Auto insurer Progressive (NYSE:PGR) added 43 basis points to the Fund’s return, as its shares rose 12.5% from $39.18 to $44.09. Progressive’s stock climbed higher as its nascent home insurance product accelerated the company’s revenue growth. As the company predicted, customers are bundling their home and auto policies together to save money and time.
From Jerome Dodson (Trades, Portfolio)'s second quarter 2017 Parnassus Fund commentary.
