Mairs & Power, an investment advisor, released “Mairs & Power Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 7.27% year-to-date compared to a 7.50% return for the S&P 500 index. The stock selection was positive in the quarter, but it was not enough to offset sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Growth Fund highlighted stocks like UnitedHealth Group Incorporated (NYSE:UNH) in the first quarter 2023 investor letter. Headquartered in Minnetonka, Minnesota, UnitedHealth Group Incorporated (NYSE:UNH) is a diversified healthcare company that operates through UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx segments. On June 13, 2023, UnitedHealth Group Incorporated (NYSE:UNH) stock closed at $491.31 per share. One-month return of UnitedHealth Group Incorporated (NYSE:UNH) was 1.34%, and its shares gained 5.81% of their value over the last 52 weeks. UnitedHealth Group Incorporated (NYSE:UNH) has a market capitalization of $457.425 billion.
Mairs & Power Growth Fund made the following comment about UnitedHealth Group Incorporated (NYSE:UNH) in its first quarter 2023 investor letter:
“The largest detractors from relative performance in the quarter were US Bank, Charles Schwab, UnitedHealth Group Incorporated (NYSE:UNH), and Hormel (HRL). UnitedHealth Group was hurt in the quarter as initial rate proposals for Medicare Advantage managed care were more negative than hoped. Fortunately, the final reimbursement rates announced after the quarter are not nearly as ominous.”
Source: Unsplash
UnitedHealth Group Incorporated (NYSE:UNH) is in 16th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 116 hedge fund portfolios held UnitedHealth Group Incorporated (NYSE:UNH) at the end of first quarter 2023 which was 110 in the previous quarter.
We discussed UnitedHealth Group Incorporated (NYSE:UNH) in another article and shared the list of best recession-proof stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 10 Companies That Announced Huge Share Buybacks
- 30 U.S. Cities with the Highest Murders in 2023
- 10 Best Commercial Real Estate Stocks To Buy
Disclosure: None. This article is originally published at Insider Monkey.