Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market delivered a strong performance again in the second quarter with the S&P 500 up 8.7%. Technology stocks contributed more than half of the S&P 500’s return. However, Madison Sustainable Equity Fund lagged behind the S&P 500 in the second quarter. Both sector allocation and stock selection were headwinds. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Sustainable Equity Fund highlighted stocks like The Progressive Corporation (NYSE:PGR) in the second quarter 2023 investor letter. Headquartered in Mayfield Village, Ohio, The Progressive Corporation (NYSE:PGR) is an insurance holding company. On July 17, 2023, The Progressive Corporation (NYSE:PGR) stock closed at $121.95 per share. One-month return of The Progressive Corporation (NYSE:PGR) was -5.82%, and its shares gained 8.92% of their value over the last 52 weeks. The Progressive Corporation (NYSE:PGR) has a market capitalization of $71.377 billion.
Madison Sustainable Equity Fund made the following comment about The Progressive Corporation (NYSE:PGR) in its second quarter 2023 investor letter:
“The Progressive Corporation (NYSE:PGR) reported April results that were weaker than expected with margins below expectations. Results were hurt by adverse reserve development with an uptick in litigation-related claims in both personal auto and commercial lines. They also experienced higher catastrophe losses. These trends continued in May. Premium growth remains strong with 16% growth in May. We continue to like Progressive’s growth outlook with its strong data analytics and digital distribution channels driving long-term growth.”
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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 which was 71 in the previous quarter.
We discussed The Progressive Corporation (NYSE:PGR) in another article and shared ClearBridge Large Cap Value Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.