# Fairfax Financial (Prem Watsa): 13F portfolio, Q2 2026

Prem Watsa's investment firm, Toronto.

Source: SEC Form 13F filed 2026-08-14 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/915191/000110465926096276/0001104659-26-096276-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/fairfax-financial
Updated: 2026-08-14 · Next filing due by 2026-11-14

## Summary
- Reported value: $2.6B (Q1 2026: $1.9B)
- Positions: 32 (Q1 2026: 29)
- Top 10 holdings: 90.7% of the portfolio
- This quarter: 6 new, 7 added to, 2 trimmed, 3 sold out

## What Watsa did in Q2 2026
Fairfax Financial opened 6 new positions, the largest Eldorado Gold, Joint Stock Co Kaspi.kz and Rogers Communications. It raised its stake in Kraft Heinz by 172%, Wendy's by 145% and Orla Mining by 84%. It sold out of Kennedy-Wilson Holdings, Blackberry and Priority Technology Holdings. It cut Magnachip Semiconductor by 50%. Orla Mining is still the largest holding, at 21.5% of the portfolio.

## Biggest buys
- Eldorado Gold (EGO): New
- Joint Stock Co Kaspi.kz (KSPI): New
- Rogers Communications (RCI): New
- Dominos Pizza (DPZ): New
- Electronic Arts (EA): New

## Biggest sells
- Kennedy-Wilson Holdings (KW): Sold out
- Blackberry (BB): Sold out
- Priority Technology Holdings (PRTH): Sold out
- Magnachip Semiconductor (MX): −50%
- Garrett Motion (GTX): −44%

## Top 15 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Orla Mining | ORLA | 21.5% | $568.5M | +84% | Q3 2024 or earlier |
| 2 | Eldorado Gold | EGO | 16.2% | $427.0M | New | Q2 2026 |
| 3 | Kraft Heinz | KHC | 12.8% | $337.6M | +172% | Q3 2024 or earlier |
| 4 | Under Armour | UAA | 11.0% | $289.8M | +5% | Q3 2024 or earlier |
| 5 | CVS Health | CVS | 10.6% | $280.5M | No change | Q4 2024 |
| 6 | Cleveland-Cliffs | CLF | 5.3% | $139.9M | No change | Q4 2024 |
| 7 | Under Armour | UA | 5.2% | $136.6M | No change | Q4 2025 |
| 8 | Molson Coors Beverage | TAP | 2.9% | $77.7M | +39% | Q4 2024 |
| 9 | Ats | ATS | 2.7% | $70.5M | No change | Q3 2024 or earlier |
| 10 | Wendy's | WEN | 2.5% | $66.3M | +145% | Q1 2026 |
| 11 | Taiwan Semiconductor Manufacturing | TSM | 1.7% | $44.7M | No change | Q3 2024 or earlier |
| 12 | Helmerich & Payne | HP | 1.5% | $38.5M | No change | Q3 2024 or earlier |
| 13 | Bank Of Nova Scotia | BNS | 1.2% | $31.2M | No change | Q3 2024 or earlier |
| 14 | General Motors | GM | 1.1% | $29.0M | No change | Q3 2024 or earlier |
| 15 | Pfizer | PFE | 1.0% | $25.1M | +5% | Q3 2024 or earlier |

17 more positions and every quarter's holdings are on Valuepeg for members: https://valuepeg.com/managers/fairfax-financial

## Other value investors
- Fairholme Capital Management: https://valuepeg.com/managers/fairholme-capital
- Fundsmith: https://valuepeg.com/managers/fundsmith
- Gardner Russo & Quinn: https://valuepeg.com/managers/gardner-russo-quinn
- Giverny Capital: https://valuepeg.com/managers/giverny-capital
- Gotham Asset Management (Joel Greenblatt): https://valuepeg.com/managers/gotham-asset-management

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.