LRT Capital Management, an investment management firm, has released its October 2022 investor letter. A copy of the same can be downloaded here. The October results were impressive, with the LRT Economic Moat strategy returning 7.38%. Plus, check out the fund’s top 5 holdings to discover our best picks for 2022.
LRT Capital described stocks such as Progressive Corporation (NYSE:PGR) in an investor letter. Progressive Corporation (NYSE:PGR) is an insurance holding company headquartered in Mayfield, Ohio. On November 16, 2022, Progressive Corporation (NYSE: PGR) stock closed at $125.91 per share. His one-month return for Progressive Corporation (NYSE:PGR) is his 5.93%, and the company’s shares have risen 38.79% over the past 52 weeks. Progressive Corporation (NYSE:PGR) has a market capitalization of $73.666 billion.
LRT Capital made the following comments about Progressive Corporation (NYSE:PGR) in its October investor letter:
“Progressive Corporation (NYSE:PGR) is a leading US auto insurance company that pioneers telemetrics as a source of differentiation in underwriting and operates through a direct (non-agency) distribution model. Still a minority model in the industry, the company’s distribution model gives the company enduring process-based cost advantages and offers an industry-leading combined ratio, the standard measure of profitability in the insurance industry. made it possible to .
The company has plenty of room to grow and gain market share from players like State Farm, Farmers and Nationwide. The cost advantage of the direct sales model knows no bounds. Scale advantages in advertising and other customer acquisition costs add to the company’s strong competitive edge. We believe the industry structure will evolve towards a duopoly with Progressive and his GEICO as his two main players…” (Click here to read the full story)
Progressive Corporation (NYSE:PGR) isn’t on the list of the 30 most popular hedge funds. According to our database, 63 hedge fund portfolios held Progressive Corporation (NYSE:PGR) at the end of the third quarter, compared with 54 last quarter.
I covered Progressive Corporation (NYSE:PGR) in a separate article and introduced Gavin Abrams’ Abrams Bison Investments stock. Additionally, for investor letters from hedge funds and other leading investors, visit the Hedge Fund Investor Letters Q3 2022 page.
Disclosure: None. This article was originally published on Insider Monkey.