Greenlight Capital, an investment management firm, released its fourth quarter 2023 investor letter, a copy of which can be downloaded here. In 2023, the Greenlight Capital funds returned 22.1% net of fees and expenses, compared to 26.3% for the S&P 500 index. The Partnerships have returned 2,902.1% cumulatively or 13.1% annualized since Greenlight Capital’s inception in May 1996, both net of fees and expenditures. The index has returned 1,117.1% or 9.5% annualized, over the same period. 2023 was a great year for the Partnerships. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Greenlight Capital featured stocks such as Tenet Healthcare Corporation (NYSE:THC) in the fourth quarter 2023 investor letter. Headquartered in Dallas, Texas, Tenet Healthcare Corporation (NYSE:THC) is a diversified healthcare services company. On January 24, 2024, Tenet Healthcare Corporation (NYSE:THC) stock closed at $79.65 per share. One-month return of Tenet Healthcare Corporation (NYSE:THC) was 4.46%, and its shares gained 54.18% of their value over the last 52 weeks. Tenet Healthcare Corporation (NYSE:THC) has a market capitalization of $8.089 billion.
Greenlight Capital stated the following regarding Tenet Healthcare Corporation (NYSE:THC) in its fourth quarter 2023 investor letter:
“Tenet Healthcare Corporation (NYSE:THC) returned 55% during the year and was our fourth largest winner. The stock climbed as the company was able to reduce its reliance on expensive temporary labor and benefited from a stronger healthcare utilization environment, especially on the outpatient side. We did even better by trimming about a third of our position into mid-year strength and then buying much of that back into autumn weakness that was triggered by what we believe are irrational fears that new weight loss drugs will materially reduce demand for hospital care and outpatient surgery. The shares recovered late in the year, particularly after the company sold three hospitals at a premium valuation, which caused the market to rethink the value of the remaining business.”
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Tenet Healthcare Corporation (NYSE:THC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held Tenet Healthcare Corporation (NYSE:THC) at the end of third quarter which was 74 in the previous quarter.
We discussed Tenet Healthcare Corporation (NYSE:THC) in another article and shared Carillon Chartwell Mid Cap Value Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
