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White Mountains Insurance
WTM

338 hedge funds and large institutions have $3.89B invested in White Mountains Insurance in 2025 Q3 according to their latest regulatory filings, with 44 funds opening new positions, 105 increasing their positions, 103 reducing their positions, and 28 closing their positions.

New
Increased
Maintained
Reduced
Closed

57% more first-time investments, than exits

New positions opened: 44 | Existing positions closed: 28

20% more funds holding in top 10

Funds holding in top 10: 5 → 6 (+1)

4% more funds holding

Funds holding: 325 → 338 (+13)

2% more repeat investments, than reductions

Existing positions increased: 105 | Existing positions reduced: 103

0.27% more ownership

Funds ownership: 90.15% → 90.41% (+0.27%)

7% less capital invested

Capital invested by funds: $4.17B → $3.89B (-$272M)

Holders
338
Holders Change
+13
Holders Change %
+4%
% of All Funds
4.44%
Holding in Top 10
6
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+20%
% of All Funds
0.08%
New
44
Increased
105
Reduced
103
Closed
28
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
Neuberger Berman Group
Neuberger Berman Group
New York
+$55.9M
2
CB
Cooke & Bieler
Pennsylvania
+$55.4M
3
FMI
Fiduciary Management Inc
Wisconsin
+$40.9M
4
SAM
Southeastern Asset Management
Tennessee
+$18.8M
5
Fuller & Thaler Asset Management
Fuller & Thaler Asset Management
California
+$12.7M

Top Sellers

1
Morgan Stanley
Morgan Stanley
New York
-$46.8M
2
T. Rowe Price Investment Management
T. Rowe Price Investment Management
Maryland
-$27.1M
3
UBS AM
UBS AM
Illinois
-$21.9M
4
Victory Capital Management
Victory Capital Management
Texas
-$16.3M
5
EP
Edgestream Partners
New Jersey
-$11.5M
Name Holding Trade Value Shares
Change 		Change in
Stake
Wellington Management Group
26
Wellington Management Group
Massachusetts
$32.1M -$9.71M -5,440 -22%
Northern Trust
27
Northern Trust
Illinois
$29.7M +$628K +352 +2%
Envestnet Asset Management
28
Envestnet Asset Management
Illinois
$29.4M +$143K +80 +0.5%
Robeco Institutional Asset Management
29
Robeco Institutional Asset Management
Netherlands
$28.8M -$1.04M -583 -3%
Select Equity Group
30
Select Equity Group
New York
$28.3M -$1.65M -926 -5%
EP
31
Elkhorn Partners
Nebraska
$24.8M -$161K -90 -0.6%
WCM Investment Management
32
WCM Investment Management
California
$22.2M +$246K +138 +1%
HKAM
33
Horizon Kinetics Asset Management
New York
$21.9M +$3.77M +2,113 +19%
UBS Group
34
UBS Group
Switzerland
$20.2M +$12.6M +7,073 +141%
STCG
35
Speece Thorson Capital Group
Minnesota
$18.8M -$216K -121 -1%
Bank of New York Mellon
36
Bank of New York Mellon
New York
$16.9M -$1.35M -758 -7%
Wells Fargo
37
Wells Fargo
California
$15.6M -$419K -235 -2%
California Public Employees Retirement System
38
California Public Employees Retirement System
California
$15.4M -$2.07M -1,162 -11%
TSW
39
Thompson Siegel & Walmsley
Virginia
$14.5M +$619K +347 +4%
Victory Capital Management
40
Victory Capital Management
Texas
$14.3M -$16.3M -9,114 -52%
PL
41
Perpetual Ltd
Australia
$13.6M +$714K +400 +5%
GKIM
42
GW&K Investment Management
Massachusetts
$13.4M -$468K -262 -3%
Susquehanna International Group
43
Susquehanna International Group
Pennsylvania
$12.3M +$12.6M +7,072 +2,456%
Hotchkis & Wiley Capital Management
44
Hotchkis & Wiley Capital Management
California
$11.9M +$423K +237 +3%
GAM
45
Gotham Asset Management
New York
$11.5M +$10.6M +5,939 +619%
RA
46
Royce & Associates
New York
$10.5M -$537K -301 -5%
QCM
47
Quantinno Capital Management
New York
$10.1M +$3.15M +1,764 +41%
Goldman Sachs
48
Goldman Sachs
New York
$9.88M -$1.74M -974 -14%
AQR Capital Management
49
AQR Capital Management
Connecticut
$9.84M -$3.87M -2,171 -27%
BFS
50
Bradley Foster & Sargent
Connecticut
$9.27M +$42.8K +24 +0.4%
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WTM Hedge Fund Activity: Q3 2025 in Review

338 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in White Mountains Insurance (WTM) for Q3 2025, worth a combined $3.89B — down 6.5% from $4.17B a quarter earlier.

Buyers outnumbered sellers: 44 funds opened new WTM positions and 28 closed out — a net gain of 16 holders — while 105 added to existing stakes and 103 trimmed.

The largest buyer was Neuberger Berman Group, adding an estimated $55.9M. The largest seller was Morgan Stanley, cutting an estimated $46.8M.

  • 338 institutional investors held White Mountains Insurance (WTM) as of Q3 2025, up from 325 in Q2 2025.
  • Funds reported $3.89B of White Mountains Insurance stock for Q3 2025, down 6.5% quarter-over-quarter.
  • 44 funds opened new White Mountains Insurance positions in Q3 2025 and 28 closed out, a net change of +16 holders.
  • The largest White Mountains Insurance buyer in Q3 2025 was Neuberger Berman Group, an estimated $55.9M added.
  • The largest White Mountains Insurance seller in Q3 2025 was Morgan Stanley, an estimated $46.8M sold.

Based on aggregated 13F filings for Q3 2025.