Great investors · Prem Watsa · Q3 2025
What Prem Watsa bought and sold in Q3 2025
Fairfax Financial 13F portfolio as of Sep 30, 2025: 29 positions worth $2.1 bn. Largest: ORLA, OXY, CVS, CLF. Filed with the SEC on Nov 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 Q3 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q3 2025
- ReducedBlackBerryBB−1.3 pp
1 company with a material move, out of 11 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 Q3 2025 13F lists 29 lines of US-listed securities worth $2.1 bn; the largest is ORLA at 29.6% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 6:15 AM ET.
Against the previous quarter, it opened 3 positions (LULU, DLTR and BRSL), closed 2 (ATHM and LWAY), added to 4 (PFE, KHC, HP and TAP) and trimmed 2 (BB and VOO). 20 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | ORLA Mining ORLA | 56.8 M | $610M | 29.6% | no change |
| 2 | Occidental Petroleum OXY | 6.1 M | $286M | 13.8% | no change |
| 3 | CVS Health CVS | 2.7 M | $204M | 9.90% | no change |
| 4 | Cleveland-cliffs CLF | 14.9 M | $182M | 8.80% | no change |
| 5 | BlackBerry BB | 35.4 M | $172M | 8.35% | −13% |
| 6 | Kraft Heinz KHC | 5.1 M | $133M | 6.45% | +4.8% |
| 7 | Kennedy-Wilson Holdings | 13.3 M | $111M | 5.37% | no change |
| 8 | ATS ATS | 2.5 M | $64.1M | 3.11% | no change |
| 9 | Molson Coors Beverage TAP | 1.3 M | $58.4M | 2.83% | +5.9% |
| 10 | Vanguard S&P 500 ETF VOO | 58,248 | $35.7M | 1.73% | −20% |
| 11 | Under Armour UAA | 6.3 M | $31.5M | 1.53% | no change |
| 12 | Taiwan Semiconductor Manufacturing TSM | 93,700 | $26.2M | 1.27% | no change |
| 13 | Helmerich & Payne HP | 1.2 M | $25.9M | 1.26% | +21% |
| 14 | Bank of Nova Scotia BNS | 359,100 | $23.2M | 1.12% | no change |
| 15 | General Motors GM | 375,965 | $22.9M | 1.11% | no change |
| 16 | Pfizer PFE | 890,900 | $22.7M | 1.10% | +37% |
| 17 | Merck MRK | 172,900 | $14.5M | 0.70% | no change |
| 18 | Johnson & Johnson JNJ | 73,400 | $13.6M | 0.66% | no change |
| 19 | lululemon athletica LULU | 25,000 | $4.4M | 0.22% | new |
| 20 | Dollar Tree DLTR | 44,380 | $4.2M | 0.20% | new |
| 21 | Garrett Motion GTX | 301,860 | $4.1M | 0.20% | no change |
| 22 | Franco Nevada FNV | 16,800 | $3.7M | 0.18% | no change |
| 23 | Colliers International Group CIGI | 22,000 | $3.4M | 0.16% | no change |
| 24 | KKR KKR | 20,000 | $2.6M | 0.13% | no change |
| 25 | Capri Holdings CPRI | 78,100 | $1.6M | 0.08% | no change |
| 26 | PENN Entertainment PENN | 54,900 | $1.1M | 0.05% | no change |
| 27 | Berkshire Hathaway BRK/A | 1 | $753K | 0.04% | no change |
| 28 | Brightstar Lottery BRSL | 36,633 | $632K | 0.03% | new |
| 29 | Magnachip Semiconductor MX | 125,000 | $391K | 0.02% | no change |
Positions it closed (2)
- Autohome ATHMwas 0.07% · 54,000 shares
- Lifeway Foods LWAYwas 0.04% · 31,618 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.