SGA Global Growth Strategy Maintained Its Stake in UnitedHealth (UNH)

Core Insights - SGA's Global Growth Strategy portfolio returned -2.3% (Gross) and -2.5% (Net) in Q3 2025, underperforming against MSCI ACWI's 7.6% and MSCI ACWI Growth's 9.0% returns, primarily due to a lack of alignment with AI-driven market enthusiasm [1] - The investment objective focuses on high-quality growth businesses with expected mid-teens earnings growth and stable revenue and cash flow [1] Company-Specific Insights - UnitedHealth Group Incorporated (NYSE:UNH) is highlighted as a key stock, with a one-month return of 3.95% but a significant 34.51% loss over the past 52 weeks, closing at $336.40 per share with a market cap of $304.724 billion as of January 2, 2026 [2] - SGA maintained its position in UnitedHealth through a crisis, recognizing management's potential to correct mispricing issues, and added shares during price weakness while trimming gains as the stock rebounded [3] - UnitedHealth generated revenues exceeding $113 billion in Q3 2025, reflecting a 12% year-over-year growth driven by domestic membership expansion, although the company is viewed as less favorable compared to certain AI stocks with greater upside potential [4]