Travelers (TRV), a leader in property and casualty insurance, also reached our appraised value. We made a 144% return over our 4+ year holding period. Jay Fishman is among the best operators and capital allocators in the industry, and his record at growing book value, even in challenging periods, greatly rewarded the Partners Fund’s shareholders.
From Mason Hawkins (Trades, Portfolio)’ Longleaf Partners Fund Q1 2015 Management Discussion.