Here’s Wedgewood Partners’ Investment Thesis for Chubb Limited (CB)

Core Insights - Wedgewood Partners anticipates stronger market volatility in the coming years and has moderated its enthusiasm for investments [1] - The Wedgewood Composite returned -1.8% in Q4 2025, underperforming compared to the S&P 500's 2.7%, Russell 1000 Growth Index's 1.1%, and Russell 1000 Value Index's 3.8% [1] - Year-to-date, the Composite gained 4.3%, significantly lower than the indexes' returns of 17.9%, 18.6%, and 15.9% respectively [1] - The underperformance is attributed to poor stock selection, valuation corrections of past strong performers, and being underweight in AI stocks [1] - In 2026, crowded AI investments and stretched valuations are expected to pressure prudent investment decisions [1] Company Focus: Chubb Limited - Wedgewood Partners initiated a new position in Chubb Limited (NYSE:CB), a leading provider in the property and casualty insurance industry [3] - As of January 16, 2026, Chubb Limited's stock closed at $300.77 per share, with a one-month return of -3.27% and a 52-week gain of 11.61% [2] - Chubb Limited has a market capitalization of $119.914 billion [2]