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Prem Watsa

Fairfax Financial

Fairfax Financial, Prem Watsa's insurance, value investing and macro defense

Fairfax is an insurance holding company where Prem Watsa's public equity choices must be read together with underwriting, float, bonds, hedges, and macro views. The signal is in capital allocation across insurance, fixed income, and equities.

Sources Fairfax Financial official site SEC EDGAR profile
Insurance / value / macro-aware CIK 915191
2026-03-31 Latest 13F 20 Current holdings 30 Last 3 periods Change 5 Public materials
Latest 13F snapshot 2026-03-31 · 29 disclosed positions · $1.9B Top five 62.9%: ORLA, UAA, CVS, KW, UA

Performance materials

  • Fairfax reports public-company results, book value, and investment commentary. Those materials provide the performance context.

Firm and key people

  • Watsa built Fairfax as a long-term insurance and investment holding company.
  • The firm has historically mixed value investing with macro caution and defensive positioning.
  • Annual reports and letters are essential because the 13F covers only part of the capital allocation picture.

Investment style

  • Focus on downside protection, insurance float, book value growth, and opportunistic equity investments.
  • Macro defense and bond positioning can matter as much as common stocks.
  • Read large equity positions together with Fairfax's balance sheet and insurance cycle.

Public materials

View timeline
Shareholder letters / memos 5
Interview 0
Public video 0
Public Q&A / speeches / presentations 0

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
ORLA 31,817,229 $501.6M 25.8%
UAA 43,000,872 $253.7M 13.1%
CVS 2,712,000 $194.8M 10.0%
KW 13,322,009 $144.3M 7.4%
UA 21,999,128 $126.9M 6.5%
CLF 14,899,273 $125.7M 6.5%
KHC 5,268,200 $118.4M 6.1%
BB 34,980,220 $113.3M 5.8%
ATS 2,486,400 $69.4M 3.6%
TAP 1,438,500 $61.9M 3.2%
HP 1,174,105 $42.3M 2.2%
TSM 93,700 $31.7M 1.6%
GM 375,965 $28.0M 1.4%
PFE 990,900 $27.8M 1.4%
BNS 359,100 $24.8M 1.3%
WEN 3,268,902 $22.8M 1.2%
MRK 172,900 $20.8M 1.1%
JNJ 73,400 $17.9M 0.9%
GTX 184,460 $3.4M 0.2%
CIGI 25,000 $2.6M 0.1%

Last 3 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
OXY Sold out 2026-03-31 Filed 2026-05-15 0 6,050,418 -100.0% -$248.7M
UA Major increase 2026-03-31 Filed 2026-05-15 21,999,128 9,457,355 132.6% +$81.5M
UAA Minor increase 2026-03-31 Filed 2026-05-15 43,000,872 41,958,923 2.5% +$45.2M
VOO Sold out 2026-03-31 Filed 2026-05-15 0 58,248 -100.0% -$36.5M
WEN New 2026-03-31 Filed 2026-05-15 3,268,902 0 - +$22.8M
KHC Minor increase 2026-03-31 Filed 2026-05-15 5,268,200 5,119,000 2.9% -$5.7M
PFE Minor increase 2026-03-31 Filed 2026-05-15 990,900 890,900 11.2% +$5.6M
GTX Major reduction 2026-03-31 Filed 2026-05-15 184,460 260,460 -29.2% -$1.2M
CIGI Minor increase 2026-03-31 Filed 2026-05-15 25,000 22,000 13.6% -$584,966
CNI Major increase 2026-03-31 Filed 2026-05-15 24,800 19,800 25.3% +$572,551
TAP Minor increase 2026-03-31 Filed 2026-05-15 1,438,500 1,338,500 7.5% -$552,755
ORLA Major reduction 2025-12-31 Filed 2026-02-17 31,817,229 56,817,229 -44.0% -$186.9M
UAA Major increase 2025-12-31 Filed 2026-02-17 41,958,923 6,311,800 564.8% +$177.0M
UA New 2025-12-31 Filed 2026-02-17 9,457,355 0 - +$45.4M
BB Minor reduction 2025-12-31 Filed 2026-02-17 34,980,220 35,395,320 -1.2% -$40.1M
DLTR Sold out 2025-12-31 Filed 2026-02-17 0 44,380 -100.0% -$4.2M
TAP Minor increase 2025-12-31 Filed 2026-02-17 1,338,500 1,290,071 3.8% +$4.1M
FNV Sold out 2025-12-31 Filed 2026-02-17 0 16,800 -100.0% -$3.7M
KKR Sold out 2025-12-31 Filed 2026-02-17 0 20,000 -100.0% -$2.6M
LULU Major reduction 2025-12-31 Filed 2026-02-17 12,500 25,000 -50.0% -$1.8M
GTX Minor reduction 2025-12-31 Filed 2026-02-17 260,460 301,860 -13.7% +$431,503
BB Minor reduction 2025-09-30 Filed 2025-11-14 35,395,320 40,784,700 -13.2% -$14.4M
HP Major increase 2025-09-30 Filed 2025-11-14 1,174,105 974,105 20.5% +$11.2M
KHC Minor increase 2025-09-30 Filed 2025-11-14 5,119,000 4,884,000 4.8% +$7.2M
PFE Major increase 2025-09-30 Filed 2025-11-14 890,900 650,900 36.9% +$6.9M
VOO Major reduction 2025-09-30 Filed 2025-11-14 58,248 72,900 -20.1% -$5.7M
LULU New 2025-09-30 Filed 2025-11-14 25,000 0 - +$4.4M
DLTR New 2025-09-30 Filed 2025-11-14 44,380 0 - +$4.2M
GTX Minor reduction 2025-09-30 Filed 2025-11-14 301,860 304,360 -0.8% +$915,579
TAP Minor increase 2025-09-30 Filed 2025-11-14 1,290,071 1,218,500 5.9% -$234,853

Public video / Interview / Shareholder letter / Public Q&A

4 reliable public materials
Shareholder letter / fund letter

Fairfax Financial 2024 Annual Report / Prem Watsa Letter

Fairfax 2024 annual report and Watsa shareholder letter review insurance growth, investment returns, buybacks, holding company financial strength and long-term book value compounding.

  • The 2024 annual report shows a strong phase for Fairfax in insurance underwriting and investment income, and is key to understanding the growth in share price and book value in recent years.
  • Buybacks and capital management are important themes, illustrating how Watsa allocates resources between valuation, capital adequacy and long-term compounding.
  • The combination of insurance subsidiaries and non-insurance associates makes Fairfax's source of value more complex than 13F.
  • The annual report provides a large amount of segment data, which is suitable for investors to judge insurance underwriting profits, investment income and debt structure.
  • This information should be read in conjunction with the 2025 annual report to see whether Fairfax continues its strong financial position.
Shareholder letter / fund letter

Fairfax Financial 2023 Annual Report / Prem Watsa Letter

Fairfax's 2023 annual report covering Atlas/Poseidon, insurance profits, investment portfolio and corporate governance is an important source for observing Watsa's capital allocation and related party transaction disclosures.

  • The 2023 annual report contains background on transactions such as Atlas/Poseidon, which will help investors understand Fairfax's treatment of non-insurance assets and associates.
  • Watsa continues to explain book value, insurance float, and portfolio returns in a long-term shareholder letter vein.
  • The disclosure of related party transactions in the annual report is important to Fairfax because Watsa's personal control is closely related to the company's capital allocation.
  • Insurance underwriting performance and investment income jointly determine Fairfax's long-term compounding, and one should not look solely at public equity positions.
  • This information adds context to capital allocation beyond 13F.
Shareholder letter / fund letter

Fairfax Financial 2022 Annual Report / Prem Watsa Letter

Fairfax's 2022 annual report discusses insurance pricing, fixed income reinvestment, investment gains and losses and holding company defensiveness amid rising interest rates and market volatility.

  • High interest rates and market declines in 2022 have weighed on insurance portfolios but also boosted future fixed income reinvestment returns.
  • Watsa's shareholder letter framework emphasizes long-term book value rather than single-year investment gains and losses.
  • The annual report can help understand why Fairfax holds large amounts of cash, short-term debt and fixed income assets.
  • The insurance underwriting cycle will be particularly important in 2022, with underwriting discipline and the rate environment combining to impact future earnings.
  • This information is suitable for explaining why Fairfax's portfolio differs from ordinary high-turnover 13F funds.
Shareholder letter / fund letter

Fairfax Financial 2021 Annual Report / Prem Watsa Letter

Fairfax's 2021 annual report shows the company's record net profit and book value growth, Watsa discusses insurance business recovery, investment income and post-pandemic capital allocation.

  • 2021 is an important year of recovery for Fairfax, with the annual report showing significant improvements in net profit and book value.
  • Insurance business growth and underwriting profits jointly drive performance, indicating that Fairfax's bottom line is not pure stock investment income.
  • The post-epidemic market recovery and investment income have contributed significantly, but Watsa still emphasizes long-term sound capital structure.
  • This annual report can serve as starting point material for Fairfax's subsequent 2022-2025 strong cycle.
  • It explains why Prem Watsa's public information should be given priority over the annual report and shareholder letter.

More public materials