13F-HR 1 a2157949z13f-hr.txt 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER Report for the Calendar Year or Quarter Ended: March 31, 2005. ----------------------- Check Here if Amendment / /; Amendment Number: --------- This Amendment (Check only one.): / / is a restatement. / / adds new holdings entries. Institutional Investment Manager Filing this Report: Name: White Mountains Advisors LLC ------------------------------- Address of Principal 370 Church Street Executive Office: ------------------------------- Guilford, CT 06437 ------------------------------- Form 13F File Number: 028-00470 --------------------- The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Maribel C. Friend ------------------------------- Title: Chief Operating Officer ------------------------------- Phone: (203) 458-2380 ------------------------------- Signature, Place, and Date of Signing: /s/ Maribel C. Friend Guilford, Connecticut May 11, 2005 --------------------- --------------------- ------------ [Signature] [City, State] [Date] Report Type (Check only one.): /X/ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) / / 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) / / 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 -------------------- Form 13F Information Table Entry Total: 129 -------------------- Form 13F Information Table Value Total: 1,313,781,388 -------------------- List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name 1. 028-01681 WHITE MOUNTAINS INSURANCE GROUP, LTD. ------ ----------------- --------------------------------- WHITE MOUNTAINS ADVISORS, LLC ----------------------------- WHITE MOUNTAINS ADVISORS, LLC FORM 13F INFORMATION TABLE - MARCH 31, 2005
AMOUNT AND TITLE MARKET TYPE OF INVESTMENT VOTING AUTHORITY (SHARES) NAME OF ISSUER OF CLASS CUSIP VALUE SECURITY DISCRETION MANAGERS* SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ 1 3M CO NOTE 11/2 88579YAB7 11,626,125 12,900,000 DEFINED 1 12,900,000 2 3M CO NOTE 11/2 88579YAB7 13,158,250 14,600,000 DEFINED 1, 2 14,600,000 3 ABITIBI- CONSOLIDATED INC COM 003924107 2,963,200 640,000 DEFINED 1 640,000 4 ABITIBI- CONSOLIDATED INC COM 003924107 5,093,000 1,100,000 DEFINED 1, 2 1,100,000 5 ALCOA INC COM 013817101 759,750 25,000 DEFINED 1 25,000 6 ALCOA INC COM 013817101 850,920 28,000 DEFINED 1, 2 28,000 7 AMERADA HESS CORP COM 023551104 31,845,510 331,000 DEFINED 1 331,000 8 AMERADA HESS CORP COM 023551104 40,408,200 420,000 DEFINED 1, 2 420,000 9 ANHEUSER BUSCH COS INC COM 035229103 4,739,000 100,000 DEFINED 1, 2 100,000 10 AQUILA INC COM 03840P102 1,170,065 305,500 DEFINED 1 305,500 11 AQUILA INC COM 03840P102 1,413,270 369,000 DEFINED 1, 2 369,000 12 ARCHER DANIELS MIDLAND CO COM 039483102 9,463,300 385,000 DEFINED 1 385,000 13 ARCHER DANIELS MIDLAND CO COM 039483102 13,150,300 535,000 DEFINED 1, 2 535,000 14 ASSURANT INC COM 04621X108 3,572,200 106,000 DEFINED 1, 2 106,000 15 AUTOMATIC DATA PROCESSING IN COM 053015103 6,113,200 136,000 DEFINED 1 136,000 16 AUTOMATIC DATA PROCESSING IN COM 053015103 24,722,500 550,000 DEFINED 1, 2 550,000 17 BARRICK GOLD CORP COM 067901108 1,773,040 74,000 DEFINED 1 74,000 18 BARRICK GOLD CORP COM 067901108 886,520 37,000 DEFINED 1, 2 37,000 19 BERKSHIRE HATHAWAY INC DEL COM CL A 084670108 7,569,000 87 DEFINED 1 87 20 BERKSHIRE HATHAWAY INC DEL COM CL B 084670207 3,741,360 1,310 DEFINED 1 1,310 21 BERKSHIRE HATHAWAY INC DEL COM CL B 084670207 10,424,400 3,650 DEFINED 1, 2 3,650 22 CALLAWAY GOLF CO COM 131193104 2,329,600 182,000 DEFINED 1 182,000 23 CALLAWAY GOLF CO COM 131193104 2,944,000 230,000 DEFINED 1, 2 230,000 24 CAPITOL FED FINL COM 14057C106 6,235,200 180,000 DEFINED 1 180,000 25 CAPITOL FED FINL COM 14057C106 8,175,040 236,000 DEFINED 1, 2 236,000 26 CENTRAL PAC FINL CORP COM 154760102 403,800 12,000 DEFINED 1, 2 12,000 27 CHARTER FINL CORP WEST PT GA COM 16122M100 3,720,755 111,500 DEFINED 1 111,500 28 CHARTER FINL CORP WEST PT GA COM 16122M100 4,638,430 139,000 DEFINED 1, 2 139,000 29 CLOROX CO DEL COM 189054109 629,900 10,000 DEFINED 1, 2 10,000 30 CMS ENERGY CORP NOTE 3.375% 7/1 125896AT7 2,021,250 1,500,000 DEFINED 1 1,500,000 31 CMS ENERGY CORP NOTE 3.375% 7/1 125896AT7 2,695,000 2,000,000 DEFINED 1, 2 2,000,000 32 COMPASS MINERALS INTL INC COM 20451N101 458,100 18,000 DEFINED 1, 2 18,000 33 COVENTRY HEALTH CARE INC COM 222862104 3,407,000 50,000 DEFINED 1, 2 50,000 34 DELTIC TIMBER CORP COM 247850100 2,267,800 58,000 DEFINED 1, 2 58,000 35 DIAGEO P L C SPON ADR NEW 25243Q205 1,991,500 35,000 DEFINED 1, 2 35,000 36 DIAMOND OFFSHORE DRILLING IN COM 25271C102 4,540,900 91,000 DEFINED 1 91,000 37 DIAMOND OFFSHORE DRILLING IN COM 25271C102 5,489,000 110,000 DEFINED 1, 2 110,000 38 DIAMOND OFFSHORE DRILLING IN DBCV 6/0 25271CAC6 2,453,688 4,150,000 DEFINED 1 4,150,000 39 DIAMOND OFFSHORE DRILLING IN DBCV 6/0 25271CAC6 2,867,563 4,850,000 DEFINED 1, 2 4,850,000 40 DIAMOND OFFSHORE DRILLING IN DBCV 1.500% 4/1 25271CAE2 4,480,031 3,825,000 DEFINED 1 3,825,000 41 DIAMOND OFFSHORE DRILLING IN DBCV 1.500% 4/1 25271CAE2 4,889,969 4,175,000 DEFINED 1, 2 4,175,000 42 EASTMAN CHEM CO COM 277432100 1,652,000 28,000 DEFINED 1, 2 28,000 43 EASTMAN CHEM CO COM 277432100 1,475,000 25,000 DEFINED 1 25,000 44 EL PASO ELEC CO COM 283677854 16,625,000 875,000 DEFINED 1 875,000 45 EL PASO ELEC CO COM 283677854 24,415,000 1,285,000 DEFINED 1, 2 1,285,000 46 EQUITY OFFICE PROPERTIES TRU PFD CV B 5.25% 294741509 1,755,015 34,500 DEFINED 1 34,500 47 EQUITY OFFICE PROPERTIES TRU PFD CV B 5.25% 294741509 2,136,540 42,000 DEFINED 1, 2 42,000 48 FAIRMONT HOTELS RESORTS INC COM 305204109 7,141,670 215,500 DEFINED 1 215,500 49 FAIRMONT HOTELS RESORTS INC COM 305204109 8,285,000 250,000 DEFINED 1, 2 250,000 50 FAIRMONT HOTELS RESORTS INC NOTE 3.750%12/0 305204AB5 5,709,375 5,250,000 DEFINED 1 5,250,000 51 FAIRMONT HOTELS RESORTS INC NOTE 3.750%12/0 305204AB5 7,612,500 7,000,000 DEFINED 1, 2 7,000,000 52 FEDERATED INVS INC PA CL B 314211103 1,851,474 65,400 DEFINED 1, 2 65,400 53 FIRST DATA CORP COM 319963104 7,862,000 200,000 DEFINED 1, 2 200,000 54 FIRST ENERGY CORP COM 337932107 5,285,700 126,000 DEFINED 1 126,000 55 FIRST ENERGY CORP COM 337932107 7,131,500 170,000 DEFINED 1, 2 170,000 56 FORTUNE BRANDS INC COM 349631101 2,741,420 34,000 DEFINED 1 34,000 57 FORTUNE BRANDS INC COM 349631101 4,676,540 58,000 DEFINED 1, 2 58,000 58 GENERAL MLS INC DBCV 10/2 370334AU8 21,209,344 29,925,000 DEFINED 1 29,925,000 59 GENERAL MLS INC DBCV 10/2 370334AU8 25,922,531 36,575,000 DEFINED 1, 2 36,575,000 60 GREAT LAKES CHEM CORP COM 390568103 19,593,200 610,000 DEFINED 1 610,000 61 GREAT LAKES CHEM CORP COM 390568103 25,696,000 800,000 DEFINED 1, 2 800,000 62 INCO LTD COM 453258402 597,000 15,000 DEFINED 1 15,000 63 INCO LTD COM 453258402 199,000 5,000 DEFINED 1, 2 5,000 64 INCO LTD DBCV 1.000% 3/1 453258AT2 20,225,313 15,250,000 DEFINED 1 15,250,000 65 INCO LTD DBCV 1.000% 3/1 453258AT2 25,132,438 18,950,000 DEFINED 1, 2 18,950,000 66 KERR MCGEE CORP COM 492386107 4,817,295 61,500 DEFINED 1 61,500 67 KERR MCGEE CORP COM 492386107 5,248,110 67,000 DEFINED 1, 2 67,000 68 LEHMAN BROS HLDGS INC COM 524908100 3,766,400 40,000 DEFINED 1, 2 40,000 69 LEUCADIA NATL CORP COM 527288104 16,268,091 473,598 DEFINED 1, 2 473,598 70 LOEWS CORP NOTE 3.125% 9/1 540424AL2 16,623,750 16,500,000 DEFINED 1 16,500,000 71 LOEWS CORP NOTE 3.125% 9/1 540424AL2 21,157,500 21,000,000 DEFINED 1, 2 21,000,000 72 LONGVIEW FIBRE CO COM 543213102 8,329,440 444,000 DEFINED 1 444,000 73 LONGVIEW FIBRE CO COM 543213102 14,163,800 755,000 DEFINED 1, 2 755,000 74 MARATHON OIL CORP COM 565849106 31,014,120 661,000 DEFINED 1 661,000 75 MARATHON OIL CORP COM 565849106 42,228,000 900,000 DEFINED 1, 2 900,000 76 MCDONALDS CORP COM 580135101 1,307,880 42,000 DEFINED 1 42,000 77 MCDONALDS CORP COM 580135101 1,712,700 55,000 DEFINED 1, 2 55,000 78 MEREDETH CORP COM 589433101 14,165,250 303,000 DEFINED 1 303,000 79 MEREDETH CORP COM 589433101 17,297,500 370,000 DEFINED 1, 2 370,000 80 MONTPELIER RE HOLDINGS LTD SHS G62185106 221,767,993 6,309,189 DEFINED 1, 2 6,309,189 81 NEW YORK TIMES CO COM CL A 650111107 2,962,980 81,000 DEFINED 1 81,000 82 NEW YORK TIMES CO COM CL A 650111107 3,621,420 99,000 DEFINED 1, 2 99,000 83 NEWMONT MINING CORP COM 651639106 3,147,625 74,500 DEFINED 1 74,500 84 NEWMONT MINING CORP COM 651639106 3,718,000 88,000 DEFINED 1, 2 88,000 85 NORTHGATE MINERALS CORP COM 666416102 520,520 364,000 DEFINED 1 364,000 86 NORTHGATE MINERALS CORP COM 666416102 629,200 440,000 DEFINED 1, 2 440,000 87 NRG ENERGY INC COM 629377508 6,232,375 182,500 DEFINED 1 182,500 88 NRG ENERGY INC COM 629377508 8,025,250 235,000 DEFINED 1, 2 235,000 89 OCTEL CORP COM 675727101 8,690,570 469,000 DEFINED 1 469,000 90 OCTEL CORP COM 675727101 15,861,680 856,000 DEFINED 1, 2 856,000 91 PETRO-CDA COM 71644E102 636,460 11,000 DEFINED 1 11,000 92 PETRO-CDA COM 71644E102 642,246 11,100 DEFINED 1, 2 11,100 93 PNC FINL SVCS GROUP INC COM 693475105 751,608 14,600 DEFINED 1, 2 14,600 94 POPE RES DEL LTD PARTNERSHIP COM 732857107 417,126 11,400 DEFINED 1, 2 11,400 95 POTLATCH CORP COM 737628107 10,025,910 213,000 DEFINED 1 213,000 96 POTLATCH CORP COM 737628107 15,297,750 325,000 DEFINED 1, 2 325,000 97 PRIDE INTL INC DEL NOTE 3.250% 5/0 74153QAD4 1,293,875 1,100,000 DEFINED 1 1,100,000 98 PRIDE INTL INC DEL NOTE 3.250% 5/0 74153QAD4 1,646,750 1,400,000 DEFINED 1, 2 1,400,000 99 PRUDENTIAL FINL INC COM 744320102 4,879,000 85,000 DEFINED 1, 2 85,000 100 ROYAL DUTCH PETE CO NY REG EUR .56 780257804 4,178,784 69,600 DEFINED 1 69,600 101 ROYAL DUTCH PETE CO NY REG EUR .56 780257804 4,983,320 83,000 DEFINED 1, 2 83,000 102 RYDER SYS INC COM 783549108 3,669,600 88,000 DEFINED 1 88,000 103 RYDER SYS INC COM 783549108 6,046,500 145,000 DEFINED 1, 2 145,000 104 SCHERING PLOUGH CORP COM COM 806605101 468,270 25,800 DEFINED 1 25,800 105 SCHERING PLOUGH CORP COM COM 806605101 508,200 28,000 DEFINED 1, 2 28,000 106 SCHLUMBERGER LTD DBCV 1.500% 6/0 806857AC2 21,085,250 19,300,000 DEFINED 1 19,300,000 107 SCHLUMBERGER LTD DBCV 1.500% 6/0 806857AC2 25,892,250 23,700,000 DEFINED 1, 2 23,700,000 108 SEMCO ENERGY INC COM 78412D109 517,500 90,000 DEFINED 1 90,000 109 SEMCO ENERGY INC COM 78412D109 632,500 110,000 DEFINED 1, 2 110,000 110 SIERRA PAC RES NEW COM 826428104 9,137,500 850,000 DEFINED 1 850,000 111 SIERRA PAC RES NEW COM 826428104 7,417,500 690,000 DEFINED 1, 2 690,000 112 SIERRA PAC RES NEW NOTE 7.250% 2/1 826428AF1 4,802,250 1,900,000 DEFINED 1 1,900,000 113 SIERRA PAC RES NEW NOTE 7.250% 2/1 826428AF1 12,637,500 5,000,000 DEFINED 1, 2 5,000,000 114 SIMON PPTY GROUP INC NEW PFD CONV I 6% 828806802 665,160 12,000 DEFINED 1 12,000 115 SIMON PPTY GROUP INC NEW PFD CONV I 6% 828806802 720,590 13,000 DEFINED 1, 2 13,000 116 TECO ENERGY INC COM 872375100 1,912,960 122,000 DEFINED 1 122,000 117 TECO ENERGY INC COM 872375100 2,587,200 165,000 DEFINED 1, 2 165,000 118 TIMBERLAND BANCORP INC COM 887098101 486,420 22,000 DEFINED 1, 2 22,000 119 TRIZEC HAHN CORP DEB 3.000% 1/2 896938AB3 18,555,500 23,600,000 DEFINED 1 23,600,000 120 TRIZEC HAHN CORP DEB 3.000% 1/2 896938AB3 24,491,688 31,150,000 DEFINED 1, 2 31,150,000 121 UNIONBANCAL CORP COM 908906100 1,837,500 30,000 DEFINED 1, 2 30,000 122 UNISOURCE ENERGY CORP COM 909205106 19,161,139 618,700 DEFINED 1 618,700 123 UNISOURCE ENERGY CORP COM 909205106 25,333,460 818,000 DEFINED 1, 2 818,000 124 UNOCAL CORP COM 915289102 36,397,119 590,000 DEFINED 1 590,000 125 UNOCAL CORP COM 915289102 48,426,650 785,000 DEFINED 1, 2 785,000 126 USF&G CORP NOTE 3/0 903290AD6 5,288,000 6,400,000 DEFINED 1 6,400,000 127 USF&G CORP NOTE 3/0 903290AD6 7,105,750 8,600,000 DEFINED 1, 2 8,600,000 128 XCEL ENERGY INC COM 98389B100 549,760 32,000 DEFINED 1 32,000 129 XCEL ENERGY INC COM 98389B100 2,405,200 140,000 DEFINED 1, 2 140,000
1 White Mountains Advisors 1,2 White Mountains Insurance Group