Richmond Hill Investments, LLC

The portfolio experienced a slight contraction of 1.4% in value, decreasing from $194.57 million in the previous quarter to $191.87 million. Despite the reduction in total value, the manager maintained a static position count with zero turnover in terms of entry or exit. This suggests a "buy and hold" mentality regarding their core selections, prioritizing stability and conviction over frequent trading or rebalancing. The lack of diversification implies that the firm’s performance will be almost entirely driven by the price action of its top two holdings, Reservoir Media Inc. and Global Indemnity Group LLC.

Key Holdings