Giverny Capital Asset Management, LLC, an investment management company, recently published its second-quarter 2025 investor letter. A copy of the letter can be downloaded here. During the first half of the year, the market was volatile. The S&P 500 ended June 30 up 6.20%. The portfolio lagged behind the market initially but gained 5.41% over the six months. In the quarter ended June, the portfolio returned 9.11% compared to the S&P 500’s 10.94% return. Additionally, you can review the fund’s top 5 holdings to see its best picks for 2025.
In its second-quarter 2025 investor letter, Giverny Capital Asset Management highlighted stocks such as The Progressive Corporation (NYSE:PGR). The Progressive Corporation (NYSE:PGR) is a US-based insurance company. The one-month return of The Progressive Corporation (NYSE:PGR) was -2.98%, and its shares gained 12.53% of their value over the last 52 weeks. On August 5, 2025, The Progressive Corporation (NYSE:PGR) stock closed at $242.94 per share, with a market capitalization of $142.414 billion.
Giverny Capital Asset Management stated the following regarding The Progressive Corporation (NYSE:PGR) in its second quarter 2025 investor letter:
“We trimmed our large holding in The Progressive Corporation (NYSE:PGR) during the quarter at roughly $282. We also sold some shares in the first quarter, such that through June 30th we sold 29% of the holding in the model portfolio. Clients who have been with us for any length of time will have significant capital gains, as Progressive stock doubled in the past two years.
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Is Progressive Corporation (PGR) the Best Low Volatility Stock to Buy Now?
A team of accountants in a boardroom, discussing strategic moves of an insurance company.
The Progressive Corporation (NYSE:PGR) is in 30th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 91 hedge fund portfolios held The Progressive Corporation (NYSE:PGR) at the end of the first quarter, which was 100 in the previous quarter. While we acknowledge the potential of The Progressive Corporation (NYSE:PGR) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
In another article, we covered The Progressive Corporation (NYSE:PGR) and shared Madison Large Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2025 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.