Ruane, Cunniff & Goldfarb, an investment adviser managing Sequoia Fund, released its Q4 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 13.31% compared to an 11.69% return for the S&P 500 Index. The fund generated a 27.83% return in 2023 compared to a 26.29% return for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Sequoia Fund featured stocks like 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 March 20, 2024, UnitedHealth Group Incorporated (NYSE:UNH) stock closed at $494.23 per share. One-month return of UnitedHealth Group Incorporated (NYSE:UNH) was -6.13%, and its shares gained 5.18% of their value over the last 52 weeks. UnitedHealth Group Incorporated (NYSE:UNH) has a market capitalization of $455.647 billion.
Sequoia Fund stated the following regarding UnitedHealth Group Incorporated (NYSE:UNH) in its fourth quarter 2023 investor letter:
“The return in UnitedHealth Group Incorporated (NYSE:UNH) shares was essentially flat last year, whereas the Index was up sharply. In 2022, the return in UnitedHealth shares was modestly positive, whereas the Index was down sharply. The company’s financial performance, however, has been quite steady all along. In 2022, United’s revenues and earnings per share were up approximately 13% and 17%, respectively. We expect them both to be up low-teens in 2023. These pleasing financial results are consistent with United’s historical track record and with what we believe we will see for years to come.
Last year, sentiment across the managed care space was negatively impacted by concerns over reimbursement levels for Medicare Advantage, a perceived increase in the risk of adverse regulation for pharmacy benefit managers, and a slight deterioration of medical loss trends. While we do not dismiss these factors as irrelevant, we consider them in the context of the scale and diversity of United’s business as well as the resulting essential role the company plays in the admittedly imperfect US healthcare system…” (Click here to read the full text)
Ken Wolter/Shutterstock.com
UnitedHealth Group Incorporated (NYSE:UNH) is in 20th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, UnitedHealth Group Incorporated (NYSE:UNH) was held by 113 hedge fund portfolios, compared to 104 in the previous quarter, according to our database.
We discussed UnitedHealth Group Incorporated (NYSE:UNH) in another article and shared the list of most undervalued Dow stocks to buy according to analysts. 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:
- 20 Most Fluent English Speaking Countries In The World
- 20 Best Places to Live in Florida
- 17 Best AOL Mail Alternatives in 2024
Disclosure: None. This article is originally published at Insider Monkey.
