L1 Capital, an investment management firm, released its “L1 Capital International Fund” second quarter 2023 investor letter, a copy of the same can be downloaded here. In the June 2023 quarter, the fund returned 9.0% (net of fees) outperforming the benchmark’s (MSCI World Net Total Return Index in AUD) 7.5% return. The Fund and Benchmark’s Australian dollar reported quarterly returns increased as AUD depreciated 1.0% against the U.S. dollar and depreciated 0.9% against the Euro. The Fund returned 25.5% (net of fees), outperforming the Benchmark’s return of 22.4% by 3.1% (all in Australian dollars) for the year ended 30 June 2023. Please check the top five holdings of the fund to know its best picks in 2023.
L1 Capital International Fund highlighted stocks like UnitedHealth Group Incorporated (NYSE:UNH) in the second 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 July 26, 2023, UnitedHealth Group Incorporated (NYSE:UNH) stock closed at $508.00 per share. One-month return of UnitedHealth Group Incorporated (NYSE:UNH) was 6.62%, and its shares lost 6.18% of their value over the last 52 weeks. UnitedHealth Group Incorporated (NYSE:UNH) has a market capitalization of $472.964 billion.
L1 Capital International Fund made the following comment about UnitedHealth Group Incorporated (NYSE:UNH) in its second quarter 2023 investor letter:
“Close observers of the Fund will note the increased exposure to healthcare, currently 13% of the portfolio. Healthcare is generally less macro-sensitive than some other sectors. In a reversal of market sentiment compared to 2022, the healthcare sector has been under modest pressure due to what we consider to be some short-term transitory issues, while technology, particularly anything to do with AI, has become the market’s dish du jour. We have been selectively increasing our investment in a few very high-quality healthcare businesses at prices we consider to be fair. UnitedHealth Group Incorporated (NYSE:UNH) is now a top 10 holding, and our investment thesis is outlined in this report.
We have previously written on our exposure to taxes through our investment in Intuit and its market leading TurboTax franchise (Intuit also owns the QuickBooks small business accounting franchise, Credit Karma and Mailchimp). UnitedHealth Group (UnitedHealth) is leading the charge to postpone the inevitable, while lowering overall healthcare system costs.
U.S. health spending has outpaced GDP growth for decades, with spending on healthcare increasing from around 12% of GDP in the 1980s to nearly 20% today, driven by advancements in healthcare capabilities and an ageing population with increased life expectancy…” (Click here to read the full text)
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, 116 hedge fund portfolios held UnitedHealth Group Incorporated (NYSE:UNH) at the end of first quarter which was 110 in the previous quarter.
We discussed UnitedHealth Group Incorporated (NYSE:UNH) in another article and shared the list of best under the radar stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q2 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.
