The Progressive Corporation
MX ˙ BMV ˙ US7433151039
SecurityMX:PGR / The Progressive Corporation
InstitutionGAM Holding AG
Latest Disclosed Ownership24,661 shares
Latest Disclosed Value $ 5,615,803
GAM Holding AG reports 7.01% decrease in ownership of PGR / The Progressive Corporation

On February 17, 2026 - GAM Holding AG filed a 13F-HR form disclosing ownership of 24,661 shares of The Progressive Corporation (MX:PGR) valued at $5,615,803 USD as of December 31, 2025. The entity filed a previous 13F-HR on October 21, 2025 disclosing 26,519 shares of The Progressive Corporation. This represents a change in shares of -7.01% 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)
2026-02-17 2025-12-31 13F PROGRESSIVE COM 743315103 24,661 -1,858 -7.01 5,616 -14.25 0.2723
2025-10-21 2025-09-30 13F PROGRESSIVE COM 743315103 26,519 -3,747 -12.38 6,549 -18.92 0.2960
2025-08-04 2025-06-30 13F PROGRESSIVE COM 743315103 30,266 -2,083 -6.44 8,077 -11.79 0.5678
2025-04-22 2025-03-31 13F PROGRESSIVE COM 743315103 32,349 11,720 56.81 9,155 85.25 0.7100
2025-01-31 2024-12-31 13F PROGRESSIVE COM 743315103 20,629 -1,189 -5.45 4,943 -10.73 0.3686
2024-10-22 2024-09-30 13F PROGRESSIVE COM 743315103 21,818 1,744 8.69 5,537 32.79 0.4414
2024-07-26 2024-06-30 13F PROGRESSIVE COM 743315103 20,074 -3,595 -15.19 4,170 -14.83 0.3199
2024-05-13 2024-03-31 13F PROGRESSIVE COM 743315103 23,669 -1,733 -6.82 4,895 20.98 0.3541
2024-01-23 2023-12-31 13F PROGRESSIVE COM 743315103 25,402 53 0.21 4,046 14.59 0.3009
2023-10-16 2023-09-30 13F PROGRESSIVE COM 743315103 25,349 10,123 66.48 3,531 75.24 0.2607
2023-07-27 2023-06-30 13F PROGRESSIVE COM 743315103 15,226 0 0.00 2,015 -7.48 0.1391
2023-05-09 2023-03-31 13F PROGRESSIVE COM 743315103 15,226 106 0.70 2,178 11.07 0.1511
2023-02-02 2022-12-31 13F PROGRESSIVE COM 743315103 15,120 -29 -0.19 1,961 11.42 0.1574
2022-10-19 2022-09-30 13F PROGRESSIVE COM 743315103 15,149 15,149 1,760 0.1346
2021-08-09 2021-06-30 13F PROGRESSIVE COM 743315103 0 -2,451 -100.00 0 -100.00
2021-05-10 2021-03-31 13F PROGRESSIVE COM 743315103 2,451 2,451 235 0.0109
2020-11-06 2020-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 0 -4,267 -100.00 0 -100.00
2020-08-10 2020-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 4,267 4,267 342 0.0213
2020-02-06 2019-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 0 -5,815 -100.00 0 -100.00
2019-11-08 2019-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 5,815 -7,589 -56.62 449 -58.08 0.0198
2019-08-12 2019-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 13,404 235 1.78 1,071 12.86 0.0418
2019-05-10 2019-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 13,169 -1,440 -9.86 949 7.72 0.0399
2019-02-08 2018-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 14,609 -10,614 -42.08 881 -50.81 0.0446
2018-11-13 2018-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 25,223 3,040 13.70 1,791 36.51 0.0652
2018-08-09 2018-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 22,183 29 0.13 1,312 -2.81 0.0456
2018-05-15 2018-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 22,154 -37,015 -62.56 1,350 -59.48 0.0476
2018-02-14 2017-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 59,169 59,169 3,332 0.1022
2017-11-14 2017-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 0 -80,461 -100.00 0 -100.00
2017-08-07 2017-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 80,461 29,248 57.11 3,548 76.78 0.0523
2017-05-12 2017-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 51,213 -15,081 -22.75 2,007 -14.70 0.0317
2017-02-10 2016-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 66,294 -40,283 -37.80 2,353 -29.91 0.0412
2016-11-07 2016-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 106,577 0 0.00 3,357 -5.97 0.0590
2016-08-11 2016-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 106,577 4,916 4.84 3,570 -0.06 0.0554
2016-05-13 2016-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 101,661 0 0.00 3,572 10.49 0.0595
2016-02-08 2015-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 101,661 6,349 6.66 3,233 10.72 0.0503
2015-11-12 2015-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 95,312 261 0.27 2,920 10.40 0.0502
2015-07-27 2015-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 95,051 5,140 5.72 2,645 8.14 0.0383
2015-05-12 2015-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 89,911 379 0.42 2,446 1.24 0.0366
2015-02-06 2014-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 89,532 11 0.01 2,416 6.76 0.0361
2014-11-12 2014-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 89,521 20,031 28.83 2,263 28.43 0.0329
2014-08-11 2014-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 69,490 0 0.00 1,762 4.69 0.0267
2014-05-15 2014-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 69,490 -210 -0.30 1,683 -11.47 0.0270
2014-02-12 2013-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 69,700 0 0.00 1,901 0.16 0.0331
2013-11-12 2013-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 69,700 0 0.00 1,898 7.11 0.0355
2013-08-13 2013-06-30 13F PROGRESSIVE COM 743315103 69,700 69,700 1,772 0.0388
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.