PGR

PGR

PGR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Impax US Sustainable Economy Fund	7.3%	11.1%	AVGO, ELV, GOOG, INTC, ORCL, PGR	efficiency, Esg, innovation, Resilience, sustainability	Impax focuses on companies positioned to benefit from the transition to a more sustainable economy, emphasizing corporate resilience, resource efficiency, and long-term structural tailwinds. The fund highlights that sustainability-aligned businesses can deliver competitive returns while managing environmental and social risks. Sustainability remains investable as regulation, capital flows, and innovation reinforce these themes.		View
2025 Q2	Aug 27, 2025	Brown Advisory Large-Cap Growth Strategy	16.4%	7.6%	DKNG, FICO, MSFT, NFLX, NOW, NVDA, PGR, SPGI, UBER, WST, ZTS	fundamentals, Large Cap Growth, market leaders, Pricing Power, volatility	The commentary highlights resilient large-cap growth leaders with strong balance sheets and pricing power amid heightened volatility. Management stresses taking advantage of market dislocations to add high-quality businesses at better risk-reward levels. Growth leadership is expected to broaden beyond mega-cap concentration.		View
2025 Q2	Aug 11, 2025	Baron FinTech Fund	9.2%	7.7%	ATEG, CME, CWAN, FI, HOOD, INTU, MELI, PGR, SCHW	Digital payments, Financial Services, Fintech, innovation, Platforms	The letter discusses long-term growth in financial technology driven by digitization of payments, capital markets, and financial services. Market volatility has favored challengers and innovative platforms, while regulatory and competitive dynamics remain key risks. Fintech adoption is viewed as structurally increasing across geographies.		View
2024 Q2	Jul 8, 2024	Middle Coast Investing	0.0%	0.0%	ATRO, GOGO, LULU, MTTR, PGR, SJM	-			View
2025 Q2	Jul 31, 2025	Impax US Sustainable Economy Fund	9.9%	3.6%	AVGO, LLY, MRK, NVDA, ORCL, PGR	Esg, productivity, Resilience, resource efficiency, sustainable economy	The letter focuses on positioning portfolios to benefit from the transition toward a more sustainable US economy. Management highlights companies aligned with productivity enhancement, resource efficiency, and resilient business models while avoiding carbon-intensive sectors. Sustainability is framed as both a risk-management and alpha-generating lens.	MRK NVDA AVGO ORCL	View
2025 Q2	Jul 23, 2025	Madison Sustainable Equity Fund	6.1%	2.4%	AAPL, DHR, JPM, LLY, MSFT, NEE, ORCL, PGR, TEL, UNH	Esg, Governance, long-term, Quality, sustainability	The letter highlights sustainable investing as a source of long-term risk-adjusted returns. Management emphasizes high-quality companies that effectively manage environmental, social, and governance risks. Sustainability integration is positioned as enhancing durability and capital preservation.	UNH LLY PGR DHR NEE TEL JPM MSFT AAPL ORCL	View
2025 Q2	Jul 22, 2025	Janes Henderson Global Sustainable Equity Fund	13.8%	15.5%	AJG, PGR, PRY IM, TSM	AI, Electrification, Renewables, semiconductors, sustainability			View
2025 Q2	Jul 20, 2025	The London Company Income Equity	4.5%	9.1%	7974 JP, AAPL, APD, CB, MSFT, PGR, PM, UPS	dividends, income, low volatility, Quality, shareholder yield	The letter focuses on high-quality, low-volatility equity income positioned to perform through macro uncertainty. Dividend yield, balance sheet strength, and pricing power are emphasized as defenses against policy and economic risk. Shareholder yield is expected to drive a significant portion of returns.	CB APD PM MSFT	View
2025 Q2	Jul 20, 2025	The London Company Large Cap	-0.4%	1.8%	BRK/B, FI, NEU, PGR, SCHW, TEL	cash flows, downside protection, large cap, Quality, valuation	The commentary highlights large-cap businesses with durable cash flows, conservative leverage, and strong competitive positions. A focus on quality and downside protection may lag in momentum-driven rallies but is designed to outperform over full cycles. Discipline and fundamentals remain central amid elevated valuations.	PGR BRK.B SCHW TEL NEU	View
2025 Q2	Jul 11, 2025	Giverny Capital Asset Management	9.1%	5.4%	BLDR, FI, GOOG, HEI, KNSL, MTB, PGR	Balance Sheets, cash flow, long-term, niche leaders, Quality	The commentary stresses ownership of high-return, niche market leaders with conservative balance sheets amid elevated macro uncertainty. Management prioritizes businesses with durable competitive advantages, strong cash generation, and prudent capital structures. Lower exposure to mega-cap concentration is viewed as a deliberate long-term choice.	GOOG FISV KNSL	View
2024 Q1	May 13, 2024	The London Company Large Cap	8.1%	14.6%	AAPL, APD, BRK/B, MLM, NSRGY, PGR, SBUX	-			View
2024 Q1	May 13, 2024	The London Company Income Equity	10.4%	14.6%	AAPL, APD, FAST, FIS, MSFT, PGR, SBUX	-			View
2024 Q1	Apr 27, 2024	Parnassus Mid Cap Growth Fund	8.6%	13.3%	ADYEY, BMRN, KLAC, LULU, MELI, MTD, NTR, PGR, SQ, TT, WDAY	-			View
2024 Q1	Apr 27, 2024	Parnassus Value Equity Fund	7.3%	13.7%	BIIB, CMI, FIS, GILD, INTC, MU, PGR, SPGI	-			View
2024 Q1	Apr 2, 2024	Middle Coast Investing	-	-	ACLS, ADM, DBX, EB, FCNCA, FG, PGR, SNX, SPOT, VMEO, WS	-			View
2025 Q1	Apr 15, 2024	The London Company Income Equity	4.4%	4.4%	AAPL, BLK, GLW, MRK, MSFT, NTDOY, PGR, PM	-			View
2025 Q1	Apr 15, 2024	The London Company Large Cap	2.3%	2.3%	BLK, BRK/B, BRKR, ENTG, FDX, GOOG, HD, ODFL, PGR, RSG	-			View
2025 Q1	Apr 11, 2025	Middle Coast Investing	-	-	ACLS, ATRO, COF, ECG, GOOG, OMAB, PGR, PTLO, SON, TRIP, TSM, VMEO	-			View
2025 Q1	Mar 31, 2025	Baron FinTech Fund	-1.4%	-1.4%	APO, GWRE, HOOD, KKR, MA, MELI, NOW, PGR, TW, XYZ	-			View
2025 Q1	Mar 31, 2025	Madison Sustainable Equity Fund	-	-	A, ACN, COST, ECL, GOOG, LIN, LLY, ORCL, PGR, UPS, USB, V	-			View
2025 Q1	Mar 31, 2025	Impax US Sustainable Economy Fund	-5.8%	-5.8%	AWK, EIX, GILD, GLOB, NOW, PGR, TSLA	-			View
2024 Q1	Mar 31, 2024	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	10.9%	10.9%	BRO, DG, KEYS, MCHP, PGR, PNFP, TROW	-			View
2025 Q1	Mar 26, 2025	Andrew Hill Investment Advisors, Inc.	-	-	AAPL, AMZN, DUK, GRMN, JNJ, JPM, MSFT, NFLX, PGR	-			View
2025 Q4	Feb 12, 2026	Bretton Fund	1.4%	11.6%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	AI, Banking, consumer, financials, Housing, technology, value	The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes.	RVTY GOOG UNH	View
2025 Q4	Dec 31, 2025	ACATIS Investment	0.0%	0.3%	ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS	AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value	The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta.	PLTR KOG NO DB1 GR 1177 HK 600183 CH DHR BARC LN AMR ADBE TUNE LN FAA AV EBS AV EPAM	View
2024 Q4	Dec 31, 2024	Parnassus Mid Cap Growth Fund	-2.5%	10.6%	A, ADYEY, ALGN, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT, XYZ	-			View
2024 Q4	Dec 31, 2024	Parnassus Value Equity Fund	-1.5%	12.0%	ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, DIS, FIS, GOOG, GPN, INTL, MU, NICE, NTR, NVO, ORCL, PGR, SCHW, TSM, V	-			View
2023 Q2	Dec 7, 2023	Madison Mid Cap Fund	7.2%	12.4%	ACGL, BRO, GBCI, PGR, WAT	-			View
2023 Q2	Dec 7, 2023	Madison Sustainable Equity Fund	6.1%	20.1%	DHR, ECL, GOOG, HD, JPM, LLY, NKE, ORCL, PGR, TGT, USB	-			View
2024 Q3	Oct 4, 2024	Middle Coast Investing	0.0%	0.0%	ABM, ACLS, APOG, ATKR, ATRO, BOOM, DALN, OMAB, PGR, PTLO, SCHW	-			View
2023 Q3	Oct 31, 2023	The London Company Income Equity	10.4%	14.6%	AAPL, CCI, CVX, NOC, NSC, PAYX, PFE, PGR, TXN, VZ	-			View
2025 Q3	Oct 28, 2025	The London Company Large Cap	6.2%	8.1%	BRKR, EQH, FI, GOOG, NEU, ODFL, PGR, TEL	Artificial Intelligence, earnings, financials, Quality Investing, value	The portfolio modestly underperformed the benchmark as concentration in megacaps and volatility favored speculative names. Strong contributions from Alphabet and TE Connectivity reflected AI adoption and efficiency gains, while Fiserv and Progressive weighed on results. Management expects a rotation back toward quality and value discipline as valuations and concentration risks heighten in AI-driven markets.	EQH GOOG EQH GOOG	View
2024 Q3	Oct 28, 2024	Parnassus Value Equity Fund	7.3%	13.7%	AMZN, AXP, BIIB, BK, CBRE, CHTR, DHI, GOOG, INTC, MU, ORCL, PGR, SCHW, UNH	-			View
2024 Q3	Oct 24, 2024	Bretton Fund	10.0%	0.0%	EXP, PGR	-			View
2024 Q3	Oct 21, 2024	Giverny Capital Asset Management	7.0%	20.2%	BRK/A, FND, MEDP, PGR	-			View
2022 Q3	Oct 21, 2022	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BRK/A, DFH, GOOG, JPM, MA, MCO, MSFT, NVR, PGR, PKI, PRK, ROST, SPGI, TJX, UNH, UNP, V	-			View
2025 Q3	Oct 20, 2025	Appalaches Capital	7.0%	14.4%	CSX, LRCX, PGR	Behavioral Finance, Concentration, Progressive Insurance, Scale Economies, Value Investing	Appalaches maintained a concentrated, benchmark-agnostic portfolio of 12 holdings emphasizing disciplined value investing. The letter revisits scale economies shared, highlighting Progressive Insurance as a case study in using data and cost efficiencies to deliver sustainable underwriting profits. The manager stresses patience, intrinsic value growth, and a long-term compounding approach while avoiding speculative behavior.	LRCX CSX PGR LRCX CSX PGR	View
2025 Q3	Oct 2, 2025	Middle Coast Investing	-	-	AL, AVGO, BHF, CPAY, ECG, FILA IM, GOGO, GOOG, HI, LULU, LYFT, PGR, TFSL, TRIP	AI, Alphabet, Automation, Broadcom, M&A	The letter focuses on opportunistic value investing driven by company-specific fundamentals rather than macro forecasts. Mispricing created by fear, forced selling, or neglect is seen as the primary source of return. Patience and independent thinking are central to the process.	AL US TFSL US BHF US HI US GOGO US CORP US	View
2024 Q3	Oct 2, 2024	The London Company Income Equity	10.4%	14.6%	LOW, MRK, MSFT, PGR, SBUX, SCHW, TEL	-			View
2024 Q3	Oct 2, 2024	The London Company Large Cap	8.1%	14.6%	BLK, CB, CSCO, FDX, FI, GOOG, ORLY, PGR, SCHW, TEL	-			View
2022 Q3	Oct 14, 2022	Giverny Capital Asset Management	7.0%	20.2%	BRK/A, CIEN, COHR, ERF FP, FRC, JPM, KMX, META, MKL, MTB, PGR, SCHW	-			View
2025 Q4	Jan 9, 2026	Middle Coast Investing	2.7%	16.9%	AAPL, ABM, AER, AMZN, APOG, ATKR, ATRO, AVGO, BHF, CCK, COF, CPAY, ECG, FG, GOGO, GOOG, HI, HNI, HURC, LULU, LYFT, MLKN, OMAB, PAGS, PGR, PTLO, SCHW, TRIP, WS	Bottom-up, Cash, Defensive, Office Furniture, risk management, value	Manager emphasizes bottom-up investing approach, looking for companies that will do better in years ahead when stocks are priced attractively. Seeks good companies at fair prices to protect against market struggles while avoiding missing big years. Primary goal is to avoid blowing up and survive through bad times. Uses rules like not buying whole positions at once, demanding 50% upside, watching leverage, and knowing when to double down. Maintains defensive portfolio positioning. Decade-long investment theme in office furniture companies including Kimball International, Steelcase, and HNI Corporation. Believes return to office theme hasn't played out but might be soon, with order growth showing improvement across major players.		View
2025 Q4	Jan 26, 2026	NZS Capital – Growth	-1.4%	17.9%	AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI	AI, growth, positioning, semiconductors, software, technology, valuation	The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered.	ISRG TSM LRCX FISV DHR GOOGL	View
2025 Q4	Jan 21, 2026	NCG Large Cap Growth Strategy	1.0%	15.3%	AAPL, AMD, GE, GHI, GOOGL, HOOD, KNSL, MDB, MSFT, NFLX, ORCL, PGR, ROKU, SAIA, SPOT	active management, growth, Outperformance, Quality, small caps, technology	The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming high-quality names. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, presenting an opportunity for this discount to narrow. The firm maintains significant exposure to AI infrastructure and sees an accelerated pace of innovation happening across various industries. Their technology holdings are diversified across AI infrastructure among other areas.		View
2025 Q4	Jan 20, 2026	Appalaches Capital	1.7%	16.5%	ACGL, ASML, AZO, EXP, GOOGL, PGR, PM, VMC	alpha, Concentration, large cap, long-term, Patience, Quality, value	The manager emphasizes investing in companies with steep competitive advantages and durable value propositions. Portfolio construction focuses on 12-15 concentrated investments in unique, independent businesses with barriers to entry that protect economic profitability for decades. Earning acceptable returns requires buying at acceptable prices, which requires patience. The manager focuses on finding quality companies that are undervalued at specific points in time, rebalancing toward those with more attractive prices when discounts appear.	ASML GOOG	View
2025 Q4	Jan 20, 2026	Madison Large Cap Fund	3.4%	3.4%	A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY	AI, Automation, financials, industrials, large cap, Quality, technology, value	The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business.	WDAY FISV	View
2025 Q4	Jan 20, 2026	Harding Loevner Global Equity	1.9%	12.7%	0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, global, international, semiconductors, technology, value	AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI.	GOOG	View
2025 Q4	Jan 16, 2026	Janus Henderson Global Sustainable Equity Fund	-1.5%	9.2%	1299.HK, AAPL, AJG, EXPN.L, GOOGL, IFX.DE, KEYS, KLAC, MMC, MU, NTDOY, NVDA, ORCL, PGR, SPOT, STN.TO, TMUS, TSM, UBER, WD, WK	AI, Climate, Energy Transition, global, semiconductors, sustainability, technology	AI remained a dominant trend with NVIDIA becoming the first company to reach $5 trillion market cap. The rally broadened to the AI value chain including memory companies like Micron. Structural demand across the AI value chain remained robust despite concerns about overstretched valuations. TSMC continued positive momentum with robust results, beating revenue and margin expectations driven by strong demand for advanced products. The company raised full-year revenue guidance to 35% reflecting explosive growth in AI demand from consumer, enterprise and sovereign AI models. Clean technology economics reached a tipping point with renewables and EVs achieving cost parity, driving record investment of $2 trillion in 2025. Global EV sales reached 20% of new car purchases despite policy uncertainty, with solar attracting $500 billion in investment. 2025 was one of the three hottest years ever recorded with climate-driven disasters causing significant costs. Despite political challenges, 84% of large companies maintained climate commitments and investor sentiment remained resilient with 70% committed to sustainability long-term.		View
2025 Q4	Jan 13, 2026	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-1.2%	4.9%	ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA	AI, fundamentals, mid cap, Quality, Speculation, value	Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks.	FAST AZO BRO APH MKL	View
2024 Q3	Sep 30, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	APPL, COST, DHR, EFX, GOOG, KEYS, LLY, MSFT, NEE, ORCL, PGR, QCOM, SCHW, UAHC	-			View
2024 Q3	Sep 30, 2024	Impax US Sustainable Economy Fund	6.6%	21.4%	AMAT, CBRE, GILD, HUBS, PGR, PINS	-			View
2024 Q3	Sep 30, 2024	Barometer Capital Management Inc.	-	-	AVGO, BWXT, CCO, CIBC, GE, HWM, NEE, NVDA, PGR, QCOM, TRP, VLO	-			View
2023 Q4	Sep 2, 2024	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BRK/A, DFH, GOOG, MA, MSFT, NVR, PGR, RVTY, RXMD, UNH, UNP, V	-			View
2023 Q2	Jul 19, 2023	The London Company Income Equity	10.4%	14.6%	AAPL, CCI, LOW, MSFT, PGR, SCHW, TGT	-			View
2023 Q2	Jul 19, 2023	The London Company Large Cap	8.1%	14.6%	ALB, KMX, MLM, ORLY, PGR, RSG, SBUX, TXN, VZ	-			View
2023 Q2	Jul 13, 2023	Giverny Capital Asset Management	7.0%	20.2%	AAPL, AMZN, CIEN, GOOG, META, MSFT, PGR	-			View
2025 Q1	Apr 23, 2025	Bretton Fund	-1.0%	-1.0%	GOOG, PGR	-			View
2023 Q1	Apr 20, 2023	Wedgewood Partners	5.8%	22.4%	AAPL, BKNG, FRC, GOOG, META, PGR, SPGI, TPL, TSM, UNH	-			View
2025 Q1	Apr 15, 2025	Giverny Capital Asset Management	-3.4%	-3.4%	AAON, ALL, ANET, FIVE, KMX, KNSL, LMN CN, MEDP, PGR, TWFG	-			View
2025 Q1	Apr 14, 2025	Parnassus Value Equity Fund	-2.0%	-2.0%	A, ALGN, AMD, AMZN, AVGO, BIO, CI, DE, GILD, GOOG, JPM, PGR, ROST, VZ	-			View
2025 Q1	Mar 31, 2025	Madison Investors Fund	-0.9%	-0.9%	ACGL, ACN, ELV, FI, GOOG, PGR, USB	-			View
2022 Q4	Jan 23, 2023	Giverny Capital Asset Management	8.5%	-22.7%	COHR, ERF FP, FD, FIVE, FRCB, GOOG, HEI, JPM, KMX, KO, MA, META, PGR, SCHW	-			View
2022 Q4	Jan 2, 2023	GoodHaven Capital Management	0.0%	18.9%	BRK/B, DVN, GOOG, GS, KKR, PGR	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 8, 2026	Fund Letters	Maya Bittar	Progressive Corporation	Financials	Property & Casualty Insurance	Bull	New York Stock Exchange	Data, Insurance, Pricing, profitability, underwriting	View Pitch
Jan 8, 2026	Fund Letters	Brian Campbell	The Progressive Corporation	Financials	Property & Casualty Insurance	Bear	New York Stock Exchange	Auto Insurance, capital returns, growth, Margins, underwriting	View Pitch
Nov 29, 2025	Fund Letters	Jake Keys	Progressive Corp.	Financials	Property & Casualty Insurance	Bull	NYSE	combined ratio, Cost leadership, Flywheel, market share, Pricing power, Scale economies, Underwriting margin	View Pitch
Nov 28, 2025	Fund Letters	Jake Keys	Progressive Corp.	Financials	Property & Casualty Insurance	Bull	NYSE	combined ratio, Cost leadership, Flywheel, market share, Pricing power, Scale economies, Underwriting margin	View Pitch

BSD Shareholders of PGR

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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