Acquirersmultiple·2026-01-25 23:58Core Insights - Fairfax Financial's latest 13F indicates a strong commitment to real assets, energy, and restructuring platforms with minimal portfolio turnover, reflecting satisfaction with current holdings rather than tactical changes [1] Company Summaries - Orla Mining (ORLA): Maintained a position of 56.8 million shares valued at $610.5 million, representing approximately 29.6% of the portfolio, indicating confidence in asset durability and inflation hedging [2] - Occidental Petroleum (OXY): Held 6.05 million shares worth $285.9 million, about 13.9% of the portfolio, with no changes made, suggesting satisfaction with risk/reward dynamics as the company focuses on deleveraging [3] - BlackBerry (BB): Reduced position by 5,389,380 shares to 35.4 million shares valued at $172.3 million, approximately 8.4% of the portfolio, reflecting a pragmatic de-risking approach amid ongoing restructuring [4] - Kraft Heinz (KHC): Increased position by 235,000 shares to 5.12 million shares valued at $133.2 million, around 6.5% of the portfolio, consistent with a strategy of accumulating cash flow at discounted valuations [5] - Molson Coors (TAP): Added 71,571 shares for a total of 1.29 million shares valued at $58.4 million, approximately 2.8% of the portfolio, indicating a preference for staples with pricing power [6] - Vanguard S&P 500 ETF (VOO): Trimmed position by 14,652 shares to 58,248 shares valued at $35.7 million, about 1.7% of the portfolio, reflecting a strategy to reduce passive index exposure [7] - Helmrich & Payne (HP): Increased position by 200,000 shares to 1.17 million shares valued at $25.9 million, approximately 1.3% of the portfolio, indicating a thematic bet on energy services and capital discipline [8] - Full Exits: Autohome (ATHM) and Lifeway Foods (LWAY) were fully exited, reflecting a cleanup of non-core positions [9] Portfolio Themes - Low Turnover = High Conviction: The stability of the portfolio suggests that Fairfax is already positioned for the macro environment anticipated last year [11] - Hard Asset & Energy Bias: The focus on ORLA, OXY, and HP highlights a preference for inflation hedging and real asset valuations [12] - Restructuring Optionality: BlackBerry is viewed as a multi-year operational value unlock rather than a growth investment [13] - Cash Flow Defensives: KHC and TAP are seen as providing income stability and potential for margin recovery [14] Takeaway - Fairfax remains committed to a strategy focused on value and optionality rather than momentum or AI trends, emphasizing hard assets and cash-flow consumers to realize intrinsic value [15]