What smart money is saying about UnitedHealth Group Incorporated
14 funds in our archive have pitched UnitedHealth Group Incorporated, most recently Baron Health Care Fund in September 2026.
UnitedHealth Group Incorporated (UNH) operates as a comprehensive healthcare enterprise across the United States, structuring its diverse services into four key divisions: UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx. The UnitedHealthcare segment provides a wide array of health benefit plans and consumer-focused services. These offerings cater to a broad spectrum of clients, including large national corporations, public sector employers, mid-sized and small businesses, and individual consumers. It also delivers specialized health coverage and wellness programs tailored for individuals aged 50 and older, addressing their needs for preventive and acute care, chronic disease management, and other age-specific health issues. This division further encompasses Medicaid plans, children's health insurance, dental benefits, and various hospital and clinical services. Optum Health focuses on delivering direct healthcare solutions and management services. It facilitates access to networks of specialist care providers, offers health management programs, direct care delivery, consumer engagement initiatives, and financial services. Its diverse clientele includes individuals (served directly through care systems), employers, insurance payers, and government organizations. Optum Insight specializes in providing technology, information, and consulting services to the healthcare industry. Its offerings include software and data products, advisory consulting arrangements, and outsourced managed services. Clients span hospital systems, physicians, health plans, governmental bodies, life sciences companies, and other relevant organizations. Finally, Optum Rx handles the company's pharmaceutical care services. This segment manages retail pharmacy networks, provides home prescription delivery, and offers specialty and compounding pharmacy capabilities. Leveraging its purchasing power and clinical expertise, Optum Rx also develops advanced programs related to step therapy, formulary management, medication adherence, and integrated disease and drug therapy management. UnitedHealth Group Incorporated, founded in 1977, has its corporate headquarters located in Minnetonka, Minnesota.
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Fund signal · last 12 months
32 lettersFunds are split between buying and 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 Q4 2024 and Q3 2026, 44 fund letters reported a position in UnitedHealth Group Incorporated, with 5 buys (opened or added) and 5 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 5 | 0 | 0 | 1 |
| Q2 2026 | 19 | 3 | 4 | 1 |
| Q1 2026 | 6 | 0 | 1 | 1 |
| Q4 2025 | 2 | 1 | 0 | 2 |
| Q3 2025 | 4 | 0 | 0 | 3 |
| Q2 2025 | 5 | 1 | 0 | 6 |
| Q1 2025 | 2 | 0 | 0 | 0 |
| Q4 2024 | 1 | 0 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 44 positions · 12 moves
- September 2026
“Medtronic plc United States 2.4 Health Care Equipment & Supplies UnitedHealth Group Inc. United States 2.6 Health Care Providers & Services”
UnitedHealth Group Incorporated - September 2026
“UnitedHealth Group Inc. United States 1.2 Health Care Providers & Services”
UnitedHealth Group Incorporated - September 2026
“UnitedHealth Group Incorporated, a diversified health care and benefits company operating through UnitedHealthcare and Optum, detracted from performance. While Medicare Advantage cost trends came in better than expected following an especially challenging 2025, elevated commercial utilization raised investor concerns, though we believe annual repricing can close the gap. Management also flagged pressure from No Surprises Act arbitration and increasingly aggressive provider billing, pushing the expected margin recovery beyond the prior 2027 target. Election-related policy uncertainty added another overhang across managed care, while the then-pending 2027 Medicare Advantage Star Ratings further pressured shares. We believed management had planned for a range of outcomes and was comfortable with its Star positioning, with the ability to redirect growth toward higher- rated plans if needed, as it had done in the past. We retain long- term conviction and view UnitedHealth’s 13% to 16% earnings- per-share growth target as intact.”
UnitedHealth Group Incorporated - HoldsBretton FundSeptember 2026
Listed in Bretton Fund’s reported holdings.
UnitedHealth Group Incorporated - HoldsSomma Investimentos Fund FamilySeptember 2026
“The Open Vista Medical Sciences fund presented, in September, a return decline of 0.4%, equivalent to a decline of 0.1% in dollars. The global healthcare sector registered a decline of 1.8% in dollars in the month, therefore the fund presented performance considerably superior to the sector's performance. In September 2026, the global healthcare sector presented a divergence between the improvement in fundamentals and the lag in capital allocation. After two years of valuation compression of the sector's leading companies, the fundamental inflection point of the pharmaceutical and life sciences segments was confirmed by multiple positive indicators throughout September, but the global allocation of investors in the sector remained below expectations, with the flow of resources extremely concentrated in AI infrastructure, which ended up masking the earnings dynamics that the healthcare sector has been accumulating. From the point of view of sector dynamics, the most relevant change in September came from the dissipation of regulatory uncertainty and the acceleration of the innovation cycle. The signals emitted at the 24th Global Healthcare Conference of Morgan Stanley bank indicated that policymakers in the United States began to prioritize "sector stability" and greater clarity on tariffs and the drug pricing framework significantly reduced risk. In parallel, an outlook report published by Credit Lyonnais Securities, in early September, pointed out that the global pharmaceutical supply chain is entering a decade-long restructuring period, with more than US$ 500 billion in branded drug sales facing patent expiration between 2026 and 2032 — the so-called "patent cliff" —, which will force large pharmaceutical companies to intensify investments in R&D and mergers and acquisitions activities, especially benefiting life sciences companies and contract development and manufacturing platforms with scale and global presence. Among the activities of companies in the sector, the approval by Eli Lilly of the combination drug Inluriyo with Verzenio, to treat certain cases of advanced or metastatic breast cancer, stands out. In the clinical study, the combination provided a median progression-free survival, that is, the period in which the disease did not worsen, of 11.1 months, versus 5.5 months with Inluriyo alone. Novartis received a positive opinion from the Committee for Medicinal Products for Human Use of the European Medicines Agency for Cosentyx, an anti-inflammatory drug intended for the treatment of polymyalgia rheumatica. The opinion is not yet equivalent to final approval by the European Union. Roche reported that the treatment evaluated in the CELESTIMO study statistically significantly improved progression-free survival in patients with follicular lymphoma and also announced the European approval of Susvimo, a treatment system for a form of age-related macular degeneration that causes vision loss. AstraZeneca also reported advances with Etcamah, intended for certain cases of advanced breast cancer, and with tozorakimab, aimed at respiratory diseases such as chronic obstructive pulmonary disease. Novo Nordisk presented results from CagriSema, an experimental combination of two drugs for obesity and diabetes, which had not yet received regulatory approval. Together, these events show innovation in oncology, obesity, diabetes, ophthalmology and respiratory diseases. The clinical indicators were disclosed by the companies themselves and may be subject to methodological limitations and have not yet been converted into estimates of revenue, profit or stock returns. The fund's main positions include pharmaceutical and biotechnology companies such as Eli Lilly, Johnson & Johnson, Abbvie and Merck, which together represent 27.1% of the fund's investments, in addition to health insurance companies, with emphasis on UnitedHealth. The ten largest positions represent 50.8% of the fund's net assets.”
UnitedHealth Group Incorporated - June 2026
“We exited Diageo in consumer staples, DTE Energy in utilities, L3Harris Technologies in industrials, UnitedHealth in health care and Freeport-McMoRan in materials.”
UnitedHealth Group Incorporated - June 2026
“We reestablished positions in UnitedHealth and Elevance during the quarter as discussed below in the Recent Activity section.”
UnitedHealth Group Incorporated - June 2026
“Health care also contributed, with CVS Health and UnitedHealth Group benefiting from improved sentiment toward managed care. CVS rose as stronger first-quarter earnings, raised full-year guidance and better performance in its health benefits business supported confidence in the company’s turnaround, while reduced policy uncertainty around exchange subsidies also helped. UnitedHealth advanced as better cost trends and a more favorable outlook helped rebuild confidence after prior pressure on margins.”
UnitedHealth Group Incorporated - AddedLatitude Global FundJune 2026
“Re-United Healthcare At the beginning of the quarter, we significantly added to UnitedHealth, approximately doubling the size of the position.”
UnitedHealth Group Incorporated - June 2026
“UnitedHealth is the largest private health insurer in the country. We purchased UnitedHealth Group a little over a year ago after its stock price had declined from approximately $600 per share to under $300 per share as the company missed earnings and replaced its CEO. As a reminder, UnitedHealth Group has been on the MVP list for a number of years and we have owned it successfully several times over the last decade. After a thorough review of the company’s competitive position and assessment of the new management team, we determined that UnitedHealth Group’s value was stable and that the company should be able to return to steady earnings growth within a year or so. Since that time the company has executed even better than we expected. “Mr. Market” is beginning to recognize what we saw a year ago and UnitedHealth Group’s discounted shares are beginning to recover. In fact, the company’s stock increased by more than 35% through the first half of the quarter prior to our exit while our value remained stable. Following our discipline, we sold UnitedHealth Group in our Focus portfolio to reallocate capital into meaningfully more discounted companies whose values are compounding at attractive double-digit rates.”
UnitedHealth Group Incorporated - June 2026
“UnitedHealth Group Inc (UNH) traded higher after reporting results that were better than consensus feared, with signs of greater stability in care utilization trends.”
UnitedHealth Group Incorporated - AddedBretton FundJune 2026
“A year ago, we wrote to you about the travails of our UnitedHealth investment. The stock lost over half its value in about a month, an extraordinary change for a steady business that serves as the health insurance provider to one in seven Americans. There were two core problems the company faced: unexpectedly higher healthcare usage and chasing unprofitable business. The company has since executed on its turnaround plan, raising rates to reflect the higher usage and getting out of markets it couldn’t make money in. We bought more after the stock tanked, and it has since rebounded, returning 37% over the past year and 80% off its lows.”
UnitedHealth Group Incorporated - June 2026
“UnitedHealth Group outperformed on strong premium growth and improved cost management under CEO Stephen Hemsley, signaling that industry headwinds have bottomed.”
UnitedHealth Group Incorporated - June 2026
“We also exited Rio Tinto, Newmont, National Australia Bank, Visa, UnitedHealth and Nike, taking the total to fourteen positions sold and thirteen initiated: unusually high turnover for this Fund, and a deliberate response to the concentration above.”
UnitedHealth Group Incorporated - June 2026
“We also exited Rio Tinto, Newmont, National Australia Bank, Visa, UnitedHealth and Nike, taking the total to fourteen positions sold and thirteen initiated: unusually high turnover for this Fund, and a deliberate response to the concentration above.”
UnitedHealth Group Incorporated - AddedBretton FundJune 2026
“A year ago, we wrote to you about the travails of our UnitedHealth investment. The stock lost over half its value in about a month, an extraordinary change for a steady business that serves as the health insurance provider to one in seven Americans. There were two core problems the company faced: unexpectedly higher healthcare usage and chasing unprofitable business. The company has since executed on its turnaround plan, raising rates to reflect the higher usage and getting out of markets it couldn’t make money in. We bought more after the stock tanked, and it has since rebounded, returning 37% over the past year and 80% off its lows.”
UnitedHealth Group Incorporated - June 2026
“UnitedHealth and CVS both rose on increased market optimism around stabilizing medical cost trends and improved Medicare Advantage margins.”
UnitedHealth Group Incorporated - June 2026
“UnitedHealth Group has seen the higher utilization and cost trends that pressured Medicare Advantage over the past couple of years begin to abate, which should lead to a better operating environment.”
UnitedHealth Group Incorporated - June 2026
“We sold UnitedHealth Group in our Focus portfolio to reallocate capital into meaningfully more discounted companies whose values are compounding at attractive double-digit rates.”
UnitedHealth Group Incorporated - June 2026
“UnitedHealth Group (UNH), a comprehensive health care company that touches all key aspects of the U.S. health care system through its managed care, health care IT, pharmacy benets management, primary care provider, home health, and facilities operations, was the largest contributor.”
UnitedHealth Group Incorporated - June 2026
“Stock selection was strongest within Health Care holdings such as UnitedHealth Group and Waters which handily beat the broader benchmark sector returns.”
UnitedHealth Group Incorporated - June 2026
“Conversely, Health Care and Consumer Discretionary holdings such as UnitedHealth Group and Aramark contributed to relative results.”
UnitedHealth Group Incorporated - June 2026
“Largest Contributors UnitedHealth Group (UNH), a comprehensive health care company that touches all key aspects of the U.S. health care system through its managed care, health care IT, pharmacy benets management, primary care provider, home health, and facilities operations, was the largest contributor.”
UnitedHealth Group Incorporated - April 2026
“Other positive contributors included Alphabet (Communication Services), UnitedHealth Group (Health Care) and Broadcom (Information Technology).”
UnitedHealth Group Incorporated - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
UnitedHealth Group Incorporated - HoldsThe Davenport FundsMarch 2026
“Worst for the quarter were Accenture PLC (ACN), UnitedHealth Group, Inc. (UNH), and Elevance Health, Inc. (ELV).”
UnitedHealth Group Incorporated - March 2026
“Portfolio Holdings Data as of March 31, 2026. Source: FactSet, Hardman Johnston Global Advisors LLC®. The data shown is of a representative portfolio for the Hardman Johnston Select Equity strategy and is for informational purposes only and is not indicative of future portfolio characteristics/returns. Actual results may vary for each client due to specific client guidelines and other factors. The representative portfolio was chosen as most representative of the Select Equity strategy. Future investments may or may not be profitable. C ountry We ig ht ( %) Indus try Communicat ion Serv ices 8.1 Alphabet Inc. United States 7.1 Interactive Media & Services Comcast Corp. United States 0.9 Diversified Telecommunication Services Versant Media Group, Inc. United States 0.1 Media Consumer Discret ionary 2.7 SharkNinja, Inc. United States 2.7 Household Durables Consumer St aples 0.8 Estee Lauder Companies Inc. United States 0.8 Personal Care Products Energy 1.9 Cameco Corporation Canada 1.9 Oil, Gas & Consumable Fuels Financials 9.7 Charles Schwab Corp United States 3.0 Capital Markets Marsh & McLennan Cos. Inc. United States 3.0 Insurance Mastercard Inc. United States 3.8 Financial Services H ealt h Care 17.9 AstraZeneca plc United Kingdom 3.5 Pharmaceuticals Becton, Dickinson & Co. United States 1.4 Health Care Equipment & Supplies Edwards Lifesciences Corp. United States 2.8 Health Care Equipment & Supplies Illumina, Inc. United States 2.0 Life Sciences Tools & Services IQVIA Holdings Inc. United States 1.9 Life Sciences Tools & Services Medtronic plc United States 1.7 Health Care Equipment & Supplies UnitedHealth Group Inc. United States 1.0 Health Care Providers & Services”
UnitedHealth Group Incorporated - March 2026
“There were seven material detractors to performance: Ares Management Corporation, Ryan Specialty Holdings, Inc., Microsoft Corporation, Salesforce, Inc., UnitedHealth Group Incorporated, Amazon.com, Inc., and SAP SE.”
UnitedHealth Group Incorporated - 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.”
UnitedHealth Group Incorporated - March 2026
“The additions were funded by the sales of UnitedHealth, Domino’s Pizza, Carrier and Old Dominion Freight Line, which all faced lower dividend growth predictions.”
UnitedHealth Group Incorporated - December 2025
“UnitedHealth is a representative investment in this category.”
UnitedHealth Group Incorporated - December 2025
“Shares of UnitedHealth Group (UNH) were purchased in the strategy during the quarter.”
UnitedHealth Group Incorporated - HoldsLRT CMSeptember 2025
Listed in LRT CM’s reported holdings.
UnitedHealth Group Incorporated - September 2025
“The company still has an enviable earnings profile and historically has demonstrated an ability to manage through temporary disturbances. We continue to hold our UnitedHealth position and will look to add when valuation opportunities present themselves.”
UnitedHealth Group Incorporated - September 2025
“Executive Summary • The Fund slightly underperformed its benchmark and slightly overperformed its peer group in the third quarter. • UnitedHealth Group (UNH) has been a prominent detractor from relative performance in 2025.”
UnitedHealth Group Incorporated - September 2025
“Despite these headwinds, the Strategy saw bright spots in the quarter with managed care provider UnitedHealth stabilizing and life sciences tools company Thermo Fisher Scientific seeing strong momentum from pharma and biotech customers.”
UnitedHealth Group Incorporated - June 2025
“UnitedHealth Group Incorporated (UNH) UnitedHealth Group Incorporated stands as the premier, category-defining enterprise in the United States healthcare sector.”
UnitedHealth Group Incorporated - New positionDavis New York Venture FundJune 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.”
UnitedHealth Group Incorporated - June 2025
Listed in RS Large Cap Value Strategy’s reported holdings.
UnitedHealth Group Incorporated - HoldsRS Global StrategyJune 2025
“Individual detractors from relative performance included health care management provider UnitedHealth Group, Inc., and quick- service restaurant operator McDonald’s Corporation, both based in the United States.”
UnitedHealth Group Incorporated - June 2025
“UnitedHealth Group UnitedHealth Group detracted from relative performance in the second quarter following a surprisingly soft first quarter earnings report and a sizable guidance reduction.”
UnitedHealth Group Incorporated - March 2025
“An important but often overlooked component of our diversified approach is the balance provided by more defensive, durable compounder holdings that tend to hold up well in downturns. This was illustrated by longtime health care holdings Vertex Pharmaceuticals and UnitedHealth Group as well as Visa and exchange and financial data provider S&P Global.”
UnitedHealth Group Incorporated - March 2025
Listed in Macquarie Large Cap Growth Fund’s reported holdings.
UnitedHealth Group Incorporated - HoldsFocus GrowthDecember 2024
“UnitedHealth UnitedHealth Group detracted from performance in the fourth quarter following the tragic shooting of its insurance division CEO and increased focus on health insurance industry practices.”
UnitedHealth Group Incorporated
Also mentioned · 2
These funds discuss UnitedHealth Group Incorporated as a competitor, benchmark or comparable, without disclosing a position in it.
- December 2025
“We actively engaged UnitedHealth Group’s Board of Directors over the course of 2025 about the appropriateness of the compensation for their executive team.”
UnitedHealth Group Incorporated - MentionedEpoch Global Equity Shareholder YieldJune 2025
“UnitedHealth (UNH) owns and manages organized health systems.”
UnitedHealth Group Incorporated
Fund coverage · 14 theses
- Baron Health Care FundSeptember 2026
UnitedHealth Group Incorporated is a diversified health care and benefits company with long-term conviction supported by pricing power, Star positioning, and EPS growth targets.
Read the full thesis - Baron Health Care FundJune 2026
UnitedHealth provides diversified managed care services, with improving insurance-cycle fundamentals, AI-driven cost savings, and margin recovery potential.
Read the full thesis - Eagle Capital ManagementMarch 2026
UnitedHealth Group is a leading managed care provider with scale advantages and improving margins and earnings growth.
Read the full thesis - Schafer Cullen Enhanced Equity IncomeDecember 2025
UnitedHealth Group is the largest US managed care company, taking margin and portfolio actions that support improved profitability and more consistent earnings growth at a reasonable valuation.
Read the full thesis - Sequoia FundDecember 2025
UnitedHealth Group is a core managed care holding bought opportunistically, with cyclical under-earning and policy risks but long-term attractiveness at current levels.
Read the full thesis - Schafer Cullen Value EquitySeptember 2025
UnitedHealth Group is a leading diversified managed care organization positioned for growth and margin recovery following a turnaround under new leadership, with a strong focus on operational discipline and cost reduction initiatives.
Read the full thesis - Baron Health Care FundSeptember 2025
UnitedHealth Group Incorporated is a strong managed health care company with new management and reset earnings guidance, facing challenges but possessing competitive advantages and trading at a near 10-year low valuation.
Read the full thesis - The London CompanySeptember 2025
UnitedHealth Group is a leading and diversified health insurer in the U.S. with a unique integrated model and strong long-term growth potential, despite temporary challenges from elevated medical costs.
Read the full thesis - RiverPark Large Growth FundJune 2025
UnitedHealth is a robust healthcare franchise with a strong integrated model poised for long-term value creation despite short-term volatility.
Read the full thesis - Bristlemoon Global FundJune 2025
Despite recent EPS headwinds from rising utilisation costs, UNH offers an attractive risk-reward profile with resilient earnings growth potential and a compelling valuation floor that supports a $290–$375 price range.
Read the full thesis UnitedHealth is facing short-term challenges due to internal execution issues and mispricing but remains a strong long-term investment prospect given its discounted valuation and the expected corrections through annual repricing cycles.
Read the full thesis- Hardman Johnston Global EquityJune 2025
UnitedHealth Group is a defensive investment that was exited due to rising uncertainty from increased medical loss ratios, lowered guidance, and regulatory risks.
Read the full thesis - Bretton FundJune 2025
UnitedHealth Group is a strong investment opportunity with a solid track record and attractive valuation, despite current challenges and risks.
Read the full thesis - LRT Capital ManagementJune 2025
UnitedHealth Group Incorporated is a leading U.S. healthcare enterprise that integrates a dominant health benefits platform with a high-growth health services business, creating a synergistic model that enhances efficiency, lowers costs, and drives sustainable growth.
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