Fairfax stock positions

[TwoCitiesCapital]

On 6/27/2026 at 6:07 AM, Hoodlum said:

I normally don’t reference SeekingAlpha but I thought this was a great analysis of Altius Minerals.

 

https://seekingalpha.com/article/4917683-altius-minerals-the-royalty-factory-is-starting-to-look-like-a-compounder

 

+1 

 

Love to see it. This has been the thesis since I first found the company in 2012 when they had a single producing royalty, $200M in cash, and a hopeful Kami development.

 

The path didn't end up quite that simple and the progress was hidden for years behind share issuance/debt service for the Potash royalties and a weak commodity market in general until 2021. 

 

It still seems under followed and under appreciated - the share price took days to move following the sale of the gold royalty for an amount  that was a significant chunk of the market capitalization of the whole company. And it took weeks more to appreciate the reinvestment of those proceeds by taking out Lithium Royalty corp. Plenty of opportunity in this name to buy AFTER the news has been announced and I had added after both. 

 

All that being said, I reduced my position by ~10% last week. Altius has been the only name in my portfolio performing YTD and all other names are flat to down over a 6-12 month period so took some off the table near ATHs to buy other names. 

[srtadimeti]

Blackberry stock price has jumped up by around 41.5% in the last one week closing at USD $12.48 yesterday!

 

This stock price appreciation has come after reporting strong fiscal Q1 earnings  that beat Wall Street expectations, fueled by a 26% year-over-year revenue jump. The partnership with Nvidia to integrate it's QNX operating system into Nvidia's Thor development kit is paying off.

 

Great news for FFH stock holders.

 

 

 

Edited yesterday at 09:00 AM by srtadimeti

[SafetyinNumbers]

1 hour ago, srtadimeti said:

Blackberry stock price has jumped up by around 41.5% in the last one week closing at USD $12.48 yesterday!

 

This stock price appreciation has come after reporting strong fiscal Q1 earnings  that beat Wall Street expectations, fueled by a 26% year-over-year revenue jump. The partnership with Nvidia to integrate it's QNX operating system into Nvidia's Thor development kit is paying off.

 

Great news for FFH stock holders.

 

 

 

They might have sold the position. We know they sold some earlier in the quarter to go under 5%.

 

 

[Hoodlum]

Eurobank is planning to invest €1 billion by 2028 in Digital banking, including AI.  There is quite a bit of detailed information from this presentation.  I have pulled out a few interesting comments.

 

https://cyprus-mail.com/2026/07/01/eurobank-unveils-e1bn-plan-to-reshape-digital-banking

 

 

At the centre of the strategy is the largest technology investment programme in Eurobank’s history, with approximately €1 billion earmarked for the 2025 to 2028 period to strengthen infrastructure, cloud technologies, data capabilities, AI and new digital services.

 

It said the strategy rests on three interconnected pillars.

 

The first focuses on using data and AI to anticipate customer needs and deliver highly personalised services.

The second aims to simplify customer interactions through conversational digital banking.

The third integrates banking and non-banking services into broader digital ecosystems designed to create additional value for customers and businesses.

 

A significant part of the presentation focused on artificial intelligence, which the bank said is playing an increasingly important role in customer service, productivity and innovation.

 

Its AI ecosystem includes EVA, the bank’s customer virtual assistant, myEVA, an internal AI voice assistant for staff, the GenAI Factory platform and the Digital Brain programme.

 

AI is already being used in areas including mortgage assessments, customer feedback analysis, contract processing and the development of new digital services.

 

Eurobank said its GenAI Factory combines Microsoft Azure, EY.ai Agentic Platform and NVIDIA accelerated computing, while a strategic partnership with Fairfax Digital Services makes it one of the first banking groups in south-eastern Europe to adopt structured Agentic AI solutions.

 

The bank is also developing an enterprise-wide Digital Brain with Accenture to integrate AI throughout customer experience and internal operations, while its Global Delivery Centre in Pune, India, established with LTM, formerly LTIMindtree, and Fairfax Digital Services, supports innovation across the group’s international operations.

 

Eurobank added that more than 1,500 employees completed specialist AI training programmes totalling over 17,000 hours during 2025 and 2026, while the bank continues supporting the MSc in AI for Digital Transformation at the Athens University of Economics and Business.

 

Its Digital & Technology Hub has recruited around 250 new professionals in recent years, while its Digital Factory, comprising 13 agile teams and 146 specialists, has reduced the development time for new digital products from approximately 30 weeks to just eight weeks.

[Hoodlum]

Kennedy Wilson likely delayed these announcements until after the acquisition by Management and Fairfax has closed.  It will be interesting to see how Kennedy-Wilson grows over the coming years.

 

Kennedy Wilson and Jamison Announce Joint Venture to Deliver 4,000 Affordable Housing Units Across the City of Los Angeles

 

Kennedy Wilson acquires 421-unit multifamily community in Westchester County, NY for $237 Million

 

Does anyone know if there is any truth to these statements.

 

Edited 6 hours ago by Hoodlum

[nwoodman]

2 hours ago, Hoodlum said:

Eurobank is planning to invest €1 billion by 2028 in Digital banking, including AI.  There is quite a bit of detailed information from this presentation.  I have pulled out a few interesting comments.

 

https://cyprus-mail.com/2026/07/01/eurobank-unveils-e1bn-plan-to-reshape-digital-banking

 

 

At the centre of the strategy is the largest technology investment programme in Eurobank’s history, with approximately €1 billion earmarked for the 2025 to 2028 period to strengthen infrastructure, cloud technologies, data capabilities, AI and new digital services.

 

It said the strategy rests on three interconnected pillars.

 

The first focuses on using data and AI to anticipate customer needs and deliver highly personalised services.

The second aims to simplify customer interactions through conversational digital banking.

The third integrates banking and non-banking services into broader digital ecosystems designed to create additional value for customers and businesses.

 

A significant part of the presentation focused on artificial intelligence, which the bank said is playing an increasingly important role in customer service, productivity and innovation.

 

Its AI ecosystem includes EVA, the bank’s customer virtual assistant, myEVA, an internal AI voice assistant for staff, the GenAI Factory platform and the Digital Brain programme.

 

AI is already being used in areas including mortgage assessments, customer feedback analysis, contract processing and the development of new digital services.

 

Eurobank said its GenAI Factory combines Microsoft Azure, EY.ai Agentic Platform and NVIDIA accelerated computing, while a strategic partnership with Fairfax Digital Services makes it one of the first banking groups in south-eastern Europe to adopt structured Agentic AI solutions.

 

The bank is also developing an enterprise-wide Digital Brain with Accenture to integrate AI throughout customer experience and internal operations, while its Global Delivery Centre in Pune, India, established with LTM, formerly LTIMindtree, and Fairfax Digital Services, supports innovation across the group’s international operations.

 

Eurobank added that more than 1,500 employees completed specialist AI training programmes totalling over 17,000 hours during 2025 and 2026, while the bank continues supporting the MSc in AI for Digital Transformation at the Athens University of Economics and Business.

 

Its Digital & Technology Hub has recruited around 250 new professionals in recent years, while its Digital Factory, comprising 13 agile teams and 146 specialists, has reduced the development time for new digital products from approximately 30 weeks to just eight weeks.

Thanks for this.  A short markdown note on FDS.  Sanjay Tugnait is a super intriguing IT exec and I have always felt that FDS may prove to be a minor but material part of the Fairfax story.  It’s an intriguing possibility that the work they are doing at Eurobank and the other subs may scale to larger ambitions.  

Fairfax Digital Services — Full Brief (Enhanced with IDBI Thesis).md

[Hoodlum]

Fitch has upgraded Eurobank to BBB. 
 

https://www.fitchratings.com/research/banks/fitch-upgrades-eurobank-to-bbb-outlook-stable-01-07-2026

[dartmonkey]

Change of value in stock holdings for Q2

 

Clearly the authoritative source of info for this will be when Viking gets around to posting his table, but as a first guess, I took the 16 biggest publicly traded holdings from the end of Q1 and looked at their value at the end of Q2, assuming no changes in the number of shares hold (an assumption which is unlikely to prove to be true, especially for Blackberry which has gone to $32.6 to $12.65, and which we hopefully haven't sold just in time to miss out on a big gain..)

 

Anyways, the total gains should be around $1.3b by my estimate, with almost all of that ($1.01b) coming from Eurobank, with an honourable mention for the unmentionable fruit stock ($329m) which will surely be smaller than that, and maybe much smaller if they have sold it early in the quarter. All the other changes pretty much cancel each other out, with the biggest in absolute terms being our gold miners Orla (-$190m) and Foran Mining, which has become Eldorado Gold (-$153m). Then come Metlen Energy (+$119m) and Egypt's Commercial International Bank (+$103m), with all the others smaller than $100m.

 

Just for comparison, realized and unrealized losses from equity exposure in Q1 were $82m, so Q2 will be .. much better.

Edited 1 hour ago by dartmonkey

[Hoodlum]

47 minutes ago, dartmonkey said:

Change of value in stock holdings for Q2

 

Clearly the authoritative source of info for this will be when Viking gets around to posting his table, but as a first guess, I took the 16 biggest publicly traded holdings from the end of Q1 and looked at their value at the end of Q2, assuming no changes in the number of shares hold (an assumption which is unlikely to prove to be true, especially for Blackberry which has gone to $32.6 to $12.65, and which we hopefully haven't sold just in time to miss out on a big gain..)

 

Anyways, the total gains should be around $1.3b by my estimate, with almost all of that ($1.01b) coming from Eurobank, with an honourable mention for the unmentionable fruit stock ($329m) which will surely be smaller than that, and maybe much smaller if they have sold it early in the quarter. All the other changes pretty much cancel each other out, with the biggest in absolute terms being our gold miners Orla (-$190m) and Foran Mining, which has become Eldorado Gold (-$153m). Then come Metlen Energy (+$119m) and Egypt's Commercial International Bank (+$103m), with all the others smaller than $100m.

 

Just for comparison, realized and unrealized losses from equity exposure in Q1 were $82m, so Q2 will be .. much better.

Thanks @dartmonkey without actually going through the calculations, I had a feeling that the MTM gains would be at best flat for q2. The bond yields started to spike higher yesterday so we will see a noticeable impact to earnings from the bond losses. 
 

Edited 56 minutes ago by Hoodlum

[dartmonkey]

27 minutes ago, Hoodlum said:

Thanks @dartmonkey without actually going through the calculations, I had a feeling that the MTM gains would be at best flat for q2. The bond yields started to spike higher yesterday so we will see a noticeable impact to earnings from the bond losses. 
 

Unrealized equity gains of about $1.3b (not counting the tax liability.)

 

On a $42b bond portfolio, it looks like losses might be about 0.8%, or $336m, if rates are up from 4.01% to 4.20% as the 5y treasuries are. Does that look about right to you?

 

What I should have also mentioned is that there will also be the realized gains of $837m from the Poseidon sale that will be booked in Q2. Then there will probably be the $350m gain from the sale of Eurolife to Eurobank, anticipated for Q3.

 

Our investment gains in 2025 were $3050m from equity investments ($841m from the TRSs), $385m from bonds, and -$284m from other investments.  It looks like 2026 is shaping up to be as good as 2025, except for the TRSs of course which are currently well down but could recover by the end of the year. 

[Viking]

On balance, Fairfax's equity portfolio had another solid quarter, up ~$1.1 billion or ~$50 per diluted Fairfax share (pre-tax).

 

The Greek Freak (Eurobank) continues to deliver MVP caliber performance. Strong US$ is taking gold out behind the woodshed - Orla was the big loser in the quarter. Lots of Fairfax's holdings are doing well - strength is broad based. 

 

Looks like the mark to market impact could be slightly negative. BlackBerry will be a wild card - Fairfax has been selling down its position in BB over the past year. If they continued to sell in the quarter the gain will not match what I have below (I used 25 million as my share count). 

 

Eurobank paid Fairfax a dividend of $95 million in mid-June. Given it is an associate holdings, it will not show up in income statement. On the balance sheet, cash will increase and carrying value for Eurobank will be reduced (by dividend amount).  

 

My spreadsheet does not capture what has been happening at a large number of holdings - like the non-insurance consolidated holdings. As a result, it is a conservative estimate.

 

Of course the big news from an earnings perspective in Q2 is the sale of ~50% of Poseidon that will deliver a realized investment gain of $837 million. In Q3, when the sale of Eurolife's life insurance business to Eurobank closes in Q3 we will see another +$300 million realized investment gain. 

 

PS: I attached my Excel file if board members want more details (at bottom of post).

 

Fairfax May 2026.xlsx

Edited 16 minutes ago by Viking