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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
Vanguard Group
1
Vanguard Group
Pennsylvania
$413M -$3.86M -2,166 -0.9%
Dimensional Fund Advisors
2
Dimensional Fund Advisors
Texas
$263M +$2.61M +1,464 +0.9%
Morgan Stanley
3
Morgan Stanley
New York
$232M -$46.8M -26,202 -16%
Neuberger Berman Group
4
Neuberger Berman Group
New York
$192M +$55.9M +31,316 +37%
BlackRock
5
BlackRock
New York
$188M -$1.03M -579 -0.5%
RRAM
6
River Road Asset Management
Kentucky
$183M -$542K -304 -0.3%
Fuller & Thaler Asset Management
7
Fuller & Thaler Asset Management
California
$181M +$12.7M +7,107 +7%
CB
8
Cooke & Bieler
Pennsylvania
$180M +$55.4M +31,070 +40%
FMI
9
Fiduciary Management Inc
Wisconsin
$158M +$40.9M +22,905 +32%
Boston Partners
10
Boston Partners
Massachusetts
$143M -$8.83M -4,949 -6%
WCM
11
Wallace Capital Management
Texas
$136M +$4.38M +2,453 +3%
LCOV
12
London Company of Virginia
Virginia
$112M -$3.51M -1,968 -3%
State Street
13
State Street
Massachusetts
$91M -$4.99M -2,797 -5%
T. Rowe Price Investment Management
14
T. Rowe Price Investment Management
Maryland
$79.9M -$27.1M -15,169 -24%
Geode Capital Management
15
Geode Capital Management
Massachusetts
$70.4M -$783K -439 -1%
RP
16
Reinhart Partners
Wisconsin
$69.6M -$152K -85 -0.2%
Bank of America
17
Bank of America
North Carolina
$64.9M -$1.07M -597 -2%
Lord, Abbett & Co
18
Lord, Abbett & Co
New Jersey
$61.7M +$8.37M +4,692 +15%
SAM
19
Southeastern Asset Management
Tennessee
$52.9M +$18.8M +10,558 +50%
Allspring Global Investments
20
Allspring Global Investments
North Carolina
$52.3M +$3.77M +2,113 +7%
Raymond James Financial
21
Raymond James Financial
Florida
$49.1M -$2.29M -1,285 -4%
CS
22
Cannell & Spears
New York
$47.3M -$105K -59 -0.2%
Charles Schwab
23
Charles Schwab
California
$40.5M +$87.4K +49 +0.2%
MAA
24
Mraz Amerine & Associates
California
$37.8M +$1.84M +1,030 +5%
Brown Advisory
25
Brown Advisory
Maryland
$34M -$931K -522 -3%
1
2 3 4 5

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.