The Progressive Corporation

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,738 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Progressive does not file its own Form 13F. The EDGAR submissions feed for CIK 0000080661 contains no 13F-HR or 13F-NT filing anywhere in Progressive's filing history (checked the full 'form' list, not just 2026), only four Schedule 13G/A filings (2023 and 2024, none since) where Progressive is itself the subject filer's target, not the filer. This is unlike Travelers, which files a small 13F-HR of its own two-line direct equity book; Progressive's general-account equity portfolio evidently sits below whatever threshold or delegation structure would trigger a 13F obligation, or is managed such that Progressive itself never holds discretion as an 'institutional investment manager' under Section 13(f). No holdings rows are therefore sourced from a Progressive-filed 13F.
• The insurer trap, resolved for Progressive. Progressive's FY2025 10-K (filed 2 Mar 2026) and Q2 2026 10-Q (filed 3 Aug 2026) were searched for 'equity method', 'unconsolidated', 'joint venture', 'strategic investment', 'ARX Holding', 'Protective Insurance', 'other investments', 'limited partnership', 'non-marketable', 'minority interest' and 'affiliate'. The only equity-method hit is one sentence in the Q2 2026 10-Q's fair-value note: 'Our Level 3 other risk investments include securities accounted for under the equity method of accounting and, therefore, are not subject to fair value reporting. Since these securities represent less than 0.1% of our total portfolio, we include them...' with no individual investee named and no dollar figure broken out separately. The FY2025 10-K's equity-securities table shows the whole $4,502 million equity book (at 31 Dec 2025) split only by broad category: public utilities $128m, banks/trusts/insurance companies $611m, industrial/miscellaneous/all other $3,359m, nonredeemable preferred stocks $404m; no individual company is named. This is a diversified investment portfolio held for total-return purposes, not a set of named strategic minority stakes, so per the brief it is excluded wholesale rather than converted into holdings rows. No 13F exists to cross-check this (see note above), so this conclusion rests on the 10-K/10-Q text alone.
• ARX Holding Corp and Protective Insurance Company (and Protective Insurance Corporation, Protective Specialty Insurance Company, Sagamore Insurance Company) are listed in Exhibit 21 (Subsidiaries of the Registrant) to Progressive's FY2025 10-K as wholly owned subsidiaries incorporated in Delaware and Indiana respectively, alongside dozens of other Progressive insurance and non-insurance subsidiaries. Both are consolidated operating subsidiaries, not unconsolidated strategic stakes, so per the brief they are excluded from holdings.
• holdings is deliberately empty. This was checked, not assumed: no 13F of Progressive's own exists, the 10-K/10-Q equity-method and 'other investments' language names no investee and is under 0.1% of the portfolio, and the two named entities that came up in a search for likely affiliate names (ARX Holding, Protective Insurance) are both wholly owned consolidated subsidiaries per Exhibit 21, not minority stakes.
• Vanguard case: Vanguard Group Inc (CIK 0000102909) filed 13F-NT (no holdings) for Q2 2026. Per the brief this is the successors-summed case: Vanguard Capital Management LLC and Vanguard Portfolio Management LLC are summed into one 'The Vanguard Group' register row (49,834,660 shares) rather than listing Vanguard more than once.
• Register reconciliation, 13F vs proxy 13G data. Progressive's 2026 proxy 5% Owners table lists only two holders, both sourced from stale Schedule 13G/A filings rather than 13F: Vanguard Group Inc, 51,466,044 shares (8.8%), from a 13G/A filed 13 Feb 2024 as of 29 Dec 2023 (over two years stale); BlackRock, Inc., 42,063,844 shares (7.2%), from a 13G/A filed 17 Jul 2025 as of 30 Jun 2025 (about a year stale). This register instead uses each manager's Q2 2026 Form 13F-HR (30 Jun 2026 position dates) per the brief, which shows materially different, more current figures for both: Vanguard 49,834,660 shares (lower than the stale 2023 13G figure) and BlackRock 48,048,848 shares (meaningfully higher than the year-old 13G figure). Both figures are real filings of different types and dates; both are recorded here rather than one overwriting the other. No fresh SC 13D or SC 13G was found on Progressive in the EDGAR filing feed since February 2024, so the register otherwise relies on Q2 2026 13F-HR data.
• Market capitalisation ($119.47bn), share price ($205.51) and shares outstanding (581.37 million) are stockanalysis.com's figures as of 17 August 2026, 12:07pm EDT; shares outstanding cross-checks closely against the Q2 2026 10-Q cover page figure of 581,371,770 shares outstanding at 2 July 2026 used for all register percentage denominators in this file.
• Self-gate check: summing the eleven non-aggregate, non-member institutional register rows (Vanguard through MFS) gives 227,382,309 shares against 581,371,770 shares outstanding, or 39.11%, within the expected 15 to 55 percent range for this register.