In Springview Capital Management’s Q1 2023 letter, W.R. Berkley (WRB, Financial) was highlighted as a key position that faced challenges during the quarter. Despite a decline of -13.5%, the company’s fundamentals remain strong, with a 12.8% year-over-year growth in adjusted book value per share and a 16.4% return on equity. The fund remains confident in the long-term value creation potential of W.R. Berkley, emphasizing patience as a key strategy.
"Our biggest winner and our biggest loser so far is WRB, which cost us about 130 basis points of YTD performance. Shares fell -13.5% (including dividends) during the quarter, but business fundamentals remain solid. 1Q 2023 adjusted book value per share grew +12.8% Y/Y (dividends-adjusted) with a 16.4% return on equity. We view these results as satisfactory and sustainable and believe they will ultimately translate into stock market value. Patience is key." — Guy Baron, Springview Capital Management, Q1 2023 Fund Letter
Read full letter at gurufocus Springview Capital Management 2023 Q1 page.
