Parnassus Comments on Progressive

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May 05, 2022
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Leading U.S. auto insurer Progressive (

PGR, Financial) increased the Fund’s return by 0.21%, as the stock climbed 11.2%. Investors appreciated the company’s renewed focus on profitability, which was impacted by a strategy to gain market share during the pandemic by lowering premiums. We expect profits to continue to grow as Progressive gradually raises premiums to offset exceptional costs from elevated car prices and temporarily higher incident rates.

From

Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio)'s first-quarter 2022 commentary.

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