890L107port0.1%val$1MCapri Holdings Ltdthis Q hold·12q
- 26LULUport0.1%val$1MLululemon Athletica Incthis Q hold·4q
- 27PENNport<0.1%val$1MPenn Entertainment Incthis Q hold·8q
- 28EAport<0.1%val$1MElectronic Arts Incthis Q New·—1q
- 29BRK/Aport<0.1%val$749KBerkshire Hathaway Inc-cl Athis Q hold·40q
- 30G4863A108port<0.1%val$738KBrightstar Lottery Plcthis Q hold·4q
- 31CPACport<0.1%val$595KCementos Pacasmayo Saa - Adrthis Q New·—1q
- 32MXport<0.1%val$296KMagnachip Semiconductor Corpthis Q -50%·21q
2026Q2 moves, by size (16)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| ORLA | Orla Mining Ltd | ADD | 21.5% | +84% | $568M |
| EGO | Eldorado Gold Corp | NEW | 16.2% | +100% | $427M |
| KHC | Kraft Heinz Co/the | ADD | 12.8% | +172% | $338M |
| KW | Kennedy-wilson Holdings Inc | EXIT | 7.4% | -100% | $0 |
| BB | Blackberry Ltd | EXIT | 5.8% | -100% | $0 |
| TAP | Molson Coors Beverage CO - B | ADD | 2.9% | +39% | $78M |
| WEN | Wendy's Co/the | ADD | 2.5% | +145% | $66M |
| KSPI | Jsc Kaspi.kz Adr | NEW | 0.3% | +100% | $9M |
| RCI | Rogers Communications Inc-b | NEW | 0.2% | +100% | $5M |
| GTX | Garrett Motion Inc | TRIM | 0.1% | -44% | $4M |
| WBD | Warner Bros Discovery Inc | ADD | 0.1% | +41% | $2M |
| DPZ | Domino's Pizza Inc | NEW | 0.1% | +100% | $2M |
| EA | Electronic Arts Inc | NEW | <0.1% | +100% | $1M |
| CPAC | Cementos Pacasmayo Saa - Adr | NEW | <0.1% | +100% | $595K |
| MX | Magnachip Semiconductor Corp | TRIM | <0.1% | -50% | $296K |
| PRTH | Priority Technology Holdings | EXIT | <0.1% | -100% | $0 |
- ADDORLA21.5%Orla Mining LtdΔ +84%·$568M
- NEWEGO16.2%Eldorado Gold CorpΔ +100%·$427M
- ADDKHC12.8%Kraft Heinz Co/theΔ +172%·$338M
- EXITKW7.4%Kennedy-wilson Holdings IncΔ -100%·$0
- EXITBB5.8%Blackberry LtdΔ -100%·$0
- ADDTAP2.9%Molson Coors Beverage CO - BΔ +39%·$78M
- ADDWEN2.5%Wendy's Co/theΔ +145%·$66M
- NEWKSPI0.3%Jsc Kaspi.kz AdrΔ +100%·$9M
- NEWRCI0.2%Rogers Communications Inc-bΔ +100%·$5M
- TRIMGTX0.1%Garrett Motion IncΔ -44%·$4M
- ADDWBD0.1%Warner Bros Discovery IncΔ +41%·$2M
- NEWDPZ0.1%Domino's Pizza IncΔ +100%·$2M
- NEWEA<0.1%Electronic Arts IncΔ +100%·$1M
- NEWCPAC<0.1%Cementos Pacasmayo Saa - AdrΔ +100%·$595K
- TRIMMX<0.1%Magnachip Semiconductor CorpΔ -50%·$296K
- EXITPRTH<0.1%Priority Technology HoldingsΔ -100%·$0
About Prem Watsa
Prem Watsa built Fairfax Financial Holdings into a Toronto-based property-and-casualty insurer and investment conglomerate by applying a Graham-and-Dodd framework to the insurance float — a capital structure that draws obvious comparison to Berkshire Hathaway. His public notoriety peaked around the 2008 crisis, when Fairfax's equity hedges and CDS positions — assembled years early, when the trade was deeply unpopular — produced roughly $2 billion in gains and validated his willingness to hold contrarian macro hedges through prolonged pain. The 13F filed under Fairfax is a narrow slice: a concentrated, 29-position long book (~$1.9B) heavily weighted today toward names like ORLA, UAA, and CVS, but it excludes Fairfax's global insurance subsidiaries, international equity stakes, fixed-income portfolio, and any derivative overlays. Readers should treat the filing as a partial signal of Watsa's equity preferences, not a complete picture of how Fairfax's roughly $70B in assets is actually positioned.
2026Q2 brief
Prem Watsa's Fairfax Financial ran a $2.64B, 32-position book in 2026Q2 with a striking gold pivot at the top: EGO (Eldorado Gold) was initiated at 16.2% (~$427M), instantly becoming the second-largest position, while ORLA (Orla Mining) was nearly doubled (+83.6% to 21.5% / ~$568M). Combined, the two gold miners now represent over 37% of the U.S. equity book — a major macro statement on inflation hedging and precious metals. Simultaneously, KHC (Kraft Heinz) was aggressively increased 171.6% to 12.8%, and WEN (Wendy's) was boosted 144.9% to 2.5%, leaning into beaten-down consumer staples and QSR names trading at distressed-adjacent multiples. The exits of KW (Kennedy-Wilson, 7.4%) and BB (BlackBerry, 5.8%) mark a clean break from real estate credit stress and a long-suffering tech turnaround. UAA and CVS remain sizable at 11.0% and 10.6% respectively. Watsa's book now reads as a concentrated contrarian blend of gold, distressed consumer, and fallen compounders. Watch whether the EGO/ORLA gold bloc continues growing — any further add would confirm a deliberate macro hedge rather than opportunistic positioning.
AI-generated. Not investment advice.
Filing history
Prem Watsa's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 32 | $2.64B |
| Q1 2026 — what changed → | 29 | $1.94B |
| Q4 2025 — what changed → | 29 | $2.08B |
| Q3 2025 — what changed → | 29 | $2.06B |
| Q2 2025 — what changed → | 28 | $1.87B |
| Q1 2025 — what changed → | 29 | $1.84B |
| Q4 2024 holdings | 31 | $1.56B |
| Q3 2024 holdings | 31 | $1.10B |
| Q2 2024 holdings | 38 | $1.18B |
| Q1 2024 holdings | 42 | $1.23B |
| Q4 2023 holdings | 57 | $1.47B |
| Q3 2023 holdings | 61 | $1.86B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Multibaggers Prem Watsa held
Stocks up 5x or more since Prem Watsa first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- MU39.9xMICRON TECHNOLOGY INC26q straight · peak 22.72%
- TSM27.7xTAIWAN SEMICONDUCTOR-SP ADR35q straight · peak 2.24% · still holds
- GOOGL10.1xALPHABET INC-CL A19q straight · peak 4.23%
- META10.0xMETA PLATFORMS INC-CLASS A11q straight · peak 0.55%
- GE5.6xGENERAL ELECTRIC11q straight · peak 0.95%
Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Prem Watsa's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
Frequently asked questions
- What stocks does Prem Watsa own?
- As of 2026Q2, Prem Watsa's 13F discloses 32 positions worth $2.64B. The top five holdings: ORLA (21.5%), EGO (16.2%), KHC (12.8%), UAA (11.0%), CVS (10.6%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Prem Watsa buy this quarter?
- In 2026Q2, the filing shows 6 new positions and 5 additions to existing holdings. The largest positions touched by buying: ORLA, EGO, KHC, TAP, WEN.
- How big is Prem Watsa's portfolio?
- $2.64B across 32 positions per the latest 13F (filed Aug 14, 2026). The top five holdings account for 72% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0000915191). Not investment advice.