Prem Watsa’s Top 5 Positions Make Up 70.81% Of His Portfolio

Prem Watsa’s top 5 U.S.-listed equity positions, as disclosed in his latest 13F filing, make up an outsized 70.81% of that portfolio — reflecting a conviction-driven strategy anchored in deep value, hard assets, and long-term compounding. His largest U.S. holding, Orla Mining Ltd (ORLA), alone comprises over 28%. Below is a detailed breakdown of each of the top five positions, including holdings data and commentary.

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Orla Mining Ltd (ORLA)
Shares: 56,817,229
Value: $527,017,549
Portfolio %: 28.57%
Change in Shares: 0
% Change in Shares: 0.00%

Analysis: Watsa’s massive allocation to Orla Mining signals a high-conviction bet on the precious metals sector. The unchanged share count suggests continued confidence in gold as a hedge against macro risk and inflation. As a relatively small-cap miner with growth potential, Orla fits Watsa’s pattern of backing undervalued assets with asymmetric upside.

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Occidental Petroleum Corp (OXY)
Shares: 6,020,418
Value: $297,408,649
Portfolio %: 16.12%
Change in Shares: 0
% Change in Shares: 0.00%

Analysis: Fairfax maintains its significant position in Occidental, a company that has become a major proxy for energy sector exposure. The steady holding suggests Watsa sees long-term value in OXY’s upstream oil assets and free cash flow strength, especially in an inflationary or commodity-driven environment.

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CVS Health Corp (CVS)
Shares: 2,712,000
Value: $183,765,120
Portfolio %: 9.96%
Change in Shares: 0
% Change in Shares: 0.00%

Analysis: Watsa’s position in CVS reflects a classic value approach—buying quality businesses at a discount. Despite challenges in retail pharmacy margins, CVS remains a healthcare heavyweight with a sticky customer base, strong cash flows, and integrated operations spanning insurance and PBMs.

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BlackBerry Ltd (BB)
Shares: 46,724,700
Value: $175,684,872
Portfolio %: 9.52%
Change in Shares: 0
% Change in Shares: 0.00%

Analysis: A legacy bet that continues to sit near the top of Fairfax’s book, BlackBerry is a turnaround story with enterprise security and automotive software aspirations. Watsa’s unchanged stake suggests patience with the thesis, likely underpinned by the value of its IP and embedded systems.

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Cleveland-Cliffs Inc (CLF)
Shares: 14,899,273
Value: $122,472,024
Portfolio %: 6.64%
Change in Shares: +9,000,000
% Change in Shares: +152.56%

Analysis: The large increase in CLF shares indicates fresh conviction in U.S.-based steel and iron ore production. As an integrated player in critical infrastructure materials, CLF offers Watsa exposure to industrial recovery, reshoring, and cyclical upside—all themes Fairfax has historically leaned into.