By Kelly Cloonan
Shares of Under Armour rose after Canadian billionaire Prem Watsa increased his stake in the athleticwear company, adding about 15.6 million shares over the past week.
The purchases over the open market raise Watsa's stake--which includes shares owned by several holding companies affiliated with the executive--in Under Armour to about $191.9 million across two share classes. The company's market capitalization is currently around $2.1 billion.
Class A shares gained 6%, to $5.07, midday Tuesday, while Class C shares climbed 7.1%, to $4.86. Shares of both classes have slid by more than a third this year.
Watsa purchased about 11.1 million Class A shares and 4.5 million Class C shares in Under Armour in a series of trades last week, according to a filing with the Securities and Exchange Commission on Monday.
The purchases brought his total holdings in the company to 30.5 million Class A shares and 7.8 million Class C shares.
The purchases come as Under Armour faces mounting pressure. The brand's sales have stagnated recently, hurt by an increasingly crowded market for athleticwear, and tariffs have eaten into profit. The company expanded its restructuring plan last month, including plans to part ways with Stephen Curry's brand.
Watsa is the chief executive of Fairfax Financial Holdings, the trucking-insurance firm he founded and has since grown into a massive investing platform by acquiring other property- and casualty-insurance firms.
He has a history of prominent investing successes, including his bet against the U.S. housing market ahead of the 2008 financial crisis. He has also previously invested in companies stuck in turmoil, though his massive stake in BlackBerry failed to bring big returns.
Watsa is often likened to the Canadian version of Warren Buffett, given similarities in their investing tactics as well as their long annual letters to update their followers. Buffett similarly uses the core insurance operations of Berkshire Hathaway to fund investing activities.
Fairfax didn't immediately respond to a request for comment.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
December 30, 2025 12:43 ET (17:43 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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