Elevance Health (ELV) Declined After a Strong 2022

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 1000 Value Index, in the first quarter. On an absolute basis, the strategy gained from 5 of the 11 sectors in which it was invested for the quarter. The information technology (IT) and communication services sectors were the leading contributors while health care and financials sectors detracted. Overall stock selection detracted from the performance on a relative basis while sector allocation was positive. 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 Elevance Health, Inc. (NYSE:ELV) in the first quarter 2023 investor letter. Headquartered in Indianapolis, Indiana, Elevance Health, Inc. (NYSE:ELV) is a health benefits company. On July 3, 2023, Elevance Health, Inc. (NYSE:ELV) stock closed at $444.48 per share. One-month return of Elevance Health, Inc. (NYSE:ELV) was -4.33%, and its shares lost 6.81% of their value over the last 52 weeks. Elevance Health, Inc. (NYSE:ELV) has a market capitalization of $105.367 billion.

ClearBridge Large Cap Value Strategy made the following comment about Elevance Health, Inc. (NYSE:ELV) in its first quarter 2023 investor letter:

“The tech-dominated quarter was a headwind for both defensive and cyclical sectors, with shares of health care holdings such as UnitedHealth Group (UNH), Elevance Health, Inc. (NYSE:ELV) and Johnson & Johnson (JNJ) declining after a strong 2022.”

Source: Unsplash

Elevance Health, Inc. (NYSE:ELV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 81 hedge fund portfolios held Elevance Health, Inc. (NYSE:ELV) at the end of first quarter 2023 which was 75 in the previous quarter.

We discussed Elevance Health, Inc. (NYSE:ELV) in another article and shared the list of biggest health insurance companies in the US. In addition, please check out our hedge fund investor letters Q1 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.