Oakmark Funds, an investment management company, released its “Oakmark Global Select Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -11.3% compared to -6.2% for the MSCI World Index. For the fiscal year ended September 30, 2022, the fund returned -29.7% compared to a -19.6% return for the benchmark Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Oakmark Fund discussed stocks like Humana Inc. (NYSE:HUM) in the third quarter 2022 investor letter. Headquartered in Louisville, Kentucky, Humana Inc. (NYSE:HUM) is an American health and well-being company. On October 11, 2022, Humana Inc. (NYSE:HUM) stock closed at $498.49 per share. One-month return of Humana Inc. (NYSE:HUM) was 8.64% and its shares gained 18.49% of their value over the last 52 weeks. Humana Inc. (NYSE:HUM) has a market capitalization of $63.086 billion.
Here is what Oakmark Fund specifically said about Humana Inc. (NYSE:HUM) in its Q3 2022 investor letter:
“A top contributor to performance for the one-year period was Humana Inc. (NYSE:HUM) (U.S.), a leader and near pure play in the fastest growing sector of managed care, Medicare Advantage. In its first-quarter earnings report, the company generally beat consensus estimates and raised guidance. Encouragingly, the issues that had caused this year’s Medicare Advantage enrollment shortfall seem to have stabilized, and during the most recent open enrolment period, member retention appears in line or even slightly better than expectations. In addition, Humana reaffirmed its full-year guidance for $24.50 adjusted earnings per common share. The company’s second-quarter earnings results also beat consensus expectations due to lower than expected medical expenses, which stemmed from a decline in Covid-19-related medical costs that was not fully offset by all other medical costs returning to normal levels. Management also indicated that the company is tracking well against achieving its $1 billion cost-savings plan by the end of 2023, and it intends to reinvest the majority of those savings into improved member benefits. Ultimately, Humana’s share price reached our sell target, and we opted to eliminate the position.”
Humana Inc. (NYSE:HUM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held Humana Inc. (NYSE:HUM) at the end of the second quarter, which was 66 in the previous quarter.
We discussed Humana Inc. (NYSE:HUM) in another article and shared the best stocks to buy according to Jonathan Bloomberg’s BloombergSen. In addition, please check out our hedge fund investor letters Q3 2022 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.
