ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 1000 Value Index, in the first quarter. On an absolute basis, the strategy gained from 5 of the 11 sectors in which it was invested for the quarter. The information technology (IT) and communication services sectors were the leading contributors while health care and financials sectors detracted. Overall stock selection detracted from the performance on a relative basis while sector allocation was positive. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Large Cap Value Strategy highlighted stocks like The Progressive Corporation (NYSE:PGR) in the first quarter 2023 investor letter. Headquartered in Mayfield Village, Ohio, The Progressive Corporation (NYSE:PGR) is an insurance holding company. On July 3, 2023, The Progressive Corporation (NYSE:PGR) stock closed at $132.59 per share. One-month return of The Progressive Corporation (NYSE:PGR) was 2.76%, and its shares gained 11.91% of their value over the last 52 weeks. The Progressive Corporation (NYSE:PGR) has a market capitalization of $77.618 billion.
ClearBridge Large Cap Value Strategy made the following comment about The Progressive Corporation (NYSE:PGR) in its first quarter 2023 investor letter:
“Other financial holdings were among the top contributors, such as American Express, whose business is less sensitive to changes in the yield curve than most financials, and The Progressive Corporation (NYSE:PGR), which has minimal interest rate mismatch exposure. Progressive continues to demonstrate superior underwriting practices with consistent share gains in the personal auto insurance market while maintaining strong profitability. The company pioneered the use of in-vehicle telematics, providing it with a substantial amount of differentiated user data that it uses to reward better drivers while also reducing its risk of losses. These data-driven insights enabled Progressive to lead the industry in raising prices to offset higher losses. Subsequently, as competitors have been forced to sharply raise prices in order to restore profitability, customers have shopped for better rates and Progressive has been able to accelerate its market share gains. The company has a conservative investment portfolio, which we believe is likely to prove defensive in a softer macro environment.”
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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 2023 which was 71 in the previous quarter.
We discussed The Progressive Corporation (NYSE:PGR) in another article and shared the list of largest auto insurance companies in the US. In addition, please check out our hedge fund investor letters Q1 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.
