Artisan Partners, an investment management company, released its “Artisan Select Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Investor Class: ARTNX returned -4.77%, its Advisor Class: APDNX returned -4.77%, and Institutional Class: APHNX returned -4.71% compared to S&P 500 Index’s -3.27% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Select Equity Fund 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 November 29, 2023, The Progressive Corporation (NYSE:PGR) stock closed at $163.00 per share. One-month return of The Progressive Corporation (NYSE:PGR) was 2.66%, and its shares gained 24.18% of their value over the last 52 weeks. The Progressive Corporation (NYSE:PGR) has a market capitalization of $95.355 billion.
Artisan Select Equity Fund made the following comment about The Progressive Corporation (NYSE:PGR) in its Q3 2023 investor letter:
“The Progressive Corporation (NYSE:PGR) was also a strong performer this quarter. The period started poorly for Progressive as shares were down 13% on July 13. The company reported weak prior-year development in its first-half results as well as high costs for catastrophes. Claims inflation has been an industry problem, and investors feared Progressive would be unable to offset rising claims inflation through pricing, which could hurt policy growth. We added aggressively to our position on weakness given our confidence in Progressive’s low-cost model and excellent underwriting. Claims inflation is not a Progressive-specific issue, and we felt it would be able to pass on the costs and still retain its competitive advantage given its low-cost model. The company recently reported results that showed the business is recovering margin and still growing policies. The share price has more than recovered the July losses.”
A close-up of a life insurance policy with a middle-and lower-income family in the background.
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 low beta stocks to buy. 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.