PICO Holdings: More To The River Road

PICO Holdings: More To The River Road by Activist Stocks River Road Asset Management is a fairly large $7bn fund. It is a diversified fund, but still owns 5% or so of companies given it’s still. However, all those stakes are passive. So the fact that it went active (13D filing) on PICO Holdings in February is interesting. It’s only the third company the fund has ever gone active on in its seven year history. The fund went active back in early February with a 5% stake. Now it owns 8.8% of the company at a cost basis around $19…