#6 Progressive Corporation (NYSE:PGR)
Number of Hedge Fund Investors: 87
ChatGPT bought Progressive at $202.89, and the stock is up 9.0% since then, according to Rallies data as of Oct. 14. It makes up 13.5% of the portfolio. Progressive is one of the largest auto insurers in the US. ChatGPT called it an “anti-AI insurance hedge” that balances its exposure to AI infrastructure and big tech. The chatbot pointed to an 86% combined ratio and 18% policy growth. 87 hedge funds held the stock at the end of the second quarter, up from 82 in the first quarter. Our earlier piece includes an investor letter that takes a harder view of its slowing policy growth. Find out more here.
