The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 3, 2026
Fairfax Financial Holdings generated net earnings attributable to shareholders of $929.6 million ($43.32 per diluted share) for the third quarter of 2026, compared to $1,151.7 million ($52.04 per diluted share) in the prior-year period. Book value per basic share reached $1,349.15, marking an 8.4% gain since year-end 2025 after adjusting for the $15 per share dividend paid earlier in the year. The holding company closed the period in a sound financial condition, maintaining $1.9 billion in cash and marketable securities, $2.4 billion in fair-value associate holdings and non-insurance subsidiaries, and an undrawn $2.0 billion credit facility. Leverage remained conservative, with the debt-to-capital ratio excluding non-insurance businesses improving to 27.3%. Core underwriting operations demonstrated solid performance, generating adjusted operating income of $1,375.0 million and an undiscounted consolidated combined ratio of 92.5%, led by disciplined expansion at Brit, Allied World, and Gulf Insurance. Investment portfolio results were dampened by $858.7 million in net investment losses, principally driven by $827.7 million in mark-to-market losses on bonds and Treasuries following interest rate increases, alongside $257.9 million in unrealized losses on preferred shares in Digit, which were partially mitigated by $176.9 million in equity gains and strong recurring interest and dividend income of $668.7 million. Capital allocation activity accelerated across multiple global initiatives, highlighted by the strategic selection by the Government of India to purchase a 60.72% majority stake in IDBI Bank for approximately $5.6 billion. Additional corporate actions included partnering with Wittington Investments to acquire UK pharmacy retailer Boots for $8.9 billion (committing up to $2.3 billion for a 50% equity interest), the completed divestment of Eurolife Life Operations to Eurobank for $906 million with an anticipated $200 million pre-tax fourth-quarter gain, and ongoing share buybacks that reduced shares outstanding by 4.4% year-to-date.
Fairfax compounds long-term book value through disciplined, profitable property and casualty underwriting combined with long-term, value-oriented capital allocation and strategic equity investments in high-growth global economies.
Management remains focused on maintaining sound holding company financing while deploying capital into generational platform investments across India, Europe, and North America, with the objective of compounding book value per basic share by 15% annually over the long term.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Fairfax Financial Holdings or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.