In the second quarter of 2026, Prem Watsa's Fairfax Financial Holdings dramatically increased its exposure to gold mining, according to its latest 13F filing. The firm's total portfolio value stood at $2.64 billion. The most significant move was a new $427 million investment in Eldorado Gold (EGO), immediately making it the fund's second-largest holding with a 16.18% weight. This major new purchase underscores a conviction in the precious metals sector.
Fairfax also substantially increased its investment in Orla Mining (ORLA), which became its top holding at $568.46 million, representing 21.55% of the portfolio. This followed the conversion of $150 million in convertible notes into common shares. The company also more than doubled its stake in The Kraft Heinz Co (KHC) with the addition of over 9 million shares. These aggressive additions highlight a strategic shift toward hard assets and consumer staples.
To fund these new positions, Fairfax exited several long-term holdings. Most notably, the firm completely liquidated its position in BlackBerry (BB), a company it had been invested in for over a decade and once attempted to take private. Another significant exit was the sale of its entire stake in real estate company Kennedy-Wilson Holdings Inc. These moves represent a significant reallocation of capital and a clear change in investment focus for the Canadian holding company.