Fairfax Financial Holdings (TSX: FFH) has demonstrated strong equity portfolio performance in the second quarter of 2025, with its portfolio increasing from C$23.2 billion to C$24.2 billion as of May 21, reflecting a pre-tax gain of approximately C$988 million or C$46 per share. Key contributors to this growth include Eurobank and FFH-TRS, with Eurobank delivering a total return of about C$2.86 billion since its inception in December 2014, primarily over the last 4.5 years. Despite Eurobank's share price of €2.66 suggesting it remains undervalued, Fairfax's international investments have been performing well overall. Market analysts have raised the target price for Fairfax shares to C$2,700, indicating positive sentiment. Meanwhile, investors have noted that if 1% of Berkshire Hathaway (BRK) shares were to switch into Fairfax, it would represent 25% of Fairfax's current market capitalization, given BRK's market cap is 25 times larger than Fairfax's. In related market activity, ELF Technologies (TSX: ELF) has been catching up to Fairfax on 30-year returns, partly attributed to a recent 100-for-1 stock split, though it has not yet attracted significant financial media attention. Additionally, some investors are shifting focus exclusively to small-cap stocks, exploring underappreciated markets such as Poland for microcap opportunities.