Canada’s Buffett is betting big on gold — here’s what else he owns

As the Chairman and Chief Executive Officer, Watsa runs Fairfax Financial Holdings, a company with a market capitalisation of roughly $35 billion, which is primarily engaged in property and casualty insurance and reinsurance, and the associated investment management. Warren Buffett’s Berkshire Hathaway and its subsidiaries are also built on an insurance vertical.

For both of them, their insurance business is the engine that funds their firm’s investments. Fairfax has gone into container ships, European banking, and India-focused investments, while Berkshire spread into railroads, utilities, and consumer brands.

The Portfolio at a Glance

Prem Watsa’s Q2 2026 portfolio, filed with the US SEC and tracked on Dataroma and Valuesider, tells a story of conviction.

Gold miners now dominate the book, a legacy tech holding has been shown the door, and one long-term real estate bet simply ceased to exist as a public stock.

As of June 30, 2026, Fairfax’s 13F portfolio held 32 stocks worth $2.64 billion, up sharply from $1.94 billion at the end of Q1.

The top 5 holdings are Orla Mining (21.55%), Eldorado Gold (16.18%), Under Armour Class A (16.16%), Kraft Heinz (12.80%) and CVS Health (10.63%), together making up over 76% of the total portfolio. Two of the top three positions are now gold miners, a sector Watsa had largely stayed away from until recently.

What’s Driving the Orla Mining Bet

Orla’s corporate strategy is to acquire, develop, and operate mineral properties where the company’s expertise can substantially increase stakeholder value. The company has three material projects, made up of two operating mines and one development project, all 100% owned by the company.

Orla Mining claims to be on track to meet full-year production guidance of 340,000 to 360,000 ounces, with All-In Sustaining Cost guidance of $1,550 to $1,750 per ounce of gold sold. Gold prices have stayed strong through the year, trading around $4,400 per ounce today.

Fairfax added 26,582,275 shares of Orla Mining, an 83.55% jump in share count, taking the position to nearly 58.4 million shares. Orla was already the fund’s largest holding, and now it is larger still.

Why Eldorado Gold Suddenly Matters

The single biggest move of the quarter was a brand-new position in Eldorado Gold. Fairfax bought 13,746,506 shares, instantly making it a top-three holding worth roughly $427 million. It is Watsa’s clearest statement yet that he sees gold as a hedge worth paying up for.

Eldorado Gold is a Canadian mid-tier gold, copper and base metals producer with over 30 years of experience building and operating mines in Europe and the Americas.

On September 8, Eldorado Gold announced that the first copper-gold concentrate has been produced at its wholly owned Skouries Project in northern Greece, marking a significant milestone in the project’s shift from construction to operations. This timing lines up closely with Fairfax’s new stake, with commercial production expected in the fourth quarter of 2026.

Doubling Down on Consumer Staples Too

Gold was not the only conviction bet this quarter. Fairfax more than doubled its stake in Kraft Heinz, a 171.56% increase, taking the total to over 14.3 million shares. Molson Coors Class B also saw a meaningful add, up 38.65%. Watsa appears to be treating both consumer staples names as cheap, durable cash generators worth accumulating while market sentiment stays lukewarm.

Closing Two Very Different Chapters

Fairfax fully exited three positions in Q2. Two stand out.

Kennedy-Wilson Holdings (KW) disappeared from the portfolio not because Watsa lost conviction, but because Fairfax itself took the real estate firm private. The all-cash acquisition closed on June 16, 2026, ending Kennedy-Wilson’s run as a public company entirely. Fairfax sold all 13,322,009 shares it held, though ‘sold’ here really means absorbed into Fairfax’s own balance sheet.

BlackBerry (BB) is a different story altogether. Fairfax sold its entire remaining stake of 34,980,220 shares, closing out a relationship that ran for several years. Fairfax also exited Priority Technology Holdings, selling the entire holding of 70,500 shares. BlackBerry stake was initially bought in Q2 2013.

Top 5 Holdings of Prem Watsa’s Q2 2026 portfolio

Source: Dataroma, Valuesider

New Names in the Portfolio

Beyond Eldorado Gold, Fairfax opened five smaller fresh positions during the quarter: Domino’s Pizza (DPZ), Kaspi.kz (KSPI), Rogers Communications (RCI), Electronic Arts (EA), and Cementos Pacasmayo (CPAC). None of these are large enough to move the needle yet, but they hint at where Watsa might be scouting value next, from Peruvian cement to Kazakh fintech.

Mohnish Pabrai, an Indian-American value investor and a longtime admirer of Warren Buffett, also took a fresh position in Kaspi.kz in Q2, suggesting the fintech name may be catching wider attention among value-focused investors.

The portfolio disclosures are as per the Q2 2026 holdings, filed as of 30 June 2026 on Form 13F with the US SEC. An institutional investment manager managing over $100 million is mandatorily required to report its holdings quarterly on Form 13F to the SEC. Stocks bought and sold within the quarter, or bought to date, are not revealed in the 13F filings.

The Bottom Line

Watsa’s Q2 2026 moves paint a portfolio in transition. Gold has gone from a sector Fairfax largely avoided to nearly 38% of its top five holdings combined, with both Orla Mining and Eldorado Gold, rather than a purely defensive hedge.

At the same time, Fairfax used the quarter to close out two long-running chapters, one through its own take-private deal, the other after 16 years of patience that ultimately did not pay off.

For a portfolio this concentrated, where the top five holdings account for over three-quarters of total value, the real story to watch next quarter is whether the gold bet keeps growing or whether Watsa starts taking profits as prices hold near record highs.

Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investment in foreign securities involves significant risks, including currency fluctuations, different financial reporting standards, and varying regulatory environments. This article is based on data attributed to Dataroma and Valuesider, drawn from Fairfax Financial Holdings’ Q2 2026 Form 13F filing with the US SEC. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor. Financial Express is not responsible for any decisions made based on this information.