SCHEDULE: Fairfax Financial Boosts Under Armour Stake to 22.2%

Fairfax Financial Holdings Limited and its affiliates have disclosed a significant beneficial ownership of 22.2% in Under Armour's Class A Common Stock for investment purposes.

Summary

• Fairfax Financial Holdings Limited and its affiliated entities collectively beneficially own 41,958,923 Class A Shares of Under Armour, Inc.
• This represents 22.2% of Under Armour's Class A Common Stock outstanding as of October 31, 2025.
• The acquisition of these shares was for investment purposes, funded by cash on hand from existing investment portfolios.
• V. Prem Watsa, Chairman and CEO of Fairfax Financial, is listed as a reporting person, along with numerous subsidiaries including The Second 810 Holdco Ltd., The Second 1109 Holdco Ltd., The Sixty Two Investment Company Limited, FFHL Group Ltd., Fairfax (US) Inc., Odyssey Group Holdings, Inc., Odyssey Reinsurance Company, Crum & Forster Holdings Corp., United States Fire Insurance Company, The North River Insurance Company, Fairfax UK Holdings Limited, Brit Group Holdings Limited, Brit Insurance Holdings Limited, Brit Reinsurance (Bermuda) Limited, 1102952 B.C. Unlimited Liability Company, Allied World Assurance Company Holdings, Ltd, Allied World Assurance Company Holdings I, Ltd, Allied World Assurance Company, Ltd, Allied World Assurance Holdings (Ireland) Ltd, Allied World Assurance Holdings (U.S.) Inc., Allied World Insurance Company, AW Underwriters Inc., and Allied World Specialty Insurance Company.
• Transactions in the last 60 days (November 6, 2025, to December 30, 2025) involved purchases of Class A Shares by several Fairfax entities at weighted average prices ranging from approximately $4.2958 to $5.1408 per share.

Sentiment

Score: 6

Explanation: The filing is a factual disclosure of beneficial ownership and recent purchases, indicating a positive investment stance by Fairfax Financial. The absence of negative statements or risks specific to the filing itself, combined with the significant stake, suggests a moderately positive sentiment from the reporting entity's perspective.

Positives

• Significant institutional investment by Fairfax Financial Holdings Limited, indicating confidence in Under Armour's long-term value.
• The investment is for 'investment purposes,' suggesting a strategic, long-term holding rather than short-term speculation.

Future Outlook

The reporting persons acquired the Class A Shares for investment purposes and may determine to purchase additional securities or sell some or all of their holdings in Under Armour, Inc. in the future, depending on market conditions, price, availability of funds, and evaluation of alternative investments. There are no present intentions to effect any specific transactions beyond general investment activities.

Management Comments

• The Reporting Persons acquired the Class A Shares for investment purposes.
• One or more entities affiliated with Fairfax... may determine to purchase additional securities of Under Armour, Inc. in the open market or otherwise, depending upon price, market conditions, availability of funds, evaluation of alternative investments and other factors.
• While none of the Reporting Persons has any present plans to sell any Shares or other securities of Under Armour, Inc., one or more of them could determine, based upon the same set of factors listed above with respect to purchases, to sell some or all of such securities.
• The Reporting Persons have no present intention to effect any of the transactions specified in Item 4 of Schedule 13D.

Industry Context

This filing indicates a significant strategic investment by a major financial holding company, Fairfax Financial, into Under Armour, a prominent player in the athletic apparel and footwear industry. Such a substantial stake by a diversified holding company like Fairfax could signal a long-term value perspective on Under Armour's market position and future prospects, potentially influencing broader investor sentiment towards the sector.

Stakeholder Impact

• Shareholders: Increased institutional ownership by a respected investor like Fairfax Financial could be viewed positively, potentially signaling confidence in Under Armour's long-term value.
• Management: The significant stake could lead to increased engagement or influence from Fairfax Financial, potentially impacting strategic decisions.

Next Steps

• Potential future purchases of additional Class A Shares of Under Armour, Inc. by Fairfax-affiliated entities.
• Potential future sales of some or all Class A Shares of Under Armour, Inc. by Fairfax-affiliated entities.

Key Dates

Recommendation

This Schedule 13D filing primarily discloses a significant beneficial ownership stake by Fairfax Financial Holdings and its affiliates in Under Armour. While the substantial investment by a reputable entity like Fairfax is a positive signal, the filing itself does not provide new operational or financial performance data to warrant a 'buy' or 'sell' recommendation. It indicates a long-term investment thesis from Fairfax, suggesting existing investors might 'hold' their positions, but without further fundamental analysis of Under Armour's business, a stronger recommendation is not supported by this specific document.

Keywords

Under Armour, Fairfax Financial Holdings, V. Prem Watsa, Schedule 13D, Beneficial Ownership, Class A Common Stock, Institutional Investment, Equity Stake, Investment Portfolio, SEC Filing