What smart money is saying about Humana Inc.
3 funds in our archive have pitched Humana Inc., most recently Baron Health Care Fund in September 2026.
Humana Inc., a prominent health and well-being enterprise, operates across the United States through its various subsidiary companies. Its operational structure is divided into three main segments: Retail, Group and Specialty, and Healthcare Services. The firm provides a wide array of medical and supplementary insurance plans directly to individual consumers. Furthermore, Humana collaborates with government entities; it holds a contract with the Centers for Medicare and Medicaid Services (CMS) to manage the Limited Income Newly Eligible Transition (LI NET) prescription drug program. The company also secures agreements with numerous states to deliver Medicaid, dual-eligible, and long-term care support benefits. For employer groups and individuals, Humana furnishes fully insured commercial medical and specialized health coverage, which encompasses dental, vision, and other ancillary health benefits. They additionally offer administrative services only (ASO) solutions and extend support to military personnel through contracts like the TRICARE T2017 East Region. Beyond insurance products, the company delivers comprehensive healthcare services directly. These include pharmacy management, provider network services, and a suite of home-based solutions such as home health care, serving both its own health plan enrollees and external clients. By the close of 2021 (December 31), Humana's reach extended to approximately 17 million individuals enrolled in its medical benefit plans and an additional 5 million utilizing its specialized product offerings. Established in 1961, Humana Inc. maintains its corporate headquarters in Louisville, Kentucky.
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Fund signal · last 12 months
11 lettersMore funds are buying than selling
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q2 2025 and Q3 2026, 13 fund letters reported a position in Humana Inc., with 6 buys (opened or added) and 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 2 | 2 | 0 | 1 |
| Q2 2026 | 8 | 3 | 1 | 0 |
| Q1 2026 | 1 | 0 | 0 | 1 |
| Q2 2025 | 2 | 1 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 13 positions · 7 moves
- September 2026
“• Humana, one of the largest Medicare Advantage managed care companies, was added to the portfolio as we believe margins have a clear path to recovery following several years of higher- than-expected medical costs. This recovery should support above-normal earnings growth over the coming years.”
Humana Inc. - New positionBaron Health Care FundSeptember 2026
“We initiated a position in Humana Inc., the largest pure-play Medicare Advantage insurer in the U.S., because we believe the stock offers compelling margin recovery opportunities.”
Humana Inc. - June 2026
“LARGEST INDIVIDUAL CONTRIBUTORS – 2Q26 Humana Inc. (HUM) is one of the largest pure Medicare Advantage (MA) health insurers in the United States.”
Humana Inc. - June 2026
“Humana Inc. (HUM) is one of the largest pure Medicare Advantage (MA) health insurers in the United States.”
Humana Inc. - June 2026
“Humana Inc. (HUM) is one of the largest pure Medicare Advantage (MA) health insurer in the United States. Performance over the quarter was strong following news that the US agreed to increase 2027 payments for private MA plans above its initial proposal earlier in the year.”
Humana Inc. - June 2026
“• Health care services and insurance company Humana is the second-largest Medicare Advantage insurer in the US.”
Humana Inc. - June 2026
“Finally, we initiated a position in Humana.”
Humana Inc. - June 2026
“As mentioned above, the Fund eliminated its position in Molina as prices appreciated. The Fund also eliminated positions in Hyundai Department Store Co. Ltd., Amundi SA, First Resources Ltd, Barrick Mining Corp, Humana Inc as prices appreciated, and in Euroapi SA as fundamentals deteriorated.”
Humana Inc. - June 2026
“Humana is a new holding in 2Q26 and the second-largest Medicare Advantage insurer in the US.”
Humana Inc. - New positionDiamond Hill Mid Cap FundJune 2026
“• Health care services and insurance company Humana is a new holding in 2Q26 and the second-largest Medicare Advantage insurer in the US.”
Humana Inc. - March 2026
“UnitedHealth Group and Humana, two of the leading providers of managed care, have significant scale advantages in a consolidated industry that outgrows the overall economy.”
Humana Inc. - June 2025
“Healthcare: Durability vs. Speculation For decades, healthcare spending relentlessly rose from 5% of U.S. GDP in 1960 to roughly 17% in 2010. However, reflecting the wisdom of Herb Stein’s famous observation that “if something cannot go on forever, it will stop,”11 the rollout of the Affordable Care Act in 2010, along with a range of other public and private initiatives, has led to a flattening of this growth since then. Today, while healthcare spending remains a political hot button, it is somewhat encouraging that 15 years later, its percentage of GDP still stands around 17% despite the invention of many expensive new therapies in the interim. To offset the rising costs of novel treatments and innovative (and patented) pharmaceutical therapies, the healthcare system has needed to constantly find savings elsewhere. As a result, our investments in this important sector have tended to avoid pharmaceutical and biotech companies that may rely on high prices to recoup costs and instead focus on areas such as generic drug manufacturers (Viatris), hospital product companies (Solventum), and lab testing companies (Quest Diagnostics). Historically, we have also made several profitable long-term investments in the health insurance area. As companies in this controversial sector have swooned under recent scrutiny, investors have been fleeing the sector, driving many companies’ stock prices down more than 50%. While we acknowledge today’s risks, we also see no practical alternative to the employer-paid system of health insurance in this country. As a result, previous experience has 10. Roy Amara (1925–2007) was an American scientist and president of the Institute for the Future. 11. Known as “Stein’s Law,” formulated in 1986 by Herbert Stein, an American economist and senior fellow at the American Enterprise Institute. DNYVF | SEMI-ANNUAL REVIEW [ 12 ] taught us that such periods of controversy (including those experienced under both the Clinton and Obama administrations) often create good entry points into these dominant companies. As a result, we have initiated a position in UnitedHealth which joins our holdings in CVS and Humana.”
Humana Inc. - New positionAMG River Road Mid Cap Value FundJune 2025
Listed in AMG River Road Mid Cap Value Fund’s reported holdings.
Humana Inc.
Also mentioned · 2
These funds discuss Humana Inc. as a competitor, benchmark or comparable, without disclosing a position in it.
- June 2026
“Market Overview The technology-driven rally in the second quarter was truly unprecedented and marked a sharp reversal from the geopolitical malaise that plagued the first quarter. Although the S&P 500 Index’s 15.2% return was “only” the 12th best quarter for the index since 1950, it was the first time since the creation of the Global Industry Classification Standards (GICS) in 1999 that only one sector outperformed the benchmark: information technology. The second quarter’s internal dynamics bore several similarities to the historic run of 1999’s fourth quarter. First, it was the only quarter besides 4Q99 that nine of 11 GICS sectors underperformed the index by more than five percentage points. Second, 13 S&P 500 stocks appreciated by more than 100% during the quarter, the most on record. All but one of these companies (Humana) were technology stocks. This exceeded the prior record of 11 such stocks in 4Q99.”
Humana Inc. - MentionedNinepoint Cannabis & Alternative Health FundDecember 2025
“In terms of healthcare management Humana (HUM) one of the largest health insurance companies, uses Microsoft Cloud to develop predictive models that proactively identify when patients are close to a high-risk life-threatening event.”
Humana Inc.
Fund coverage · 3 theses
- Baron Health Care FundSeptember 2026
Humana Inc. is the largest pure-play Medicare Advantage insurer, with a margin recovery story, improving Stars, and attractive normalized earnings power.
Read the full thesis - Eagle Capital ManagementMarch 2026
Humana is a leading managed care provider with scale advantages and a potential multi-year margin recovery.
Read the full thesis - Protean FundsJune 2025
Humana is a low-risk investment due to its diversified revenue base and expected improvement in cash flow generation, despite previous operational issues in Finland.
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