Prem Watsa: Top 5 Positions Make Up 66.81% of His Portfolio (Analysis)

Prem Watsa’s top 5 positions make up 66.81% of his current portfolio, indicating a moderately concentrated approach. His largest holding, Orla Mining Ltd (ORLA), accounts for 19.97%. Below is a detailed look at each of the top 5 positions, including shares held, value, portfolio weight, and commentary.

---

Orla Mining Ltd (ORLA)
Shares: 56,817,229
Value: $310.91M
Portfolio %: 19.97%
Change in Shares: 0
% Change in Shares: 0.00%
Analysis: Watsa’s top position in Orla Mining underscores a significant bet on the precious metals sector. The high allocation may reflect a belief in gold as a hedge against macro uncertainty and currency devaluation.

---

Occidental Petroleum Corp (OXY)
Shares: 6,020,418
Value: $297.47M
Portfolio %: 19.11%
Change in Shares: 0
% Change in Shares: 0.00%
Analysis: With a sizeable investment in Occidental, Watsa is doubling down on the energy sector. This aligns with a broader trend among value investors seeing long-term upside in oil and gas amidst underinvestment and rising global demand.

---

BlackBerry Ltd (BB)
Shares: 46,724,700
Value: $176.62M
Portfolio %: 11.35%
Change in Shares: 0
% Change in Shares: 0.00%
Analysis: Watsa has long been associated with BlackBerry, maintaining the position despite its volatility. This suggests conviction in the company’s transformation from a mobile device maker to a software and cybersecurity firm.

---

Kennedy-Wilson Holdings Inc (KW)
Shares: 13,322,009
Value: $133.22M
Portfolio %: 8.56%
Change in Shares: 0
% Change in Shares: 0.00%
Analysis: This real estate investment reflects Watsa’s interest in hard assets. Kennedy-Wilson’s focus on multifamily and commercial properties offers inflation protection and recurring income potential.

---

CVS Health Corp (CVS)
Shares: 2,712,000
Value: $121.74M
Portfolio %: 7.82%
Change in Shares: +2,712,000
% Change in Shares: 0.00%
Analysis: A new position, CVS represents a healthcare play with strong cash flows and integrated services. The move suggests confidence in the long-term durability of healthcare demand and CVS’s scale advantages.