L1 Capital International Trimmed HCA Healthcare (HCA) Following Share Price Appreciation

Core Insights - L1 Capital International Fund reported a return of 2.6% in Q3 2025, underperforming the benchmark MSCI World Net Total Return Index, which returned 6.1% [1] - The fund highlighted HCA Healthcare, Inc. as a significant investment, noting a one-month return of 2.05% and a 52-week gain of 53.65% [2] Company Analysis - HCA Healthcare, Inc. operates hospitals and related healthcare entities, with a market capitalization of $112.867 billion as of December 11, 2025 [2] - The fund has reduced its investment in HCA Healthcare due to strong share price appreciation, indicating that it is no longer a top 10 holding [3] - The fund has historically capitalized on market pessimism regarding regulatory risks affecting HCA, but current expectations for operating conditions are more balanced, leading to a less favorable risk-adjusted return assessment [3] Market Sentiment - HCA Healthcare is not among the 30 most popular stocks among hedge funds, with 73 hedge fund portfolios holding the stock at the end of Q3, unchanged from the previous quarter [4] - There is a belief that certain AI stocks may offer greater upside potential compared to HCA Healthcare, suggesting a shift in investment focus [4]