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Fairfax Financial Holdings Prem Watsa
In Q2 2026, Fairfax Financial Holdings held 31 US-listed stocks worth $2.6bn. Its biggest move was buying Eldorado Gold (now 16% of the portfolio), followed by selling all of its Kennedy-Wilson Holdings (7.4% the quarter before). It started 6 new positions and sold out of 3. Its largest holding is Orla Mining at 22%.
Source: SEC Form 13F for Q2 2026, filed 14 Aug 2026. How we use them
Changes Holdings Over time Look-through 5% stakes Sectors Value What changed in Q2 2026 Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.
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US holdings from the 13F Q2 2026, filed 14 Aug 2026 (filing ): 6 new, 7 added to, 2 trimmed, 3 sold out. Select a row to see it over time. How this works Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter Company Value Shares Portfolio Change Q1 2026 Orla Mining OLA $568m 58,399,504 21.6%$568m ▲ Added +84%25.8% Eldorado Gold EGO $427m 13,746,506 16.2%$427m ▲ New– Under Armour UA $426m 67,356,093 16.2%$426m ▲ Added +3.6%19.6% Kraft Heinz KHC $338m 14,306,500 12.8%$338m ▲ Added +172%6.1% CVS Health CVS $281m 2,712,000 10.6%$281m 10.0% Cleveland-Cliffs CLF $140m 14,899,273 5.3%$140m 6.5% Molson Coors Brewing Company TAP $77.7m 1,994,500 2.9%$77.7m ▲ Added +39%3.2% ATS ATS $70.5m 2,486,400 2.7%$70.5m 3.6% Wendy’s WEN $66.3m 8,005,627 2.5%$66.3m ▲ Added +145%1.2% Taiwan Semiconductor Manufacturing TSM $44.7m 93,700 1.7%$44.7m 1.6% Helmerich & Payne HP $38.5m 1,174,105 1.5%$38.5m 2.2% Bank of Nova Scotia Halifax BNS $31.2m 359,100 1.2%$31.2m 1.3% General Motors GM $29.0m 375,965 1.1%$29.0m 1.4% Pfizer PFE $25.1m 1,043,900 0.9%$25.1m ▲ Added +5.3%1.4% Merck & Co. MRK $22.2m 172,900 0.8%$22.2m 1.1% Johnson & Johnson JNJ $18.6m 73,400 0.7%$18.6m 0.9% Kaspi Kz Jsc KSPI $9.2m 106,000 0.3%$9.2m ▲ New– Rogers Communications RCI $4.9m 150,200 0.2%$4.9m ▲ New– Garrett Motion GTX $3.7m 102,783 0.1%$3.7m ▼ Trimmed -44%0.2% Canadian National Railway CNI $3.0m 24,800 0.1%$3.0m 0.1% Colliers International Group CIGI $2.3m 25,000 0.1%$2.3m 0.1% Warner Bros. Discovery WBD $2.2m 81,900 0.1%$2.2m ▲ Added +42%0.1% Dominos Pizza DPZ $2.1m 7,230 0.1%$2.1m ▲ New– Capri Holdings CPRI $1.5m 78,100 0.1%$1.5m 0.1% lululemon athletica LULU $1.4m 12,500 0.1%$1.4m 0.1% Penn Entertainment PENN $1.2m 54,900 0.0%$1.2m 0.0% Electronic Arts EA $1.0m 5,100 0.0%$1.0m ▲ New– Berkshire Hathaway BRK.B $749k 1 0.0%$749k 0.0% International Game Tech. BRSL $738k 68,733 0.0%$738k 0.1% Cementos Pacasmayo Saa CPAC $595k 50,000 0.0%$595k ▲ New– Magnachip Semiconductor MX $296k 62,500 0.0%$296k ▼ Trimmed -50%0.0% Kennedy-Wilson Holdings KW – – – ▼ Sold out7.4% Blackberry BB – – – ▼ Sold out5.8% Priority Technologies Holdings PRTH – – – ▼ Sold out0.0%
Show all 34 Download the Q2 2026 holdings: CSV · JSON · Markdown
How the portfolio has changed Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
2013 · Blackberry: 29.5% 2013 · Resolute Fst Prods: 35.6% 2013 · Kennedy-Wilson Holdings: 0.7% 2013 · Everything else: 34.2% 2014 · Blackberry: 33.2% 2014 · Resolute Fst Prods: 33.1% 2014 · Kennedy-Wilson Holdings: 0.7% 2014 · Everything else: 33.1% 2015 · Blackberry: 35.2% 2015 · Resolute Fst Prods: 17.8% 2015 · Kennedy-Wilson Holdings: 17.5% 2015 · Everything else: 29.5% 2016 · Blackberry: 27.5% 2016 · Resolute Fst Prods: 14.0% 2016 · Kennedy-Wilson Holdings: 21.6% 2016 · Everything else: 36.9% 2017 · Blackberry: 36.8% 2017 · Resolute Fst Prods: 23.7% 2017 · Kennedy-Wilson Holdings: 15.1% 2017 · Everything else: 24.4% 2018 · Blackberry: 18.5% 2018 · Resolute Fst Prods: 13.5% 2018 · Kennedy-Wilson Holdings: 13.5% 2018 · Everything else: 54.5% 2019 · Blackberry: 11.8% 2019 · Resolute Fst Prods: 5.0% 2019 · Kennedy-Wilson Holdings: 11.7% 2019 · Everything else: 71.4% 2020 · Blackberry: 13.8% 2020 · Resolute Fst Prods: 8.9% 2020 · Kennedy-Wilson Holdings: 10.6% 2020 · Atlas: 48.0% 2020 · Everything else: 18.8% 2021 · Blackberry: 14.0% 2021 · Resolute Fst Prods: 14.9% 2021 · Kennedy-Wilson Holdings: 10.2% 2021 · Atlas: 45.4% 2021 · Everything else: 15.5% 2022 · Blackberry: 3.8% 2022 · Orla Mining: 1.1% 2022 · Resolute Fst Prods: 16.4% 2022 · Kennedy-Wilson Holdings: 5.2% 2022 · Atlas: 47.7% 2022 · Occidental Petroleum: 1.4% 2022 · Everything else: 24.4% 2023 · Blackberry: 11.3% 2023 · Orla Mining: 8.3% 2023 · Kennedy-Wilson Holdings: 11.2% 2023 · Occidental Petroleum: 24.5% 2023 · Everything else: 44.8% Q3 ’24 · Blackberry: 11.1% Q3 ’24 · Orla Mining: 20.5% Q3 ’24 · Kennedy-Wilson Holdings: 13.4% Q3 ’24 · Occidental Petroleum: 28.2% Q3 ’24 · Everything else: 26.7% Q4 ’24 · Blackberry: 11.3% Q4 ’24 · Orla Mining: 20.0% Q4 ’24 · Kennedy-Wilson Holdings: 8.6% Q4 ’24 · Occidental Petroleum: 19.1% Q4 ’24 · Everything else: 41.0% Q1 ’25 · Blackberry: 9.5% Q1 ’25 · Orla Mining: 28.6% Q1 ’25 · Kennedy-Wilson Holdings: 6.3% Q1 ’25 · Occidental Petroleum: 16.1% Q1 ’25 · Everything else: 39.5% Q2 ’25 · Blackberry: 10.0% Q2 ’25 · Orla Mining: 29.9% Q2 ’25 · Kennedy-Wilson Holdings: 4.8% Q2 ’25 · Occidental Petroleum: 13.6% Q2 ’25 · Everything else: 41.7% Q3 ’25 · Blackberry: 8.3% Q3 ’25 · Orla Mining: 29.6% Q3 ’25 · Kennedy-Wilson Holdings: 5.4% Q3 ’25 · Occidental Petroleum: 13.8% Q3 ’25 · Everything else: 42.9% Q4 ’25 · Blackberry: 6.3% Q4 ’25 · Orla Mining: 20.3% Q4 ’25 · Kennedy-Wilson Holdings: 6.2% Q4 ’25 · Occidental Petroleum: 11.9% Q4 ’25 · Everything else: 55.2% Q1 ’26 · Blackberry: 5.8% Q1 ’26 · Orla Mining: 25.8% Q1 ’26 · Kennedy-Wilson Holdings: 7.4% Q1 ’26 · Everything else: 60.9% Q2 ’26 · Orla Mining: 21.6% Q2 ’26 · Everything else: 78.5% 2013
2015
2017
2019
2021
2023
Q4 ’24
Q2 ’25
Q4 ’25
Q2 ’26
2013: Blackberry 29.5%, Orla Mining 0.0%, Resolute Fst Prods 35.6%, Kennedy-Wilson Holdings 0.7%, Atlas 0.0%, Occidental Petroleum 0.0%; 2014: Blackberry 33.2%, Orla Mining 0.0%, Resolute Fst Prods 33.1%, Kennedy-Wilson Holdings 0.7%, Atlas 0.0%, Occidental Petroleum 0.0%; 2015: Blackberry 35.2%, Orla Mining 0.0%, Resolute Fst Prods 17.8%, Kennedy-Wilson Holdings 17.5%, Atlas 0.0%, Occidental Petroleum 0.0%; 2016: Blackberry 27.5%, Orla Mining 0.0%, Resolute Fst Prods 14.0%, Kennedy-Wilson Holdings 21.6%, Atlas 0.0%, Occidental Petroleum 0.0%; 2017: Blackberry 36.8%, Orla Mining 0.0%, Resolute Fst Prods 23.7%, Kennedy-Wilson Holdings 15.1%, Atlas 0.0%, Occidental Petroleum 0.0%; 2018: Blackberry 18.5%, Orla Mining 0.0%, Resolute Fst Prods 13.5%, Kennedy-Wilson Holdings 13.5%, Atlas 0.0%, Occidental Petroleum 0.0%; 2019: Blackberry 11.8%, Orla Mining 0.0%, Resolute Fst Prods 5.0%, Kennedy-Wilson Holdings 11.7%, Atlas 0.0%, Occidental Petroleum 0.0%; 2020: Blackberry 13.8%, Orla Mining 0.0%, Resolute Fst Prods 8.9%, Kennedy-Wilson Holdings 10.6%, Atlas 48.0%, Occidental Petroleum 0.0%; 2021: Blackberry 14.0%, Orla Mining 0.0%, Resolute Fst Prods 14.9%, Kennedy-Wilson Holdings 10.2%, Atlas 45.4%, Occidental Petroleum 0.0%; 2022: Blackberry 3.8%, Orla Mining 1.1%, Resolute Fst Prods 16.4%, Kennedy-Wilson Holdings 5.2%, Atlas 47.7%, Occidental Petroleum 1.4%; 2023: Blackberry 11.3%, Orla Mining 8.3%, Resolute Fst Prods 0.0%, Kennedy-Wilson Holdings 11.2%, Atlas 0.0%, Occidental Petroleum 24.5%; Q3 ’24: Blackberry 11.1%, Orla Mining 20.5%, Resolute Fst Prods 0.0%, Kennedy-Wilson Holdings 13.4%, Atlas 0.0%, Occidental Petroleum 28.2%; Q4 ’24: Blackberry 11.3%, Orla Mining 20.0%, Resolute Fst Prods 0.0%, Kennedy-Wilson Holdings 8.6%, Atlas 0.0%, Occidental Petroleum 19.1%; Q1 ’25: Blackberry 9.5%, Orla Mining 28.6%, Resolute Fst Prods 0.0%, Kennedy-Wilson Holdings 6.3%, Atlas 0.0%, Occidental Petroleum 16.1%; Q2 ’25: Blackberry 10.0%, Orla Mining 29.9%, Resolute Fst Prods 0.0%, Kennedy-Wilson Holdings 4.8%, Atlas 0.0%, Occidental Petroleum 13.6%; Q3 ’25: Blackberry 8.3%, Orla Mining 29.6%, Resolute Fst Prods 0.0%, Kennedy-Wilson Holdings 5.4%, Atlas 0.0%, Occidental Petroleum 13.8%; Q4 ’25: Blackberry 6.3%, Orla Mining 20.3%, Resolute Fst Prods 0.0%, Kennedy-Wilson Holdings 6.2%, Atlas 0.0%, Occidental Petroleum 11.9%; Q1 ’26: Blackberry 5.8%, Orla Mining 25.8%, Resolute Fst Prods 0.0%, Kennedy-Wilson Holdings 7.4%, Atlas 0.0%, Occidental Petroleum 0.0%; Q2 ’26: Blackberry 0.0%, Orla Mining 21.6%, Resolute Fst Prods 0.0%, Kennedy-Wilson Holdings 0.0%, Atlas 0.0%, Occidental Petroleum 0.0% ▶ Play Q2 2026
Orla Mining 21.6% Eldorado Gold 16.2% Under Armour 16.2% Kraft Heinz 12.8% CVS Health 10.6% Cleveland-Cliffs 5.3% Molson Coors Brewing Company 2.9% ATS 2.7% Wendy’s 2.5% Taiwan Semiconductor Manufacturing 1.7% Helmerich & Payne 1.5% Bank of Nova Scotia Halifax 1.2% Q4 2013 Q2 2026
Look-through earnings Fairfax Financial Holdings’s share of the profits of the US companies it holds. How this works Look-through earnings, Q2 2026
−$124m
Last 12 months, holdings with SEC financials
Price paid for those earnings
–
Value of those holdings ÷ their earnings
Earnings per share growth
-21.8%
Same holdings, against a year earlier
Portfolio covered
53%
Of the 13F value
By year Rolling 12 months
Q1 2017: $373k Q2 2017: $1.6m Q3 2017: $870k Q4 2017: $868k Q1 2018: $867k Q2 2018: $1.1m Q1 2019: $1.2m Q2 2019: $737k Q4 2019: $794k Q4 2021: $7.8m Q1 2022: $20.1m Q2 2022: $586k Q3 2022: $11.3m Q4 2022: $8.1m Q2 2023: $1.9m Q3 2023: $5.3m Q4 2023: $5.7m Q1 2024: $5.8m Q2 2024: $2.9m Q3 2024: $8.8m Q4 2024: $1.4m $3.7m 2017
$46k 2018
$1.8m 2019
−$67.5m 2020
−$23.9m 2021
$40.1m 2022
−$18.2m 2023
$18.8m 2024
−$105m 2025
−$60.8m 2026*
2017: $3.7m; 2018: $46k; 2019: $1.8m; 2020: −$67.5m; 2021: −$23.9m; 2022: $40.1m; 2023: −$18.2m; 2024: $18.8m; 2025: −$105m; 2026 (2 quarters): −$60.8m
Holdings behind Q2 2026 (latest) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021
Show all 17 Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained . Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.
5% stake filings Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works Fairfax Financial Holdings’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company.
How to read a 13D .
Show all 15 US holdings by sector Consumer staples 26.5% Materials 21.5% Consumer discretionary 20.0% Industrials 2.8% Health care 2.5% Technology 1.7% Financials 1.5% Energy 1.5% Communication and media 0.3% Real estate 0.1% Other 0.1% Insurance 0.0% Not classified 21.6% Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.
US portfolio value by quarter $1.9bn Q3 ’23
$1.5bn Q4 ’23
$1.2bn Q1 ’24
$1.2bn Q2 ’24
$1.1bn Q3 ’24
$1.6bn Q4 ’24
$1.8bn Q1 ’25
$1.9bn Q2 ’25
$2.1bn Q3 ’25
$2.1bn Q4 ’25
$1.9bn Q1 ’26
$2.6bn Q2 ’26
Q3 ’23: $1.9bn; Q4 ’23: $1.5bn; Q1 ’24: $1.2bn; Q2 ’24: $1.2bn; Q3 ’24: $1.1bn; Q4 ’24: $1.6bn; Q1 ’25: $1.8bn; Q2 ’25: $1.9bn; Q3 ’25: $2.1bn; Q4 ’25: $2.1bn; Q1 ’26: $1.9bn; Q2 ’26: $2.6bn From each quarter’s 13F. Changes reflect both trading and share-price moves.