Nuance Investments Opens Aspen Insurance Position with $44 Million Buy

Nuance Investments opened a position in Aspen Insurance Holdings Limited (NYSE:AHL) 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 (NYSE:CLX): $85.67 million (8.72% of AUM)
• California Water Service Group (NYSE:CWT): $80.97 million (8.24% of AUM)
• Marten Transport (NASDAQ:MRTN): $65.26 million (6.65% of AUM)
• Informatica (NYSE: INFA): $61.19 million (6.23% of AUM)
• Werner Enterprises (NASDAQ:WERN): $51.53 million (5.25% of AUM)

Company Overview

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 (NYSE:EL) 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 (NYSE:GL) by over 310,000 shares, valued at around $33 million. It slightly increased its position in Reinsurance Group of America (NYSE:RGA).

It also significantly reduced its positions in three healthcare stocks. At the end of Q2, Hologic (NASDAQ:HOLX), Qiagen (NYSE:QGEN), and Henry Schein (NASDAQ:HSIC) 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 (NYSE:KVUE), 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.

Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Kenvue. The Motley Fool has a disclosure policy.