Giverny Capital Asset Management Trimmed Progressive (PGR) on Share Price Appreciation

Giverny Capital Asset Management, LLC, an investment management company, recently published its first-quarter 2025 investor letter. A copy of the letter can be downloaded here. The portfolio returned -3.39% in the quarter, compared to a -4.27% return for the S&P 500 Total Return Index. For the year ended March 31, 2025, the fund returned 1.75% compared to an 8.25% return for the Index during the same period. For more information on the fund’s best picks in 2025, please check its top five holdings.

In its first-quarter 2025 investor letter, Giverny Capital Asset Management highlighted stocks such as The Progressive Corporation (NYSE:PGR). The Progressive Corporation (NYSE:PGR) is a US-based insurance company. The one-month return of The Progressive Corporation (NYSE:PGR) was -3.34%, and its shares gained 26.56% of their value over the last 52 weeks. On April 17, 2025, The Progressive Corporation (NYSE:PGR) stock closed at $265.45 per share with a market capitalization of $155.616 billion.

Giverny Capital Asset Management stated the following regarding The Progressive Corporation (NYSE:PGR) in its Q1 2025 investor letter:

We trimmed The Progressive Corporation (NYSE:PGR) after a big run-up in the stock price. As of March 31st, Progressive was up 273% since our inception five years ago, including 17% in the first quarter (vs. -4.3% for the Index). Progressive remains a top five holding.

The Progressive Corporation (NYSE:PGR) is in 30th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 100 hedge fund portfolios held The Progressive Corporation (NYSE:PGR) at the end of the fourth quarter compared to 95 in the third 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.

We covered The Progressive Corporation (NYSE:PGR) in another article, where we shared Middle Coast Investing's views on the company. In addition, please check out our hedge fund investor letters Q1 2025 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.