Prem Watsa - Fairfax Financial Holdings Investment Strategy & Portfolio Analysis

According to the SEC 13F filed on Aug 14, 2026, Prem Watsa's Fairfax Financial Holdings portfolio reflects a highly concentrated, high-conviction approach across 31 reported 13F positions as of quarter-end Jun 30, 2026. Portfolio returns are primarily driven by a small set of high-conviction positions such as Orla Mining Ltd., Eldorado Gold, and The Kraft Heinz, with the top five holdings accounting for approximately 72% of total exposure and Orla Mining Ltd. alone contributing ~22%. While the portfolio includes 31 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 instead anchored in durable, cash-generating businesses across basic materials, consumer discretionary, and consumer staples. The portfolio maintains moderate turnover, consistent with periodic rebalancing rather than a fully static book. Distinctive traits include Moderate Turnover, Moderately Concentrated, Economically Concentrated.