Teamwork Financial Advisors significantly reduced its stake in The Progressive Corporation (PGR) during Q3 2025, divesting approximately $14.95 million worth of shares, or about 85% of its holdings, according to an SEC filing. This transaction reduced PGR's weight in the fund's reportable U.S. equity AUM to just 0.3%, effectively reverting to a prior position after a build-up in late 2024 and early 2025. The move occurs as the insurance sector faces challenges from increased extreme weather events and tariff uncertainties, and follows Progressive's recent earnings miss and potential $1 billion payout in Florida.
Teamwork Financial Advisors significantly reduced its exposure to The Progressive Corporation (PGR) in Q3 2025, divesting approximately $14.95 million worth of shares, representing an 85% reduction in its holdings. This transaction lowered PGR's weight to just 0.3% of Teamwork's reportable U.S. equity AUM, effectively reverting the position to pre-Q4 2024 levels after a temporary build-up. This divestment coincides with a period of underperformance for Progressive, whose shares were down 0.66% year-to-date as of October 7, 2025, and lagged the S&P 500 by 19.3 percentage points year-over-year. The broader insurance sector faces headwinds from increased extreme weather events and tariff uncertainties, which pressure profitability. Progressive specifically reported recent earnings that failed to meet analyst expectations. Furthermore, the company faces a potential $1 billion payout to Florida policyholders due to an excess profit rule, adding regulatory and financial uncertainty. Investors should closely monitor the upcoming November 5 investor call for further details on these challenges.
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