Should You Consider Adding Elevance Health (ELV) to Your Portfolio?
Baron Funds, an investment management company, released its “Baron Health Care Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund increased by 9.08% (Institutional Shares) compared to an 11.54% gain for the Russell 3000 Health Care Index and a 7.56% gain for the S&P 500 Index. The fund fell 16.90% in 2022, compared to a 6.10% decline for the Russell 3000 Health Care Index and an 18.11% decline for the S&P 500 Index. Factors like cash exposure in the up-market, adverse stock selection, and differences in sub-industry exposures led the fund to underperform in the quarter relative to its benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds highlighted stocks like Elevance Health Inc. (NYSE:ELV) in the Q4 2022 investor letter. Headquartered in Indianapolis, Indiana, Elevance Health Inc. (NYSE:ELV) is a health benefits company. On January 27, 2023, Elevance Health Inc. (NYSE:ELV) stock closed at $492.53 per share. One-month return of Elevance Health Inc. (NYSE:ELV) was -3.98%, and its shares gained 11.69% of their value over the last 52 weeks. Elevance Health Inc. (NYSE:ELV) has a market capitalization of $117.63 billion.
Baron Funds made the following comment about Elevance Health Inc. (NYSE:ELV) in its Q4 2022 investor letter:
“Performance in managed health care was bolstered by Elevance Health Inc. (NYSE:ELV), which operates as a health benefits company. Elevance’s shares rose in response to strong quarterly results and raised guidance driven by solid medical cost management, pharmacy benefit manager strength, and healthy enrollment growth.”
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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, 71 hedge fund portfolios held Elevance Health Inc. (NYSE:ELV) at the end of the third quarter, which was 74 in the previous quarter.
We discussed Elevance Health Inc. (NYSE:ELV) in another article and shared the list of defensive healthcare dividend stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.
