Here’s Why Ariel Appreciation Fund Exited The Progressive Corporation (PGR)

Ariel Investments, an investment management company, released its “Ariel Appreciation Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the Ariel Appreciation fund gained +1.72% ahead of the Russell Midcap Value Index’s +1.32% return while trailing the Russell Midcap Index’s +4.06% return. The fund’s annual average returns for 1-, 5-, and 10-year periods for the period ended March 31, 2023, were -6.66%, +5.32%, and +7.94%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Ariel Appreciation Fund highlighted stocks like The Progressive Corporation (NYSE:PGR) in the first quarter 2023 investor letter. Headquartered in Mayfield Village, Ohio, The Progressive Corporation (NYSE:PGR) is an insurance holding company. On Jine 1, 2023, The Progressive Corporation (NYSE:PGR) stock closed at $128.33 per share. One-month return of The Progressive Corporation (NYSE:PGR) was -0.92%, and its shares gained 7.74% of their value over the last 52 weeks. The Progressive Corporation (NYSE:PGR) has a market capitalization of $75.112 billion.

Ariel Appreciation Fund made the following comment about The Progressive Corporation (NYSE:PGR) in its Q1 2023 investor letter:

“Meanwhile, we successfully exited personal auto insurer, The Progressive Corporation (NYSE:PGR) as it surpassed our estimate of its private market value.”

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 2023 which was 71 in the previous quarter.

We discussed The Progressive Corporation (NYSE:PGR) in another article and shared the list of best financial stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 14 Best Self-Driving Car Stocks To Invest In
• 20 Biggest Beer Brands in America
• 25 Best Places For Single Moms to Live and Work In 2023

Disclosure: None. This article is originally published at Insider Monkey.