River Road Asset Management, an investment management company released its “River Road Small-Mid Cap Value Fund” Q4 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, AMG River Road Small Cap Value Fund (Class N) returned 3.67% compared to -0.26% returns for the Russell 2500TM Value Index. For the year 2024, the fund returned 12.46% compared to the Index return of 10.98%. For more information on the fund’s best picks in 2024, please check its top five holdings.
In its fourth quarter 2024 investor letter, River Road Small-Mid Cap Value Fund emphasized stocks such as White Mountains Insurance Group, Ltd. (NYSE:WTM). Headquartered in Hamilton, Bermuda, White Mountains Insurance Group, Ltd. (NYSE:WTM) is an insurance and other financial services provider. On April 1, 2025, White Mountains Insurance Group, Ltd. (NYSE:WTM) stock closed at $1,901.99 per share. One-month return of White Mountains Insurance Group, Ltd. (NYSE:WTM) was 2.57%, and its shares gained 8.91% of their value over the last 52 weeks. White Mountains Insurance Group, Ltd. (NYSE:WTM) has a market capitalization of $4.875 billion.
River Road Small-Mid Cap Value Fund stated the following regarding White Mountains Insurance Group, Ltd. (NYSE:WTM) in its Q4 2024 investor letter:
“Another poor performer was White Mountains Insurance Group, Ltd. (NYSE:WTM), a financial services holding company consisting of a municipal bond reinsurer, various insurance and insurance service operations, asset managers, and a significant portfolio of fixed income and alternative investments. This low-beta stock was relatively weak in Q3, giving up part of what had been 20%-plus appreciation year-to-date through the end of June. WTM’s Q2 results released in August revealed positive results from each of its operating businesses, including ARK Insurance, HG Global, and Kudu. Adjusted book value declined -1% quarter-over-quarter due to a -35% price decline for WTM equity holding MediaAlpha (MAX, ~25% owned by WTM). Some of the book value lost in Q2 was recovered with a 38% gain for MAX in Q3. We maintained the position during the quarter.”
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 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held White Mountains Insurance Group, Ltd. (NYSE:WTM) at the end of the fourth quarter compared to 18 in the third 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.
We covered White Mountains Insurance Group, Ltd. (NYSE:WTM) in another article, where we shared The London Company Small Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.