Great investors · Prem Watsa · Q2 2025
What Prem Watsa bought and sold in Q2 2025
Fairfax Financial 13F portfolio as of Jun 30, 2025: 28 positions worth $1.9 bn. Largest: ORLA, OXY, CVS, BB. Filed with the SEC on Aug 14, 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 Q2 2025
- NewVanguard S&P 500 ETFVOO+2.2 pp
- IncreasedKraft HeinzKHC+2.1 pp
Sells in Q2 2025
- ReducedBlackBerryBB−1.5 pp
- ReducedTaiwan Semiconductor ManufacturingTSM−0.6 pp
4 companies with material moves, out of 10 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 Q2 2025 13F lists 28 lines of US-listed securities worth $1.9 bn; the largest is ORLA at 29.9% of the portfolio. It was accepted by the SEC on Aug 14, 2025 at 6:00 AM ET.
Against the previous quarter, it opened 2 positions (VOO and PENN), closed 3 (MU, GNTX and MGM), added to 3 (KHC, HP and LWAY) and trimmed 2 (BB and TSM). 21 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | ORLA Mining ORLA | 56.8 M | $560M | 29.9% | no change |
| 2 | Occidental Petroleum OXY | 6.1 M | $254M | 13.6% | no change |
| 3 | CVS Health CVS | 2.7 M | $187M | 9.99% | no change |
| 4 | BlackBerry BB | 40.8 M | $187M | 9.98% | −13% |
| 5 | Kraft Heinz KHC | 4.9 M | $126M | 6.74% | +45% |
| 6 | Cleveland-cliffs CLF | 14.9 M | $113M | 6.05% | no change |
| 7 | Kennedy-Wilson Holdings | 13.3 M | $90.5M | 4.83% | no change |
| 8 | ATS ATS | 2.5 M | $79.1M | 4.23% | no change |
| 9 | Molson Coors Beverage TAP | 1.2 M | $58.6M | 3.13% | no change |
| 10 | Under Armour UAA | 6.3 M | $43.0M | 2.30% | no change |
| 11 | Vanguard S&P 500 ETF VOO | 72,900 | $41.4M | 2.21% | new |
| 12 | Taiwan Semiconductor Manufacturing TSM | 93,700 | $21.2M | 1.13% | −34% |
| 13 | Bank of Nova Scotia BNS | 359,100 | $19.8M | 1.06% | no change |
| 14 | General Motors GM | 375,965 | $18.5M | 0.99% | no change |
| 15 | Pfizer PFE | 650,900 | $15.8M | 0.84% | no change |
| 16 | Helmerich & Payne HP | 974,105 | $14.8M | 0.79% | +26% |
| 17 | Merck MRK | 172,900 | $13.7M | 0.73% | no change |
| 18 | Johnson & Johnson JNJ | 73,400 | $11.2M | 0.60% | no change |
| 19 | Garrett Motion GTX | 304,360 | $3.2M | 0.17% | no change |
| 20 | Colliers International Group CIGI | 22,000 | $2.8M | 0.15% | no change |
| 21 | Franco Nevada FNV | 16,800 | $2.8M | 0.15% | no change |
| 22 | KKR KKR | 20,000 | $2.7M | 0.14% | no change |
| 23 | Autohome ATHM | 54,000 | $1.4M | 0.07% | no change |
| 24 | Capri Holdings CPRI | 78,100 | $1.4M | 0.07% | no change |
| 25 | PENN Entertainment PENN | 54,900 | $981K | 0.05% | new |
| 26 | Lifeway Foods LWAY | 31,618 | $779K | 0.04% | +82% |
| 27 | Berkshire Hathaway BRK/A | 1 | $728K | 0.04% | no change |
| 28 | Magnachip Semiconductor MX | 125,000 | $496K | 0.03% | no change |
Positions it closed (3)
- Micron Technology MUwas 0.38% · 80,000 shares
- Gentex GNTXwas 0.11% · 85,000 shares
- MGM Resorts International MGMwas 0.05% · 29,500 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.