Who holds ticker verified against the SEC company list on 2026-09-10 — a reviewed name-and-class mapping row, never an inferred symbol. how tickers are mapped ↗

PROGRESSIVE CORP · COM · quarter ended 2026-03-31 · 27 members disclosed PGR ↗

13F filers reporting this class for the quarter ended 2026-03-31; 1–500 of 1,374 holders are listed, largest first: 1,374
sum of the reported values across every holder; NULL values are excluded, never zero-filled: $89.4B
holders whose share count rose or who opened the position (new + add), by shares: 677
holders absent this quarter after holding last quarter — inferred from absence, not a sale record: 200

Holders — quarter ended 2026-03-31

ranked by reported value · Δ shares vs 2025-12-31 · kind by shares

13F holders of PGR ranked by reported value
#	Filer	Reported value	Shares	Δ shares	Change
1	BlackRock, Inc.	$10.4B	52,323,606	+229,533	ADD
2	VANGUARD CAPITAL MANAGEMENT LLC	$7.6B	38,098,359	—	NO PRIOR
3	STATE STREET CORP	$5.1B	25,870,710	+55,020	ADD
4	Capital Research Global Investors	$4.5B	22,574,142	+11,430,114	ADD
5	GEODE CAPITAL MANAGEMENT, LLC	$3.2B	16,256,844	+644,260	ADD
6	Capital World Investors	$2.8B	14,173,539	+4,650,923	ADD
7	BANK OF AMERICA CORP /DE/	$2.6B	12,874,152	−522,798	TRIM
8	MASSACHUSETTS FINANCIAL SERVICES CO /MA/	$2.4B	12,099,655	−680,010	TRIM
9	VANGUARD PORTFOLIO MANAGEMENT LLC	$2.3B	11,696,220	—	NO PRIOR
10	ALLIANCEBERNSTEIN L.P.	$2.3B	10,165,653	−214,933	TRIM
11	GQG Partners LLC	$1.8B	9,138,940	−1,293,609	TRIM
12	MORGAN STANLEY	$1.8B	8,848,177	−639,983	TRIM
13	Capital International Investors	$1.7B	8,821,600	−6,100,124	TRIM
14	FMR LLC	$1.6B	7,828,794	+923,033	ADD
15	WELLINGTON MANAGEMENT GROUP LLP	$1.3B	6,478,995	−27,307	TRIM
16	UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	$1.3B	6,373,879	+691,631	ADD
17	NORTHERN TRUST CORP	$1.2B	5,837,447	−26,880	TRIM
18	Artisan Partners Limited Partnership	$1.0B	5,209,004	+536,010	ADD
19	DEUTSCHE BANK AG\	$956M	4,820,553	−343,380	TRIM
20	Janus Henderson Group Ltd.	$938M	4,731,581	−715,686	TRIM
21	FIL Ltd	$926M	4,669,225	−374,411	TRIM
22	CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$877M	4,423,641	+47,468	ADD
23	Legal & General Group Plc	$855M	4,311,378	+139,948	ADD
24	Baird Financial Group, Inc.	$821M	4,139,552	+4,139,552	NEW
25	Invesco Ltd.	$726M	3,663,671	+252,097	ADD
26	TWO SIGMA INVESTMENTS, LP	$699M	3,527,808	+2,581,531	ADD
27	VANGUARD FIDUCIARY TRUST CO	$655M	3,303,585	—	NO PRIOR
28	Bank of New York Mellon Corp	$599M	3,023,558	−67,904	TRIM
29	UBS Group AG	$579M	2,918,556	+789,813	ADD
30	BARCLAYS PLC	$561M	2,828,624	+952,947	ADD
31	ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$528M	2,663,827	+457,085	ADD
32	Nuveen, LLC	$523M	2,636,969	−731,560	TRIM
33	FRANKLIN RESOURCES INC	$494M	2,491,289	+556,469	ADD
34	MARSHFIELD ASSOCIATES	$487M	2,455,384	−70,350	TRIM
35	AQR CAPITAL MANAGEMENT LLC	$477M	2,405,207	+495,781	ADD
36	DIMENSIONAL FUND ADVISORS LP	$476M	2,398,736	+147,864	ADD
37	ROYAL BANK OF CANADA	$474M	2,389,456	−105,772	TRIM
38	ENVESTNET ASSET MANAGEMENT INC	$414M	2,088,486	+83,435	ADD
39	Swiss National Bank	$341M	1,720,400	+114,100	ADD
40	CAISSE DE DEPOT ET PLACEMENT DU QUEBEC	$326M	1,644,846	−100	TRIM
41	VIKING GLOBAL INVESTORS LP	$320M	1,616,559	+285,021	ADD
42	LONDON CO OF VIRGINIA	$316M	1,594,226	−98,119	TRIM
43	Amundi	$310M	1,562,422	—	n/c
44	BROWN ADVISORY INC	$307M	1,549,684	−1,394,809	TRIM
45	RAYMOND JAMES FINANCIAL INC	$306M	1,545,738	−236,860	TRIM
46	AMERICAN CENTURY COMPANIES INC	$298M	1,505,424	+62,844	ADD
47	APG Asset Management N.V.	$290M	1,682,893	+50,901	ADD
48	FIRST TRUST ADVISORS LP	$288M	1,453,827	+212,902	ADD
49	Sumitomo Mitsui Trust Group, Inc.	$283M	1,429,333	−377,735	TRIM
50	CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM	$282M	1,424,466	−384,431	TRIM
51	Bank Julius Baer & Co. Ltd, Zurich	$275M	1,383,176	−491,898	TRIM
52	Mitsubishi UFJ Asset Management Co., Ltd.	$271M	1,369,186	+128,720	ADD
53	HSBC HOLDINGS PLC	$266M	1,339,494	−1,394,094	TRIM
54	BARROW HANLEY MEWHINNEY & STRAUSS LLC	$264M	1,334,140	+1,334,140	NEW
55	National Pension Service	$257M	1,295,398	+1,295,398	NEW
56	MENORA MIVTACHIM HOLDINGS LTD.	$256M	1,292,152	+609,802	ADD
57	Vanguard Global Advisers, LLC	$256M	1,290,743	—	NO PRIOR
58	WELLS FARGO & COMPANY/MN	$247M	1,246,574	+87,246	ADD
59	BLAIR WILLIAM & CO/IL	$242M	1,219,749	−187,283	TRIM
60	VANGUARD ASSET MANAGEMENT, Ltd	$233M	1,176,949	—	NO PRIOR
61	SCHRODER INVESTMENT MANAGEMENT GROUP	$230M	1,159,882	−28,163	TRIM
62	NOMURA ASSET MANAGEMENT CO LTD	$221M	1,115,765	+128,728	ADD
63	BALYASNY ASSET MANAGEMENT L.P.	$219M	1,102,331	+1,085,319	ADD
64	1832 Asset Management L.P.	$201M	1,016,059	+48,988	ADD
65	PRIMECAP MANAGEMENT CO/CA/	$199M	1,005,390	−144,510	TRIM
66	Temasek Holdings (Private) Ltd	$197M	993,588	0	NO CHANGE
67	BNP Paribas Asset Management Holding S.A.	$187M	940,847	+8,956	ADD
68	TIMUCUAN ASSET MANAGEMENT INC/FL	$181M	914,198	−3,295	TRIM
69	MBB PUBLIC MARKETS I LLC	$177M	890,558	+25,000	ADD
70	MCDONALD CAPITAL INVESTORS INC/CA	$175M	880,863	−2,837	TRIM
71	BRANDES INVESTMENT PARTNERS, LP	$172M	868,688	+266,412	ADD
72	PRINCIPAL FINANCIAL GROUP INC	$167M	841,308	−21,550	TRIM
73	Eurizon Capital SGR S.p.A.	$166M	833,600	+19,527	ADD
74	CANADA PENSION PLAN INVESTMENT BOARD	$166M	835,444	+209,156	ADD
75	Swedbank AB	$163M	823,835	+71,395	ADD
76	CIBC Bancorp USA Inc.	$163M	822,594	—	NO PRIOR
77	Vontobel Holding Ltd.	$155M	782,760	−428	TRIM
78	ROYAL LONDON ASSET MANAGEMENT LTD	$155M	779,721	−331,914	TRIM
79	Van Cleef Asset Management,Inc	$152M	765,838	+4,251	ADD
80	Corient Private Wealth LLC	$151M	759,659	−1,029,182	TRIM
81	AMERIPRISE FINANCIAL INC	$150M	756,926	+8,982	ADD
82	MARKEL GROUP INC.	$149M	753,750	0	NO CHANGE
83	SEI INVESTMENTS CO	$136M	685,457	+162,609	ADD
84	BANK OF MONTREAL /CAN/	$132M	667,620	−48,193	TRIM
85	CITIGROUP INC	$122M	615,786	−186,676	TRIM
86	Universal- Beteiligungs- und Servicegesellschaft mbH	$119M	602,162	+6,667	ADD
87	Consulta Ltd	$119M	600,000	+323,565	ADD
88	CONFLUENCE INVESTMENT MANAGEMENT LLC	$115M	580,259	−17,599	TRIM
89	FIDUCIARY MANAGEMENT INC /WI/	$115M	579,706	+171,625	ADD
90	HARDING LOEVNER LP	$113M	570,524	−16,617	TRIM
91	RENAISSANCE TECHNOLOGIES LLC	$111M	559,782	+295,482	ADD
92	AMF Tjanstepension AB	$110M	556,076	+16,601	ADD
93	FENIMORE ASSET MANAGEMENT INC	$109M	550,384	−9,540	TRIM
94	CAPITOLIS LIQUID GLOBAL MARKETS LLC	$108M	547,000	−101,000	TRIM
95	BloombergSen Inc.	$107M	539,864	−18,736	TRIM
96	Giverny Capital Inc.	$105M	528,364	−8,468	TRIM
97	VICTORY CAPITAL MANAGEMENT INC	$104M	525,640	+27,277	ADD
98	NATIONAL BANK OF CANADA /FI/	$103M	521,423	+44,147	ADD
99	STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM	$102M	516,369	−742	TRIM
100	AVIVA PLC	$102M	513,363	+14,513	ADD
101	BONNESS ENTERPRISES INC	$102M	512,457	0	NO CHANGE
102	WORLDQUANT MILLENNIUM ADVISORS LLC	$102M	512,249	−304,476	TRIM
103	ADAGE CAPITAL PARTNERS GP, L.L.C.	$101M	510,085	+85,100	ADD
104	Davis Asset Management, L.P.	$100M	504,510	+504,510	NEW
105	LPL Financial LLC	$99.9M	503,744	−86,147	TRIM
106	KENSICO CAPITAL MANAGEMENT CORP	$98.8M	498,500	0	NO CHANGE
107	James Hambro & Partners LLP	$98.8M	498,299	−23,920	TRIM
108	Aberdeen Group plc	$98.5M	496,663	+16,439	ADD
109	River Road Asset Management, LLC	$95.6M	482,030	+40,806	ADD
110	NZS Capital, LLC	$95.1M	479,756	+11,391	ADD
111	NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$92.9M	468,811	+468,811	NEW
112	PARNASSUS INVESTMENTS, LLC	$92.8M	468,331	+12,481	ADD
113	TRUIST FINANCIAL CORP	$90.6M	456,835	−7,380	TRIM
114	Polar Capital Holdings Plc	$89.8M	453,000	0	NO CHANGE
115	TD ASSET MANAGEMENT INC	$89.5M	451,357	−1,051,669	TRIM
116	D. E. Shaw & Co., Inc.	$89.0M	448,962	−101,102	TRIM
117	CITADEL ADVISORS LLC	$88.9M	448,691	−243,716	TRIM
118	PFA Pension, Forsikringsaktieselskab	$87.8M	442,989	+442,989	NEW
119	Empower Advisory Group, LLC	$87.0M	438,969	+91,181	ADD
120	UMB Bank, n.a.	$85.5M	431,450	−559	TRIM
121	LAZARD ASSET MANAGEMENT LLC	$79.9M	403,180	+93,776	ADD
122	MACKENZIE FINANCIAL CORP	$79.9M	403,082	+128,930	ADD
123	Mitsubishi UFJ Trust & Banking Corp	$79.3M	400,258	−27,186	TRIM
124	BRIDGES INVESTMENT MANAGEMENT INC	$77.8M	392,581	−5,537	TRIM
125	BANK OF NOVA SCOTIA	$77.2M	389,312	−878,084	TRIM
126	Allianz Asset Management GmbH	$76.7M	386,655	+111,040	ADD
127	PRUDENTIAL FINANCIAL INC	$75.9M	382,707	+89,785	ADD
128	FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND	$73.6M	371,370	+132,400	ADD
129	Mariner, LLC	$72.3M	364,521	−333,498	TRIM
130	NORDEA INVESTMENT MANAGEMENT AB	$71.4M	361,786	−773,544	TRIM
131	STOREBRAND ASSET MANAGEMENT AS	$70.3M	354,476	—	NO PRIOR
132	Quantinno Capital Management LP	$69.9M	352,606	+92,828	ADD
133	Madison Asset Management, LLC	$69.3M	349,774	−17,401	TRIM
134	Pictet Asset Management Holding SA	$68.9M	347,477	+10,605	ADD
135	Connor, Clark & Lunn Investment Management Ltd.	$67.2M	338,770	+133,357	ADD
136	Allspring Global Investments Holdings, LLC	$66.9M	346,096	−54,370	TRIM
137	MANUFACTURERS LIFE INSURANCE COMPANY, THE	$65.4M	329,875	−10,443	TRIM
138	Evercore Wealth Management, LLC	$62.9M	317,370	+40,117	ADD
139	STATE OF WISCONSIN INVESTMENT BOARD	$62.7M	316,410	+10,480	ADD
140	WOODLEY FARRA MANION PORTFOLIO MANAGEMENT INC	$61.9M	312,361	+6,953	ADD
141	Chicago Capital, LLC	$61.5M	310,019	−748	TRIM
142	EARNEST PARTNERS LLC	$59.0M	297,662	−33,902	TRIM
143	Zurcher Kantonalbank (Zurich Cantonalbank)	$58.8M	296,698	+296,698	NEW
144	Vanguard Investments Australia, Ltd.	$58.0M	292,494	—	NO PRIOR
145	Chevy Chase Trust Holdings, LLC	$57.3M	288,912	−8,575	TRIM
146	Woodline Partners LP	$57.0M	287,328	+276,604	ADD
147	Carnegie Investment Counsel	$56.5M	285,104	−3,486	TRIM
148	Ensign Peak Advisors, Inc	$54.3M	273,686	−146,753	TRIM
149	WESTWOOD HOLDINGS GROUP INC	$53.8M	271,423	−1,068	TRIM
150	ONTARIO TEACHERS PENSION PLAN BOARD	$52.9M	266,694	+266,694	NEW
151	WEALTH ENHANCEMENT ADVISORY SERVICES, LLC	$51.5M	268,090	−165,222	TRIM
152	Asset Management One Co., Ltd.	$50.1M	252,617	−3,727	TRIM
153	ZWJ INVESTMENT COUNSEL INC	$48.6M	245,158	+34,111	ADD
154	Port Capital LLC	$48.4M	244,335	−22,705	TRIM
155	PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO	$48.3M	243,762	+4,902	ADD
156	MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	$48.0M	242,244	+175,321	ADD
157	Korea Investment CORP	$47.7M	240,526	−203,578	TRIM
158	TORONTO DOMINION BANK	$46.6M	235,164	−30,054	TRIM
159	TEACHER RETIREMENT SYSTEM OF TEXAS	$46.5M	234,555	−22,825	TRIM
160	Cerity Partners LLC	$46.2M	233,200	+19,335	ADD
161	Resona Asset Management Co.,Ltd.	$45.9M	231,062	+20,138	ADD
162	COOKE & BIELER LP	$45.9M	231,581	+231,581	NEW
163	Swiss Life Asset Management Ltd	$45.9M	231,306	+42,651	ADD
164	CREDIT AGRICOLE S A	$44.1M	222,528	−74,081	TRIM
165	FIFTH THIRD BANCORP	$43.7M	220,209	+115,330	ADD
166	Man Group plc	$42.6M	214,718	+87,476	ADD
167	BERKLEY W R CORP	$41.2M	207,589	+100,000	ADD
168	Capital International, Inc./CA/	$40.9M	206,524	+14,687	ADD
169	State of New Jersey Common Pension Fund D	$39.9M	201,304	−1,117	TRIM
170	Aptus Capital Advisors, LLC	$39.7M	200,318	+2,357	ADD
171	E. Ohman J:or Asset Management AB	$38.4M	193,595	−17,469	TRIM
172	Vident Advisory, LLC	$38.2M	192,535	−5,894	TRIM
173	Capco Asset Management, LLC	$38.1M	191,971	−2,202	TRIM
174	Lansforsakringar Fondforvaltning AB (publ)	$37.8M	190,885	−1,461	TRIM
175	SUSQUEHANNA INTERNATIONAL GROUP, LLP	$35.7M	180,136	−540,183	TRIM
176	Rockefeller Capital Management L.P.	$35.6M	179,590	+2,069	ADD
177	REGIONS FINANCIAL CORP	$34.7M	175,093	−6,233	TRIM
178	Tredje AP-fonden	$34.4M	173,460	−1,396	TRIM
179	DAYMARK WEALTH PARTNERS, LLC	$33.9M	171,131	+1,068	ADD
180	CIBC Asset Management Inc	$33.4M	168,541	+6,384	ADD
181	Squarepoint Ops LLC	$33.3M	167,763	−328,487	TRIM
182	NATIXIS	$33.1M	167,076	−120,187	TRIM
183	PUBLIC SECTOR PENSION INVESTMENT BOARD	$33.1M	166,746	+17,441	ADD
184	SEB Asset Management AB	$32.8M	165,307	—	NO PRIOR
185	Quadrature Capital Ltd	$32.5M	164,014	+162,354	ADD
186	Vest Financial, LLC	$32.4M	163,194	+15,659	ADD
187	Daiwa Securities Group Inc.	$32.3M	163,059	+603	ADD
188	US BANCORP \DE\	$32.2M	162,591	−26,679	TRIM
189	Arizona State Retirement System	$31.8M	160,616	−3,628	TRIM
190	Czech National Bank	$31.6M	159,622	+4,998	ADD
191	Pathstone Holdings, LLC	$31.6M	159,360	−23,892	TRIM
192	STATE OF MICHIGAN RETIREMENT SYSTEM	$31.5M	158,688	−400	TRIM
193	Tempo Wealth, LLC	$31.4M	158,330	+10,758	ADD
194	Compagnie Lombard Odier SCmA	$30.7M	155,093	−9,971	TRIM
195	STIFEL FINANCIAL CORP	$30.6M	154,281	+18,302	ADD
196	Qube Research & Technologies Ltd	$30.0M	151,280	−350,887	TRIM
197	OFI INVEST ASSET MANAGEMENT	$29.1M	168,292	−4,438	TRIM
198	Wilkinson Global Asset Management LLC	$28.9M	145,820	−2,761	TRIM
199	Mirae Asset Global Investments Co., Ltd.	$28.7M	144,774	+4,426	ADD
200	OSTERWEIS CAPITAL MANAGEMENT INC	$28.7M	144,766	−6,512	TRIM
201	Rafferty Asset Management, LLC	$28.2M	142,495	−36,397	TRIM
202	Gotham Asset Management, LLC	$27.6M	139,468	−42	TRIM
203	MetLife Investment Management, LLC	$27.4M	138,272	−3,713	TRIM
204	Sequoia Financial Advisors, LLC	$27.2M	137,395	+22,535	ADD
205	COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS	$27.1M	136,528	+129	ADD
206	United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund	$26.9M	135,674	+9,300	ADD
207	DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main	$26.8M	135,033	−62,558	TRIM
208	Creative Planning	$26.8M	134,965	+17,246	ADD
209	PATTEN & PATTEN INC/TN	$26.6M	134,228	−4,302	TRIM
210	NorthRock Partners, LLC	$26.6M	134,202	−83	TRIM
211	TOCQUEVILLE ASSET MANAGEMENT L.P.	$26.3M	132,487	+893	ADD
212	EVERETT HARRIS & CO /CA/	$26.0M	131,246	−1,409	TRIM
213	Candriam S.C.A.	$25.8M	130,199	−111,537	TRIM
214	Cetera Investment Advisers	$25.6M	129,027	−5,109	TRIM
215	RIHO Partners, LLC	$25.6M	129,026	—	NO PRIOR
216	DnB Asset Management AS	$25.5M	128,725	+9,999	ADD
217	ProShare Advisors LLC	$25.0M	126,160	−5,305	TRIM
218	Mediolanum International Funds Ltd	$24.9M	123,790	+13,260	ADD
219	Retirement Systems of Alabama	$24.7M	124,463	−284	TRIM
220	Arbejdsmarkedets Tillaegspension	$24.4M	122,868	+20,111	ADD
221	M&G Plc	$24.3M	122,519	−5,415	TRIM
222	HighTower Advisors, LLC	$23.8M	120,212	+5,292	ADD
223	Avalon Trust Co	$23.8M	120,024	+799	ADD
224	IFM Investors Pty Ltd	$23.2M	116,935	+4,007	ADD
225	Illinois Municipal Retirement Fund	$22.7M	114,669	+25,259	ADD
226	FEDERATED HERMES, INC.	$22.7M	114,601	−256,307	TRIM
227	Ceredex Value Advisors LLC	$22.7M	114,361	−3,432	TRIM
228	XPONANCE LLC	$22.6M	113,847	−10,943	TRIM
229	HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	$22.4M	113,113	−610,068	TRIM
230	Varma Mutual Pension Insurance Co	$21.8M	110,044	0	NO CHANGE
231	Petrus Trust Company, LTA	$21.8M	110,000	0	NO CHANGE
232	FULTON BREAKEFIELD BROENNIMAN LLC	$21.8M	109,980	+117	ADD
233	LGT Group Foundation	$21.6M	108,714	−6,203	TRIM
234	Federation des caisses Desjardins du Quebec	$21.5M	108,581	−72,289	TRIM
235	Moran Wealth Management, LLC	$21.3M	107,653	−61,492	TRIM
236	O'SHAUGHNESSY ASSET MANAGEMENT, LLC	$21.3M	107,338	+22,579	ADD
237	Cornerstone Advisors, LLC	$21.0M	106,066	+34,898	ADD
238	IEQ CAPITAL, LLC	$20.6M	103,919	+10,008	ADD
239	HUTCHINSON CAPITAL MANAGEMENT/CA	$20.1M	101,419	−866	TRIM
240	MARTINGALE ASSET MANAGEMENT L P	$19.8M	99,939	+2,426	ADD
241	Vanguard Personalized Indexing Management, LLC	$19.5M	98,197	+4,844	ADD
242	USS Investment Management Ltd	$19.1M	96,405	+1,761	ADD
243	Utah Retirement Systems	$18.9M	95,238	−1,582	TRIM
244	KEYBANK NATIONAL ASSOCIATION/OH	$18.7M	94,350	+1,975	ADD
245	MERCER GLOBAL ADVISORS INC /ADV	$18.7M	94,172	−21,200	TRIM
246	VOYA INVESTMENT MANAGEMENT LLC	$18.7M	94,117	+92	ADD
247	COMMONWEALTH EQUITY SERVICES, LLC	$17.8M	89,796	+2,846	ADD
248	Focus Partners Wealth	$17.6M	88,756	−17,065	TRIM
249	WEIK CAPITAL MANAGEMENT	$17.6M	88,548	−354	TRIM
250	Rakuten Investment Management, Inc.	$17.5M	86,988	+9,855	ADD
251	Zuckerman Investment Group, LLC	$17.5M	88,114	+3,149	ADD
252	Wealthfront Advisers LLC	$17.5M	88,054	+11,424	ADD
253	Lafayette Investments, Inc.	$17.4M	88,022	−845	TRIM
254	VILLERE ST DENIS J & CO LLC	$17.4M	87,628	−1,160	TRIM
255	Empire Life Investments Inc.	$17.3M	89,352	+10,551	ADD
256	NEW YORK LIFE INVESTMENT MANAGEMENT LLC	$17.3M	87,123	+1,895	ADD
257	FACTORY MUTUAL INSURANCE CO	$17.3M	87,100	+3,350	ADD
258	CIM, LLC	$17.1M	86,334	−2,487	TRIM
259	Sumitomo Mitsui DS Asset Management Company, Ltd	$17.1M	86,274	+3,683	ADD
260	Inspire Investing, LLC	$17.1M	86,237	+27,790	ADD
261	S&G Foundation	$17.1M	86,200	—	NO PRIOR
262	Sanctuary Advisors, LLC	$16.9M	85,240	+2,322	ADD
263	Investment Management Corp of Ontario	$16.9M	85,145	+30,996	ADD
264	STRATEGIC PLANNING GROUP, LLC	$16.8M	84,778	+84,778	NEW
265	COMMERCE BANK	$16.7M	84,182	+49,796	ADD
266	NEOS Investment Management LLC	$16.7M	84,076	+3,246	ADD
267	WEDGEWOOD PARTNERS INC	$16.5M	83,352	+83,352	NEW
268	Clearstead Advisors, LLC	$16.3M	82,205	−2,283	TRIM
269	Banco Santander, S.A.	$16.2M	81,601	−84	TRIM
270	BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp	$16.0M	80,792	−23,229	TRIM
271	OSAIC HOLDINGS, INC.	$15.9M	80,283	−1,866	TRIM
272	Curi Capital, LLC	$15.7M	79,243	−17,205	TRIM
273	OP Asset Management Ltd	$15.7M	79,105	—	NO PRIOR
274	Bragg Financial Advisors, Inc	$15.6M	78,865	+9,494	ADD
275	Ethic Inc.	$15.5M	78,392	+7,123	ADD
276	CIBC WORLD MARKET INC.	$15.5M	78,067	−6,681	TRIM
277	INVESTMENT HOUSE LLC	$15.4M	77,623	+40,528	ADD
278	INTECH INVESTMENT MANAGEMENT LLC	$15.1M	76,394	−108,766	TRIM
279	Bensler, LLC	$15.0M	75,544	+3,406	ADD
280	Skandinaviska Enskilda Banken AB (publ)	$15.0M	75,490	−324,673	TRIM
281	JLB & ASSOCIATES INC	$14.9M	75,093	−5,412	TRIM
282	NISSAY ASSET MANAGEMENT CORP /JAPAN	$14.9M	74,969	+1,072	ADD
283	Orion Porfolio Solutions, LLC	$14.8M	74,808	−3,010	TRIM
284	ASR Vermogensbeheer N.V.	$14.6M	73,681	+1,321	ADD
285	Grantham, Mayo, Van Otterloo & Co. LLC	$14.5M	73,189	−2,839	TRIM
286	Tidal Investments LLC	$14.4M	72,386	+22,720	ADD
287	QRG CAPITAL MANAGEMENT, INC.	$14.3M	72,161	+8,938	ADD
288	IPG Investment Advisors LLC	$14.3M	72,028	+897	ADD
289	LOUNTZIS ASSET MANAGEMENT, LLC	$14.2M	71,542	−78	TRIM
290	Empowered Funds, LLC	$13.9M	70,071	+70,071	NEW
291	Financial Strategies Group, Inc.	$13.6M	67,374	+8,945	ADD
292	Roundview Capital LLC	$13.4M	67,421	+2,757	ADD
293	Robeco Institutional Asset Management B.V.	$13.3M	67,124	−22,371	TRIM
294	OREGON PUBLIC EMPLOYEES RETIREMENT FUND	$13.3M	67,114	−20	TRIM
295	MUFG Securities EMEA plc	$13.3M	67,040	0	NO CHANGE
296	GUGGENHEIM CAPITAL LLC	$13.3M	66,924	−28,817	TRIM
297	FAIRHOLME CAPITAL MANAGEMENT LLC	$13.2M	66,400	+40,800	ADD
298	St. Clair Advisors, LLC	$13.1M	66,286	−2,206	TRIM
299	DUDLEY & SHANLEY, INC.	$13.1M	66,280	0	NO CHANGE
300	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	$13.1M	65,921	+1,748	ADD
301	Marble Harbor Investment Counsel, LLC	$13.1M	65,905	−2,252	TRIM
302	TODD ASSET MANAGEMENT LLC	$13.0M	65,794	−23,131	TRIM
303	MAI Capital Management	$13.0M	65,775	+4,230	ADD
304	Elo Mutual Pension Insurance Co	$12.8M	64,706	−7,689	TRIM
305	Choate Investment Advisors	$12.7M	64,118	+925	ADD
306	BENJAMIN EDWARDS INC	$12.7M	63,993	+3,947	ADD
307	Waverly Advisors, LLC	$12.7M	63,934	+31,897	ADD
308	MACQUARIE GROUP LTD	$12.5M	62,836	−29,015	TRIM
309	MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC	$12.4M	62,344	−623	TRIM
310	Stratos Wealth Partners, LTD.	$12.3M	62,067	−3,951	TRIM
311	Generali Asset Management SPA SGR	$11.9M	59,960	−6,965	TRIM
312	SCOTIA CAPITAL INC.	$11.9M	59,947	−17,358	TRIM
313	B. Metzler seel. Sohn & Co. AG	$11.8M	59,288	+6,798	ADD
314	M&T BANK CORP	$11.7M	58,815	+168	ADD
315	Dakota Wealth Management	$11.5M	58,051	−5,531	TRIM
316	GoodHaven Capital Management, LLC	$11.4M	57,448	−22	TRIM
317	Kinsale Capital Group, Inc.	$11.4M	57,361	+5,997	ADD
318	Qsemble Capital Management, LP	$11.2M	56,395	+51,963	ADD
319	GHP Investment Advisors, Inc.	$11.1M	56,014	−285	TRIM
320	OPPENHEIMER ASSET MANAGEMENT INC.	$11.0M	55,720	+1,434	ADD
321	SageGuard Financial Group, LLC	$11.0M	55,366	−2,311	TRIM
322	BASSWOOD CAPITAL MANAGEMENT, L.L.C.	$10.9M	54,765	+17,338	ADD
323	D.A. DAVIDSON & CO.	$10.8M	54,582	+805	ADD
324	Galvin, Gaustad & Stein, LLC	$10.5M	52,953	+3,859	ADD
325	MILLENNIUM MANAGEMENT LLC	$10.3M	51,887	−297,528	TRIM
326	FORBES J M & CO LLP	$9.9M	49,720	+505	ADD
327	ASSETMARK, INC	$9.8M	49,607	−49,677	TRIM
328	Avanza Fonder AB	$9.8M	49,480	−373	TRIM
329	CWM, LLC	$9.7M	49,095	+872	ADD
330	MANNING & NAPIER ADVISORS LLC	$9.7M	48,234	−1,895	TRIM
331	NLB Skladi, upravljanje premozenja, d.o.o.	$9.5M	48,025	−1,059	TRIM
332	Vinva Investment Management Ltd	$9.4M	46,500	+6,491	ADD
333	Voleon Capital Management LP	$9.2M	46,647	+11,453	ADD
334	NewEdge Advisors, LLC	$9.2M	46,214	+46,214	NEW
335	UniSuper Management Pty Ltd	$9.1M	45,687	+727	ADD
336	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.	$8.7M	44,160	+2,933	ADD
337	NewEdge Wealth, LLC	$8.6M	43,578	−7,026	TRIM
338	Engineers Gate Manager LP	$8.6M	43,200	+39,794	ADD
339	Wealthspire Advisors, LLC	$8.4M	42,601	−2,186	TRIM
340	Turtle Creek Wealth Advisors, LLC	$8.4M	42,235	+4,454	ADD
341	Ascent Group, LLC	$8.3M	41,963	+846	ADD
342	TRILLIUM ASSET MANAGEMENT, LLC	$8.3M	69,237	+28,288	ADD
343	AIA Group Ltd	$8.1M	40,990	−1,048	TRIM
344	MGO ONE SEVEN LLC	$8.0M	40,533	+21	ADD
345	7G CAPITAL MANAGEMENT, LLC	$7.9M	40,000	+40,000	NEW
346	MML INVESTORS SERVICES, LLC	$7.9M	39,604	−19,340	TRIM
347	Dai-ichi Life Insurance Company, Ltd	$7.7M	38,971	−33,742	TRIM
348	PRUDENTIAL PLC	$7.7M	38,878	+511	ADD
349	Atria Investments, Inc	$7.6M	38,262	+2,594	ADD
350	Geneos Wealth Management Inc.	$7.6M	38,111	−4,170	TRIM
351	Assenagon Asset Management S.A.	$7.5M	38,049	+2,007	ADD
352	Steward Partners Investment Advisory, LLC	$7.5M	37,871	+19,769	ADD
353	Blackstone Inc.	$7.5M	37,784	+37,784	NEW
354	Signal Advisors Wealth, LLC	$7.5M	37,784	+1,398	ADD
355	CAISSE DES DEPOTS ET CONSIGNATIONS	$7.4M	37,439	0	NO CHANGE
356	Osmosis Investment Management UK Ltd	$7.4M	37,425	−5,379	TRIM
357	First National Bank of Mount Dora, Trust Investment Services	$7.3M	36,751	—	NO PRIOR
358	Norinchukin Bank, The	$7.2M	36,328	+80	ADD
359	YCG, LLC	$7.2M	36,318	−27,831	TRIM
360	WELCH & FORBES LLC	$7.2M	36,257	−156	TRIM
361	EXCHANGE TRADED CONCEPTS, LLC	$7.2M	36,172	+4,096	ADD
362	BAILLIE GIFFORD & CO	$7.2M	36,167	−18,439	TRIM
363	Eastover Investment Advisors LLC	$7.2M	36,080	+36,080	NEW
364	Vestmark Advisory Solutions, Inc.	$7.1M	35,615	+13,768	ADD
365	MIZUHO SECURITIES USA LLC	$7.0M	35,432	−7,266	TRIM
366	STEPHENS INC /AR/	$7.0M	35,260	+8,717	ADD
367	Crossmark Global Holdings, Inc.	$6.9M	34,894	—	NO PRIOR
368	Pacific Capital Partners Ltd	$6.9M	34,784	+34,784	NEW
369	Johnson Financial Group, Inc.	$6.8M	34,059	+4,833	ADD
370	Advisors Asset Management, Inc.	$6.7M	33,641	+1,479	ADD
371	HARTFORD INVESTMENT MANAGEMENT CO	$6.6M	33,380	−542	TRIM
372	Lido Advisors, LLC	$6.6M	33,239	+8,325	ADD
373	Taikang Asset Management (Hong Kong) Co Ltd	$6.6M	33,145	+15,562	ADD
374	LGT Fund Management Co Ltd.	$6.5M	32,930	+13,857	ADD
375	HB Wealth Management, LLC	$6.4M	32,255	+2,864	ADD
376	Ipswich Investment Management Co., Inc.	$6.4M	32,164	−635	TRIM
377	ARTHUR M. COHEN & ASSOCIATES, LLC	$6.4M	32,909	+94	ADD
378	ABN AMRO INVESTMENT SOLUTIONS	$6.4M	32,097	+787	ADD
379	Banque Cantonale Vaudoise	$6.3M	31,909	−1,138	TRIM
380	FSM Wealth Advisors, LLC	$6.3M	31,786	+265	ADD
381	Danica Pension, Livsforsikringsaktieselskab	$6.2M	31,407	+31,407	NEW
382	Metis Global Partners, LLC	$6.1M	30,918	−2,224	TRIM
383	WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	$6.1M	30,797	−192	TRIM
384	OMERS ADMINISTRATION Corp	$6.1M	30,574	+6,196	ADD
385	IFC Advisors LLC	$6.0M	30,507	+3,695	ADD
386	Beacon Pointe Advisors, LLC	$6.0M	30,487	+21,956	ADD
387	Aware Super Pty Ltd as trustee of Aware Super	$6.0M	30,245	—	NO PRIOR
388	Trexquant Investment LP	$5.9M	29,833	+29,833	NEW
389	Tortoise Investment Management, LLC	$5.9M	29,668	−432	TRIM
390	Summit Trail Advisors, LLC	$5.8M	29,379	+8,017	ADD
391	LEVIN CAPITAL STRATEGIES, L.P.	$5.8M	29,334	−6,313	TRIM
392	Maryland State Retirement & Pension System	$5.8M	29,263	0	NO CHANGE
393	LBP AM SA	$5.7M	28,998	+28,998	NEW
394	Brevan Howard Capital Management LP	$5.7M	28,918	+21,370	ADD
395	Advance Capital Management, Inc.	$5.7M	28,743	0	NO CHANGE
396	Groupe la Francaise	$5.7M	28,528	−10,199	TRIM
397	MASTERINVEST Kapitalanlage GmbH	$5.6M	28,439	−4,109	TRIM
398	Tower Research Capital LLC (TRC)	$5.6M	28,246	−4,547	TRIM
399	JOHNSON INVESTMENT COUNSEL INC	$5.6M	28,134	−2,141	TRIM
400	ING GROEP NV	$5.3M	26,619	−447	TRIM
401	SHELTON CAPITAL MANAGEMENT	$5.3M	26,506	−71	TRIM
402	Resonant Capital Advisors, LLC	$5.2M	26,404	+1,281	ADD
403	PARSONS CAPITAL MANAGEMENT INC/RI	$5.1M	25,522	−218	TRIM
404	Vision Capital Management, Inc.	$5.0M	25,459	+195	ADD
405	Laird Norton Wetherby Trust Company, LLC	$5.0M	25,413	−55	TRIM
406	EULAV Asset Management	$5.0M	25,347	+47	ADD
407	&PARTNERS	$5.0M	25,204	−1,492	TRIM
408	Northwest & Ethical Investments L.P.	$4.9M	24,942	+6,776	ADD
409	Midwest Trust Co	$4.9M	24,558	−8,452	TRIM
410	Karl Kapital LLC	$4.8M	24,451	−5,757	TRIM
411	Financiere des Professionnels - Fonds d'investissement inc.	$4.8M	24,387	+24,387	NEW
412	TD Waterhouse Canada Inc.	$4.8M	25,028	+17,108	ADD
413	Salvus Wealth Management, LLC	$4.8M	24,242	−153	TRIM
414	ANCHOR CAPITAL ADVISORS LLC	$4.8M	24,217	−47,803	TRIM
415	Aviance Capital Partners, LLC	$4.8M	24,171	+1,068	ADD
416	Siemens Fonds Invest GmbH	$4.7M	23,926	−661	TRIM
417	PRENTISS SMITH & CO INC	$4.7M	23,742	−120	TRIM
418	AG2R LA MONDIALE GESTION D'ACTIFS	$4.7M	23,586	+312	ADD
419	Capital International Sarl	$4.5M	22,857	+8,224	ADD
420	HANCOCK WHITNEY CORP	$4.4M	22,049	+22,049	NEW
421	Joseph Group Capital Management	$4.4M	22,060	+1,140	ADD
422	DAVENPORT & Co LLC	$4.3M	21,852	+2,829	ADD
423	Saudi Central Bank	$4.3M	21,637	+21,637	NEW
424	CLOVERFIELDS CAPITAL GROUP, LP	$4.3M	21,592	−96	TRIM
425	CONNING INC.	$4.3M	21,556	+1,440	ADD
426	Stenger Family Office, LLC	$4.2M	21,323	+2,844	ADD
427	EP Wealth Advisors, LLC	$4.2M	21,162	+11,253	ADD
428	TOKIO MARINE ASSET MANAGEMENT CO LTD	$4.2M	20,960	+1,402	ADD
429	Capital Group Private Client Services, Inc.	$4.2M	20,944	−19,076	TRIM
430	Sky Investment Group LLC	$4.1M	20,915	+1,953	ADD
431	Quartz Partners, LLC	$4.1M	20,685	+1,088	ADD
432	TREMBLANT CAPITAL GROUP	$4.0M	20,429	+180	ADD
433	SeaBridge Investment Advisors LLC	$4.0M	20,361	+20,361	NEW
434	Caprock Group, LLC	$4.0M	20,301	+2,271	ADD
435	Frank, Rimerman Advisors LLC	$4.0M	20,249	+11,401	ADD
436	Verde Capital Management	$4.0M	20,173	+1,671	ADD
437	ELEVATION POINT WEALTH PARTNERS, LLC	$4.0M	20,150	+17,501	ADD
438	Chesley Taft & Associates LLC	$4.0M	20,126	−436	TRIM
439	Carroll Investors, Inc	$4.0M	20,043	+4,818	ADD
440	Accretive Wealth Partners, LLC	$4.0M	20,017	+84	ADD
441	Advisors Capital Management, LLC	$3.9M	19,887	+14,444	ADD
442	Empirical Finance, LLC	$3.9M	19,592	−29	TRIM
443	Meiji Yasuda America Inc	$3.9M	19,434	−267	TRIM
444	Glenview Trust Co	$3.8M	19,291	+756	ADD
445	DYMON ASIA CAPITAL (SINGAPORE) PTE. LTD.	$3.8M	19,125	+19,125	NEW
446	NOMURA HOLDINGS INC	$3.8M	19,014	−1,331	TRIM
447	Private Advisor Group, LLC	$3.8M	19,004	+1,996	ADD
448	Vise Technologies, Inc.	$3.7M	16,461	0	NO CHANGE
449	OneDigital Investment Advisors LLC	$3.7M	18,897	+841	ADD
450	Bleakley Financial Group, LLC	$3.7M	18,858	+819	ADD
451	CHOREO, LLC	$3.7M	18,798	+2,585	ADD
452	Lombard Odier Asset Management (Switzerland) SA	$3.7M	18,756	−5,300	TRIM
453	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	$3.7M	18,754	+18	ADD
454	Greenfield Savings Bank	$3.7M	18,752	+432	ADD
455	TECTONIC ADVISORS LLC	$3.7M	18,709	+175	ADD
456	WRIGHT INVESTORS SERVICE INC	$3.6M	18,373	−9,243	TRIM
457	Baker Avenue Asset Management, LP	$3.6M	18,301	+588	ADD
458	Lighthouse Investment Partners, LLC	$3.6M	18,025	+16,114	ADD
459	Citizens Business Bank	$3.6M	18,005	−499	TRIM
460	Kintegral Advisory, LLC	$3.6M	17,922	−795	TRIM
461	Sound View Wealth Advisors Group, LLC	$3.5M	17,809	+930	ADD
462	JANE STREET GROUP, LLC	$3.5M	17,773	−69,438	TRIM
463	Jefferies Financial Group Inc.	$3.5M	17,700	+5,762	ADD
464	Gibraltar Capital Management, Inc.	$3.5M	17,581	+82	ADD
465	Shepherd Financial Partners LLC	$3.4M	17,339	−89	TRIM
466	INTEGRITY ALLIANCE, LLC.	$3.4M	17,168	+527	ADD
467	Asio Capital, LLC	$3.4M	17,153	+17,153	NEW
468	North Dakota State Investment Board	$3.4M	16,976	−3,121	TRIM
469	GATEWAY INVESTMENT ADVISERS LLC	$3.3M	16,858	−1,337	TRIM
470	MATHER GROUP, LLC.	$3.3M	16,852	+529	ADD
471	Waldron Private Wealth LLC	$3.3M	16,731	+160	ADD
472	Phoenix Financial Ltd.	$3.3M	16,436	−9,096	TRIM
473	Farringdon Capital, Ltd.	$3.2M	16,294	+16,294	NEW
474	COLDSTREAM CAPITAL MANAGEMENT INC	$3.2M	16,274	+1,987	ADD
475	Walleye Capital LLC	$3.2M	16,222	+16,044	ADD
476	Monument Capital Management	$3.2M	16,154	+2,044	ADD
477	Papamarkou Wellner Asset Management inc.	$3.2M	19,684	+15,725	ADD
478	MCDONALD PARTNERS LLC	$3.2M	15,921	+3,854	ADD
479	Kestra Advisory Services, LLC	$3.1M	15,876	+99	ADD
480	SECURIAN ASSET MANAGEMENT, INC	$3.1M	15,845	−100	TRIM
481	Merit Financial Group, LLC	$3.1M	15,804	+1,078	ADD
482	Spire Wealth Management	$3.1M	15,637	+4,192	ADD
483	Left Brain Wealth Management, LLC	$3.1M	15,635	+3,006	ADD
484	Ted Buchan & Co	$3.1M	15,558	+2,546	ADD
485	Alamar Capital Management, LLC	$3.1M	15,550	—	NO PRIOR
486	CacheTech Inc.	$3.1M	15,534	+3,223	ADD
487	UNITED CAPITAL FINANCIAL ADVISORS, LLC	$3.0M	15,334	+15,334	NEW
488	Callan Family Office, LLC	$3.0M	15,035	−2,401	TRIM
489	Andra AP-fonden	$3.0M	15,033	−52,367	TRIM
490	BDF-GESTION	$3.0M	15,000	0	NO CHANGE
491	KESTRA PRIVATE WEALTH SERVICES, LLC	$3.0M	14,991	−1,363	TRIM
492	Sepio Capital, LP	$3.0M	14,971	−288	TRIM
493	Horizon Investment Services, LLC	$3.0M	14,931	−354	TRIM
494	Meeder Advisory Services, Inc.	$3.0M	14,882	+2,773	ADD
495	BLI - Banque de Luxembourg Investments	$2.9M	13,000	+13,000	NEW
496	Strong Retirement Solutions LLC	$2.9M	14,769	+2,965	ADD
497	Apollon Wealth Management, LLC	$2.9M	14,761	−397	TRIM
498	St. Louis Trust Co	$2.9M	14,413	0	NO CHANGE
499	Sovereign's Capital Management, LLC	$2.8M	14,352	−504	TRIM
500	GUARDIAN WEALTH ADVISORS, LLC / NC	$2.8M	14,342	+324	ADD

Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.

Congress ↔ notable managers · PGR

who in Congress disclosed purchases or sales beside which notable managers added or trimmed

Congress · last 90 days

Buyers: 0 — —
Sellers: 2 Alan Armstrong R–OK, Gilbert Ray Cisneros, Jr. D–CA-31 $16K–$65K

filed 2026-07-03 → 2026-10-01 · totals are statutory ranges

Notable managers · quarter ended 2026-03-31

Adding: 2 Viking Global Investors, Soros Fund Management $322M held
Trimming: 4 Gotham Asset Management, Caxton Associates, Third Point, Moore Capital Management $28.6M held

NEW + ADD vs TRIM + EXIT, by shares · $ = reported value now, not the change · PROGRESSIVE CORP

Merged timeline of congressional filings and notable-manager moves on PGR
Date	Who	Change	Size
2026-09-04	Gilbert Ray Cisneros, Jr. Congress	SELL	$1K–$15K
2026-07-21	Alan Armstrong Congress	SELL	$15K–$50K
2026-05-15	Viking Global Investors 13F	ADD	+285,021 sh
2026-05-15	Soros Fund Management 13F	NEW	+9,472 sh
2026-05-15	Gotham Asset Management 13F	TRIM	−42 sh
2026-05-15	Third Point 13F	EXIT	−220,000 sh
2026-05-15	Moore Capital Management 13F	EXIT	−34,000 sh
2026-05-14	Caxton Associates 13F	TRIM	−1,731 sh

8 newest rows · every row dates by its filing date: a disclosure's, or the 13F's for the quarter · a 13F row is a quarter-end snapshot, not a trade

27 members of Congress disclosed PGR — the congressional view ↗

A 13F is a quarterly, long-only snapshot filed up to 45 days late — not current holdings. what a 13F covers ↗

13F reports cover LONG positions in Section 13(f) securities (US exchange-traded equities plus reportable options, warrants, certain convertibles) held by managers with at least $100M in such securities — so managers below that threshold are absent entirely. No short positions, no cash, no non-13(f) assets — not a full portfolio, and not a census of institutional ownership.

Positions are quarter-end snapshots filed up to 45 days late — not current holdings. A position may have been changed or closed before you ever see it, and is older still by however long ago that quarter ended.

Values are the manager's stated market value at quarter-end in era-dependent units (whole dollars for form versions effective 2023-01-03 onward, thousands before), normalized here to whole dollars with unit_basis carried on every record.

Affiliated managers may report the same position (otherManager), so one position can appear under more than one filer.

Positions under confidential treatment may be omitted until a later amendment discloses them.

These are disclosures, not investment advice (ARCHITECTURE.md §5.2 / M2-CONTRACT §5).