13F-HR: Fairfax Financial Discloses Q3 2025 Equity Holdings

Fairfax Financial Holdings Ltd. has filed its Form 13F-HR, revealing its equity portfolio valued at over $2.06 billion as of September 30, 2025.

Summary

• Fairfax Financial Holdings Ltd. filed its Form 13F-HR for the calendar quarter ended September 30, 2025.
• The total market value of the disclosed equity holdings was $2,064,595,933.
• The report lists 29 distinct equity positions held by the institutional investment manager.
• Two other managers, Hamblin Watsa Investment Counsel Ltd. and Watsa V Prem et al., are included in this report.
• Peter Clarke, Vice President and Chief Operating Officer of Fairfax, signed the report on November 14, 2025.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine disclosure of holdings, providing transparency without indicating specific positive or negative performance. The substantial portfolio value is a positive, but the lack of performance data or forward-looking statements keeps the sentiment neutral.

Positives

• The filing provides transparency into Fairfax Financial's significant public equity investment portfolio, valued at over $2 billion.
• The disclosure of 29 distinct holdings indicates a diversified investment strategy across various sectors.

Negatives

• A Form 13F filing does not provide insight into the performance of these holdings during the quarter, only their value at quarter-end.
• The filing does not include non-equity holdings, such as bonds, derivatives, or private investments, which constitute a substantial portion of Fairfax's overall portfolio.

Risks

• The value of the disclosed equity holdings is subject to market fluctuations and general economic conditions.
• Concentration in certain individual stocks could expose the portfolio to specific company-related risks.
• The report only reflects holdings at a specific point in time (September 30, 2025) and does not indicate current portfolio composition or subsequent trading activity.

Future Outlook

This Form 13F-HR filing is a historical snapshot of equity holdings as of September 30, 2025, and does not contain forward-looking statements or guidance from Fairfax Financial Holdings Ltd. regarding its future investment strategy or financial performance.

Management Comments

• Peter Clarke, Vice President and Chief Operating Officer of Fairfax, signed the report, representing that the information is true, correct, and complete.

Industry Context

Form 13F filings are standard quarterly disclosures for institutional investment managers with over $100 million in equity assets. Fairfax Financial's filing provides transparency into its public equity portfolio, offering insights into its investment preferences and sector allocations, which can be compared to other large institutional investors or hedge funds.

Comparison to Industry Standards

• The filing adheres to SEC requirements for institutional investment managers, providing a standard snapshot of equity holdings.
• Fairfax Financial's portfolio, managed by Prem Watsa, is often compared to Berkshire Hathaway due to its value-oriented, long-term investment philosophy. The inclusion of Berkshire Hathaway Inc. Class A shares in the portfolio (1 share valued at $753,100) is notable, reflecting an investment in a peer known for similar investment principles.
• The portfolio's composition, including significant stakes in companies like Cleveland-Cliffs Inc., Occidental Petroleum Corp., and Orla Mining Ltd., suggests a focus on cyclical industries and commodities, which can be benchmarked against sector-specific ETFs or other value funds.

Stakeholder Impact

• Shareholders of Fairfax Financial Holdings Ltd. gain transparency into the company's public equity investment strategy and portfolio composition.
• Investors tracking the disclosed companies may gain insight into institutional interest and potential investment trends.

Next Steps

• Fairfax Financial Holdings Ltd. will file its next Form 13F-HR for the quarter ending December 31, 2025, approximately 45 days after the quarter end.

Key Dates

Keywords

Fairfax Financial Holdings, 13F, Equity Holdings, Institutional Investor, Portfolio Disclosure, Investment Management, Q3 2025, Stock Holdings, Hamblin Watsa