Focused Leadership is Driving Sustainable Growth at White Mountains Insurance (WTM)

London Company’s second-quarter 2026 investor letter for its Small-Mid Cap Strategy highlighted White Mountains Insurance Group (NYSE: WTM) and pointed to how its portfolio themes are playing out. The letter describes a sharp rebound in U.S. equities in Q2, with the Russell 3000 gaining 15.4%, helped by AI infrastructure spending, strong earnings, and easing Middle East tensions. Within that move, technology led while Energy and defensive sectors lagged. The strategy returned 12.1% gross and 11.8% net versus a 20.3% gain for the Russell 2500, attributing relative weakness to stock selection. For WTM, headquartered in Hamilton, Bermuda, the firm reported a close of $2,132.74 on Aug. 26, 2026, with shares up 0.39% over the past month and 16.52% over 52 weeks.