ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities fell from the first-half highs amid fears of slowing consumer spending and higher interest rates. The strategy performed strongly in this environment outperforming the Russell 1000 Value Index. The strategy benefited from two of the 11 sectors it was invested in during the quarter, on an absolute basis. Overall stock selection and sector allocation contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Large Cap Value Strategy highlighted stocks like UnitedHealth Group Incorporated (NYSE:UNH) in the third 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 October 11, 2023, UnitedHealth Group Incorporated (NYSE:UNH) stock closed at $524.13 per share. One-month return of UnitedHealth Group Incorporated (NYSE:UNH) was 9.23%, and its shares gained 4.83% of their value over the last 52 weeks. UnitedHealth Group Incorporated (NYSE:UNH) has a market capitalization of $485.504 billion.
ClearBridge Large Cap Value Strategy made the following comment about UnitedHealth Group Incorporated (NYSE:UNH) in its Q3 2023 investor letter:
“Our health care positioning also fared well, led by managed care company UnitedHealth Group Incorporated (NYSE:UNH), which beat expectations and raised full-year guidance, supporting our thesis that it can successfully navigate the recent uptick in utilization among its Medicare patients. We continue to maintain an overweight position to managed care companies via long-term holdings in UnitedHealth and Elevance Health, as we believe the short cycle nature of their insurance franchises allows them to reprice their book of business in a relatively short time frame, even if health care costs come in higher than previously anticipated.”
Source: Unsplash
UnitedHealth Group Incorporated (NYSE:UNH) is in 16th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 111 hedge fund portfolios held UnitedHealth Group Incorporated (NYSE:UNH) at the end of second quarter which was 116 in the previous quarter.
We discussed UnitedHealth Group Incorporated (NYSE:UNH) in another article and shared the list of most innovative companies in the world in 2023. In addition, please check out our hedge fund investor letters Q3 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.
