Prem Watsa - Fairfax Financial Holdings Investment Strategy & Portfolio Analysis

As of Mar 31, 2026, Prem Watsa's Fairfax Financial Holdings portfolio reflects a concentrated approach across 28 reported 13F positions. Portfolio returns are primarily driven by a small set of high-conviction positions such as Orla Mining Ltd., Under Armour,, and CVS Health, with the top five holdings accounting for approximately 63% of total exposure and Orla Mining Ltd. alone contributing ~26%. While the portfolio includes 28 positions, economic outcomes are highly concentrated in a narrow set of basic materials and consumer cyclical companies names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance weighted across basic materials, consumer discretionary, and healthcare. The portfolio exhibits low turnover, consistent with a buy-and-hold posture held through multiple reporting cycles. Distinctive traits include Long-Term Holder, Moderately Concentrated, Economically Concentrated.