What smart money is saying about Elevance Health, Inc.
7 funds in our archive have pitched Elevance Health, Inc. — most recently Baron Health Care Fund in June 2026.
Operating as a major health benefits organization, Elevance Health Inc. commits to guiding consumers, families, and communities across their entire health and wellness path. It facilitates access to vital care, assistance, and tools designed to enable healthier living for approximately 118 million individuals. The company's comprehensive offerings span medical, digital, pharmaceutical, behavioral health, clinical, and other care solutions. Founded in 1944 and based in Indianapolis, Indiana, this entity adopted its current name, Elevance Health Inc., in June 2022, having previously operated as Anthem, Inc.
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Position history
Between Q4 2024 and Q2 2026, 17 fund letters reported a position in Elevance Health, Inc. — 3 opened or added to the position, 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 16 | 2 | 1 | 2 |
| Q1 2026 | 1 | 1 | 0 | 1 |
| Q4 2025 | 0 | 0 | 0 | 2 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Fund activity · 17 positions · 4 moves
- June 2026
Listed in Harding Loevner Global Equity’s reported holdings.
Elevance Health, Inc. - June 2026
“Elevance Health Inc. (ELV) is the second largest health insurer, and one of the largest commercial insurers in the United States. Similar to Humana, shares rose because investors see increasing evidence of a recovery in profitability.”
Elevance Health, Inc. - June 2026
“Elevance Health Inc. (ELV) is the second largest health insurer, and one of the largest commercial insurers in the United States.”
Elevance Health, Inc. - June 2026
“After a trying 2025 for Centene and Elevance, our conviction to stay the course with both positions has begun to pay dividends for the portfolio.”
Elevance Health, Inc. - June 2026
“We reestablished positions in UnitedHealth and Elevance during the quarter as discussed below in the Recent Activity section.”
Elevance Health, Inc. - June 2026
“ The other four largest contributors are all large Managed Care Organizations (also known as health insurers) with exposure spread across a mixture of commercial payers, Medicaid and Medicare.”
Elevance Health, Inc. - June 2026
“F5 Inc. (FFIV) sells application networking and security software as well as data center appliances. The company’s stock rose after it posted good quarterly results and raised both its revenue and EPS guidance. The company is misunderstood and gets incorrectly classified as a legacy IT hardware vendor, resulting in an attractive valuation for a company with better-than-average fundamental risk ratings. F5 has over 50% market share in traditional ADCs (application delivery controllers), along with various multi-cloud networking and application security products. Elevance Health Inc. (ELV) is the second largest health insurer, and one of the largest commercial insurers in the United States.”
Elevance Health, Inc. - June 2026
“We funded these purchases by trimming our investments in Sunbelt Rentals and Elevance Health and exiting the last of our holdings in Amentum Holdings, Liberty Broadband, and Credit Acceptance Corp.”
Elevance Health, Inc. - June 2026
“Elevance Health Inc. (ELV) is the second largest health insurer, and one of the largest commercial insurers in the United States.”
Elevance Health, Inc. - June 2026
“The diverse source of our returns this quarter is notable. Samsung was, of course, a home run and our best performer. But Aramark (contract catering), Elevance (health insurance company), Alphabet and Citigroup (money center bank) all returned between 24% and 40%.”
Elevance Health, Inc. - June 2026
“It is also notable how diversified our return was for the quarter. Samsung was, of course, a home run and our best performer. But Elevance (health insurance company), Alphabet, Bank of New York Mellon (trust and custody bank) and Citigroup (money center bank) all returned between 22% and 33%. Let’s run through the top three. Samsung shares rose almost 100% during the quarter and 160% YTD. As noted earlier, it was by far the largest contributor to our performance for both periods. Last quarter, we wrote that business was booming. In prior quarters, we said that memory was the biggest bottleneck in the AI value chain. Both of those comments turned out to be understatements. Earlier this week, Samsung reported preliminary Q2 results, which indicated profits will be 19X higher than last year. To put that in further context, the quarter’s profits were higher than any prior full fiscal year in the company's history. In fact, they are double the full-year profits from 2025 and more than 50% higher than their prior full-year peak profits. It’s worth repeating, Samsung is on pace to earn a decade’s worth of profits this year. The fundamental performance is simply breathtaking. The driver of these profits is the insatiable demand for memory chips, which are required to build out the compute infrastructure for AI services. The supply of memory chips is extremely limited due to capacity constraints that will take several years to resolve. This means that the world's largest and most profitable companies are now tripping over themselves to secure the limited supply available. As a result, prices for most memory products are up roughly 4X over the past year. There are numerous media reports about the extraordinary amount of capex big tech companies are spending on AI this year. What is less reported is that around 30% of that investment is expected to go to purchasing memory—and Samsung is the leading supplier. We continue to have significant exposure to Samsung in the portfolio, but we have also meaningfully trimmed our position. There is no debate that the current environment is exceptional. The question is how long it will last. As noted earlier, there are reasonable arguments that this cycle will be different from the past. While we recognize the positive impact that greater memory chip complexity and long-term supply agreements could have on the industry, we also believe it is unrealistic to extrapolate these margins and ROI into the future. Samsung and the other memory makers will almost certainly earn excellent profits for several years. But over time, we also believe that capacity will increase and the economics of making memory chips will eventually normalize. Elevance’s share price climbed 33% this quarter.”
Elevance Health, Inc. - June 2026
“Elevance Health (ELV) was another strong contributor during the quarter, gaining 32.1%.”
Elevance Health, Inc. - June 2026
“Elevance’s share price climbed 33% this quarter.”
Elevance Health, Inc. - June 2026
“We have owned Elevance for several years.”
Elevance Health, Inc. - New positionDiamond Hill Large Cap FundJune 2026
“New positions • Elevance Health is one of the largest health insurers in the US.”
Elevance Health, Inc. - June 2026
“We have owned Elevance for several years.”
Elevance Health, Inc. - March 2026
“We added to our existing positions in Euronext, Michelin, Carlsberg, NetApp, Elevance, Qualcomm and Wells Fargo.”
Elevance Health, Inc.
Also mentioned · 2
These funds discuss Elevance Health, Inc. — as a competitor, benchmark or comparable — without disclosing a position in it.
- June 2026
“Our top five contributors to return in Q2 were Texas Instruments, Lam Research, NXP Semiconductors, Elevance Health and Alphabet.”
Elevance Health, Inc. - June 2026
“Elevance Health was a contributor during the quarter.”
Elevance Health, Inc.
Fund coverage · 7 theses
- Baron Health Care FundJune 2026
Elevance Health offers diversified managed care services, with a favorable insurance cycle, AI cost benefits, and margin recovery upside.
Read the full thesis - GreensKeeper Value FundJune 2026
Elevance Health, Inc. has a strong commercial health insurance franchise, improving cost trends, and potential for an earnings recovery.
Read the full thesis Elevance Health, Inc. is a large, high-quality insurer trading at a discount with long-term growth and margin improvement potential despite near-term policy headwinds.
Read the full thesis- Sequoia FundDecember 2025
Elevance Health is a deeply entrenched insurer with cyclical margin headwinds in government lines that should normalize, trading at a single-digit multiple of normalized earnings.
Read the full thesis - Meditation CapitalDecember 2025
Elevance Health is a diversified insurer with a strong Anthem Blue Cross Blue Shield brand, attractive valuation and margin normalization potential, and possible AI-driven efficiencies supporting a ~25% 4-year IRR.
Read the full thesis - BA Beutel Goodman US Value FundJune 2025
Elevance Health Inc. is a major managed care organization poised for growth due to favorable trends in government outsourcing and value-based care, despite current margin pressures.
Read the full thesis - Harris Global Concentrated StrategyDecember 2024
Elevance Health is poised for recovery as its stock, currently undervalued due to temporary industry challenges, is expected to bounce back, reflecting its quality and growth potential.
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