At Holdings Channel, we have reviewed the latest batch of the 22 most recent 13F filings for the 12/31/2025 reporting period, and noticed that Progressive Corp. (Symbol: PGR) was held by 10 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look.
Before we proceed, it is important to point out that 13F filings do not tell the whole story, because these funds are only required to disclose their long positions with the SEC, but are not required to disclose their short positions. A fund making a bearish bet against a stock by shorting calls, for example, might also be long some amount of stock as they trade around their overall bearish position. This long component could show up in a 13F filing and everyone might assume the fund is bullish, but this tells only part of the story because the bearish/short side of the position is not seen.
Having given that caveat, we believe that looking at groups of 13F filings can be revealing, especially when comparing one holding period to another. Below, let's take a look at the change in PGR positions, for this latest batch of 13F filers:
| Fund | New Position? | Change In Share Count | Change In Market Value ($ in 1000's) |
|---|---|---|---|
| Bank of New York Mellon Corp | Existing | -65,723 | -$75,679 |
| Goldman Sachs Group Inc. | Existing | +697,439 | +$90,946 |
| Central Securities Corp | Existing | UNCH | -$7,692 |
| Harfst & Associates Inc. | Existing | -336 | -$224 |
| Bruce G. Allen Investments LLC | Existing | +152 | +$25 |
| Mutual of America Capital Management LLC | Existing | -578 | -$1,353 |
| Allen Investment Management LLC | Existing | UNCH | -$88 |
| AXQ Capital LP | NEW | +4,906 | +$1,117 |
| Fielder Capital Group LLC | Existing | +127 | +$10 |
| Factorial Partners LLC | Existing | UNCH | -$39 |
| Aggregate Change: | +635,987 | +$7,023 | |
In terms of shares owned, we count 3 of the above funds having increased existing PGR positions from 09/30/2025 to 12/31/2025, with 3 having decreased their positions and 1 new position.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the PGR share count in the aggregate among all of the funds which held PGR at the 12/31/2025 reporting period (out of the 4,456 we looked at in total). We then compared that number to the sum total of PGR shares those same funds held back at the 09/30/2025 period, to see how the aggregate share count held by hedge funds has moved for PGR. We found that between these two periods, funds increased their holdings by 779,291 shares in the aggregate, from 130,767,833 up to 131,547,124 for a share count increase of approximately 0.60%. The overall top three funds holding PGR on 12/31/2025 were:
| » | Fund | Shares of PGR Held |
|---|---|---|
| 1. | Vanguard Group Inc. | 55,261,140 |
| 2. | Geode Capital Management LLC | 15,612,584 |
| 3. | Massachusetts Financial Services Co. MA | 12,779,665 |
| 4-10 | Find out the full Top 10 Hedge Funds Holding PGR | » |
We'll keep following the latest 13F filings by hedge fund managers and bring you interesting stories derived from a look at the aggregate information across groups of managers between filing periods. While looking at individual 13F filings can sometimes be misleading due to the long-only nature of the information, the sum total across groups of funds from one reporting period to another can be a lot more revealing and relevant, providing interesting stock ideas that merit further research, like Progressive Corp. (Symbol: PGR).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
