Longleaf Partners Small-Cap Fund’s Investment Theses for White Mountains (WTM)

Group 1 - Longleaf Partners Small-Cap Fund reported a return of 2.03% in Q3 2025, underperforming the Russell 3000's 8.18% and the Russell 2000's 12.39% [1] - The fund highlighted White Mountains Insurance Group, Ltd. (NYSE:WTM) as a key investment, with a one-month return of 5.43% and a 52-week gain of 2.04% [2] - White Mountains Insurance Group, Ltd. closed at $2,024.89 per share on December 1, 2025, with a market capitalization of $5.17 billion [2] Group 2 - The fund increased its investment in White Mountains Insurance Group, Ltd. at discounted prices during the quarter, emphasizing the company's focus on value per share [3] - White Mountains Insurance Group, Ltd. sold its controlling interest in Bamboo for nearly a 4x return in approximately 2 years of ownership, showcasing its investment strategy [3] - At the end of Q3 2025, 26 hedge fund portfolios held shares of White Mountains Insurance Group, Ltd., an increase from 20 in the previous quarter [4]