White Mountains Insurance Group

WTM • NYSE

White Mountains Insurance Group is a insurance - property & casualty company in the financial services sector on NYSE, led by Liam P. Caffrey, with a market cap of $5.2B. As of Q3 2025, 90% of shares are held by 333 institutional investors, with VANGUARD GROUP INC as the largest holder at 9.59%.

President and Chief Financial OfficerLiam P. Caffrey

Market Cap$5.2B

Insurance - Property & Casualty

Financial Services

Employees782.0

Websitewhitemountains.com

Country

United States of America

Overview

Overview of institutional ownership in WTM as of Q3 2025 with a market cap of $4.3B

All Institutions

Institutions: 333
Value Held: $3.9B
Shares Held: 2.3M
Avg Position: $11.7M
Median Position: $605.1K

Hedge Funds

Hedge Funds: 26
Value Held: $220.0M
Shares Held: 131.6K
Avg Position: $8.5M
Median Position: $974.5K

Ownership Breakdown

Institutional (non-HF)

85.3%

$3.7B

Hedge Funds

5.11%

$220.0M

Retail & Other

9.59%

$412.7M

Based on market cap of $4.3B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in WTM as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$412.9M 0.01% of portfolio	9.59% 247.0K shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$262.8M 0.06% of portfolio	6.11% 157.2K shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$232.1M 0.01% of portfolio	5.39% 138.9K shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
N Neuberger Berman Group LLC Institution	-	$192.2M 0.14% of portfolio	4.47% 115.0K shares	≤ Q2 2013 Held for 12y 5m+	$136.94B
B BlackRock, Inc. Institution	-	$188.2M 0.00% of portfolio	4.37% 112.6K shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
River Road Asset Management, LLC Long Only Manager	Richard Andrew Beck CEO	$183.2M 2.05% of portfolio	4.26% 109.6K shares	≤ Q2 2013 Held for 12y 5m+	$8.9B
FULLER & THALER ASSET MANAGEMENT, INC. Long Only Manager	Raife Brandon Giovinazzo Managing Partner	$180.7M 0.61% of portfolio	4.20% 108.1K shares	Q1 2014 Held for 11y 8m	$29.4B
COOKE & BIELER LP Long Only Manager	Edward W O'Connor Partner	$180.3M 1.86% of portfolio	4.19% 107.9K shares	Q4 2024 Held for 11 months	$9.7B
F FIDUCIARY MANAGEMENT INC /WI/ Long Only Manager	John Scott Brandser CEO	$157.8M 1.60% of portfolio	3.67% 94.4K shares	Q1 2017 Held for 8y 8m	$9.9B
Robeco Investment Management, Inc. Long Only Manager	Joseph Francis Feeney CEO	$142.5M 0.15% of portfolio	3.28% 84.4K shares	≤ Q2 2013 Held for 12y 5m+	$97.8B

Net Capital Flow

Institutional buying and selling activity for WTM in Q3 2025

Traded: +$84.1M
Buyers: 152
Sellers: 125
Total Bought: +$280.9M
Total Sold: −$196.8M
Avg Position: $10.8M

Biggest Buyers

Institution	Net Bought	Current Position
N Neuberger Berman Group LLC Institution	+$52.3M +31.3K shares	$192.2M 115.0K shares
COOKE & BIELER LP Long Only Manager	+$51.9M +31.1K shares	$180.3M 107.9K shares
F FIDUCIARY MANAGEMENT INC /WI/ Long Only Manager	+$38.3M +22.9K shares	$157.8M 94.4K shares
S SOUTHEASTERN ASSET MANAGEMENT INC/TN/ Long Only Manager	+$17.6M +10.6K shares	$52.9M 31.7K shares
FULLER & THALER ASSET MANAGEMENT, INC. Long Only Manager	+$11.9M +7.1K shares	$180.7M 108.1K shares
UBS Group AG Institution	+$11.8M +7.1K shares	$20.2M 12.1K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$11.8M +7.1K shares	$12.3M 7.4K shares
Gotham Asset Management, LLC Hedge Fund•Long/Short	+$9.9M +5.9K shares	$11.5M 6.9K shares
LORD, ABBETT & CO. LLC Long Only Manager	+$7.8M +4.7K shares	$61.7M 36.9K shares
Lighthouse Investment Partners, LLC Fund of Funds	+$4.9M +2.9K shares	$4.9M 2.9K shares

Biggest Sellers

Institution	Net Sold	Current Position
MORGAN STANLEY RIA/Wealth	−$43.8M −26.2K shares	$232.1M 138.9K shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	−$25.4M −15.2K shares	$79.9M 47.8K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	−$15.2M −9.1K shares	$14.3M 8.5K shares
Edgestream Partners, L.P. Hedge Fund•Quant Macro	−$10.8M −6.4K shares	$2.3M 1.4K shares
FIRST TRUST ADVISORS LP ETF Provider	−$10.2M −5.7K shares	Sold Off 0 shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	−$9.1M −5.4K shares	$32.1M 19.2K shares
Robeco Investment Management, Inc. Long Only Manager	−$8.4M −4.9K shares	$142.5M 84.4K shares
A AMERICAN CENTURY COMPANIES INC Institution	−$6.9M −4.1K shares	$3.7M 2.2K shares
STATE STREET CORP Institution	−$4.7M −2.8K shares	$91.0M 54.4K shares
BARCLAYS PLC Institution	−$4.1M −2.4K shares	$1.6M 952.0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited WTM in Q3 2025

New Positions: 22
New Value: $9.3M
Exited Positions: 26
Exited Value: $20.4M

New Positions

Institution	Position Value
Union Bankshares Corp Institution	$3.0M 1.8K shares
$Regency Capital Management Inc.\DE logo$ Regency Capital Management Inc.\DE RIA/Wealth	$1.4M 811.0 shares
Texas Yale Capital Corp. RIA/Wealth	$1.1M 680.0 shares
CAPSTONE INVESTMENT ADVISORS, LLC Hedge Fund•Multi-Strategy	$615.1K 368.0 shares
F Farringdon Capital, Ltd. Institution	$518.2K 310.0 shares
N NICOLET ADVISORY SERVICES, LLC Institution	$405.8K 213.0 shares
National Wealth Management Group, LLC RIA/Wealth	$347.7K 208.0 shares
Susquehanna Portfolio Strategies, LLC Private Equity	$312.6K 187.0 shares
I INCEPTIONR LLC Hedge Fund•Quant	$309.2K 185.0 shares
T TCG Advisory Services, LLC RIA/Wealth	$267.4K 160.0 shares

Exited Positions

Institution	Previous Position
FIRST TRUST ADVISORS LP ETF Provider	$10.2M 5.7K shares
Symphony Financial, Ltd. Co. RIA/Wealth	$3.3M 1.8K shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$1.0M 571.0 shares
Q Quadrature Capital Ltd Institution	$982.9K 548.0 shares
M Mitsubishi UFJ Trust & Banking Corp Institution	$856.6K 477.0 shares
FIRST MANHATTAN CO Institution	$720.1K 401.0 shares
P Petrus Trust Company, LTA Institution	$427.4K 238.0 shares
ALGERT COLDIRON INVESTORS LLC Hedge Fund•Quant	$418.4K 233.0 shares
Y Yorktown Management & Research Co Inc Institution	$395.1K 220.0 shares
MARTINGALE ASSET MANAGEMENT L P Long Only Manager	$343.0K 191.0 shares

Options Activity

Institutions with the largest Call and Put options positions in WTM as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with WTM as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
W Wallace Capital Management Inc. Hedge Fund•Multi-Strategy	Christopher Lee Thomason President	16.93% $136.2M	3.16% 81.5K shares	≤ Q2 2013 Held for 12y 5m+	$804.5M
E ELKHORN PARTNERS LIMITED PARTNERSHIP Institution	-	16.80% $24.8M	0.58% 14.8K shares	≤ Q2 2013 Held for 12y 5m+	$147.3M
Mraz, Amerine & Associates, Inc. RIA/Wealth	Deidre Michelle Mraz CCO	5.88% $37.8M	0.88% 22.6K shares	≤ Q2 2013 Held for 12y 5m+	$642.3M
SPEECE THORSON CAPITAL GROUP INC Long Only Manager	Matthew Jeremy Weight Director	3.76% $18.8M	0.44% 11.3K shares	≤ Q2 2013 Held for 12y 5m+	$500.5M
S SOUTHEASTERN ASSET MANAGEMENT INC/TN/ Long Only Manager	Raymond Eugene Glotzbach CEO	2.70% $52.9M	1.23% 31.7K shares	Q4 2021 Held for 3y 11m	$2.0B
Cove Street Capital, LLC Hedge Fund•Value	Matthew James Weber President	2.39% $1.8M	0.04% 1.1K shares	≤ Q2 2013 Held for 12y 5m+	$75.9M
REINHART MAHONEY CAPITAL MANAGEMENT INC Long Only Manager	James Everett Reinhart CEO	2.26% $69.6M	1.62% 41.6K shares	≤ Q2 2013 Held for 12y 5m+	$3.1B
River Road Asset Management, LLC Long Only Manager	Richard Andrew Beck CEO	2.05% $183.2M	4.26% 109.6K shares	≤ Q2 2013 Held for 12y 5m+	$8.9B
COOKE & BIELER LP Long Only Manager	Edward W O'Connor Partner	1.86% $180.3M	4.19% 107.9K shares	Q4 2024 Held for 11 months	$9.7B
F FIDUCIARY MANAGEMENT INC /WI/ Long Only Manager	John Scott Brandser CEO	1.60% $157.8M	3.67% 94.4K shares	Q1 2017 Held for 8y 8m	$9.9B

Hedge Fund Spotlight

Discover hedge funds investing in WTM

BALYASNY ASSET MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDmitry Balyasny

Portfolio Value: $48.1B
Positions: 1,894
Last Reported: Q3 2025

Sector Allocation

Position in White Mountains Insurance Group

Market Value: $498.1K
Shares Held: 298.0
Portfolio Weight: 0.00%
Owned Since: 2025-Q3

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