Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. All equity classes experienced good results in the third quarter. During the quarter, equity markets ended on a high note, with the S&P 500 achieving a 5.89% increase, bringing the full-year performance to 22.08%. The Value outperformed growth and the market broadened outside the mega-cap tech stocks during the quarter. Against this backdrop, Madison Sustainable Equity Fund (Class Y) outperformed the S&P 500 in the quarter. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Madison Sustainable Equity Fund highlighted stocks like UnitedHealth Group Incorporated (NYSE:UNH) in the third quarter 2024 investor letter. UnitedHealth Group Incorporated (NYSE:UNH) is a diversified healthcare company that operates through UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx segments. The one-month return of UnitedHealth Group Incorporated (NYSE:UNH) was 3.47%, and its shares gained 9.28% of their value over the last 52 weeks. On November 18, 2024, UnitedHealth Group Incorporated (NYSE:UNH) stock closed at $589.65 per share with a market capitalization of $545.02 billion.
Madison Sustainable Equity Fund stated the following regarding UnitedHealth Group Incorporated (NYSE:UNH) in its Q3 2024 investor letter:
“The top contributors in the quarter were NextEra Energy, Oracle Corporation, Progressive Corporation, Equifax Inc., and UnitedHealth Group Incorporated (NYSE:UNH). United Healthcare reported a solid second quarter with an earnings beat. The quarter was a bit messy, but the underlying results were strong. The quarter included costs related to the Change Healthcare outage; however, investors have shifted their focus to 2025 with expected Medicare Advantage growth and moderating headwinds from Medicaid Medical Loss Ratio.”
A senior healthcare professional giving advice to a patient in a clinic.
UnitedHealth Group Incorporated (NYSE:UNH) is in 22nd position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 112 hedge fund portfolios held UnitedHealth Group Incorporated (NYSE:UNH) at the end of the third quarter which was 114 in the previous quarter. UnitedHealth Group Incorporated’s (NYSE:UNH) Q3 revenues reached $101 billion, marking a 9% year-over-year increase with strong growth at both Optum and UnitedHealthcare segments. While we acknowledge the potential of UnitedHealth Group Incorporated (NYSE:UNH) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed UnitedHealth Group Incorporated (NYSE:UNH) and shared the list of stocks Jim Cramer talked about. In addition, please check out our hedge fund investor letters Q3 2024 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.