Property and casualty insurance companies (Alleghany Common and White Mountains (WTM) Common). Both companies have generated solid (high single digit) annual book value growth since the Fund invested in 2012 despite a challenging environment characterized by low interest rates and competitive underwriting. Shares of both companies, which account for 3.1% of the Fund’s assets in total, were purchased at modest discounts to book value.
From Martin Whitman (Trades, Portfolio)'s 2Q 2014 Shareholder Letters.
