Prem Watsa Portfolio Analysis: Concentration in Consumer Cyclical Stocks as of March 31, 2026

As of March 31, 2026, the portfolio managed by Prem Watsa at Fairfax Financial Holdings displayed notable concentration, with several stocks forming the core of the $1.94 billion investment strategy.

The largest position by value is held in Under Armour Inc. (UAA), accounting for 13.06% of the total portfolio. The holding represents a significant increase, with a 2.48% rise in shares compared to the previous period.

Under Armour Inc. (UA), listed separately, holds a substantial 6.53% allocation. This position saw an extraordinary increase, with a 132.61% jump in shares, making it one of the most significant additions or changes to the portfolio.

Kraft Heinz Co. (KHC) is the next largest holding, representing 6.1% of the portfolio. The position saw a modest increase of 2.91% in shares during the period.

Molson Coors Beverage Co. (TAP) follows with a 3.19% allocation. This position also experienced growth, with a 7.47% increase in shares.

Other significant holdings include Pfizer Inc. (PFE) at 1.43%, WEN (Wendys Co.) at 1.17%, and several smaller positions like GTX, CIGI, CNI, and WBD each holding less than 0.14% of the portfolio.

The portfolio demonstrates a clear bias towards the Consumer Cyclical sector, with Under Armour (both classes) and WEN representing major positions, alongside holdings in Consumer Defensive (KHC, TAP), Healthcare (PFE), Industrials (CNI), Real Estate (CIGI), and Communication Services (WBD).