Heartland Advisors, an investment management company, released its “Heartland Mid Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the portfolio moved up more than 7.5% compared to a 12.1% increase in the Russell Midcap Value Index. Due in part to the large increase in value that highly leveraged and speculative equities have seen since late October, part of the underperformance was due to the companies that the fund doesn’t own. The Fund posted 13.4% in 2023 versus 12.7% gains for the benchmark. Stock selection led the outperformance in the full year. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Heartland Mid Cap Value Fund featured stocks such as Centene Corporation (NYSE:CNC) in the fourth quarter 2023 investor letter. Headquartered in St. Louis, Missouri, Centene Corporation (NYSE:CNC) is a healthcare enterprise. On January 10, 2024, Centene Corporation (NYSE:CNC) stock closed at $78.41 per share. One-month return of Centene Corporation (NYSE:CNC) was 3.84%, and its shares gained 0.29% of their value over the last 52 weeks. Centene Corporation (NYSE:CNC) has a market capitalization of $41.887 billion.
Heartland Mid Cap Value Fund stated the following regarding Centene Corporation (NYSE:CNC) in its fourth quarter 2023 investor letter:
“Below are several examples of quality-value businesses we own that are trading at deep-value-like valuations. Most of the time, the market appropriately rewards high return businesses with premium valuations, but the following companies trade at low valuations because there are fundamental questions about the industry or because there is a company-specific overhang.
Healthcare. We have mentioned Centene Corporation (NYSE:CNC) earlier in the year as an example of a company utilizing self-help strategies to move beyond past missteps.
The giant managed health insurance provider—which provides coverage to 25 million Americans, including 14 million Medicaid enrollees in 29 states—underperformed for much of the year. CNC faces reimbursement headwinds including a reduction in its 2024 Medicare Advantage premiums and higher healthcare utilization from the return of elective procedures. …” (Click here to read the full text)
A healthcare professional in a meeting with a patient discussing care options using digital technology.
Centene Corporation (NYSE:CNC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 53 hedge fund portfolios held Centene Corporation (NYSE:CNC) at the end of third quarter which was 57 in the previous quarter.
We discussed Centene Corporation (NYSE:CNC) in another article and shared the list of largest US companies by 2023 revenue. 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.
