Baron Funds, an investment management company, released its “Baron Health Care Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The first quarter was difficult for the fund, as it failed to participate in the broader market rally and declined 3.69% compared to the 3.27% decline for the benchmark Russell 3000 Health Care Index and a 7.50% increase for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Health Care Fund highlighted stocks like The Cigna Group (NYSE:CI) in the first quarter 2023 investor letter. Headquartered in Bloomfield, Connecticut, The Cigna Group (NYSE:CI) offers health care services. On May 17, 2023, The Cigna Group (NYSE:CI) stock closed at $263.22 per share. One-month return of The Cigna Group (NYSE:CI) was 2.91%, and its shares gained 2.47% of their value over the last 52 weeks. The Cigna Group (NYSE:CI) has a market capitalization of $78.648 billion.
Baron Health Care Fund made the following comment about The Cigna Group (NYSE:CI) in its Q1 2023 investor letter:
“The Cigna Group (NYSE:CI) is a leading provider of health care services and benefits. Like UnitedHealth, Cigna’s shares were down alongside other managed care companies during the quarter, primarily on sector rotation. Cigna reported a fourth quarter beat and inline 2023 guidance driven by strong enrollment across all products; continued growth in established business (60% of revenue); and outsized growth in Cigna’s accelerated segments comprised of specialty pharmacy, Evernorth Health Services, and its U.S. Government business. Despite these positive results, investors stepped to the sidelines on concerns about proposed changes to the Medicare audit program, preliminary 2024 Medicare Advantage rates, the impact of Medicaid recertification, and heightened scrutiny of pharmacy benefit managers. While we believe that, over the long term, Cigna is a well-run, well-positioned managed care player with solid growth opportunities, we reduced our position to lower overall exposure to the managed health care segment.”
The Cigna Group (NYSE:CI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 76 hedge fund portfolios held The Cigna Group (NYSE:CI) at the end of the fourth quarter which was 76 in the previous quarter.
We discussed The Cigna Group (NYSE:CI) in another article and shared the list of cheap stocks to buy for beginners. 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.
