Prem Watsa just filed a portfolio that looks nothing like his old one. Fairfax Financial’s Q2 2026 13F, filed August 14, shows a fund that quietly rotated out of oil and into gold. It also walked away from two positions Watsa held for 13 years straight.

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Disclaimer

This article is for informational and educational purposes only and does not constitute investment advice. Prem Watsa and Fairfax Financial Holdings are not affiliated with this publication. Portfolio data is sourced from public SEC 13F filings and third-party trackers including GuruFocus and Valuesider, and may not reflect Fairfax’s real-time holdings. Stock prices and portfolio weightings change constantly and figures cited here may already be outdated. This is not a recommendation to buy or sell any security. Please consult a SEBI-registered investment advisor or your own financial advisor before making investment decisions.

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Who Is Prem Watsa, and Why Do His Picks Matter

Watsa built Fairfax Financial from a small Canadian insurer into a $2.64-billion equity portfolio, funded almost entirely by insurance float. He arrived in Canada from India in 1972 with eight dollars in his pocket. He studied chemical engineering at IIT before earning an MBA at the Ivey Business School.

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His investing style borrows directly from Warren Buffett’s playbook. Insurance premiums sit as float until claims come due. Watsa invests that float for total return, not just income. He has been called the “Canadian Warren Buffett” for exactly this reason, and he holds India’s Padma Shri award for his contributions there.

His portfolio is small by hedge-fund standards but closely tracked. Retail investors follow it because Watsa concentrates hard in a handful of names, and he holds positions for years, not quarters. A 38% turnover rate this quarter is unusually high for him.

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Fairfax Financial’s Full Q2 2026 Portfolio

Ticker	Company	Sector	Approx. Weight	Status This Quarter
ORLA	Orla Mining	Gold Mining	21.6%	Increased 84%
EGO	Eldorado Gold	Gold Mining	16.2%	New position
KHC	Kraft Heinz	Packaged Foods	12.8%	Increased 172%
UAA	Under Armour (Class A)	Apparel	11.0%	Increased 5%
CVS	CVS Health	Healthcare Plans	10.6%	Held steady
CLF	Cleveland-Cliffs	Steel	5.3%	Held steady
UA	Under Armour (Class C)	Apparel	4.0-5.2%	Held steady
TAP	Molson Coors	Alcoholic Beverages	2.9%	Increased 39%
ATS	ATS Corp	Industrial Products	2.7%	Held steady
WEN	Wendy’s	Restaurants	2.5%	Increased 145%
HP	Helmerich & Payne	Oil & Gas Drilling	~1.5%	Held steady
TSM	Taiwan Semiconductor	Semiconductors	1.7%	Held steady
PFE	Pfizer	Drug Manufacturing	~1.0%	Increased 5%
MRK	Merck	Drug Manufacturing	~0.9%	Held steady
RCI	Rogers Communications	Telecom	0.18%	New position
KSPI	Kaspi.kz	Fintech/Software	0.35%	New position
DPZ	Domino’s Pizza	Restaurants	0.08%	New position
EA	Electronic Arts	Interactive Media	0.04%	New position
CPAC	Cementos Pacasmayo	Building Materials	0.02%	New position
WBD	Warner Bros. Discovery	Media	0.08%	Increased 41%
MX	MagnaChip Semiconductor	Semiconductors	Small/legacy	Long-held, tiny
FNV	Franco-Nevada	Gold Royalty	Small/legacy	Long-held, tiny

Two names, Kennedy-Wilson (KW) and BlackBerry (BB), were fully exited this quarter after 13-plus years in the portfolio. Occidental Petroleum (OXY), once Fairfax’s single largest holding, was also fully sold earlier in 2026. Priority Technology (PRTH) was closed out after a brief six-month hold.

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The New Core: Gold Mining Takes Over

Orla Mining (ORLA) is now Fairfax’s biggest bet by far, at over a fifth of the portfolio. Orla runs low-cost, high-margin gold mines in Mexico and Panama. Watsa first bought in in 2022 and has added aggressively since, even as the stock has pulled back double digits this year. The position size alone signals real conviction, not a passive hold.

Eldorado Gold (EGO) is the standout new entrant this quarter, built from scratch to over 16% of the fund in three months. Eldorado operates gold mines across Turkey, Greece, and Canada. Pairing it with Orla gives Fairfax heavy, concentrated exposure to gold prices and mining operators rather than the metal itself. This is a clear macro bet: Watsa is positioning for gold strength, insurance-float style, by owning the producers instead of bullion.

Together, these two names now make up close to 38% of the entire equity book. That is an unusually aggressive commodity tilt for an insurer that has historically preferred consumer staples and healthcare.

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The Ballast: Consumer Staples and Restaurant Bets

Kraft Heinz (KHC) has become Fairfax’s third-largest position after a 172% share increase this quarter. Kraft Heinz owns condiments, packaged meats, and pantry staples sold worldwide. The stock has traded well below what many value investors consider fair worth for years, and Watsa’s aggressive buying suggests he sees the gap closing, or simply wants more of a durable cash-flow business at a discount.

Molson Coors (TAP) and Wendy’s (WEN) both saw substantial share increases this quarter too, up 39% and 145% respectively. Molson Coors sells beer brands across North America and Europe, a business with pricing power and steady, if slow, growth. Wendy’s franchises fast food globally on asset-light economics. Both fit Watsa’s preference for recognizable brands trading at depressed multiples.

Domino’s Pizza (DPZ) is a brand-new, small position this quarter. Domino’s runs one of the most efficient delivery and franchise models in restaurants. At 0.08% of the portfolio, this looks more like a toe-in-the-water position than a conviction call, but it is worth watching for further buys next quarter.

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Turnaround Bets: Under Armour and Cleveland-Cliffs

Under Armour (UAA/UA) across both share classes makes up roughly 15-16% of the portfolio combined, making it one of Fairfax’s largest single-company exposures. Under Armour sells athletic apparel and footwear and has struggled with brand relevance and margins for years. Watsa has held and added to this position since 2024, betting on a turnaround under new leadership rather than betting against the retail apparel cycle entirely.

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Cleveland-Cliffs (CLF) is a US steelmaker and the largest flat-rolled steel producer in North America. The position has stayed unchanged in share count this quarter, sitting at 5.3% of the fund. Steel is deeply cyclical, and Cliffs carries real balance sheet risk if demand softens, but tariff protection and consolidation in US steel give the bull case some support.

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Healthcare: The Steady Compounders

CVS Health (CVS) is Fairfax’s fifth-largest holding and has been untouched this quarter after a big Q4 2024 entry. CVS runs pharmacies, insurance plans, and a pharmacy benefits manager, giving it scale most healthcare peers cannot match. The stock has run up over 20% year to date as the market rewards CVS for stabilizing its insurance margins.

Pfizer (PFE) and Merck (MRK) round out the healthcare sleeve as smaller positions. Both are large, diversified drugmakers trading at single-digit forward earnings multiples for much of the past two years, classic hunting ground for a value investor watching for patent-cliff fears to be overpriced into the stock.

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Energy and Industrials: A Smaller, Quieter Sleeve

Helmerich & Payne (HP) operates land drilling rigs for oil and gas producers, mostly in the US. The position has stayed flat this quarter after a big increase last year. It is a direct bet on US onshore drilling activity holding up.

ATS Corp (ATS) makes automation systems and equipment for life sciences, EV, and industrial clients. The stock has fallen over 30% in the past year, and Fairfax has not added or trimmed, suggesting Watsa is comfortable holding through the drawdown rather than averaging down or exiting.

Notably absent this quarter:

Occidental Petroleum (OXY), which was Fairfax’s single largest position as recently as 2023, at nearly a quarter of the fund. That entire stake has now been sold. It marks one of the biggest strategy shifts in the portfolio’s recent history, alongside the gold rotation above.

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Tech, Media, and International Names

Taiwan Semiconductor (TSM) is Fairfax’s longest-held tech name, in the portfolio since 2017. TSM manufactures chips for nearly every major fabless chip designer worldwide, including Nvidia and Apple. It is one of the few high-multiple, growth-oriented names Watsa has stuck with for close to a decade.

Electronic Arts (EA), Warner Bros. Discovery (WBD), Rogers Communications (RCI), and Kaspi.kz (KSPI) are all either brand-new or recently expanded small positions. EA publishes major video game franchises. WBD owns HBO, CNN, and Warner Bros. studios post-spinoff. Rogers is a leading Canadian telecom and media company, a natural home-market pick for a Toronto-based insurer. Kaspi.kz runs Kazakhstan’s dominant fintech and e-commerce super-app, an unusual emerging-market bet for Fairfax.

MagnaChip Semiconductor (MX) is a small, long-running legacy position in a South Korea-based analog and power-semiconductor maker. It has stayed under 1% of the portfolio for years and looks more like a speculative side bet than a core holding.

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Materials and Royalty Names

Cementos Pacasmayo (CPAC) is a new, very small position in a Peruvian cement producer, giving Fairfax a sliver of Latin American infrastructure exposure. Franco-Nevada (FNV) is a gold and royalty streaming company that has appeared in Fairfax’s filings as a small position in past years, a natural complement to the larger Orla and Eldorado gold bets, though its current weight is minimal.

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Positions Fairfax Fully Exited This Quarter

Three names disappeared from the portfolio entirely in the Q2 2026 filing, and one had already been sold earlier in the year:

• Kennedy-Wilson Holdings (KW): A real estate investment and services firm Watsa had held since at least 2013. Over 13 million shares were sold, closing out a position held for more than a decade.
• BlackBerry (BB): Another 13-plus-year legacy holding, once a symbol of Watsa’s contrarian, out-of-favor tech bets. Nearly 35 million shares were sold in full.
• Priority Technology Holdings (PRTH): A payments technology company bought in late 2025 and closed out within six months, a rare short-hold for Watsa.
• Occidental Petroleum (OXY): Fully exited earlier in 2026 after being Fairfax’s largest position for years, part of the broader rotation from energy into gold.

Exiting two 13-year holdings in the same quarter is unusual for Watsa. It signals either a genuine change in conviction on those names, or simply capital being redeployed into the gold thesis and Kraft Heinz.

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What This Portfolio Tells Retail Investors

Three shifts stand out from this filing. First, Fairfax rotated hard from oil into gold mining, a classic inflation-and-uncertainty hedge, funded partly by fully exiting Occidental. Second, Watsa closed two positions he had held for over a decade, KW and BB, which rarely happens in his portfolio. Third, he nearly tripled the Kraft Heinz stake, doubling down on a stock many investors have written off as dead money.

None of this means retail investors should copy the trade sheet directly. A 13F filing is reported 45 days after quarter-end, so the prices shown are already stale by the time anyone reads them. Position sizes that make sense for a multi-billion-dollar insurance float rarely translate directly to an individual portfolio. Gold miners and turnaround retail names also carry real volatility that suits Fairfax’s long time horizon more than a shorter one.

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