Here’s Why ClearBridge Sustainability Leaders Strategy Sold Progressive (PGR)

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter.  The strategy gained two out of 10 sectors in which it invested during the quarter, on an absolute basis. Communication services and consumer discretionary sectors were the sole contributors while the information technology (IT) and utilities sectors detracted. Overall stock selection and sector allocation detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

ClearBridge Sustainability Leaders Strategy highlighted stocks like The Progressive Corporation (NYSE:PGR) in the third quarter 2023 investor letter. Headquartered in Mayfield Village, Ohio, The Progressive Corporation (NYSE:PGR) is an insurance holding company. On December 27, 2023, The Progressive Corporation (NYSE:PGR) stock closed at $157.66 per share. One-month return of The Progressive Corporation (NYSE:PGR) was -3.88%, and its shares gained 20.76% of their value over the last 52 weeks. The Progressive Corporation (NYSE:PGR) has a market capitalization of $92.278 billion.

ClearBridge Sustainability Leaders Strategy made the following comment about The Progressive Corporation (NYSE:PGR) in its Q3 2023 investor letter:

“Other positioning moves involved the sale of The Progressive Corporation (NYSE:PGR) and the addition of Travelers. Progressive has had a challenging time pricing in line with elevated loss trends, although we believe it will be able to improve its combined ratio over time.”

A successful independent agent or broker discussing the benefits of life and health insurance with a customer.

The Progressive Corporation (NYSE:PGR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held The Progressive Corporation (NYSE:PGR) at the end of third quarter which was 69 in the previous quarter.

We discussed The Progressive Corporation (NYSE:PGR) in another article and shared the list of best auto insurance companies heading into 2024. In addition, please check out our hedge fund investor letters Q3 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.