Here’s Why Vulcan Value Partners Added Elevance Health (ELV) to its Portfolio

Investment management company Vulcan Value Partners recently released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all gained positive absolute returns in the second quarter. The fund’s Large Cap Composite returned 10.0% net of fees and expenses, the Small Cap Composite returned 4.4% net, the Focus Composite returned 11.1% net, the Focus Plus composite returned 10.6%, and the All-Cap Composite returned 6.0% net. You can check the top 5 holdings of the fund to know its best picks in 2023.

Vulcan Value Partners highlighted stocks like Elevance Health, Inc. (NYSE:ELV) in the second quarter 2023 investor letter. Headquartered in Indianapolis, Indiana, Elevance Health, Inc. (NYSE:ELV) is a health benefits company. On August 22, 2023, Elevance Health, Inc. (NYSE:ELV) stock closed at $463.30 per share. One-month return of Elevance Health, Inc. (NYSE:ELV) was -1.34%, and its shares lost 6.10% of their value over the last 52 weeks. Elevance Health, Inc. (NYSE:ELV) has a market capitalization of $109.176 billion.

Vulcan Value Partners made the following comment about Elevance Health, Inc. (NYSE:ELV) in its second quarter 2023 investor letter:

“Elevance Health, Inc. (NYSE:ELV) (formerly known as Anthem) is the largest healthcare insurance company in United States by medical membership, covering 47 million lives. Two thirds of its customers are covered under commercial and specialty arrangements, and the other third is covered under government programs such as Medicare and Medicaid. The managed care industry is large, with healthcare spending of $4 trillion annually, and we believe that scale and expertise are important for success in this industry. We think Elevance’s size and scale allows it to continue to invest in technology and benefit design to maintain its competitive position.”

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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 cheap dividend stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 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.