Wedgewood Partners, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Wedgewood Composite’s Net return was 9.8% compared to the Standard & Poor’s Index’s 7.5%, Russell 1000 Growth Index’s 14.4%, and Russell 1000 Value Index’s 1.0% return for the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wedgewood Partners highlighted stocks UnitedHealth Group Incorporated (NYSE:UNH) in the first quarter 2023 investor letter. Headquartered in Minnetonka, Minnesota, UnitedHealth Group Incorporated (NYSE:UNH) is a healthcare company. On April 14, 2023, UnitedHealth Group Incorporated (NYSE:UNH) stock closed at $511.79 per share. One-month return of UnitedHealth Group Incorporated (NYSE:UNH) was 7.30%, and its shares lost 4.17% of their value over the last 52 weeks. UnitedHealth Group Incorporated (NYSE:UNH) has a market capitalization of $477.422 billion.
Wedgewood Partners made the following comment about UnitedHealth Group Incorporated (NYSE:UNH) in its Q1 2023 investor letter:
“UnitedHealth Group Incorporated (NYSE:UNH) detracted from performance during the quarter. The Company reported strong operating earnings growth at both of its operating segments, UnitedHealth and Optum. Although the market has near-term concerns about the roll-off of Covid-19 Medicaid business, the Company is well positioned to recapture these customers through its multiple service platforms. Further, after solid relative performance in 2022, “defensive” stocks such as UnitedHealth started 2023 as a “source of funds” for investors looking to add to beaten down stocks. We expect UnitedHealth to continue to post steady results, so we took advantage of the market’s negative sentiment and added to our weightings in UnitedHealth.”
UnitedHealth Group Incorporated (NYSE:UNH) is in 23rd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 110 hedge fund portfolios held UnitedHealth Group Incorporated (NYSE:UNH) at the end of the fourth quarter which was 110 in the previous quarter.
We discussed UnitedHealth Group Incorporated (NYSE:UNH) in another article and shared the list of boring stocks that pay dividends. 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.
