Investment management company Vulcan Value Partners recently released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The firm has five strategies, trailing their benchmark indexes in the third quarter of 2022. The fund’s Large-Cap Composite returned -7.3% net of fees and expenses, the Small Cap Composite returned -14.4% net, Focus Composite returned -8.0% net, the Focus Plus composite returned -7.9%, and All Cap Composite returned -11.5% net during the quarter. You can check the top 5 holdings of the fund to know its best picks in 2022.
Vulcan Value Partners highlighted stocks like Elevance Health Inc. (NYSE:ELV) in its Q3 2022 investor letter. Headquartered in Indianapolis, Indiana, Elevance Health Inc. (NYSE:ELV) is a health benefits providing company. On November 3, 2022, Elevance Health Inc. (NYSE:ELV) stock closed at $533.86 per share. One-month return of Elevance Health Inc. (NYSE:ELV) was 11.70% and its shares gained 26.32% of their value over the last 52 weeks. Elevance Health Inc. (NYSE:ELV) has a market capitalization of $127.501 billion.
Vulcan Value Partners made the following comment about Elevance Health Inc. (NYSE:ELV) in its Q3 2022 investor letter:
“We purchased Elevance Health Inc. (NYSE:ELV), formerly known as Anthem. We owned Anthem for many years, up until late last year, and we are excited to own it again. The healthcare industry is complex, but we believe Elevance is well positioned to weather those challenges. Elevance is the largest healthcare insurance company in United States by medical membership, covering 47 million lives – 2/3rds of which are covered under commercial and specialty arrangements, and the other 1/3rd under government programs such as Medicare and Medicaid. The managed care industry is large, with healthcare spending of $4 trillion annually, and we believe that scale combined with expertise are important for success in this industry. We think that Elevance is one of a few large players who bring those strengths to bear. We estimate that Elevance will generate operating revenue north of $150 billion this year. Their size and scale allow for significant investments in technology and benefit design. We think that Elevance has good momentum and estimate that it should be able to grow its free-cash-flow per share at healthy rates despite the economy’s challenges.”
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Elevance Health Inc. (NYSE:ELV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 74 hedge fund portfolios held Elevance Health Inc. (NYSE:ELV) at the end of the second quarter which was 69 in the previous quarter.
We discussed Elevance Health Inc. (NYSE:ELV) in another article and shared the stock picks of Glenn Greenberg’s Brave Warrior Capital. In addition, please check out our hedge fund investor letters Q3 2022 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.
