WHITE MOUNTAINS INSURANCE GROUP LTD

Key Holdings

The portfolio is entirely composed of MediaAlpha Inc (MAX), a technology company. White Mountains holds 17.86 million shares of MAX, valued at $203.21 million. This position represents 100% of the reported 13F portfolio. The fact that this is the sole holding signifies that MediaAlpha is not just a top pick, but the exclusive equity component of White Mountains' reported public market exposure for this period. Given the size of the stake (17.86 million shares), the investor holds a significant equity interest in the company, suggesting a level of influence or a long-term strategic commitment that goes beyond typical passive investment.