Wedgewood Partners, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Wedgewood Composite’s net return was 11.4% compared to the Standard & Poor’s 11.7%, Russell 1000 Growth Index’s 14.2%, and Russell 1000 Value Index’s 9.5% return for the same period. Year-to-date, the fund returned 29.2% compared to 26.3%, 42.7%, and 11.5%, respectively for the indexes. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wedgewood Partners featured stocks such as UnitedHealth Group Incorporated (NYSE:UNH) in the fourth quarter 2023 investor letter. Headquartered in Minnetonka, Minnesota, UnitedHealth Group Incorporated (NYSE:UNH) is a diversified healthcare company that operates through UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx segments. On January 12, 2024, UnitedHealth Group Incorporated (NYSE:UNH) stock closed at $521.51 per share. One-month return of UnitedHealth Group Incorporated (NYSE:UNH) was -1.81%, and its shares gained 6.52% of their value over the last 52 weeks. UnitedHealth Group Incorporated (NYSE:UNH) has a market capitalization of $482.358 billion.
Wedgewood Partners stated the following regarding UnitedHealth Group Incorporated (NYSE:UNH) in its fourth quarter 2023 investor letter:
“UnitedHealth Group Incorporated (NYSE:UNH) contributed less to portfolio performance than the majority of our holdings during the quarter. The Company reported double-digit revenue, operating earnings and earnings per share growth during their third quarter. The Company has been able to adjust pricing in its health care segment to keep up with medical cost inflation while working with its Optum units to deliver more value-based care that replaces the traditional fee for service health care model. Value-based care is a sensible, long-term growth opportunity for the Company to pursue and also differentiates it from the vast majority of healthcare providers, particularly as it relates to Medicare patients. For example, the Company’s value-based care programs provide more preventative care opportunities and home-based care visits for patients which helps save the U.S. healthcare system billions in unnecessary spending while also providing patients with better outcomes, as diseases and behaviors are caught or corrected at earlier stages. The Company has invested in several core assets over many years to execute this value-based strategy and it will become the standard of care as the proportion of people in the U.S. with healthcare insurance coverage continues to reach new highs.”
Ken Wolter/Shutterstock.com
UnitedHealth Group Incorporated (NYSE:UNH) is in 20th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 104 hedge fund portfolios held UnitedHealth Group Incorporated (NYSE:UNH) at the end of third quarter which was 111 in the previous quarter.
We discussed UnitedHealth Group Incorporated (NYSE:UNH) in another article and shared the list of best health insurance companies heading into 2024. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Highest Quality Coffee Beans In The World
- 12 Best Pipeline and MLP Stocks To Buy
- 12 Countries with Best Intelligence Agencies
Disclosure: None. This article is originally published at Insider Monkey.
