Sound Shore Management, an investment management firm, has released its investor letter for the fourth quarter of 2023. A copy of the same can be downloaded here. The fund’s Investor Class (SSHFX) and Institutional Class (SSHVX) advanced 12.43% and 12.50%, respectively, in the fourth quarter of 2023, outperforming the Russell 1000 Value Index’s (Russell Value) 9.50% return. Sound Shore’s portfolio had a great year in 2023, returning 17.42% for SSHFX and 17.67% for SSHVX, both significantly ahead of the 11.46% return for the Russell Value. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Sound Shore Management 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 February 13, 2024, Centene Corporation (NYSE:CNC) stock closed at $76.70 per share. One-month return of Centene Corporation (NYSE:CNC) was -1.67%, and its shares gained 4.92% of their value over the last 52 weeks. Centene Corporation (NYSE:CNC) has a market capitalization of $40.995 billion.
Sound Shore Management made the following regarding Centene Corporation (NYSE:CNC) in its fourth quarter 2023 investor letter:
“Detractors for the year included some of our healthcare holdings, which underperformed along with the sector as the excitement for weight loss drugs seemed to siphon a lot of capital away from other parts of the healthcare industry. One example is healthcare solutions provider Centene Corporation (NYSE:CNC); another position we initiated earlier this year when it was trading at a below normal 9 times earnings. While the stock is up from purchase, it has underperformed the overall market. Thus far, the company’s Medicaid business is performing as expected. Meanwhile, a new management team, led by Sarah London, formerly of United Healthcare, is in its second year of turning around the business. We have been impressed with the initial success the company has shown streamlining its business and improving operating performance and the stock remains a full position.”
A doctor holding a clipboard in a hospital ward, discussing patient treatment plan with the nurses.
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 insurance companies in the US by market cap. 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.
