WHITE MOUNTAINS INSURANCE GROUP LTD Concentrated Active

CIK: 0000776867 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 12, 2026

Total Value ($000): $261,930 (100.0% shares, 0.0% debt)

Holdings (2)

New Positions (1)

SPY SPDR S&P 500 ETF TR 11.7%

Value ($000) $30,686 Shares 45,000 Est. Cost $681.92 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	45,000	$30,686	11.7%	$681.92	—	TR UNIT	78462F103

Unchanged Positions (1)

MAX MEDIAALPHA INC 88.3%

Value ($000) $231,243 Shares 17,856,614 Est. Cost $31.07 Unrealized -60.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MAX	MEDIAALPHA INC	17,856,614	$231,243	88.3%	$31.07	-60.7%	CL A	58450V104