Storgate's Portfolio Shake-up
Storgate LLC Discloses Significant New Investments Across ETFs and Major Individual Stocks
Key Points
Storgate’s largest move—into the Fidelity Blue Chip Growth ETF—was a purchase of 580,355 shares in the 4th quarter for about $31.827 million. The filing cited that Storgate owned roughly 0.64% of the ETF, with the fund opening at $61.04.
For Fidelity Emerging Markets Multifactor ETF (FDEM), Storgate bought 305,085 shares valued at approximately $9.421 million. The article added fund-specific details: FDEM tracks a multi-factor emerging-markets index, was launched Feb. 26, 2019, and had metrics including a 11.96 price-to-earnings ratio and a 0.54 beta (with a 12-month range of $26.83–$38.32).
In Cigna Group (CI), Storgate acquired 2,614 shares worth about $719,000. The accompanying note on insider activity specified that CEO David Cordani sold 201,878 shares on Tuesday, May 12 at an average price of $292.82, for a total value of $59,113,915.96.
For W.R. Berkley (WRB), the analyst breakdown included the exact target and rating adjustments: Goldman Sachs raised WRB from “neutral” to “buy” and increased its target from $71 to $73; Argus cut from “buy” to “hold”; UBS set a $68 price target with a “neutral” rating; and Keefe, Bruyette & Woods lowered its target from $74 to $66 while keeping a “market perform” rating.
Storgate LLC, a Texas-based investment firm managing roughly $122 million in assets, disclosed a $9.4 million stake in the Fidelity Emerging Markets Multifactor ETF during the fourth quarter, making it the firm's second-largest holding at 7.7% of its portfolio, according to Ticker Report. The move was part of a broader portfolio restructuring that also included a $31.8 million bet on the Fidelity Blue Chip Growth ETF — now 26.2% of Storgate's holdings.
The disclosures, filed in a 13F report for the period ending December 31, 2025, reveal a firm leaning heavily into both domestic growth and international diversification. Storgate also opened smaller new positions in Cigna Group and W.R. Berkley, according to Watchlist News.
Fidelity ETFs Dominate Storgate's New Positions
Storgate's biggest single move was buying 580,355 shares of the Fidelity Blue Chip Growth ETF (FBCG) for about $31.8 million, according to Watchlist News. That purchase makes FBCG roughly 26.2% of the firm's total portfolio. The fund opened at $61.04, and Storgate now owns about 0.64% of the entire ETF.
The FDEM purchase of 305,085 shares at roughly $9.4 million comes in second. FDEM tracks a "smart beta" index — meaning it picks stocks based on four factors: value, quality, low volatility, and momentum, rather than just company size. The fund launched February 26, 2019, carries a low beta of 0.54, and trades in a 12-month range of $26.83 to $38.32, per Ticker Report.
Small Insurance Bets Come With Big Analyst Disagreements
Storgate bought 2,614 shares of Cigna Group (CI) worth about $719,000, a position equal to roughly 0.6% of its portfolio, per Ticker Report. The firm also picked up a W.R. Berkley (WRB) stake worth $648,000. Both positions are modest, but the stocks behind them are anything but quiet.
Analysts are sharply divided on W.R. Berkley. Goldman Sachs upgraded the stock from "neutral" to "buy" and raised its target from $71 to $73. But Argus cut its rating from "buy" to "hold." UBS holds a "neutral" rating with a $68 target. Keefe, Bruyette & Woods kept a "market perform" rating while slashing its target from $74 to $66, according to Ticker Report.
Cigna CEO Sold $59 Million in Stock Near Storgate's Buy
While Storgate was buying Cigna shares, CEO David Cordani was selling a much larger block. On May 12, Cordani sold 201,878 shares at an average price of $292.82, totaling $59,113,915.96. The sale was made under a pre-arranged 10b5-1 plan, which executives use to sell shares on a set schedule regardless of market conditions.
Cordani is set to retire as CEO on July 1, 2026, with current President Brian Evanko taking over. Analysts at JPMorgan and Barclays called the sale a "planned transition move" rather than a sign of lost confidence, though they noted the timing may "surprise some investors," per Ticker Report.
Goldman Sachs Breaks the Bearish Streak on W.R. Berkley
The insurance sector debate over W.R. Berkley centers on a single word: reserves. KBW analyst Meyer Shields flagged a potential $834 million deficiency in statutory loss reserves, warning that Berkley may need to generate more releasable reserves in 2026 and 2027 to cover long-tail casualty liabilities. Argus echoed that concern by cutting its rating to "hold" in late April.
Goldman Sachs analyst Robert Cox pushed back on June 8, upgrading the stock to "buy" and arguing that underwriting margins are more sustainable than peers expect. Cox pointed to litigation reforms and decelerating casualty claims inflation as reasons the bear case is overdone. Storgate's $648,000 stake is small, but its timing puts it squarely in the middle of that debate, per Ticker Report.
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