In a huge vote of confidence to Research In Motion and the newly appointed CEO, Thorsten Heins, Prem Watsa’s Fairfax Financial Holdings today doubled their stakes in the BlackBerry maker. Fairfax now owns 26.85 million RIM shares, up from 11.8 million shares in September, according to a regulatory filing today. The company raised its stake to 5.12 percent, worth about $437 million based on yesterday’s closing price.

“This is a vote of confidence in the current trajectory of the company or he thinks that there’s some value here that can be unearthed,” said Adnaan Ahmad, an analyst at Berenberg Bank in London. “Watsa is extremely well-respected, kind of like the Warren Buffett of Canada, so the bottom line is that the stock today should be up on the back of this.”

Fairfax has said RIM is an attractive investment because the company is trading at less than book value with free cash flow, yet still has a growing subscriber base and increases in revenue. So far today, RIM shares have risen 4% on the news.

via Bloomberg