ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities fell from the first-half highs amid fears of slowing consumer spending and higher interest rates. The strategy performed strongly in this environment outperforming the Russell 1000 Value Index. The strategy benefited from two of the 11 sectors it was invested in during the quarter, on an absolute basis. Overall stock selection and sector allocation contributed to performance on a relative basis. 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 third quarter 2023 investor letter. Headquartered in Indianapolis, Indiana, Elevance Health, Inc. (NYSE:ELV) is a health benefits company. On October 11, 2023, Elevance Health, Inc. (NYSE:ELV) stock closed at $453.57 per share. One-month return of Elevance Health, Inc. (NYSE:ELV) was 2.07%, and its shares lost 4.34% of their value over the last 52 weeks. Elevance Health, Inc. (NYSE:ELV) has a market capitalization of $106.883 billion.
ClearBridge Large Cap Value Strategy made the following comment about Elevance Health, Inc. (NYSE:ELV) in its Q3 2023 investor letter:
“Our health care positioning also fared well. We continue to maintain an overweight position to managed care companies via long-term holdings in UnitedHealth and Elevance Health, Inc. (NYSE:ELV), as we believe the short cycle nature of their insurance franchises allows them to reprice their book of business in a relatively short time frame, even if health care costs come in higher than previously anticipated.”
A doctor in scrubs shaking hands with a patient, representing the healthcare services provided to individuals and families. Editorial photo for a financial news article. 8k. –ar 16:9
Elevance Health, Inc. (NYSE:ELV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 82 hedge fund portfolios held Elevance Health, Inc. (NYSE:ELV) at the end of second quarter which was 81 in the previous quarter.
We discussed Elevance Health, Inc. (NYSE:ELV) in another article and shared Vltava Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Best Countries for Dual Citizenship for US Citizens
- 20 Stocks with Highest Dividend Right Now
- 25 Biggest Publicly Traded Asset Managers
Disclosure: None. This article is originally published at Insider Monkey.
