Progressive Corporation (PGR, Financial) also contributed less to performance than most portfolio holdings during the quarter. Progressive reported excellent absolute and relative premium and policies in force (PIF) growth through February. We think much of this has been driven by the Company's highly disciplined approach to policy pricing and is a by-product of years of methodically investing in incremental market segmentation intelligence, most notably telematics. Although Progressive is reaping the relative, competitive rewards of the recent industry pricing volatility, we think the stock currently reflects this reality, and we recently exited our remaining position in the Company. We continue to think Progressive is well run and we will monitor the business and industry, particularly as it relates to balance sheet exposure to the domestic financial services industry.
From David Rolfe (Trades, Portfolio)'s Wedgewood Partners 1st-Quarter 2023 letter.
