Overview
- Pelican Bay Capital Management’s Concentrated Value Strategy rose 7.8% in Q3 versus 5.3% for the Russell 1000 Value and initiated Elevance Health, arguing alleged misconduct is isolated to UnitedHealth and creates a buying opportunity.
- Pelican Bay said major health insurers fell 30–50% after April’s revelations and cited elevated medical utilization as a pressure point, but it expects Elevance to gain share and sees room for valuation multiple recovery.
- Madison Investments’ Large Cap Fund fell 2.2% in Q3 versus an 8.1% S&P 500 gain, sold small positions in Elevance and Liberty Broadband, and opened a new position in MSCI based on its index franchise, data products, high margins, and long growth runway.
- Madison named Alphabet, Lowe’s, TJX, Brookfield, and Parker‑Hannifin as top contributors, and listed Gartner, Fiserv, Texas Instruments, Liberty Broadband, and Accenture as bottom detractors with reasons ranging from macro softness to segment slowdowns.
- Madison highlighted Alphabet’s rebound on strong Search, YouTube, and Cloud results with Google Search remedies viewed as manageable, reflecting a quarter where stock selection and durable competitive advantages drove positioning under a market led by a few winners.