WATSA V PREM ET AL

Watsa V Prem Et Al has demonstrated a consistent and substantial buying bias across three companies—Under Armour (UA, UAA) and BlackBerry (BB)—with no recorded sales in 25 transactions totaling nearly $219 million. The bulk of activity has centered on Under Armour’s Class A (UA) and Class C (UAA) shares, with purchases intensifying in late 2025 and early 2026. Notably, on December 22, 2025, two UA transactions alone exceeded $34.6 million combined ($24.38 million and $10.26 million), followed by a $29.46 million acquisition on January 21, 2026. The pattern reveals a preference for UA, with multi-million-dollar purchases occurring almost daily in late December 2025 and January 2026, including a $59.14 million buy on December 30, 2025—the single largest transaction. UAA saw smaller but still significant activity, with four purchases between January 22–26, 2026, totaling $14.42 million. The only non-Under Armour activity involved BlackBerry (BB) in February 2024, with two transactions marked as acquisitions and dispositions but reporting zero dollar value, suggesting non-monetary adjustments. The complete absence of sales and the concentrated buying in UA and UAA indicate a strong accumulation strategy, though the nature of the BB transactions remains unclear due to the lack of monetary detail. The scale and persistence of these purchases suggest a deliberate, high-conviction position in Under Armour.