FAIRFAX FINANCIAL HOLDINGS LTD/ CAN

Fairfax Financial Holdings Q1 2026 13F is a $1.94B, 29-position portfolio among the most concentrated activist books in the 13F-HR dataset: five positions account for 60.4% of AUM (ORLA Mining 25.8%, Under Armour Class A 13.1%, CVS 10.0%, Kennedy-Wilson 7.4%, Under Armour Class C 6.5%). ORLA alone at $501.6M on 31.8M shares (25.8%) is a high-conviction bet on a Canadian gold miner Fairfax has accumulated across 4-plus quarters. AUM fell from $2.08B to $1.94B (-6.8%) driven by Occidental sale at a $249M loss and a Vanguard S&P 500 sale at $37M. Thirty-one changes (2 new, 2 sold, 8 increased, 1 decreased) reflect a focused activist-campaign playbook. Under Armour combined at $380.6M (19.6%, two CUSIPs): Class A held steady with +2.5% shares, Class C TRIPLED with +132.6% shares (12.5M new shares, $81.5M deploy) -- a textbook activist-capital maneuver concentrating economic exposure without over-concentrating voting power. CVS at $194.8M (10.0%, flat) is Fairfax's largest activist campaign pushing for strategic separation. Kennedy-Wilson at $144.3M (7.4%) is a distressed real-estate activist play. Cleveland-Cliffs at $125.7M (6.5%) is a steel activist. Kraft Heinz +2.9% shares; BlackBerry held through price decline. Two new opens: Wendy's at $22.8M as an activist consumer opening, Warner Bros Discovery at $1.6M as media distressed speculation. Two sold: Occidental at $249M legacy energy exit, Vanguard S&P 500 at $37M as last passive sleeve liquidation. Garrett Motion -29.2% shares is the only decrease. Eighteen unchanged positions form a stable satellite. A 77.25 whaleScore on $1.94B reflects extreme activist-anchor concentration. The Q1 delta is best read as Fairfax concentrating $286M from OXY plus VOO sales plus ORLA price appreciation into the activist core while eliminating the last passive tail.