The London Company, an investment management company, released “The London Company Small Cap Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the quarter, the fund appreciated 7.1% (7%, net) compared to a 9.3% increase in the Russell 2000 Index. The positive impact of sector allocation was mitigated by stock selection in the third quarter. For more information on the fund’s top picks in 2024, please check its top five holdings.
The London Company Small Cap Strategy highlighted stocks like White Mountains Insurance Group, Ltd. (NYSE:WTM) in the third quarter 2024 investor letter. Headquartered in Hamilton, Bermuda, White Mountains Insurance Group, Ltd. (NYSE:WTM) is an insurance and other financial services provider. On November 12, 2024, White Mountains Insurance Group, Ltd. (NYSE:WTM) stock closed at $1,901.49 per share. One-month return of White Mountains Insurance Group, Ltd. (NYSE:WTM) was 4.24%, and its shares gained 29.70% of their value over the last 52 weeks. White Mountains Insurance Group, Ltd. (NYSE:WTM) has a market capitalization of $4.883 billion.
The London Company Small Cap Strategy stated the following regarding White Mountains Insurance Group, Ltd. (NYSE:WTM) in its Q3 2024 investor letter:
“White Mountains Insurance Group, Ltd. (NYSE:WTM) – Shares of WTM underperformed the market during 3Q. The company generates much of its income from P&C insurance, and the stock tends to track growth in book value over time. Separately, WTM has a good track record of creating value via capital allocation (buying and selling businesses) decisions, so transactions like the sale of NSM Insurance Group and also movements in its underlying investments can meaningfully impact shares. We remain confident in management’s ability to deliver outsized growth in book value per share over time through prudent capital allocation.”
A view of the skyline with a corporate high-rise building, symbolizing the power of the company’s financial services.
White Mountains Insurance Group, Ltd. (NYSE:WTM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held White Mountains Insurance Group, Ltd. (NYSE:WTM) at the end of the second quarter which was 17 in the previous quarter. While we acknowledge the potential of White Mountains Insurance Group, Ltd. (NYSE:WTM) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed White Mountains Insurance Group, Ltd. (NYSE:WTM) and shared Cove Street Small Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.