The Progressive Corporation (PGR) Continued its Strong Performance

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Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. All equity classes experienced good results in the third quarter. During the quarter, equity markets ended on a high note, with the S&P 500 achieving a 5.89% increase, bringing the full-year performance to 22.08%. The Value outperformed growth and the market broadened outside the mega-cap tech stocks during the quarter. Against this backdrop, Madison Sustainable Equity Fund (Class Y) outperformed the S&P 500 in the quarter. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.

Madison Sustainable Equity Fund highlighted stocks like The Progressive Corporation (NYSE:PGR), in the third quarter 2024 investor letter. The Progressive Corporation (NYSE:PGR) is an insurance holding company. The one-month return of The Progressive Corporation (NYSE:PGR) was 3.33%, and its shares gained 58.53% of their value over the last 52 weeks. On November 18, 2024, The Progressive Corporation (NYSE:PGR) stock closed at $256.52 per share with a market capitalization of $150.272 billion.

Madison Sustainable Equity Fund stated the following regarding The Progressive Corporation (NYSE:PGR) in its Q3 2024 investor letter:

"The top contributors in the quarter were NextEra Energy, Oracle Corporation, The Progressive Corporation (NYSE:PGR), Equifax Inc., and United Healthcare. Progressive Corp continues to perform well in a strong personal auto market. August results were better than expected with strong margins and better than expected premium and Policy in Force growth."

A team of accountants in a boardroom, discussing strategic moves of an insurance company.

The Progressive Corporation (NYSE:PGR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 95 hedge fund portfolios held The Progressive Corporation (NYSE:PGR) at the end of the third quarter which was 89 in the previous quarter. While we acknowledge the potential of The Progressive Corporation (NYSE:PGR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed The Progressive Corporation (NYSE:PGR) and shared the list of best low volatility stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.

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