The London Company, an investment management company, released “The London Company Large Cap Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. U.S. equities increased during the third quarter, with most major indices recording mid-single-digit gains. The broader market, represented by the Russell 3000 Index, rose by 6.2%. Notably, there was a shift from large-cap growth stocks to small-cap and value styles. The portfolio increased 8.2% (8.1% net) during the quarter compared to a 6.1% increase for the Russell 1000 Index. Both stock selection and sector exposure were tailwinds to the relative performance of the strategy. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
The London Company Large Cap Strategy highlighted stocks like The Progressive Corporation (NYSE:PGR), in the third quarter 2024 investor letter. The Progressive Corporation (NYSE:PGR) is an insurance holding company. The one-month return of The Progressive Corporation (NYSE:PGR) was -1.07%, and its shares gained 56.40% of their value over the last 52 weeks. On November 5, 2024, The Progressive Corporation (NYSE:PGR) stock closed at $248.07 per share with a market capitalization of $145.322 billion.
The London Company Large Cap Strategy stated the following regarding The Progressive Corporation (NYSE:PGR) in its Q3 2024 investor letter:
“The Progressive Corporation (NYSE:PGR) – PGR was a top performer as the company continued to gain market share from competitors and improved its margins by effectively segmenting underwriting risks and implementing strategic pricing. PGR has achieved its profitability target by lowering advertising costs and focusing on acquiring preferred customers. We remain confident in PGR’s ability to execute in all environments, competitive advantages, and capital allocation strategy.”
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 31 Most Popular Stocks Among Hedge Funds. As per our database, 89 hedge fund portfolios held The Progressive Corporation (NYSE:PGR) at the end of the second quarter which was 85 in the previous 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.
In another article, we discussed The Progressive Corporation (NYSE:PGR) and shared Giverny Capital Asset Management’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.