SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: BERKLEY W R CORP
Filing Type: Form 13F Information Table
Reporting Period: The filing text does not explicitly state the quarter end date in the header, though the metadata indicates a period of 2026 Jun 30. The table lists holdings as of the reporting date.
Business Context: This filing discloses the equity securities held by Berkley W R Corp. The portfolio is heavily concentrated in Special Purpose Acquisition Companies (SPACs), including common shares, warrants, and rights. There are also significant holdings in energy infrastructure, technology, and consumer discretionary sectors.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists over 200 distinct security positions. The vast majority of the portfolio consists of SPACs (e.g., Armada Acquisition, Cantor Equity Partners, Inflection Point Acquisition).
Notable Non-SPAC Holdings (Value to nearest dollar):
- Energy Transfer LP: $157,740,000 (8,250,000 shares)
- Enterprise Products Partners LP: $250,887,000 (6,825,000 shares)
- Plains All American Pipeline LP: $70,882,674 (3,184,307 shares)
- Kinder Morgan Inc: $90,705,476 (2,837,206 shares)
- On Semiconductor Corp: $69,119,896 (731,118 shares)
- Microsoft Corp: $55,729,188 (149,400 shares)
- Amazon.com Inc: $11,917,000 (50,000 shares)
- NVIDIA Corp: $24,971,232 (124,800 shares)
- Tesla Inc: $21,030,000 (50,000 shares)
- Progressive Corp: $45,347,817 (207,589 shares)
- Pfizer Inc: $23,250,131 (965,537 shares)
Derivatives: The filing indicates the holding of Put options on Amazon.com, Microsoft, NVIDIA, Taiwan Semiconductor, and Tesla. It also lists significant warrant positions across numerous SPACs.
Liquidity and Debt: The filing text does not provide data on the company's own cash flow, debt, or liquidity.
Material Changes
The filing text does not provide a comparative table against the prior period; therefore, material changes in holdings versus the previous quarter cannot be determined from this document alone.
Guidance, Outlook, and Risks
Management Commentary: None provided in this filing type.
Risks and Contingencies: The portfolio is heavily exposed to the SPAC market, which carries risks related to merger completion, redemption rates, and warrant valuation. The presence of Put options on major tech stocks suggests a hedging strategy against downside risk in those specific equities.
Investor Verification Checklist
- Verify the total aggregate value of the SPAC portfolio versus the liquid cash equivalents held by the firm.
- Confirm the status of the listed SPACs (e.g., whether they have completed a de-SPAC transaction or are still searching for targets).
- Review the expiration dates of the significant warrant holdings to assess potential dilution or value erosion.
- Validate the hedging strategy by analyzing the strike prices and expiration dates of the Put options held on Amazon, Microsoft, NVIDIA, and Tesla.
- Check for any subsequent filings (e.g., 13F-HR amendments) that may update these positions.