Prem Watsa's Strategic Moves: Orla Mining Ltd Sees a -13.01% Impact

This article first appeared on GuruFocus. Exploring the Latest 13F Filing and Investment Adjustments Introduction to Prem Watsa (Trades, Portfolio) Is ORLA fairly valued? Test your thesis with our free DCF calculator. Prem Watsa (Trades, Portfolio), a prominent figure in the investment world, recently submitted his 13F filing for the fourth quarter of 2025, shedding light on his strategic investment decisions. Born on August 5, 1950, in Mangalore, India, Watsa pursued chemical engineering at the Indian Institute of Technology. He later moved to Canada, where he attended the MBA program at the University of Western Ontario.

Watsa's career began at Confederation Life, where he was introduced to "Security Analysis," a pivotal moment that shaped his investment philosophy. As the founder of Fairfax Financial, Watsa emphasizes a conservative value investment approach, focusing on long-term returns through disciplined underwriting and strategic asset management. Prem Watsa's Strategic Moves: Orla Mining Ltd Sees a -13.01% Impact Summary of New Buy Prem Watsa (Trades, Portfolio) added a total of three stocks to his portfolio in the fourth quarter of 2025. The most significant addition was Under Armour Inc (NYSE:UA), with 9,457,355 shares, accounting for 2.18% of the portfolio and a total value of $45.4 million.

The second largest addition was Canadian National Railway Co (NYSE:CNI), consisting of 19,800 shares, representing approximately 0.09% of the portfolio, with a total value of $1.96 million. The third largest addition was Priority Technology Holdings Inc (NASDAQ:PRTH), with 70,500 shares, accounting for 0.02% of the portfolio and a total value of $383,520. Key Position Increases Prem Watsa (Trades, Portfolio) also increased stakes in two stocks. The most notable increase was in Under Armour Inc (NYSE:UAA), with an additional 35,647,123 shares, bringing the total to 41,958,923 shares. This adjustment represents a significant 564.77% increase in share count, an 8.5% impact on the current portfolio, and a total value of $208.5 million.

The second largest increase was in Molson Coors Beverage Co (NYSE:TAP), with an additional 48,429 shares, bringing the total to 1,338,500. This adjustment represents a 3.75% increase in share count, with a total value of $62.5 million. Summary of Sold Out Prem Watsa (Trades, Portfolio) completely exited three holdings in the fourth quarter of 2025. He sold all 44,380 shares of Dollar Tree Inc (NASDAQ:DLTR), resulting in a -0.2% impact on the portfolio. Additionally, he liquidated all 16,800 shares of Franco-Nevada Corp (NYSE:FNV), causing a -0.18% impact on the portfolio. Story Continues Key Position Reduces Prem Watsa (Trades, Portfolio) reduced his position in four stocks, with the most significant changes including a reduction in Orla Mining Ltd (ORLA) by 25,000,000 shares, resulting in a -44% decrease in shares and a -13.01% impact on the portfolio.

The stock traded at an average price of $12.17 during the quarter and has returned 43.99% over the past three months and 29.24% year-to-date. Additionally, he reduced Lululemon Athletica Inc (NASDAQ:LULU) by 12,500 shares, resulting in a -50% reduction in shares and a -0.11% impact on the portfolio. The stock traded at an average price of $181.21 during the quarter and has returned 3.36% over the past three months and -15.11% year-to-date. Portfolio Overview As of the fourth quarter of 2025, Prem Watsa (Trades, Portfolio)'s portfolio included 29 stocks. The top holdings were 20.33% in Orla Mining Ltd (ORLA), 11.94% in Occidental Petroleum Corp (NYSE:OXY), 10.33% in CVS Health Corp (NYSE:CVS), 10.01% in Under Armour Inc (NYSE:UAA), and 9.49% in Cleveland-Cliffs Inc (NYSE:CLF).

The holdings are mainly concentrated in nine of the eleven industries: Basic Materials, Consumer Cyclical, Energy, Healthcare, Consumer Defensive, Technology, Real Estate, Industrials, and Financial Services. Prem Watsa's Strategic Moves: Orla Mining Ltd Sees a -13.01% Impact