WHITE MTNS INS GROUP LTD

Ticker: WTM CUSIP: G9618E107 Class: COM

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (44)

GENDELL JEFFREY L
Value ($000) $67,578 Shares 32,520
DARK FOREST CAPITAL MANAGEMENT LP
Value ($000) $7,512 Shares 3,615
LECAP ASSET MANAGEMENT LTD
Value ($000) $707 Shares 340
Ackerman Asset Management, LLC
Value ($000) $208 Shares 100
Eagle Bay Advisors LLC
Value ($000) $189 Shares 91
Entropy Technologies, LP
Value ($000) $1,018 Shares 490
Greenland Capital Management LP
Value ($000) $603 Shares 290
PRIVATE MANAGEMENT GROUP INC
Value ($000) $1,509 Shares 726
CHILDRESS CAPITAL ADVISORS, LLC
Value ($000) $206 Shares 99
Kera Capital Partners, Inc.
Value ($000) $233 Shares 114
CHICAGO TRUST Co NA
Value ($000) $208 Shares 100
Jump Financial, LLC
Value ($000) $1,367 Shares 658
XTX Topco Ltd
Value ($000) $476 Shares 229
FIRST TRUST ADVISORS LP
Value ($000) $9,465 Shares 4,555
SYON CAPITAL LLC
Value ($000) $291 Shares 140
BALDWIN BROTHERS LLC/MA
Value ($000) $208 Shares 100
Quadrature Capital Ltd
Value ($000) $748 Shares 360
Gladstone Institutional Advisory LLC
Value ($000) $208 Shares 100
MARSHALL WACE, LLP
Value ($000) $2,282 Shares 1,098
Callan Family Office, LLC
Value ($000) $202 Shares 97

Increased Positions (96)

Triad Investment Management
Value ($000) $5,294 (+65.5%) Shares 2,548 (+42.9%)
River Road Asset Management, LLC
Value ($000) $251,192 (+37.1%) Shares 120,880 (+10.3%)
REINHART PARTNERS, LLC.
Value ($000) $91,413 (+31.4%) Shares 43,973 (+5.7%)
Regency Capital Management Inc.\DE
Value ($000) $3,398 (+150.6%) Shares 1,635 (+101.6%)
NEUBERGER BERMAN GROUP LLC
Value ($000) $269,425 (+40.1%) Shares 129,654 (+12.7%)
Select Equity Group, L.P.
Value ($000) $40,964 (+44.6%) Shares 19,713 (+16.3%)
Caitong International Asset Management Co., Ltd
Value ($000) $127 (+441.7%) Shares 61 (+335.7%)
Covestor Ltd
Value ($000) $0 (+325.0%) Shares 97 (+246.4%)
Aquatic Capital Management LLC
Value ($000) $2,452 (+91.8%) Shares 1,180 (+54.2%)
D. E. Shaw & Co., Inc.
Value ($000) $17,857 (+325.3%) Shares 8,593 (+242.1%)
SEI INVESTMENTS CO
Value ($000) $16,450 (+82.7%) Shares 7,916 (+47.0%)
UBS ASSET MANAGEMENT AMERICAS INC
Value ($000) $15,907 (+135848.4%) Shares 7,655 (+109257.1%)
Quantinno Capital Management LP
Value ($000) $15,109 (+49.3%) Shares 7,271 (+20.1%)
State of Wyoming
Value ($000) $278 (+119.2%) Shares 134 (+76.3%)
Cerity Partners LLC
Value ($000) $7,362 (+127.0%) Shares 3,543 (+82.6%)
STEPH & CO
Value ($000) $102 (+110.1%) Shares 49 (+69.0%)
BNP PARIBAS ARBITRAGE, SA
Value ($000) $6,941 (+170.3%) Shares 3,340 (+117.4%)
Mount Yale Investment Advisors, LLC
Value ($000) $463 (+76.6%) Shares 223 (+42.0%)
Zurcher Kantonalbank (Zurich Cantonalbank)
Value ($000) $1,897 (+348.6%) Shares 913 (+260.9%)
Vestmark Advisory Solutions, Inc.
Value ($000) $667 (+154.2%) Shares 321 (+104.5%)

Decreased Positions (116)

ELKHORN PARTNERS LIMITED PARTNERSHIP
Value ($000) $28,257 (+14.1%) Shares 13,598 (-8.2%)
Wallace Capital Management Inc.
Value ($000) $166,963 (+22.6%) Shares 80,347 (-1.4%)
PROSPECTOR PARTNERS LLC
Value ($000) $1,018 (-83.9%) Shares 490 (-87.0%)
SPEECE THORSON CAPITAL GROUP INC
Value ($000) $22 (+17.8%) Shares 10,672 (-5.2%)
FIDUCIARY MANAGEMENT INC /WI/
Value ($000) $187,715 (+19.0%) Shares 90,333 (-4.3%)
COOKE & BIELER LP
Value ($000) $221,474 (+22.9%) Shares 106,579 (-1.2%)
LONDON CO OF VIRGINIA
Value ($000) $121,996 (+9.2%) Shares 58,697 (-12.1%)
Midwest Professional Planners, LTD.
Value ($000) $806 (-22.4%) Shares 388 (-37.6%)
Robeco Institutional Asset Management B.V.
Value ($000) $1,295 (-95.5%) Shares 623 (-96.4%)
Main Street Financial Solutions, LLC
Value ($000) $1,736 (-17.7%) Shares 835 (-33.8%)
Allspring Global Investments Holdings, LLC
Value ($000) $41,232 (-21.2%) Shares 20,193 (-36.3%)
Edgestream Partners, L.P.
Value ($000) $1,099 (-52.0%) Shares 529 (-61.4%)
T. Rowe Price Investment Management, Inc.
Value ($000) $14 (-82.7%) Shares 6,662 (-86.1%)
Shotwell Rutter Baer Inc
Value ($000) $502 (-1.9%) Shares 242 (-10.4%)
Oak Thistle LLC
Value ($000) $1,101 (+0.3%) Shares 530 (-19.3%)
Boston Partners
Value ($000) $159,728 (+12.1%) Shares 76,911 (-8.9%)
HENGEHOLD CAPITAL MANAGEMENT LLC
Value ($000) $472 (-28.4%) Shares 227 (-42.4%)
LEUTHOLD GROUP, LLC
Value ($000) $2,321 (+15.1%) Shares 1,117 (-7.4%)
MORGAN STANLEY
Value ($000) $170,716 (-26.5%) Shares 82,151 (-40.8%)
Tower Research Capital LLC (TRC)
Value ($000) $39 (-94.4%) Shares 19 (-95.5%)

Exited Positions (35)

Perpetual Ltd
Value ($000) $13,584 Shares 8,127
Lighthouse Investment Partners, LLC
Value ($000) $4,913 Shares 2,939
Farringdon Capital, Ltd.
Value ($000) $518 Shares 310
National Wealth Management Group, LLC
Value ($000) $348 Shares 208
INCEPTIONR LLC
Value ($000) $309 Shares 185
ODDO BHF ASSET MANAGEMENT SAS
Value ($000) $1,555 Shares 930
Requisite Capital Management, LLC
Value ($000) $216 Shares 129
Commonwealth Bank of Australia
Value ($000) $1,021 Shares 1,000
Magnetar Financial LLC
Value ($000) $1,473 Shares 881
SummitTX Capital, L.P.
Value ($000) $334 Shares 200
QRG CAPITAL MANAGEMENT, INC.
Value ($000) $617 Shares 369
AMERIFLEX GROUP, INC.
Value ($000) $33 Shares 20
ExodusPoint Capital Management, LP
Value ($000) $670 Shares 401
Virtu Financial LLC
Value ($000) $1 Shares 309
Susquehanna Portfolio Strategies, LLC
Value ($000) $313 Shares 187
NEVILLE RODIE & SHAW INC
Value ($000) $0 Shares 200
Walleye Capital LLC
Value ($000) $662 Shares 396
TEACHER RETIREMENT SYSTEM OF TEXAS
Value ($000) $563 Shares 337
Bayforest Capital Ltd
Value ($000) $15 Shares 9
CAPSTONE INVESTMENT ADVISORS, LLC
Value ($000) $615 Shares 368