Ayalon (4D) Global Stocks, managed by Ayalon Trust Funds Ltd. on Kinsale Capital Group, Inc.

Kinsale was added to the insurance compounder bucket because it specializes in excess and surplus insurance for unusual risks that many traditional carriers decline to insure. The fund highlights its focus on small businesses and an exceptionally low loss ratio as evidence of superior underwriting economics. Since its 2016 IPO, the shares have risen almost twentyfold, demonstrating the strength of the business model. The investment thesis is that Kinsale can keep compounding by maintaining underwriting discipline in a structurally attractive specialty market.