ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The Strategy lagged behind the benchmark Russell 3000 Growth Index in the quarter. On an absolute basis, the strategy posted gains across all nine sectors it invested in. IT and communication services sectors were the primary contributors. Overall stock selection detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge All Cap Growth Strategy highlighted stocks like UnitedHealth Group Incorporated (NYSE:UNH), in the first quarter 2024 investor letter. UnitedHealth Group Incorporated (NYSE:UNH) is a diversified healthcare company that operates through UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx segments. The one-month return of UnitedHealth Group Incorporated (NYSE:UNH) was -0.05%, and its shares gained 2.12% of their value over the last 52 weeks. On June 25, 2024, UnitedHealth Group Incorporated (NYSE:UNH) stock closed at $484.50 per share with a market capitalization of $445.927 billion.
ClearBridge All Cap Growth Strategy stated the following regarding UnitedHealth Group Incorporated (NYSE:UNH) in its first quarter 2024 investor letter:
“We were also active in adding to stable bucket investments PayPal and UnitedHealth Group Incorporated (NYSE:UNH) where negative near-term sentiment led to more attractive risk/reward profiles. We added to our UnitedHealth position after shares were pressured due to fears over competition among managed care providers and rising medical loss ratios in the industry. We believe the company will be able to “re-price” for higher medical costs, making this pressure transitory and we see competitive concerns as overblown.”
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UnitedHealth Group Incorporated (NYSE:UNH) is in 22nd position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 104 hedge fund portfolios held UnitedHealth Group Incorporated (NYSE:UNH) at the end of the first quarter which was 113 in the previous quarter. While we acknowledge the potential of UnitedHealth Group Incorporated (NYSE:UNH) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We discussed UnitedHealth Group Incorporated (NYSE:UNH) in another article and shared the list of best healthcare stocks to buy according to hedge funds. In the first quarter of 2024, UnitedHealth Group Incorporated (NYSE:UNH) was among the lowest performing securities in Carillon Eagle Growth & Income Fund’s portfolio. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
