The Progressive Corporation
CH ˙ SWX ˙ US7433151039
SecurityCH:PGR / The Progressive Corporation
InstitutionGiverny Capital Inc.
ManagerFrancois Rochon
Latest Disclosed Ownership528,364 shares
Latest Disclosed Value $ 104,742,879
Giverny Capital Inc. reports 1.58% decrease in ownership of PGR / The Progressive Corporation

On May 15, 2026 - Giverny Capital Inc. filed a 13F-HR form disclosing ownership of 528,364 shares of The Progressive Corporation (CH:PGR) valued at $104,742,879 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 536,832 shares of The Progressive Corporation. This represents a change in shares of -1.58% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F PROGRESSIVE COM 743315103 528,364 -8,468 -1.58 104,743 -14.32 3.8348
2026-02-13 2025-12-31 13F PROGRESSIVE COM 743315103 536,832 2,943 0.55 122,247 -7.28 4.0779
2025-11-17 2025-09-30 13F/A-2 PROGRESSIVE COM 743315103 533,889 13,522 2.60 131,844 -5.06 4.4676
2025-11-14 2025-09-30 13F/A-1 PROGRESSIVE COM 743315103 533,889 13,522 131,844 4.2049
2025-11-14 2025-09-30 13F PROGRESSIVE COM 743315103 533,889 13,522 131,844 4.0427
2025-08-13 2025-06-30 13F PROGRESSIVE COM 743315103 520,367 -8,787 -1.66 138,865 -7.27 4.7625
2025-08-12 2025-03-31 13F/A-1 PROGRESSIVE COM 743315103 529,154 -16,702 -3.06 149,756 14.50 5.5206
2025-05-13 2025-03-31 13F PROGRESSIVE COM 743315103 529,154 -16,702 149,756 5.5203
2025-08-12 2024-12-31 13F/A-1 PROGRESSIVE COM 743315103 545,856 9,163 1.71 130,793 -3.96 4.7805
2025-02-13 2024-12-31 13F PROGRESSIVE COM 743315103 545,856 9,163 130,793 4.7803
2024-11-13 2024-09-30 13F PROGRESSIVE COM 743315103 536,693 1,872 0.35 136,191 22.60 5.1776
2024-08-14 2024-06-30 13F PROGRESSIVE COM 743315103 534,821 4,452 0.84 111,088 1.27 4.6938
2024-05-13 2024-03-31 13F PROGRESSIVE COM 743315103 530,369 24,818 4.91 109,691 36.22 4.4605
2024-02-09 2023-12-31 13F PROGRESSIVE COM 743315103 505,551 4,120 0.82 80,524 15.28 3.7847
2024-01-25 2023-09-30 13F/A-1 PROGRESSIVECORP COM 743315103 501,431 14,022 2.88 69,849 8.26 3.7915
2023-11-13 2023-09-30 13F PROGRESSIVE COM 743315103 501,431 14,022 69,849 3.7939
2023-08-07 2023-06-30 13F PROGRESSIVE COM 743315103 487,409 6,178 1.28 64,518 -6.28 3.3945
2023-05-12 2023-03-31 13F PROGRESSIVE COM 743315103 481,231 19,906 4.31 68,845 15.05 4.1471
2023-05-17 2022-12-31 13F/A-1 PROGRESSIVE COM 743315103 461,325 10,401 2.31 59,838 14.19 3.6990
2023-02-10 2022-12-31 13F PROGRESSIVE COM 743315103 461,325 10,401 60 3.6990
2022-11-14 2022-09-30 13F PROGRESSIVE COM 743315103 450,924 -127,915 -22.10 52,402 -22.14 3.5492
2022-08-12 2022-06-30 13F PROGRESSIVE COM 743315103 578,839 -141,096 -19.60 67,302 -17.99 4.4344
2022-05-12 2022-03-31 13F PROGRESSIVE COM 743315103 719,935 -96,817 -11.85 82,065 -2.12 4.6325
2022-02-11 2021-12-31 13F PROGRESSIVE COM 743315103 816,752 15,856 1.98 83,840 15.81 4.4725
2021-11-15 2021-09-30 13F/A-1 PROGRESSIVE COM 743315103 800,896 30,277 3.93 72,393 -4.35 4.3164
2021-11-12 2021-09-30 13F PROGRESSIVE COM 743315103 800,896 30,277 72,393 4.2718
2021-08-13 2021-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 770,619 95,117 14.08 75,682 17.18 4.6031
2021-05-17 2021-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 675,502 21,278 3.25 64,585 -0.16 4.3198
2021-02-16 2020-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 654,224 39,960 6.51 64,690 11.24 4.9616
2020-11-13 2020-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 614,264 10,328 1.71 58,152 20.20 5.3326
2020-08-07 2020-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 603,936 39,398 6.98 48,381 16.06 4.8110
2020-05-15 2020-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 564,538 115,149 25.62 41,685 28.14 5.3089
2020-02-07 2019-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 449,389 181,146 67.53 32,531 56.99 2.9439
2019-11-14 2019-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 268,243 268,243 20,722 2.0657
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.