L1 Capital, an investment management firm, released its “L1 Capital International Fund” first quarter 2023 investor letter, a copy of the same can be downloaded here. In the first quarter, the L1 Capital International Fund returned 13.7% (net of fees) compared to its benchmark’s (MSCI World Net Total Return Index in AUD) 9.1% return for the same period. The Australian dollar depreciated 1.2% against the U.S. dollar and depreciated 3.2% against the Euro in the quarter increasing the Fund and Benchmark Australian dollar reported returns. The Fund’s strong performance in the quarter was broad-based. Please check the top five holdings of the fund to know its best picks in 2023.
L1 Capital International 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 28, 2023, UnitedHealth Group Incorporated (NYSE:UNH) stock closed at $474.45 per share. One-month return of UnitedHealth Group Incorporated (NYSE:UNH) was -3.89%, and its shares lost 7.63% of their value over the last 52 weeks. UnitedHealth Group Incorporated (NYSE:UNH) has a market capitalization of $441.728 billion.
L1 Capital International Fund made the following comment about UnitedHealth Group Incorporated (NYSE:UNH) in its first quarter 2023 investor letter:
“During the March 2023 quarter, while share prices changed, the change was largely in one direction, up, for companies in our Portfolio and on our Bench. We did take advantage of improving sentiment to higher growth technology companies and the share price of more defensive companies drifting down to divest our investment in Adobe and increase the Fund’s investment in UnitedHealth Group Incorporated (NYSE:UNH). United Health’s share price was also under moderate pressure due to regulatory announcements being very slightly adverse. We believe the market over-reacted to these announcements and the share price has recovered strongly over recent weeks.”
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 Dow stocks billionaires are loading up on. 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.