The London Company, an investment management company, released “The London Company Large Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 8% gross, (7.9% net) compared to an 8.6% increase in the Russell 1000 Index. The portfolio’s relative performance was slowed down by sector exposure which was partially offset by favorable stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Large Cap Strategy highlighted stocks like The Progressive Corporation (NYSE:PGR) in the second quarter 2023 investor letter. Headquartered in Mayfield Village, Ohio, The Progressive Corporation (NYSE:PGR) is an insurance holding company. On August 4, 2023, The Progressive Corporation (NYSE:PGR) stock closed at $126.54 per share. One-month return of The Progressive Corporation (NYSE:PGR) was -3.60%, and its shares gained 6.98% of their value over the last 52 weeks. The Progressive Corporation (NYSE:PGR) has a market capitalization of $74.064 billion.
The London Company Large Cap Strategy made the following comment about The Progressive Corporation (NYSE:PGR) in its second quarter 2023 investor letter:
“The Progressive Corporation (NYSE:PGR) – PGR underperformed during Q2 due to concerns about additional price hikes needed to maintain its targeted profitability ratio. PGR continues to increase auto policies in force, but recent costs were higher than expected. To combat weaker than expected margins, PGR is reducing advertising spending and increasing prices on insurance. Looking ahead, we believe PGR remains well positioned reflecting its more flexible pricing platform and tech solutions that monitor and price for distracted driving. While near-term costs were higher than expected, PGR has a great track record of profitability and conservative underwriting philosophy.”
The Progressive Corporation (NYSE:PGR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held The Progressive Corporation (NYSE:PGR) at the end of first quarter which was 71 in the previous quarter.
We discussed The Progressive Corporation (NYSE:PGR) in another article and shared Madison Sustainable Equity Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
