WHITE MOUNTAINS INSURANCE GROUP LTD Concentrated Active

Location: Hanover, NH

CIK: 0000776867 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 12, 2026

Total Value: $262M (100.0% shares, 0.0% debt)

Holdings (2)

MAX MEDIAALPHA INC 88.3%

Value $231M Shares 17,856,614 Est. Cost $31.07 Unrealized -60.7%

SPY SPDR S&P 500 ETF TR 11.7%

Value $30.69M Shares 45,000 Est. Cost $681.92 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MAX	MEDIAALPHA INC	17,856,614	$231M	88.3%	$31.07	-60.7%	CL A	58450V104
SPY	SPDR S&P 500 ETF TR	45,000	$30.69M	11.7%	$681.92	—	TR UNIT	78462F103