WTM

WTM

WTM

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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
2025 Q2	Jul 29, 2025	The London Company SMID Cap	-0.8%	-7.3%	AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA	Air Travel, Freight, Quality, SMID Cap, tariffs, Trade Policy, value	Elevated uncertainty exists with high likelihood of greater tariffs being announced in weeks ahead. Volatility surged in early April following new U.S. tariff announcements aimed at reshaping global trade. The effect of tariffs on both inflation and the broader economy could change Fed monetary policy plans.	AER AWI NEU	View
2025 Q2	Jul 22, 2025	Longleaf Partners Small-Cap Fund	2.7%	4.2%	BATRA, CNX, CUERVO.MX, DOLE, GHC, GRUMA.MX, KODK, MAT, OSCR, PCH, SAM, TRIP, WEST, WTM	Alcohol, Buybacks, real estate, small caps, undervalued, value	The fund has an overweight to the alcohol industry with Boston Beer and Becle. There is market debate about whether current weak industry trends are cyclical versus structural factors, with the manager leaning toward cyclical explanations.	PCH SAM WEST BATRA BECLE.MX OSCR PCH SAM WEST BATRA CUERVO MM OSCR	View
2025 Q2	Jul 20, 2025	The London Company Small Cap	2.4%	-4.9%	ACIW, AWI, CABO, GTES, IPAR, MATX, NEU, SGI, WTM	Quality, small cap, tariffs, Trade Policy, value, volatility	The manager emphasizes their focus on high-Quality, low-Volatility orientation as a defensive strategy. They believe their reliance on high Quality factors has proven to be a strategy that can lose battles along the way but tends to win the war over time, positioning them well for an environment of elevated policy risks and fragile global growth.	IPAR MATX WTM ACIW GTES AWI NEU ACIW AWI NEU GTES	View
2025 Q2	Jul 20, 2025	The London Company Small-Mid Cap	-0.8%	-7.3%	AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA	Freight, Logistics, Quality, SMID Cap, tariffs, Trade Policy, volatility	The manager emphasizes their high-Quality, low-Volatility orientation as positioning them well for an environment of elevated policy risks and fragile global growth. They focus on company quality, sustainable returns on capital, and resilience across economic scenarios.	AWI NEU	View
2022 Q2	Jul 18, 2022	Springview Capital Management	-8.4%	-7.3%	BRK/A, GOOG, MKL, WRB, WTM	-			View
2024 Q1	May 7, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, DEI, GHC, GRUMAB, H, HOUS, IMKTA, KODK, MAT, OSCR, PK, SAM, WEST, WTM	Buybacks, insurance, Natural Gas, real estate, small caps, value	Fund focuses on carefully constructed portfolio that looks very little like any index, seeking 60 cent dollars while maintaining investment discipline in a fully priced market. Portfolio companies are growing their value per share while management partners take action to realize value via discounted share buybacks.	HOUS WTM CNX OSCR	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
2025 Q1	Apr 12, 2025	Longleaf Partners Small-Cap Fund	1.5%	1.5%	BATRA, CNX, DOLE, GHC, GMAB, KODK, MAT, PCH, PK, SAM, WEST, WTM	Buybacks, downside protection, Outperformance, small caps, stock picking, value	The fund emphasizes value investing discipline and downside protection. The portfolio's price-to-value ratio in the high-60s% is attractive and improved materially after quarter end. The fund continues to focus on companies trading below intrinsic value with substantial opportunity in the current portfolio.	PK CNX SAM PCH GRUMAB.MX GHC	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
2023 Q3	Dec 10, 2023	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, DOOR, ESRT, GHC, GRUMAB, KODK, LUMN, MAT, OSCAR, SAM, WEST, WTM	consumer, discount, energy, Entertainment, Quality, small caps, value	Small-cap stocks remained out of favor as they continue to be viewed as more volatile, cyclical businesses, while a small handful of US mega-cap stocks have dominated markets. This wide valuation gap has created a compelling opportunity to own high-quality small-cap businesses trading at a steep discount.	WEST OSCR AMAT SAM CNX	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 28, 2025	The London Company Small Cap	1.6%	-3.3%	AWI, GHC, HAE, IPAR, NGVT, WTM	Fed, industrials, materials, Quality, rates, small caps, value	The portfolio maintains a high Quality, low Volatility positioning that has been out of favor since April but historically regains leadership when fundamentals reassert themselves. Quality factors were headwinds during the high beta rally as markets rewarded speculation over stability.	GHC NGVT AWI	View
2024 Q3	Oct 2, 2024	The London Company Small-Mid Cap	2.0%	4.8%	AWI, ENTG, LW, WAT, WTM, ZBRA	Balance Sheet, Quality, rates, small caps, value	The London Company emphasizes balance sheet strength and quality factors as core investment criteria. Their focus on quality became a temporary headwind during Q3 as lower-quality, highly leveraged companies outperformed due to rate relief expectations. The firm believes balance sheet strength will become a differentiator as corporate debt maturities approach.	WTM LW ENTG AWI ZBRA WAT	View
2024 Q3	Oct 2, 2024	The London Company Small Cap	7.0%	8.9%	ACIW, CERT, INVX, PLUS, RVLV, VNT, WTM	Balance Sheet, Quality, rates, real estate, small caps, technology, value	The fund focuses on balance sheet strength and quality companies, which became a temporary headwind during Q3 as lower-quality, highly leveraged companies rallied most from rate relief. The manager emphasizes profitable, financially stable companies that generate free cash flow and high returns on capital.	CERT VNT WTM PLUS ACIW RVLV	View
2025 Q3	Oct 15, 2025	Longleaf Partners Small-Cap Fund	2.0%	6.4%	BECLE.MX, CLW, CNX, GHC, GRUMAB.MX, H, KODK, MAT, OSCR, PCH, PK, RYN, TRIP, WEST, WTM	Alcohol, Buybacks, energy, FCF, insurance, small cap, Timberland, value	Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at 10-12x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-60s% indicates significant discount to intrinsic value.	TRIP US MAT US WFG US CNX US	View
2024 Q4	Jan 7, 2025	The London Company Small Cap	2.3%	11.4%	ACIW, AUB, AWI, EPRT, LSTR, MATX, MC, RVLV, TPX, WTM	concentrated, downside protection, Quality, small caps, value	The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 13.5% pre-tax ROC versus 6.2% for the Russell 2000 and lower leverage at 1.5x net debt/EBITDA versus 3.8x for the benchmark.		View
2024 Q4	Jan 7, 2025	The London Company Small-Mid Cap	1.7%	6.5%	AER, AWI, BR, CHDN, DECK, ENTG, MUSA, POST, WAT, WTM	concentrated, downside protection, Quality, SMID Cap, value	The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 16.7% pre-tax ROC versus 8.4% for the Russell 2500 and lower leverage at 2.1x net debt/EBITDA versus 3.4x for the benchmark.		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 21, 2026	The London Company SMID Cap	2.0%	-4.8%	AER, LW, NEU, WAT, WTM, ZBRA	industrials, mid cap, Quality, small cap, SMID Cap, value	The portfolio emphasizes companies with high and stable returns on invested capital, conservative leverage, and reasonable valuations. Quality factors were headwinds during the quarter but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during the quarter, with Value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager expects a return to fundamentals where reasonable valuations become more important.	LW NEU ZBRA AER	View
2025 Q4	Jan 21, 2026	The London Company Small Cap	2.5%	-1.0%	AWI, CCC, CERT, DV, GTES, HAE, NEU, RVLV, WTM	Disciplined, Outperformance, Quality, Russell 2000, small caps, stock selection, value	The Small Cap portfolio outperformed the Russell 2000 Index in Q4, finishing 2025 on a high note with strong stock selection. The high beta rally that drove much of the index's 2025 gains showed signs of exhaustion in Q4, creating opportunities for disciplined stock pickers focused on quality companies. Value factors were the primary driver of returns during the quarter, led by stocks trading at lower prices relative to sales and book value. The portfolio's focus on companies trading at significant discounts to intrinsic value aligned well with this market environment. Quality factors were headwinds during the quarter, though the portfolio maintains its tilt toward profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. This positioning is expected to provide resilience through shifting market regimes.	DV CCC GTES CERT NEU HAE	View
2025 Q4	Jan 14, 2026	Longleaf Partners Small-Cap Fund	1.1%	7.6%	ALX, CLW, CNX, CUERVO.MX, ESRT, GHC, GLIBA, GRUMA.MX, MAT, PCH, RYN, SAM, SHEN, TRIP, WTM	Alcohol, Media, real estate, small cap, Telecommunications, undervalued, value	Fund focuses on undervalued companies trading below intrinsic value with P/V ratios in low-60s%. Manager emphasizes buying quality companies at discounted prices when market favors unprofitable, lower quality stocks. Significant exposure to alcoholic beverage companies including Becle (tequila/whiskey manufacturer) and Boston Beer. Alcohol industry faces consumption headwinds but companies have strong brands and pricing power. Holdings in Empire State Realty and Alexander's provide exposure to New York real estate. Despite political concerns about Mayor Mamdani, on-the-ground leasing trends outpace weak stock performance. Graham Holdings diversified conglomerate includes broadcast television assets that could benefit from increased M&A activity. Kaplan education segment returning to growth after multi-year turnaround.	PK ALX ESRT CLW SAM OSCR MAT GHC GLIBA	View
2024 Q2	Jul 23, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, DEA, GHC, GRUMA, HOWE, KODK, MAT, OSCR, PCH, PK, WEST, WTM	energy, healthcare, materials, real estate, small caps, value	Fund focuses exclusively on small-cap investments with 19 holdings and P/V ratio in low-60s%. Manager believes environment becoming increasingly favorable for bottom-up stock pickers as Treasury rates stabilize at historical norms. Over 50% of portfolio NAV is in investments with heightened odds of value-realizing corporate events in next 6-12 months.	PCH MAT HOUS KODK OSCR	View
2023 Q2	Jul 19, 2023	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, ESRT, GMK, H, HOUS, KODK, LUMN, LXS.DE, MAT, OSCR, SAM, WEST, WTM	concentrated, Consumer Staples, Defensive, real estate, small cap, value	Fund maintains concentrated portfolio of 18-22 ideas trading at discount to intrinsic value. Portfolio P/V ratio in mid-60s% indicates significant upside potential. Management emphasizes buying high quality businesses at temporary discounts with 3-5 year investment horizon.	LUMN SAM LXS.DE HOUS BATRA OSCR	View
2022 Q2	Jun 30, 2022	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	BKEP, CMP, HNRG, INFU, LGF/B, VSAT, WTM	-			View
2023 Q1	Apr 20, 2023	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, GRUMA, H, HOUS, KODK, LNXSF, LUMN, MAT, OSCR, WEST, WTM	Banking, Concentration, small caps, technology, value	Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Managers invest with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. Portfolio has low-60s% P/V ratio indicating significant discount to intrinsic value.	LUMN ^HSI OSCR	View
2023 Q1	Apr 20, 2023	The London Company Small Cap	7.0%	8.9%	AQUA, ENOV, IAA, LIVN, MUSA, PAG, RBA, TPX, VNT, WTM, XYL	Banking, healthcare, Quality, small caps, technology, value	The manager emphasizes their focus on durable profitability, strong free cash flow and balance sheet flexibility as key advantages in a higher cost of capital environment. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility.	ENOV AER\|AWI\|MUSA\|NEU\|SAIA\|WTM AER\|AWI\|MUSA\|NEU\|SAIA\|WTM LIVN TPX AVNT	View
2023 Q4	Jan 23, 2024	The London Company Small Cap	7.0%	8.9%	AUB, AWI, CABO, DOOR, LIVN, MUSA, PLUS, QLYS, RVLV, TPX, WTM	Banking, industrials, Quality, small cap, technology, value	The portfolio maintains a positive tilt toward Quality factors, focusing on companies with sustainably high returns on capital and balance sheet strength. This Quality-orientation provided relative advantage for the full year despite being a headwind in Q4.	RVLV PLUS	View
2023 Q4	Jan 23, 2024	The London Company SMID Cap	9.2%	9.2%	BR, CABO, DAVA, DECK, HAS, HAYW, MBI, TREX, WTM	consumer discretionary, Quality, rates, small caps, value, volatility	The manager emphasizes quality as the antidote to uncertainty, believing solid company fundamentals will lead to strong risk-adjusted returns in the long run. Portfolio characteristics remain attractive and well-positioned for an uncertain future.	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM CABO ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AER\|AWI\|MUSA\|NEU\|SAIA\|WTM TREX DECK KAMBI SS	View
2023 Q4	Jan 17, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	ARE, CNX, DEI, ESRT, GHC, GRUMAB, H, IMKTA, KNF, KODK, LUMN, MAS, MAT, OHI, PK, SAM, WEST, WTM	Buybacks, Hotels, Quality, real estate, small caps, value	The fund emphasizes their Business, People, Price discipline and differentiated approach to value investing. They focus on hidden quality companies with management teams that will take steps to get that quality recognized by the market over the medium to long term. The fund believes they are well positioned for the return of value investing as interest rates normalize.	WEST ^HSI ESRT GRUMAB KNF OSCR	View
2024 Q4	Jan 16, 2025	Longleaf Partners Small-Cap Fund	-1.6%	9.7%	BATRA, CNX, DOLE, GHC, GRUMA.MX, HHH, HOUS, KODK, LLYVA, MAT, OSCR, PCH, PK, WEST, WTM	Buybacks, Cash, Concentration, Natural Gas, small cap, Trump, value	Fund operates with concentrated value investing approach, holding 18 positions at high-60s% price-to-value ratio and 11x price/earnings power multiple. Portfolio grouped into companies where value per share growth has turned the corner (75%), those expected to turn within 18 months (15%), and recent additions. Management emphasizes fundamental appraisal-driven research and patient capital deployment.	GRUMAB WEST HOUS GHC KODK LLYVA OSCR CNX	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	The London Company Small Cap	White Mountains Insurance Group Ltd	Financials	Property & Casualty Insurance	Bull	NYSE	Bermuda, book value growth, capital allocation, Insurance, Property & Casualty Insurance, value creation	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	White Mountains Insurance Group	Financials	Multi-line Insurance	Bull	NYSE	acquisition, California, conglomerate, contrarian, defensive, Homeowners Insurance, Insurance, net cash	View Pitch
Apr 13, 2026	Fund Letters	The London Company Small-Mid Cap	White Mountains Insurance Group Ltd.	Financials	Insurance	Bull	NYSE	Bermuda Domicile, book value growth, capital allocation, Insurance, P&C insurance, portfolio optimization, value creation	View Pitch
Apr 13, 2026	Fund Letters	The London Company Small Cap	White Mountains Insurance Group Ltd.	Financials	Property & Casualty Insurance	Bull	NYSE	book value growth, capital allocation, financial services, Insurance, Portfolio Management, Property & Casualty Insurance, value creation	View Pitch

BSD Shareholders of WTM

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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