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.
For all the latest news and podcasts, join our free newsletter here.
Don’t forget to check out our FREE Large Cap 1000 – Stock Screener, here at The Acquirer’s Multiple:
