WRB

WRB

WRB

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 5, 2025	Springview Capital Management	-	15.7%	AMZN, COF, COIN, CR, EIX, FFH.TO, HOOD, IBKR, INTC, MCY, NTDOY, SCHW, SEG, SPOT, UBER, WRB, WS	Concentration, Fintech, growth, insurance, Long/Short, Quality, value	Robinhood has been the Partnership's most profitable investment, driven by rapid innovation, market share gains, and customer loyalty in a large growing market. Business results dramatically exceeded expectations with assets under custody growing 115% and earnings up 109% year-over-year. The company benefits from product innovation, international expansion, strategic acquisitions, and favorable tailwinds from strong equity and crypto markets.	WS MCY SEG HOOD WS MCY SEG HOOD	View
2023 Q2	Aug 4, 2023	Springview Capital Management	3.9%	5.5%	ATVI, BRK-B, CPRT, EXO.MI, FFH, FMX, HLN.L, HLT, MKL, WRB, WTM	Buybacks, Concentration, insurance, Long/Short, Quality, value	The fund has significant concentration in property/casualty insurance at approximately 29% of assets. Insurance stocks are characterized as cheap, generating substantial cash flow, and run by trusted owner-operators. The competitive landscape remains favorable with firm pricing and rising interest rates enhancing investment income.	WRB FMX HLN.L	View
2024 Q2	Aug 12, 2024	Springview Capital Management	-3.2%	7.7%	BRK-A, COKE, CR, CRH, EXO, FFH, FMX, HLT, MCY, NTDOY, WOR, WRB	Concentration, fundamentals, insurance, Long/Short, value	The manager discusses property/casualty insurance cycle concerns and skeptical investor sentiment about near-term profit outlook. Despite market volatility, the manager believes prospects for insurance holdings remain unchanged and reports strong fundamental progress with W.R. Berkley showing 37% Y/Y increase in operating EPS and Fairfax increasing book value per share by 17% Y/Y.		View
2022 Q2	Jul 18, 2022	Springview Capital Management	-8.4%	-7.3%	BRK/A, GOOG, MKL, WRB, WTM	-			View
2025 Q2	Jul 15, 2025	Madison Mid Cap Fund	5.3%	0.9%	ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	Technology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks are capitalizing on the surge in AI-related data center spending with outstanding revenue growth. The Information Technology sector is benefiting from widespread exuberance around AI.		View
2025 Q2	Jun 30, 2025	Mapfre US Forgotten Value Fund	-2.3%	-6.6%	BATRA, GOOGL, HHH, KVUE, LH, MKL, MODG, MSGS, NWSA, QSR, SSNC, TRIP, UBER, WRB	Communication Services, small caps, technology, undervalued, US, value	The fund focuses on companies undervalued by the market, particularly forgotten stocks that may be outside the focus of the investment community. These include companies with complex capital structures, those in temporarily out-of-favor sectors, or smaller capitalization companies followed by fewer analysts.		View
2025 Q1	May 3, 2025	Springview Capital Management	-1.8%	-1.8%	ABAC, AMZN, BRK-B, CPRT, CR, CRH, FFH, HLT, HOOD, MCY, NTDOY, SEG, SPOT, WRB, WS	Compounding, insurance, Long/Short, Quality, value, volatility	Manager embraces volatility as the price of admission to long-term compounding, viewing it as an opportunity rather than something to avoid. During April's sharp market decline, the fund maintained minimal trading activity and kept net exposure steady at 90-95%. The manager believes volatility is the one constant in markets and reflects human emotion reacting to uncertainty.	WS SEG MCY SPOT	View
2023 Q1	May 3, 2023	Springview Capital Management	1.6%	1.6%	ATVI, FFH, GGG, HLT, MKL, SHW, V, WRB, WTM	Banking Crisis, Buybacks, Concentration, Float, insurance, value	The fund holds significant positions in property-casualty insurers including W.R. Berkley, Markel, and White Mountains. These companies experienced temporary headwinds from deceleration in premium rate growth and concerns about the hard cycle ending, but the manager expects casualty pricing to improve in the second half. Insurance is viewed as a durable business with stable demand and the benefit of float investment.		View
2024 Q1	Apr 29, 2024	Springview Capital Management	11.3%	11.3%	BRK-A, CPRT, CRH, EXO.MI, FFH, FMX, HLN.L, HLT, MSGS, NTDOY, WRB	Concentration, global, insurance, Long/Short, value	The fund holds significant positions in W.R. Berkley and Fairfax Financial, which were top contributors to performance. The manager uses sector ETF shorts to hedge insurance sector exposure, indicating concentrated exposure to this sector.		View
2023 Q4	Feb 21, 2024	Springview Capital Management	6.5%	15.3%	BRK-B, CPRT, CRH, EXOR.MI, FFH, FMX, HLN.L, HLT, MKL, NTDOY, UNP, WRB, WTM	Concentration, insurance, Long/Short, tax efficiency, underperformance, value	Fund holds three large property/casualty insurers (W.R. Berkley, White Mountains, Markel) that underperformed in 2023 as investors rotated away from companies benefiting from rising rates. Despite disappointing short-term performance, excellent underwriters like Berkley have historically earned solid returns across interest rate cycles.	FMX FFH SUNP IN MKL WRB	View
2024 Q4	Feb 10, 2025	Springview Capital Management	5.4%	19.7%	AMZN, BRK-B, CPRT, CR, CRH, FFH, FMX, HLN.L, HLT, HOOD, MCY, MKL, MSGS, SEG, SPOT, V, VAC, WRB, WS, WTM	Capital Allocation, Concentration, long-term, P&C Insurance, risk management, value	The property/casualty insurance industry remains a favorite hunting ground for the partnership. The fund currently owns five P/C insurance companies (six including Berkshire Hathaway), with one being a special situation merger-arbitrage play. These insurers trade at attractive valuations, generate strong Returns on Equity, and have the ability to recycle and reinvest capital internally at high returns.		View
2024 Q4	Dec 31, 2024	Madison Mid Cap Fund	-1.9%	10.3%	ACGL, ANET, APH, BAM, BRO, CDW, CPRT, CSL, DLTR, FND, IT, LAD, LBRDK, LH, PCAR, ROST, TDY, THO, WAT, WRB	Autos, Cyclical, fundamentals, insurance, mid cap, Quality, technology, value	The fund holds positions in auto-related companies including Lithia Motors, which reported quarterly results suggesting some COVID-induced elevated profitability levels may be more sustainable than previously thought. The fund also sold CarMax during the quarter, believing it will be harder for the company to continue gaining market share due to changing industry dynamics.		View
2024 Q4	Dec 31, 2024	Coho Relative Value Equity	-	-	AMZN, AZO, CVS, DG, GOOGL, MCHP, META, MSFT, MSTR, NVDA, UNH, WRB	Bubble, Concentration, defensives, technology, valuation, value	Coho maintains adherence to valuation discipline despite underperformance, believing they would sacrifice downside protection by chasing Technology stocks higher. The market is objectively expensive by most measures with the S&P 500 trailing P/E at its fourth highest levels in the past 125 years. Studies show valuation often does not matter in the short term, but it always matters in the long term.		View
2023 Q2	Dec 7, 2023	Madison Mid Cap Fund	7.2%	12.4%	ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies.		View
2024 Q3	Nov 19, 2024	Springview Capital Management	5.6%	13.6%	AAPL, CR, CRH, CSCO, EXO.MI, FFH, FMX, HLT, MCY, MSFT, NTDOY, NVDA, SEPO, TSLA, WRB, WS, YHOO	Concentration, Mega Cap, small caps, technology, value	Manager believes value-oriented investing is making a comeback as mega-cap stocks face mathematical reality of size constraints and elevated valuations. The fund focuses on smaller, less high-profile companies trading cheaply relative to intrinsic value estimates. Current market offers rich opportunities in small- and mid-cap stocks trading at single-digit earnings multiples or below liquidation value.		View
2023 Q3	Nov 10, 2023	Springview Capital Management	2.5%	8.2%	AAPL, AMZN, BRK-B, CPRT, EXO.MI, FFH, FMX, GOOGL, HLN.L, HLT, META, MKL, MSFT, NVDA, TSLA, V, WRB, WTM	Concentration, insurance, Long/Short, Quality, special situations, value	The fund has intentionally allocated significant capital to property/casualty insurers, which stand to benefit greatly from rising interest rates. Fairfax Financial continues to post exceptional numbers with operating ROE clocking in at 21%. W.R. Berkley staged a welcome recovery with excellent 21% return on equity as both underwriting profits and investment income surpassed expectations.		View
2025 Q3	Oct 14, 2025	Madison Mid Cap Fund	1.9%	2.8%	ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	Information Technology sector benefiting from widespread exuberance around AI, with portfolio companies Amphenol and Arista Networks capitalizing on surge in AI-related data center spending. Technology stocks continued very strong performance driven by AI momentum.	ANET APH MEDP	View
2022 Q4	Jan 25, 2023	Springview Capital Management	7.2%	-4.6%	BRK/A, FFH CN, HLT, MKL, WRB, WTM	-			View
2025 Q4	Jan 20, 2026	Madison Mid Cap Fund	-1.2%	1.8%	ACGL, ANET, AOS, APH, BRO, CDW, EXPD, FND, LBRDA, MCHP, MKSI, MSA, PCAR, ROST, TDY, TECH, TREX, TTAN, WAT, WRB	AI, financials, industrials, mid cap, Quality, technology, value	The fund focuses on high-quality, highly profitable, durable businesses with shareholder-oriented management teams selling below intrinsic value assessments. This quality-focused approach has historically provided strong long-term performance despite being temporarily out of favor in speculative market environments. Several portfolio companies are benefiting from AI-related applications and data center spending. MKS's Electronics and Packaging business shows accelerating growth partly due to AI applications, while Amphenol's IT/Datacom business produces spectacular organic growth driven by AI-related data center spending.	MCHP MSA AOS TTAN BIO ROST	View
2023 Q1	Apr 14, 2023	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MEDP, MKSI, PCAR, ROST, TDY, TREX, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	Technology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks capitalized on the surge in AI-related data center spending, though managers note strength in other business areas as well.		View
2025 Q1	Mar 31, 2025	Coho Relative Value Equity	4.0%	4.0%	AMGN, AZO, COR, DIS, GPN, PM, ROST, STZ, WRB	consumer, Defensive, healthcare, inflation, Stagflation, tariffs, value	Rising inflation expectations due to tariff-induced trade tensions are constraining Fed policy. Prices have surged higher with six consecutive months of increases in manufacturing data. The Fed revised inflation expectations higher for 2025 while lowering GDP forecasts.		View
2025 Q1	Mar 31, 2025	Madison Mid Cap Fund	-4.2%	-4.2%	ACGL, ANET, AWI, BF.B, BRO, CSL, DLTR, EXPD, IT, KNSL, LBRDA, MCHP, MKSI, PCAR, ROST, TDY, THO, TREX, WAT, WRB	industrials, insurance, mid cap, semiconductors, technology, value	Three insurance companies topped the contributor list during the quarter. Industry fundamentals remain sound with defensive demand profiles and limited tariff exposure. Brown & Brown benefits from strong organic growth and margin expansion, while Arch Capital and W.R. Berkley showed solid premium growth and better-than-expected reserve development.	TREX KNSL	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Springview Capital Management	W.R. Berkley Corporation	Financials	Property & Casualty Insurance	Bull	NYSE	financials, Float, Insurance, Interest Rate Sensitive, Property & Casualty Insurance, underwriting, Value	View Pitch
Apr 28, 2026	Fund Letters	Springview Capital Management	W.R. Berkley Corporation	Financials	Property & Casualty Insurance	Bull	NYSE	book value growth, investment income, Property & Casualty Insurance, ROE, Sector Consolidation, Share Buybacks, underwriting, Value	View Pitch
Nov 3, 2025	Substack	Pacific Northwest Edge	W.R. Berkley Corp.	Financials	Insurance - Property & Casualty	Bull		A.M. Best rating, bond portfolio, combined ratio, decentralized structure, excess and surplus lines, financial strength, Niche markets, property and casualty insurance, stock portfolio, underwriting	View Pitch
Sep 19, 2025	Seeking Alpha	Seeking Alpha	W. R. Berkley Corporation		Insurance - Property & Casualty	Bull		Asset Base, capital gains, Credit rating, Dividend history, financial strength, Insurance, investment grade, Market Capitalization, Reinsurance, yield to maturity	View Pitch

BSD Shareholders of WRB

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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