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

Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned 2.03% in the third quarter, compared with the Russell 3000’s 8.18% and the Russell 2000’s 12.39%. For more information on the fund’s best picks in 2025, please check its top five holdings.

In its third-quarter 2025 investor letter, Longleaf Partners Small-Cap Fund highlighted stocks such as White Mountains Insurance Group, Ltd. (NYSE:WTM). Headquartered in Hamilton, Bermuda, White Mountains...