Vltava Fund, an investment management company, recently released its third-quarter 2023 investor letter. A copy of the same can be downloaded here. It will be 15 years since the firm switched to the current investment strategy for the Fund when 2023 ends in a few months. The Fund generated a 420% return across this period, which is approximately 11.8% per annum. The MSCI World Index has increased by 232% over the same period (approximately 8.5% per annum). In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Vltava Fund highlighted stocks like Elevance Health, Inc. (NYSE:ELV) in the third quarter 2023 investor letter. Headquartered in Indianapolis, Indiana, Elevance Health, Inc. (NYSE:ELV) is a health benefits company. On October 5, 2023, Elevance Health, Inc. (NYSE:ELV) stock closed at $443.87 per share. One-month return of Elevance Health, Inc. (NYSE:ELV) was -1.09%, and its shares lost 4.97% of their value over the last 52 weeks. Elevance Health, Inc. (NYSE:ELV) has a market capitalization of $104.597 billion.
Vltava Fund made the following comment about Elevance Health, Inc. (NYSE:ELV) in its Q3 2023 investor letter:
“A new position in the portfolio is the US health insurer Elevance Health, Inc. (NYSE:ELV). This sector is quite familiar to us. In fact, we also have shares of another health insurer, Humana, in our portfolio, which we first bought in 2009. The sector has been very attractive over the long term and its structure favours big players, which both Humana and Elevance Health are. Because each of these two companies also has some specific risk, we decided to increase our investment in the sector by acquiring this second position. Both companies are high-growth in terms of profitability and we expect their above-average growth to continue for quite some time. Elevance Health benefits uniquely from its exclusive licence for the Blue Cross Blue Shield brand in 14 US states and is the largest US health insurer with revenues of $165 billion. It insures one-third of the population in the states within which it is active. This large market share gives Elevance Health two competitive advantages: lower costs and network effect. It is also worth noting that this is a non-cyclical business whose growth and development is only minimally correlated with the normal business cycle. It perhaps could go without saying that we consider the investment in Elevance Health to bear below-average risk.”
A pharmacist discussing the health benefits of a prescription medication with a customer. Editorial photo for a financial news article. 8k. –ar 16:9
Elevance Health, Inc. (NYSE:ELV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 82 hedge fund portfolios held Elevance Health, Inc. (NYSE:ELV) at the end of second quarter which was 81 in the previous quarter.
We discussed Elevance Health, Inc. (NYSE:ELV) in another article and shared the list of best low risk investments in 2023. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 African Countries with the Most Alcohol Consumption
- 20 Most Multilingual Countries in the World
- Ray Dalio on Potential US-China War and Rise of China
Disclosure: None. This article is originally published at Insider Monkey.
