Investment management company Cove Street Capital recently released its “Small Cap Value Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 1.61% compared to 5.18% for the Russell 2000 Index and 2.90% for the Russell 2000 Value Index. The first quarter of calendar year 2024 was mostly more of the recent same. US investors focused on the Federal Reserve’s comments and still expecting interest rate cuts in 2024. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Cove Street Small Cap Value Fund featured stocks like White Mountains Insurance Group, Ltd. (NYSE:WTM) in the first quarter 2024 investor letter. Headquartered in Hamilton, Bermuda, White Mountains Insurance Group, Ltd. (NYSE:WTM) is an insurance and other financial services provider. On April 10, 2024, White Mountains Insurance Group, Ltd. (NYSE:WTM) stock closed at $1,736.97 per share. One-month return of White Mountains Insurance Group, Ltd. (NYSE:WTM) was -0.16%, and its shares gained 21.76% of their value over the last 52 weeks. White Mountains Insurance Group, Ltd. (NYSE:WTM) has a market capitalization of $4.438 billion.
Cove Street Small Cap Value Fund stated the following regarding White Mountains Insurance Group, Ltd. (NYSE:WTM) in its first quarter 2024 investor letter:
“White Mountains Insurance Group, Ltd. (NYSE:WTM) remains the un-modelable, publicly traded, sort-of Private Equity firm in financial services, mostly insurance. Besides an extremely astute and large investment in an active insurance company just before rates started hardening, the company also has benefitted when one of its holdings, a “Fintech” stock, doubled. Having looked at that same company, frankly we are kicking ourselves for not also buying a position. WTM continues to be a long-term hold.”
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. At the end of the fourth quarter, White Mountains Insurance Group, Ltd. (NYSE:WTM) was held by 18 hedge fund portfolios, compared to 16 in the previous quarter, according to our database.
We discussed White Mountains Insurance Group, Ltd. (NYSE:WTM) in another article and shared The London Company Small Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
