Madison Investments, an investment advisor, released its “Madison Investors Fund” first-quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Class Y) returned 9.63% compared to a 10.56% return for the S&P 500 index. The business remains dedicated to its more than two-decades-old strategy of investing in long-term, competitively advantaged, expanding firms at acceptable valuations, even if market performance has been robust over the past year and valuations have generally returned to earlier highs. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Madison Investors Fund featured stocks like The Progressive Corporation (NYSE:PGR) in the first quarter 2024 investor letter. Headquartered in Mayfield Village, Ohio, The Progressive Corporation (NYSE:PGR) is an insurance holding company. On April 17, 2024, The Progressive Corporation (NYSE:PGR) stock closed at $209.12 per share. One-month return of The Progressive Corporation (NYSE:PGR) was 1.73%, and its shares gained 51.11% of their value over the last 52 weeks. The Progressive Corporation (NYSE:PGR) has a market capitalization of $122.479 billion.
Madison Investors Fund stated the following regarding The Progressive Corporation (NYSE:PGR) in its first quarter 2024 investor letter:
“Two of our insurers, Arch Capital and The Progressive Corporation (NYSE:PGR), were also large contributors during the quarter. While they participate in different areas of the insurance market, with Arch generally focused on commercial lines and Progressive on personal lines, they both are benefiting from attractive market conditions, which has boosted underwriting profits. Also, investment income should continue to rise as they roll over the fixed income portfolios at more favorable coupon rates.”
A team of accountants in a boardroom, discussing strategic moves of an insurance company.
The Progressive Corporation (NYSE:PGR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, The Progressive Corporation (NYSE:PGR) was held by 79 hedge fund portfolios, compared to 63 in the previous quarter, according to our database.
We previously discussed The Progressive Corporation (NYSE:PGR) in another article, where we shared the list of hot stocks to invest in according to Wall Street analysts. In addition, please check out our hedge fund investor letters Q1 2024 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.