XL Group Ltd. (NYSE:XL) (-9.9%) was a detractor during the quarter as a range of events caused significant weakness in the stock. There were six catastrophic events (Hurricanes Harvey, Irma, and Maria, the Mexico City earthquake, and the northern and southern California fires) that will likely lead to record-high industry insured losses in excess of $135 billion. The retail and apparel environment has also been a very difficult part of the market, as bricks and mortar retailers are cutting back on inventories due to competition from eCommerce, declining foot traffic in malls, and consumer discretionary spending contractions.
From Leith Wheeler Investment Funds' 4th quarter 2017 commentary.
