Strathcona Resources Ltd.

• SC Smead Capital Management 1Q26 International Value Strategy Newsletter: Succeeding Unconventionally ↗ Smead International Value Strategy concentrates in oil equities after the prior energy capital-spending boom left supply constrained and producers reluctant to expand. It argues that European banks’ cost discipline, buybacks and potential consolidation can sustain returns on capital, while reviewing recoveries in Burberry, Glencore, Frontline and Next. 1Q26 BAWAY $14BBBRYF $5.5BBCS $76B +12
• FF Fairfax Financial Holdings Chairman’s Letter to Shareholders ↗ Fairfax Financial Holdings credits decentralized underwriting, investment income and disciplined capital allocation for record operating results, while maintaining share repurchases and employee ownership. The company agreed to sell Eurolife’s life business to Eurobank, backed Kennedy Wilson’s privatization, expanded Indian insurance ventures and built major positions in Under Armour and Metlen Energy. 2025 FRFHF $40BCIBEY $7.9BGFR $1.9B +3
• SC Smead Capital Management 3Q25 International Value Strategy Newsletter: Scaling Old Industries ↗ Smead Capital Management argues that scale is creating value in mature European banking and Canadian oil. It backs Unicredit's technology-led consolidation strategy and favors an all-stock resolution to the MEG Energy bidding contest, where Strathcona Resources and Cenovus see large merger synergies. 3Q25 CVE $53BSTHRF $5.9BUNCFF $139B

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