Great investors · Prem Watsa · Q4 2025
What Prem Watsa bought and sold in Q4 2025
Fairfax Financial 13F portfolio as of Dec 31, 2025: 29 positions worth $2.1 bn. Largest: ORLA, UAA, OXY, CVS. Filed with the SEC on Feb 17, 2026.
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 Q4 2025
- IncreasedUnder ArmourUAA+10.7 pp
Sells in Q4 2025
- ReducedORLA MiningORLA−16.0 pp
3 companies with material moves, out of 12 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 Q4 2025 13F lists 29 lines of US-listed securities worth $2.1 bn; the largest is ORLA at 20.3% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 6:05 AM ET.
Against the previous quarter, it opened 3 positions (UA, CNI and PRTH), closed 3 (DLTR, FNV and KKR), added to 2 (UAA and TAP) and trimmed 4 (ORLA, BB, LULU and GTX). 20 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | ORLA Mining ORLA | 31.8 M | $424M | 20.3% | −44% |
| 2 | Occidental Petroleum OXY | 6.1 M | $249M | 11.9% | no change |
| 3 | CVS Health CVS | 2.7 M | $215M | 10.3% | no change |
| 4 | Under Armour UAA | 42.0 M | $209M | 10.0% | +565% |
| 5 | Cleveland-cliffs CLF | 14.9 M | $198M | 9.49% | no change |
| 6 | BlackBerry BB | 35.0 M | $132M | 6.35% | −1.2% |
| 7 | Kennedy-Wilson Holdings | 13.3 M | $129M | 6.18% | no change |
| 8 | Kraft Heinz KHC | 5.1 M | $124M | 5.96% | no change |
| 9 | ATS ATS | 2.5 M | $68.3M | 3.28% | no change |
| 10 | Molson Coors Beverage TAP | 1.3 M | $62.5M | 3.00% | +3.8% |
| 11 | Under Armour UA | 9.5 M | $45.4M | 2.18% | new |
| 12 | Vanguard S&P 500 ETF VOO | 58,248 | $36.5M | 1.75% | no change |
| 13 | Helmerich & Payne HP | 1.2 M | $33.7M | 1.62% | no change |
| 14 | General Motors GM | 375,965 | $30.6M | 1.47% | no change |
| 15 | Taiwan Semiconductor Manufacturing TSM | 93,700 | $28.5M | 1.37% | no change |
| 16 | Bank of Nova Scotia BNS | 359,100 | $26.5M | 1.27% | no change |
| 17 | Pfizer PFE | 890,900 | $22.2M | 1.06% | no change |
| 18 | Merck MRK | 172,900 | $18.2M | 0.87% | no change |
| 19 | Johnson & Johnson JNJ | 73,400 | $15.2M | 0.73% | no change |
| 20 | Garrett Motion GTX | 260,460 | $4.5M | 0.22% | −14% |
| 21 | Colliers International Group CIGI | 22,000 | $3.2M | 0.15% | no change |
| 22 | lululemon athletica LULU | 12,500 | $2.6M | 0.12% | −50% |
| 23 | Canadian National Railway CNI | 19,800 | $2.0M | 0.09% | new |
| 24 | Capri Holdings CPRI | 78,100 | $1.9M | 0.09% | no change |
| 25 | PENN Entertainment PENN | 54,900 | $809K | 0.04% | no change |
| 26 | Berkshire Hathaway BRK/A | 1 | $753K | 0.04% | no change |
| 27 | Brightstar Lottery BRSL | 36,633 | $567K | 0.03% | no change |
| 28 | Priority Technology Holdings PRTH | 70,500 | $384K | 0.02% | new |
| 29 | Magnachip Semiconductor MX | 125,000 | $316K | 0.02% | no change |
Positions it closed (3)
- Dollar Tree DLTRwas 0.20% · 44,380 shares
- Franco Nevada FNVwas 0.18% · 16,800 shares
- KKR KKRwas 0.13% · 20,000 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.