Giverny Capital Asset Management reduces its position in Progressive Corp. (RMP)


Giverny Capital Asset Management LLC recently published its second quarter 2022 letter to investors, which can be downloaded here. The fund’s model portfolio returns declined by 18.48% net of fees in the second quarter of 2022. Current market events influenced short-term share prices. The fund has generated an annualized return of 17.02% over the past nine quarters, net of fees. You can check out the fund’s top 5 holdings to see its top picks for 2022.

In the letter for the second quarter of 2022, Giverny Capital Asset Management discussed the performance of its portfolios over the past few years. The Progressive Corporation (NYSE:RPG) is the fund’s second largest holding. The Progressive Corporation (NYSE:PGR) is an insurance company headquartered in Mayfield, Ohio, and has a market capitalization of $67.299 billion. The Progressive Corporation (NYSE:PGR) stock closed at $115.06 per share on July 29, 2022. Over a one-month period, The Progressive Corporation (NYSE:PGR) return is -2, 89%. as shares have gained 21.06% of their value over the past 52 weeks.

Here is what Giverny Capital Asset Management specifically said about The Progressive Corporation (NYSE:PGR):

“I made a handful of trades during the quarter, trying to take advantage of falling stock prices to bolster the overall quality of the portfolio. I exited two stocks, B&M European Value Retail and Liberty Broadband, and I slightly reduced The progressive society (NYSE: PGR). We slightly reduced Progressive, which achieved a portfolio weighting of 7%. Progressive was our second largest position at the end of the quarter and will continue to be a key position.

Pixabay/Public Domain

Our research shows that The Progressive Corporation (NYSE:PGR) is not on our list of 30 most popular stocks among hedge funds. According to our database, 52 hedge fund portfolios held The Progressive Corporation (NYSE:PGR) at the end of the first quarter and the prior quarter.

We published another article about The Progressive Corporation (NYSE:PGR) and why to invest in The Progressive Corporation (NYSE:PGR). If you want to read more letters from hedge fund investors and other leading investors, check out our Letters to Hedge Fund Investors Q2 2022 page.

Disclosure: none. This article originally appeared on Insider Monkey.


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