Here’s Why Oscar Health (OSCR) Declined in Q3
Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund delivered 0.26% in the third quarter in a challenging, “risk-off” period compared to a -5.13% return for the Russell 2000 Index and -2.96% for the Russell 2000 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Small-Cap Fund highlighted stocks like Oscar Health, Inc. (NYSE:OSCR) in the third quarter 2023 investor letter. Headquartered in New York, New York, Oscar Health, Inc. (NYSE:OSCR) is a health insurance company. On November 2, 2023, Oscar Health, Inc. (NYSE:OSCR) stock closed at $5.51 per share. One-month return of Oscar Health, Inc. (NYSE:OSCR) was 0.72%, and its shares gained 69.54% of their value over the last 52 weeks. Oscar Health, Inc. (NYSE:OSCR) has a market capitalization of $1.223 billion.
Longleaf Partners Small-Cap Fund made the following comment about Oscar Health, Inc. (NYSE:OSCR) in its Q3 2023 investor letter:
"Oscar Health, Inc. (NYSE:OSCR) – Health insurance and software platform Oscar Health was the top detractor in the quarter but remains the top performer for the year. Oscar declined in the quarter as venture capital investors that funded the business’ early days reduced their investment. However, nothing fundamentally changed or negatively impacted the value of the business, and Oscar reiterated guidance. CEO Mark Bertolini is focused on closing the significant price-to-value gap. We had trimmed our position in Oscar on the back of strong performance in the first half but added again in the quarter as price declined."
A doctor wearing a face mask utilizing modern telemedicine equipment as part of a telehealth software.
Oscar Health, Inc. (NYSE:OSCR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Oscar Health, Inc. (NYSE:OSCR) at the end of second quarter which was 21 in the previous quarter.
We discussed Oscar Health, Inc. (NYSE:OSCR) in another article and shared the list of top medical AI companies. In addition, please check out our hedge fund investor letters Q3 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.
