Fairfax stock positions

[Hoodlum]

Hopefully Fairfax sold their CLF shares when it peaked.  CLF issued 75M new shares this week at $12.50.  

[TwoCitiesCapital]

5 hours ago, Hoodlum said:

Hopefully Fairfax sold their CLF shares when it peaked.  CLF issued 75M new shares this week at $12.50.  

 

 

Eeesh. Repurchase high and sell low....

 

 

[glider3834]

John Keells chugging along

https://www.keells.com/posts/john-keells-holdings-plc-doubles-ebitda-to-rs-18-3bn-signals-even-stronger-second-half

 

 

 

 

[Viking]

With a MV of $1.2b, Orla is Fairfax's 4th largest equity holdings (if we include FFH-TRS as a holding). It just released results and hosted a conference call. Investors like what they read/heard - the stock was up big today. Crazy increase of $662 million, or 117%, YTD in 2025.

• https://ca.finance.yahoo.com/news/orla-mining-ltd-orla-q3-210715844.html

[Viking]

1 hour ago, glider3834 said:

John Keells chugging along

https://www.keells.com/posts/john-keells-holdings-plc-doubles-ebitda-to-rs-18-3bn-signals-even-stronger-second-half

 

@glider3834, thanks for posting the link. It looks like results for this holding have broken out to a much higher, sustainable level. 

• Q2 EBITDA up 127%; 6-month EBITDA up 98%
• Q2 profit before tax up 243% ('Given the high seasonality in many of our businesses, the second half performance is expected to improve further over the first half.')
• Q2 group profit after tax up 176%
• Doubled the dividend from Rs.0.05 to Rs.0.10 per share. ('This reflects the expectation that the current momentum of performance will sustain or further improve over the second half of the financial year.')

Edited November 13, 2025 by Viking

[glider3834]

2 hours ago, Viking said:

 

@glider3834, thanks for posting the link. It looks like results for this holding have broken out to a much higher, sustainable level. 

• Q2 EBITDA up 127%; 6-month EBITDA up 98%
• Q2 profit before tax up 243% ('Given the high seasonality in many of our businesses, the second half performance is expected to improve further over the first half.')
• Q2 group profit after tax up 176%
• Doubled the dividend from Rs.0.05 to Rs.0.10 per share. ('This reflects the expectation that the current momentum of performance will sustain or further improve over the second half of the financial year.')

all good -  Fairfax also upped stake to 25.5% in Sep Qtr

[Hoodlum]

45 minutes ago, glider3834 said:

all good -  Fairfax also upped stake to 25.5% in Sep Qtr

A significant portion of that was obtained through convertible debt. 
 

 

[Hoodlum]

31 minutes ago, Haryana said:

Nice video on Orla Mining's massive acquisition of the Musselwhite last year

 

That acquisition along with the additional shares and warrants by Fairfax was an amazing deal.  It is quite amazing what has happened with Fairfax’s ORLA investment in just the past 12 months. 

[villainx]

It's astounding the variety youtube and podcast out there that focus on a relatively narrow niche!

 

Video suggest AISC claims/results should be monitored closely.  Seems Orla Musselwhite AISC for quarter is still pretty high.

 

Edited November 13, 2025 by villainx

[Viking]

Fairfax's equity portfolio is having a stellar year in 2025. It is not just the big boys like Eurobank and Orla Mining. Many of the smaller positions are also performing exceptionally well.

 

Altius Minerals is a smaller equity holding for Fairfax (it is a top 25 based on MV). The stock has increased in price by 64% in 2025. The market value of Fairfax's position has grown from US$127 million at the start of the year to $208 million at Nov 13, 2025, an increase of $81 million. Altius also pays a small dividend. 

 

 

What is the total return Fairfax has generated on this investment since inception?

 

Fairfax made an initial investment in Altius of C$100 million (US$78 million) in April 2017. Over the past 8.5 years, Fairfax has generated a total return on this investment of about US$153 million, or 197%. This is a CAGR of about 13.6%. 

• Total return = increase in market value + interest + dividends

Summary

 

Altius is yet another example of the team at Fairfax's investment management business allocating capital exceptionally well. 

 

 

Who is Altius Minerals?

 

Altius is a diversified , long-Life, natural resource royalties company.

• https://altiusminerals.com/_resources/presentations/corporate-presentation.pdf?v=0.336

[SafetyinNumbers]

Fairfax owns ~77.5% of WEF III and WEF III has increased its stake in Greenfire (GFR) ahead of a rights issue that went ex today  to 71%. Fairfax will be effectively increasing its position by another ~80% when WEF III exercises their rights. 
 

The shares are trading very well so far but the rights haven’t started trading yet despite being listed. I can see the shares rerating post rights issue given it trades cheap, won’t need any new capital and will be debt free.
 

https://www.businesswire.com/news/home/20251114867395/en/Waterous-Energy-Fund-Acquires-Shares-of-Greenfire-Resources-Ltd.

[Hoodlum]

How does Fairfax report the current value of the Marval Fund investment?   I believe their initial $50M investment is up over 3x and they andded another $100M last year.  I could not find it in their latest report. 

[gfp]

10 minutes ago, Hoodlum said:

How does Fairfax report the current value of the Marval Fund investment?   I believe their initial $50M investment is up over 3x and they andded another $100M last year.  I could not find it in their latest report. 

 

That sounds about right and I don't know where it shows up on the books but they own a huge percentage of Ben's fund

 

[Hoodlum]

22 minutes ago, gfp said:

 

That sounds about right and I don't know where it shows up on the books but they own a huge percentage of Ben's fund

 

 

According to Marval web site, they have over $400M CAD in assets.   So Fairfax share would be over $245M US (400M * 0.71 * .864).  This is about what I was expecting.  Maybe it falls into an Other category.

[wondering]

New Ben Watsa video 

https://youtu.be/_KO4TyAVHAY?si=jRCGDrLFpnBDs4RJ

[glider3834]

10 hours ago, wondering said:

New Ben Watsa video 

https://youtu.be/_KO4TyAVHAY?si=jRCGDrLFpnBDs4RJ

enjoyed thanks - I think this slide below provides useful snapshot on Marval fund approach on valuation- see below

 

[glider3834]

Seaspan/Poseidon 

Maybe moving into ethane carrier space - looks to be MOU at this stage 

https://www.tradewindsnews.com/gas/seaspan-mulls-billion-dollar-order-for-up-to-six-vlec-newbuildings/2-1-1904696

Edited November 21, 2025 by glider3834

[Hoodlum]

Fairfax has expanded to UK Indian restaurants.

 

https://www.hospitalityandcateringnews.com/2025/11/mw-eat-owners-of-chutney-mary-and-veeraswamy-acquired-by-fairfax/

 

MW Eat, which owns some of UK’s most acclaimed Indian restaurants, Chutney Mary, Amaya, Veeraswamy and Masala Zone today announced that it has been acquired by certain affiliates of Fairfax Financial Holdings Limited (collectively “Fairfax”), a holding company based in Toronto, Canada.

The acquisition will accelerate MW Eat’s growth strategy as Fairfax plans to make significant investments in the group to pursue international expansion aligned with the successful brand values and explore new restaurant formats.

 

MW Eat is widely recognised for trail-blazing the Indian dining experience globally from the time it was started by Namita Panjabi and Ranjit Mathrani with the creation of Chutney Mary in 1990. Camellia Panjabi, the former Main Board Member at Taj Hotels joined them in 2001.

 

Namita, Ranjit and Camellia will continue working with Fairfax so there can be a seamless handover as the MW Eat’s group of restaurants is expanded.

 

MW Eat’s expansion plans will also benefit from Fairfax’s deep understanding of India’s business landscape and commitment to India through several major investments across the Indian economy, including Bangalore International Airport, one of India’s largest and fastest-growing aviation hubs; Thomas Cook (India), a major player in travel, foreign exchange and related services, and Sterling Holiday Resorts, a leading vacation ownership and leisure hospitality group

 

Camellia Panjabi, Group Director of MW Eat said: “This acquisition marks a transformative chapter for MW Eat. Fairfax brings financial strength, global perspective, vision and a long-standing commitment to India. These qualities perfectly complement MW Eat’s heritage and future ambitions.  We have developed excellent restaurants with excellent people whose career opportunities will be enhanced by the new investment and ambitions of Fairfax. MW Eat is in very safe hands. The three MW Eat Directors look forward to supporting Fairfax to take our unique brands global.  Our committed staff backed by the new owners will make this happen”.

 

Prem Watsa, the Chairman and Chief Executive Officer of Fairfax Financial Holdings said:  “We are delighted to welcome MW Eat into the Fairfax family. The leadership team at MW Eat, led by Ranjit, Namita and Camellia, has done a terrific job building a number of iconic restaurant brands, and we are very pleased to take stewardship of these brands in the years to come.  We are familiar with hospitality businesses through our operating subsidiary Recipe Restaurant Group (the largest full service multi-brand restaurant company in Canada) and we remain optimistic about the potential for MW Eat over the long term.”

 

Edited November 25, 2025 by Hoodlum

[villainx]

Seems like Fairfax really likes the higher end restaurant space.  How big is MW Eat?  

 

I've not eaten any any Fairfax place so far, mostly good?

[Hoodlum]

8 minutes ago, villainx said:

Seems like Fairfax really likes the higher end restaurant space.  How big is MW Eat?  

 

I've not eaten any any Fairfax place so far, mostly good?

it seems small but Fairfax sees opportunity for global growth. 
 

https://www.thecaterer.com/news/veeraswamy-owner-mw-eat-sold-to-canadian-firm

 

MW Eat saw pre-tax profits rise 31% to £4.4m in the year to 30 March 2025, while turnover was flat at £31.7m.

[villainx]

That's like ~50-40 mil in sales?  I'm rusty on my restaurant income statement.  

[Junior R]

they can expand mw eat into Canada...They already know the market here so would be good expansion and cross sell some Canadian stuff there

[Hoodlum]

On 11/21/2025 at 6:53 PM, glider3834 said:

Seaspan/Poseidon 

Maybe moving into ethane carrier space - looks to be MOU at this stage 

https://www.tradewindsnews.com/gas/seaspan-mulls-billion-dollar-order-for-up-to-six-vlec-newbuildings/2-1-1904696

 

Here are a few more details on this transaction.

 

https://splash247.com/seaspan-poised-to-enter-ethane-carrier-business/

 

Shipbrokers say the Bing Chen-led owner has set sights on up to six 100,000 cu m VLECs at Jiangnan Shipyard, part of China State Shipbuilding Corp (CSSC). The project is understood to involve three firm ships and three options, with pricing around $149m per vessel. The ships are expected to be backed by a long-term charter to a major Chinese state oil company.

 

[petec]

On 11/25/2025 at 8:42 AM, villainx said:

Seems like Fairfax really likes the higher end restaurant space.  How big is MW Eat?  

 

I've not eaten any any Fairfax place so far, mostly good?

 

It's tiny. Chutney Mary, Veeraswamy, and Amaya are all single-restaurant brands. Masala Zone has 4 restaurants. I've eaten at Chutney Mary and Veeraswamy - they're both excellent.

 

It will be very interesting to see how they grow it. My guess would be

• opening copies of the single-restaurant brands in wealthy areas of India (note the comment in the release about Fairfax's understanding of the Indian business environment).
• Finding a scalable format - maybe this is Masala Zone, maybe it's something new - and rolling it out in the UK/Canada/USA.

How popular is Indian food in North America? In the UK it's practically a religion, but generally at a much lower quality standard than the MW restaurants.

[Hoodlum]

Sleep Country has purchased Bed Bath and Beyond name and logo rights for Canada and the UK.  They plan on relaunching the retailer in 2026 with physical stores and online.  I am not sure what they plan to do this time that would be any different from the previous owners. 

 

https://www.thecanadianpressnews.ca/business/sleep-country-canada-charting-revival-of-bed-bath-beyond-next-year/article_8c7a47b2-0f9a-5cc9-85a2-6d3072e59170.html