Great investors · Prem Watsa · Q1 2025
What Prem Watsa bought and sold in Q1 2025
Fairfax Financial 13F portfolio as of Mar 31, 2025: 29 positions worth $1.8 bn. Largest: ORLA, OXY, CVS, BB. Filed with the SEC on May 15, 2025.
The 13F is filed by Fairfax Financial, not by Prem Watsa personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- IncreasedCleveland-cliffsCLF+4.0 pp
Sells in Q1 2025
No sale of 0.5 points of the portfolio or more this quarter.
1 company with a material move, out of 8 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Fairfax Financial's Q1 2025 13F lists 29 lines of US-listed securities worth $1.8 bn; the largest is ORLA at 28.6% of the portfolio. It was accepted by the SEC on May 15, 2025 at 6:02 AM ET.
Against the previous quarter, it opened 1 position (LWAY), closed 2 (TFII and XERS), added to 3 (CLF, KHC and TAP) and trimmed 2 (KKR and CIGI). 23 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | ORLA Mining ORLA | 56.8 M | $527M | 28.6% | no change |
| 2 | Occidental Petroleum OXY | 6.0 M | $297M | 16.1% | no change |
| 3 | CVS Health CVS | 2.7 M | $184M | 9.96% | no change |
| 4 | BlackBerry BB | 46.7 M | $176M | 9.52% | no change |
| 5 | Cleveland-cliffs CLF | 14.9 M | $122M | 6.64% | +153% |
| 6 | Kennedy-Wilson Holdings | 13.3 M | $116M | 6.26% | no change |
| 7 | Kraft Heinz KHC | 3.4 M | $102M | 5.54% | +1.4% |
| 8 | Molson Coors Beverage TAP | 1.2 M | $73.5M | 3.98% | +1.7% |
| 9 | ATS ATS | 2.5 M | $60.8M | 3.29% | no change |
| 10 | Under Armour UAA | 6.3 M | $39.4M | 2.13% | no change |
| 11 | Taiwan Semiconductor Manufacturing TSM | 141,700 | $23.5M | 1.27% | no change |
| 12 | Helmerich & Payne HP | 774,105 | $20.2M | 1.10% | no change |
| 13 | General Motors GM | 375,965 | $17.7M | 0.96% | no change |
| 14 | Bank of Nova Scotia BNS | 359,100 | $17.0M | 0.92% | no change |
| 15 | Pfizer PFE | 650,900 | $16.5M | 0.89% | no change |
| 16 | Merck MRK | 172,900 | $15.5M | 0.84% | no change |
| 17 | Johnson & Johnson JNJ | 73,400 | $12.2M | 0.66% | no change |
| 18 | Micron Technology MU | 80,000 | $7.0M | 0.38% | no change |
| 19 | Franco Nevada FNV | 16,800 | $2.6M | 0.14% | no change |
| 20 | Colliers International Group CIGI | 22,000 | $2.6M | 0.14% | −12% |
| 21 | Garrett Motion GTX | 304,360 | $2.5M | 0.14% | no change |
| 22 | KKR KKR | 20,000 | $2.3M | 0.13% | −15% |
| 23 | Gentex GNTX | 85,000 | $2.0M | 0.11% | no change |
| 24 | Capri Holdings CPRI | 78,100 | $1.5M | 0.08% | no change |
| 25 | Autohome ATHM | 54,000 | $1.5M | 0.08% | no change |
| 26 | MGM Resorts International MGM | 29,500 | $875K | 0.05% | no change |
| 27 | Berkshire Hathaway BRK/A | 1 | $798K | 0.04% | no change |
| 28 | Magnachip Semiconductor MX | 125,000 | $429K | 0.02% | no change |
| 29 | Lifeway Foods LWAY | 17,367 | $425K | 0.02% | new |
Positions it closed (2)
- TFI International TFIIwas 0.11% · 13,300 shares
- Xeris Biopharma Holdings XERSwas 0.03% · 139,687 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Fairfax Financial's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.