Prem Watsa
Fairfax Financial Holdings
Prem Watsa (Fairfax Financial Holdings) discloses a $1.94B portfolio across 29 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is ORLA at 25.8% of the book. The biggest move of the quarter: fully exited OXY (was 11.9% of the book). Latticework's clone backtest puts this 13F book at -5.9%/yr vs SPY over 12.0 years.
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.
2026Q1 brief
Fairfax Financial's Prem Watsa made two moves that dominate the narrative this quarter: a 133% addition to UA (Under Armour C-shares, now 6.5%) and the complete exit of OXY (Occidental Petroleum, previously 11.9% of his $1.94B U.S. equity sleeve). The OXY exit is striking — Watsa was shedding a name that Warren Buffett has been accumulating, an explicitly contrarian divergence from one of the most-watched super-investor positions — and frees over $230M in notional capital. The UA/UAA combined position (13.1% + 6.5% = ~19.5% of the portfolio) makes Under Armour the de facto top active thesis, a deeply out-of-favor brand-turnaround bet that fits Watsa's distressed-value playbook. ORLA (Orla Mining, 25.8%) remains the dominant holding, reflecting Fairfax's long-running precious metals exposure. New positions in WEN (Wendy's, 1.2%) and WBD (Warner Bros. Discovery, 0.08%) add two more beaten-down franchise/media names. The VOO exit (1.75%) suggests Watsa is moving cash from passive to active ideas. Watch whether the Under Armour position is further consolidated — a trim of UAA into UA (or vice versa) would signal share-class optimization ahead of a potential catalyst.
AI-generated. Not investment advice.
In the news
all news →- Inside Fairfax's proposed $5.5 billion IDBI Bank acquisition and what's at stakeIndia Today ·
- IDBI Bank Stake Sale Heats Up as Revised Bids Boost SentimentHDFC Sky ·
- Govt close to accepting sweetened Fairfax Financial offer for IDBI BankBusiness Standard ·
- India nears accepting sweetened Fairfax offer for IDBI BankThe Economic Times ·
- India’s Tariff Reforms Create ‘Unlimited Opportunity,’ Fairfax CEO SaysINDIA New England News ·
- India tariff reforms open 'unlimited opportunity': Fairfax Financial CEOBFSI News ·
Headlines via Google News. Links open in a new tab.
Holdings (29) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | ORLA | 25.8% | $502M | |||
| 2 | UAA | 13.1% | $254M | |||
| 3 | CVS | 10.0% | $195M | |||
| 4 | KW | 7.4% | $144M | |||
| 5 | UA | 6.5% | $127M | |||
| 6 | CLF | 6.5% | $126M | |||
| 7 | KHC | 6.1% | $118M | |||
| 8 | BB | 5.8% | $113M | |||
| 9 | ATS | 3.6% | $69M | |||
| 10 | TAP | 3.2% | $62M | |||
| 11 | HP | 2.2% | $42M | |||
| 12 | TSM | 1.6% | $32M | |||
| 13 | GM | 1.4% | $28M | |||
| 14 | PFE | 1.4% | $28M | |||
| 15 | BNS | 1.3% | $25M | |||
| 16 | WEN | 1.2% | $23M | |||
| 17 | MRK | 1.1% | $21M | |||
| 18 | JNJ | 0.9% | $18M | |||
| 19 | GTX | 0.2% | $3M | |||
| 20 | CIGI | 0.1% | $3M | |||
| 21 | CNI | 0.1% | $3M | |||
| 22 | LULU | 0.1% | $2M | |||
| 23 | WBD | 0.1% | $2M | |||
| 24 | G1890L107 | 0.1% | $1M | |||
| 25 | G4863A108 | <0.1% | $875K | |||
| 26 | PENN | <0.1% | $825K | |||
| 27 | BRK/A | <0.1% | $718K | |||
| 28 | MX | <0.1% | $349K | |||
| 29 | PRTH | <0.1% | $333K |
- 1ORLAport25.8%val$502MOrla Mining Ltdthis Q hold·15q
- 2UAAport13.1%val$254MUnder Armour Inc-class Athis Q hold·8q
- 3CVSport10.0%val$195MCvs Health Corpthis Q hold·24q
- 4KWport7.4%val$144MKennedy-wilson Holdings Incthis Q hold·40q
- 5UAport6.5%val$127MUnder Armour Inc-class Cthis Q +133%·15q
- 6CLFport6.5%val$126MCleveland-cliffs Incthis Q hold·6q
- 7KHCport6.1%val$118MKraft Heinz Co/thethis Q hold·7q
- 8BBport5.8%val$113MBlackberry Ltdthis Q hold·40q
- 9ATSport3.6%val$69MAts Corpthis Q hold·10q
- 10TAPport3.2%val$62MMolson Coors Beverage CO - Bthis Q hold·6q
- 11HPport2.2%val$42MHelmerich & Paynethis Q hold·40q
- 12TSMport1.6%val$32MTaiwan Semiconductor-sp Adrthis Q hold·35q
- 13GMport1.4%val$28MGeneral Motors COthis Q hold·32q
- 14PFEport1.4%val$28MPfizer Incthis Q hold·29q
- 15BNSport1.3%val$25MBank OF Nova Scotiathis Q hold·30q
- 16WENport1.2%val$23MWendy's Co/thethis Q New·—1q
- 17MRKport1.1%val$21MMerck & Co. Inc.this Q hold·22q
- 18JNJport0.9%val$18MJohnson & Johnsonthis Q hold·40q
- 19GTXport0.2%val$3MGarrett Motion Incthis Q -29%·27q
- 20CIGIport0.1%val$3MColliers Intl Gr-subord Votthis Q hold·26q
- 21CNIport0.1%val$3MCanadian Natl Railway COthis Q +25%·2q
- 22LULUport0.1%val$2MLululemon Athletica Incthis Q hold·3q
- 23WBDport0.1%val$2MWarner Bros Discovery Incthis Q New·—1q
- 24G1890L107port0.1%val$1MCapri Holdings Ltdthis Q hold·11q
- 25G4863A108port<0.1%val$875KBrightstar Lottery Plcthis Q +88%·3q
- 26PENNport<0.1%val$825KPenn Entertainment Incthis Q hold·7q
- 27BRK/Aport<0.1%val$718KBerkshire Hathaway Inc-cl Athis Q hold·40q
- 28MXport<0.1%val$349KMagnachip Semiconductor Corpthis Q hold·20q
- 29PRTHport<0.1%val$333KPriority Technology Holdingsthis Q hold·2q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| OXY | Occidental Petroleum Corp | EXIT | 11.9% | -100% | $0 |
| UA | Under Armour Inc-class C | ADD | 6.5% | +133% | $127M |
| VOO | Vanguard S&p 500 Etf | EXIT | 1.8% | -100% | $0 |
| WEN | Wendy's Co/the | NEW | 1.2% | +100% | $23M |
| GTX | Garrett Motion Inc | TRIM | 0.2% | -29% | $3M |
| CNI | Canadian Natl Railway CO | ADD | 0.1% | +25% | $3M |
| WBD | Warner Bros Discovery Inc | NEW | 0.1% | +100% | $2M |
| G4863A108 | Brightstar Lottery Plc | ADD | <0.1% | +88% | $875K |
- EXITOXY11.9%Occidental Petroleum CorpΔ -100%·$0
- ADDUA6.5%Under Armour Inc-class CΔ +133%·$127M
- EXITVOO1.8%Vanguard S&p 500 EtfΔ -100%·$0
- NEWWEN1.2%Wendy's Co/theΔ +100%·$23M
- TRIMGTX0.2%Garrett Motion IncΔ -29%·$3M
- ADDCNI0.1%Canadian Natl Railway COΔ +25%·$3M
- NEWWBD0.1%Warner Bros Discovery IncΔ +100%·$2M
- ADDG4863A108<0.1%Brightstar Lottery PlcΔ +88%·$875K
Frequently asked questions
- What stocks does Prem Watsa own?
- As of 2026Q1, Prem Watsa's 13F discloses 29 positions worth $1.94B. The top five holdings: ORLA (25.8%), UAA (13.1%), CVS (10.0%), KW (7.4%), UA (6.5%). 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 2026Q1, the filing shows 2 new positions and 3 additions to existing holdings. The largest positions touched by buying: UA, WEN, CNI, WBD.
- How big is Prem Watsa's portfolio?
- $1.94B across 29 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 63% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0000915191). Not investment advice.