Davis Funds, an investment management firm, released its “Davis New York Venture Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. During the initial seven months, ending on July 31, 2023, the fund yielded a return of 25.38%. This recent performance of the fund aligns with the burst of the easy-money bubble, which originated in the wake of the financial crisis and gained momentum throughout the pandemic. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Davis New York Venture Fund mentioned The Cigna Group (NYSE:CI) and explained its insights for the company. The Cigna Group (NYSE:CI) is a Bloomfield, Connecticut-based insurance company with a $90.9 billion market capitalization. The Cigna Group (NYSE:CI) delivered a -6.24% return since the beginning of the year, while its 12-month returns are down by -3.56%. The stock closed at $310.65 per share on November 3, 2023.
Here is what Davis New York Venture Fund has to say about The Cigna Group (NYSE:CI) in its Q3 2023 investor letter:
“In the attractive healthcare sector, we look beyond the obvious to identify businesses that simultaneously have exposure to this growth industry and also trade at low prices. We’re especially drawn to companies like Cigna Group, whose products or services play a part in helping to mitigate healthcare’s constantly rising costs. The healthcare industry has been a growing part of the U.S. economy for decades. As a result, many companies in this sector trade at high valuations reflecting their robust but well-known reputation for growth. For value-conscious investors like us, investing in healthcare requires looking beyond the obvious to identify businesses that have exposure to this growth industry but which trade at low prices. Furthermore, recognizing that the constantly rising cost of healthcare cannot go on forever, we have been particularly drawn to companies whose products or services play some role in managing or reducing the cost of care. As a result, we have positions in Cigna Group, a well-regarded provider of managed care.
A close up of a person of humble means counting money and looking at a workers’ compensation insurance document.
Our calculations show that The Cigna Group (NYSE:CI) failed to make it on our list of the 30 Most Popular Stocks Among Hedge Funds. The Cigna Group (NYSE:CI) was in 74 hedge fund portfolios at the end of the second quarter of 2023, compared to 79 funds in the previous quarter. The Cigna Group (NYSE:CI) delivered an 8.40% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
