Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (28 quarters reported)
$109M in Q4 2013 → $38.7M now. Hover for any quarter.
As reported for the quarter ended September 30, 2020. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| WH Watford Hldgs Ltd | 25.4% | Trimmed 15% | 428,902 | $9.84M |
| AG Argo Group Intl Hldgs Ltd | 12.4% | Added 10% | 139,004 | $4.79M |
| FF Fbl Finl Group Inc | 9.2% | New | 74,107 | $3.57M |
| JR James Riv Group Ltd | 9.2% | Trimmed 11% | 80,000 | $3.56M |
| Chubb Limited | 9.0% | Unchanged | 30,000 | $3.48M |
| PG Prosight Global Inc | 7.0% | New | 239,566 | $2.72M |
| PI Protective Ins Corp | 7.0% | Added 5.4% | 205,000 | $2.69M |
| AC Arch Cap Group Ltd | 5.7% | Trimmed 50% | 75,000 | $2.19M |
| Voya Financial Inc | 5.1% | Unchanged | 40,901 | $1.96M |
| Enstar Group Limited | 5.0% | Trimmed 25% | 12,000 | $1.94M |
| RH Renaissancere Hldgs Ltd | 4.2% | Trimmed 47% | 9,500 | $1.61M |
| PI Protective Ins Corp | 1.0% | Added 24% | 26,774 | $375K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2020 · filed November 16, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BT Benefytt Technologies Inc | Exited | −375,000 | −$7.67M | — |
| FF Fbl Finl Group Inc | New | +74,107 | +$3.57M | 9.2% |
| PG Prosight Global Inc | New | +239,566 | +$2.72M | 7.0% |
| AC Arch Cap Group Ltd | Trimmed | −75,000 | −$2.19M | 5.7% |
| WH Watford Hldgs Ltd | Trimmed | −74,718 | −$1.71M | 25.4% |
| RH Renaissancere Hldgs Ltd | Trimmed | −8,500 | −$1.44M | 4.2% |
| Enstar Group Limited | Trimmed | −4,000 | −$646K | 5.0% |
| AG Argo Group Intl Hldgs Ltd | Added | +13,101 | +$451K | 12.4% |
| JR James Riv Group Ltd | Trimmed | −10,000 | −$445K | 9.2% |
| PI Protective Ins Corp | Added | +10,437 | +$137K | 7.0% |
Showing the 10 largest of 11 changes.
quarter ended June 30, 2020 · filed August 14, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PF Prudential Finl Inc | Exited | −100,000 | −$5.21M | — |
| AC Arch Cap Group Ltd | New | +150,000 | +$4.3M | 9.9% |
| JR James Riv Group Ltd | New | +90,000 | +$4.05M | 9.3% |
| EH Equitable Hldgs Inc | Exited | −271,000 | −$3.92M | — |
| Chubb Limited | New | +30,000 | +$3.8M | 8.8% |
| AI American Intl Group Inc | Exited | −153,650 | −$3.73M | — |
| Renaissancere Holdings Ltd | New | +18,000 | +$3.08M | 7.1% |
| WH Watford Holdings Ltd | Added | +171,350 | +$2.86M | 19.4% |
| Enstar Group Limited | New | +16,000 | +$2.44M | 5.6% |
| HF Hartford Finl Svcs Group Inc | Exited | −60,000 | −$2.11M | — |
Showing the 10 largest of 17 changes.
quarter ended March 31, 2020 · filed May 15, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BT Benefytt Technologies Inc | New | +284,327 | +$6.37M | 16.2% |
| PF Prudential Finl Inc | New | +100,000 | +$5.21M | 13.3% |
| HI Health Ins Innovations Inc | Exited | −252,400 | −$4.87M | — |
| GA Gallagher Arthur J & Co | Exited | −47,040 | −$4.48M | — |
| AG Argo Group Intl Hldgs Ltd | New | +120,516 | +$4.47M | 11.4% |
| HI Health Ins Innovations Inc | Exited | −224,400 | −$4.33M | — |
| WT Willis Towers Watson Pub Ltd | Exited | −21,220 | −$4.29M | — |
| EH Equitable Hldgs Inc | New | +271,000 | +$3.92M | 10.0% |
| LN Lincoln Natl Corp Ind | Exited | −48,010 | −$2.83M | — |
| FH Fednat Hldg Co | Trimmed | −242,300 | −$2.78M | 4.2% |
Showing the 10 largest of 20 changes.
quarter ended December 31, 2019 · filed February 14, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FH Fednat Hldg Co | Trimmed | −362,234 | −$6.02M | 11.7% |
| Assured Guaranty Ltd | Trimmed | −81,320 | −$3.99M | 6.1% |
| WH Watford Holdings Ltd | Added | +120,467 | +$3.03M | 10.1% |
| M Markel Corp | Trimmed | −2,500 | −$2.86M | 4.4% |
| AD Alleghany Corp Del | New | +3,100 | +$2.48M | 4.5% |
| Employers Holdings Inc | New | +56,326 | +$2.35M | 4.3% |
| GA Gallagher Arthur J & Co | Trimmed | −15,900 | −$1.51M | 8.2% |
| GI Global Indty Ltd Cayman | Exited | −49,660 | −$1.24M | — |
| VF Voya Finl Inc | Trimmed | −20,000 | −$1.22M | 6.3% |
| AI American Intl Group Inc | Added | +20,000 | +$1.03M | 8.3% |
Showing the 10 largest of 14 changes.
quarter ended September 30, 2019 · filed November 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Assured Guaranty Ltd | Trimmed | −419,424 | −$18.6M | 11.0% |
| Axis Capital Holdings Ltd | Exited | −247,050 | −$14.7M | — |
| PF Prudential Finl Inc | Exited | −141,305 | −$14.3M | — |
| WT Willis Towers Watson Pub Ltd | Trimmed | −66,659 | −$12.9M | 5.2% |
| M Markel Corp | Trimmed | −10,541 | −$12.5M | 9.0% |
| LN Lincoln Natl Corp Ind | Trimmed | −144,693 | −$8.73M | 5.3% |
| AI American Intl Group Inc | Trimmed | −146,485 | −$8.16M | 6.3% |
| GA Gallagher Arthur J & Co | Trimmed | −90,610 | −$8.12M | 9.3% |
| VF Voya Finl Inc | Trimmed | −144,304 | −$7.86M | 6.9% |
| HI Health Ins Innovations Inc | New | +252,400 | +$6.29M | 10.4% |
Showing the 10 largest of 25 changes.
quarter ended June 30, 2019 · filed September 17, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EI Emc Ins Group Inc | Exited | −407,698 | −$13M | — |
| AH Athene Hldg Ltd | Exited | −219,167 | −$8.94M | — |
| AI American Intl Group Inc | Trimmed | −160,000 | −$8.52M | 6.5% |
| Assurant Inc | Exited | −85,250 | −$8.09M | — |
| GA Gallagher Arthur J & Co | Added | +75,000 | +$6.57M | 7.7% |
| HI Health Ins Innovations Inc | Added | +242,981 | +$6.3M | 6.0% |
| M Markel Corp | Added | +4,749 | +$5.17M | 9.4% |
| Assured Guaranty Ltd | Added | +102,976 | +$4.33M | 13.6% |
| FH Fgl Hldgs | New | +450,000 | +$3.78M | 2.2% |
| AE American Eqty Invt Life Hld | Exited | −134,019 | −$3.62M | — |
Showing the 10 largest of 31 changes.
quarter ended March 31, 2019 · filed September 17, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AI American Intl Group Inc | Added | +366,070 | +$15.8M | 8.7% |
| M Markel Corp | New | +10,412 | +$10.4M | 5.6% |
| HF Hartford Finl Svcs Group Inc | Exited | −197,124 | −$8.76M | — |
| Axis Capital Holdings Ltd | Exited | −160,000 | −$8.26M | — |
| Assurant Inc | New | +85,250 | +$8.09M | 4.3% |
| PF Prudential Finl Inc | Trimmed | −71,006 | −$6.52M | 7.7% |
| Atlas Financial Holdings Inc | Exited | −698,534 | −$5.65M | — |
| EI Emc Ins Group Inc | Added | +140,331 | +$4.47M | 7.0% |
| HI Health Ins Innovations Inc | New | +163,985 | +$4.4M | 2.4% |
| AH Athene Hldg Ltd | Trimmed | −105,394 | −$4.3M | 4.8% |
Showing the 10 largest of 30 changes.
quarter ended December 31, 2018 · filed February 13, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Assurant Inc | Exited | −100,000 | −$10.8M | — |
| EI Emc Ins Group Inc | New | +267,367 | +$8.52M | 4.8% |
| Assured Guaranty Ltd | Trimmed | −218,691 | −$8.37M | 11.0% |
| WT Willis Towers Watson Pub Ltd | Added | +47,461 | +$7.21M | 9.2% |
| PF Prudential Finl Inc | Added | +81,550 | +$6.65M | 10.4% |
| VF Voya Finl Inc | Exited | −100,000 | −$4.97M | — |
| FH Fednat Hldg Co | Added | +231,073 | +$4.6M | 9.2% |
| AE American Eqty Invt Life Hld | Exited | −104,673 | −$3.7M | — |
| Axis Capital Holdings Ltd | Added | +60,000 | +$3.1M | 4.6% |
| AH Athene Hldg Ltd | Trimmed | −64,189 | −$2.56M | 7.2% |
Showing the 10 largest of 30 changes.
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