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Nuance Investments increased its insurance exposure and shuffled its healthcare holdings.
Nuance Investments opened a position in Aspen Insurance Holdings Limited (AHL +0.05%) in Q3 2025. The Kansas City investment firm acquired around 1.2 million shares, worth almost $44 million per its Nov. 6, 2025, SEC filing.
What happened
Nuance Investments’ latest SEC filing shows the firm initiated a new equity position in Aspen Insurance. The fund acquired 1,198,155 shares, valued at $43.98 million as of Sept. 30, 2025.
What else to know
Nuance Investments reported 46 total holdings and $982.15 million in U.S. equity assets. Aspen Insurance is now one of the fund’s top ten holdings, representing 4.48% of its reportable assets under management (AUM).
Nuance Investments’ top holdings as of Sept. 30, 2025:
- The Clorox Company (CLX 0.49%): $85.67 million (8.72% of AUM)
- California Water Service Group (CWT 1.26%): $80.97 million (8.24% of AUM)
- Marten Transport (MRTN +2.30%): $65.26 million (6.65% of AUM)
- Informatica (NYSE: INFA): $61.19 million (6.23% of AUM)
- Werner Enterprises (WERN +5.31%): $51.53 million (5.25% of AUM)
Company Overview
| Metric | Value |
|---|---|
| Price | $36.97 |
| Market Capitalization | $3.40 billion |
| Revenue (TTM) | $3.21 billion |
| Net Income (TTM) | $401.20 million |
Data correct as of Nov. 27, 2025.
Company Snapshot
Aspen Insurance provides reinsurance and insurance products, including property catastrophe, specialty, casualty, and financial lines.
It operates as a diversified underwriter. It generates income by assuming and managing risk for clients across global markets and leveraging broker and intermediary channels. The company has a broad product portfolio and handles specialty and complex risk underwriting.
Aspen Insurance is based in Bermuda and has a significant international presence with clients in Australia, Asia, Europe, and North America. It has a workforce of over 1,100 employees.
Foolish take
Value stocks dominate Nuance Investments’ portfolio. There’s a focus on transport, utilities, healthcare, and insurance, with no Mag 7 companies to be seen. Nuance Investments made several changes to its portfolio in Q3, though they don’t appear to reflect a shift in its broader strategy.
Its biggest sale was of almost 1 million shares in Estee Lauder Companies (EL +5.21%) worth an estimated $87.94 million. The cosmetics company had been one of its top five holdings, making up almost 7% of its portfolio. By the end of September, it accounted for just 1% of the funds’ AUM.
In the insurance sector, its purchase of almost $44 million of Aspen Insurance stock was its biggest move. Aspen is being bought by The Sompo Group (8630.T) in a deal that’s expected to close in the first half of next year. Nuance Investments trimmed its holdings of Globe Life (GL 1.04%) by over 310,000 shares, valued at around $33 million. It slightly increased its position in Reinsurance Group of America (RGA 0.04%).
It also significantly reduced its positions in three healthcare stocks. At the end of Q2, Hologic (HOLX 0.03%), Qiagen (QGEN 0.84%), and Henry Schein (HSIC 1.97%) accounted for almost 17% of its holdings. In its latest filing, that figure had dropped to just 7%. Nuance also opened a position in Kenvue (KVUE 2.09%), the company behind many domestic health brands like Tylenol and Listerine.
Glossary
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm.
Equity position: Ownership stake in a company, typically represented by shares of its stock.
Reportable assets: Investments that a fund must disclose in regulatory filings, usually above a certain threshold.
Reinsurance: Insurance purchased by insurance companies to limit their own risk exposure from large claims.
Underwriter: An entity that evaluates and assumes risk, often in insurance or securities issuance.
Specialty lines: Insurance products covering unique or complex risks not addressed by standard policies.
Casualty insurance: Insurance covering liability for losses caused by injury to others or damage to property.
Financial lines: Insurance products covering financial risks, such as directors and officers liability or professional indemnity.
Broker distribution: The use of intermediaries or brokers to sell insurance products to clients.
Stake: The ownership interest or share held in a company by an investor or fund.
Quarter’s trades: All buying and selling activity conducted by a fund during a specific fiscal quarter.
TTM: The 12-month period ending with the most recent quarterly report.
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