Core Insights - Hotchkis & Wiley Mid-Cap Value Fund reported strong performance in Q3 2025, outperforming the Russell Midcap Value Index with a gain of 7.74% compared to 6.18% for the index, driven by enthusiasm over AI, a Federal Reserve rate cut, and robust corporate earnings [1] Company Overview - Centene Corporation (NYSE:CNC) is a healthcare enterprise focused on managed Medicaid, serving approximately 28 million at-risk health insurance enrollees [3] - As of December 09, 2025, Centene's stock closed at $38.08 per share, with a market capitalization of $18.717 billion [2] Performance Metrics - Centene's one-month return was 5.19%, but it experienced a significant decline of 33.08% over the past 52 weeks [2] - Following a disappointing quarterly earnings report, Centene's shares fell during the quarter, trading at approximately 4.8 times normal earnings, indicating potential attractiveness as a market leader in a growing Medicaid market [3] Market Outlook - The Medicaid market is projected to grow at a rate of 6% per year from 2020 to 2027, driven by increased spending per member, suggesting a favorable growth environment for Centene [3] - Despite the potential of Centene as an investment, there is a belief that certain AI stocks may offer greater upside potential with less downside risk [4]

UnitedHealth Group raised its dividend in each of the last 16 years.I love buying beaten-down stocks when they're bottoming out -- particularly when I know it's just a matter of time before they bounce back. During the COVID-19 pandemic, I grabbed shares of both Delta Air Lines and Royal Caribbean Cruises when they were trading for pennies on the dollar because I knew they would both rebound when travel restrictions lifted and vacations were possible once again. I held both stocks for two years and more tha ...

CVS Health Corporation ( CVS ) has been a notable outlier in a managed care industry that's been dealing with significant operational and regulatory pressure, with the stock up over 70% YTD, while most peers are in the red.I aim to invest in companies with perfect qualitative attributes, buy them at an attractive price based on fundamentals, and hold them forever. I hope to publish articles covering such companies approximately 3 times per week, with extensive quarterly follow-ups and constant updates.I man ...

CVS Health Corporation ( CVS ) has been a notable outlier in a managed care industry that's been dealing with significant operational and regulatory pressure, with the stock up over 70% YTD, while most peers are in the red.I aim to invest in companies with perfect qualitative attributes, buy them at an attractive price based on fundamentals, and hold them forever. I hope to publish articles covering such companies approximately 3 times per week, with extensive quarterly follow-ups and constant updates.I man ...

Summary of Alignment Healthcare FY Conference Call (December 03, 2025) Company Overview - **Company**: Alignment Healthcare (NasdaqGS:ALHC) - **Industry**: Medicare Advantage Organization - **Membership**: Over 230,000 members across five states - **Growth Rate**: 46% growth in membership in 2025 - **Margin Improvement**: Expanded margins by 250 basis points in 2025 [3][3] Key Points and Arguments Membership Growth and Retention - **2026 Membership Growth Expectation**: Anticipated growth rate between 20% to 30%, with better-than-expected retention rates potentially pushing it above 30% [6][12] - **Churn Rate**: Historically around 6% to 7% during Annual Enrollment Period (AEP), with the company performing better than the industry average of approximately 16% [11][12] - **Product Design**: Adjustments made based on competitive analysis in various markets, leading to opportunities for growth [10][10] Market Position and Strategy - **California Market**: Represents 84% of membership; the company has room to grow despite approaching 30% to 40% market share in some counties [16][17] - **Expansion Outside California**: Significant growth expected, with a doubling of membership anticipated in states like Nevada, Texas, Arizona, and North Carolina [17][19] Industry Dynamics - **Overall MA Market Outlook**: Expected to be relatively flat due to product exits and competitive dynamics; larger competitors may struggle with medical management infrastructure [21][22] - **Care Delivery Focus**: Emphasis on care delivery capabilities as a core competency, differentiating from competitors who may not manage risk effectively [24][25] Care Delivery Model Enhancements - **Quality Care Initiatives**: Investments in provider relationships and care delivery systems to improve member experience and reduce admissions [30][34] - **Transition of Care Program**: Aimed at ensuring smooth transitions for members post-discharge, with a goal to reduce readmission rates [35][36] Financial Performance and Projections - **Revenue Growth**: Revenue projected to reach $4 billion, with a history of doubling every two years since IPO [29][29] - **MLR (Medical Loss Ratio) Improvement**: Strategies in place to improve new member MLR from approximately 90% at enrollment to low 80s over time [29][29] Regulatory Environment - **Impact of Proposed Rule Changes**: Concerns regarding the elimination of the Health Equity Index reward factor and its potential impact on star ratings for 2027 [41][43] - **Star Ratings**: The company aims to maintain a strong performance in star ratings despite regulatory changes [43][45] Additional Important Insights - **Fee Delegation**: The company has taken over certain functions from Independent Physician Associations (IPAs) to improve care delivery and reduce admissions [37][39] - **Operational Discipline**: Emphasis on maintaining operational discipline in growth strategies to avoid overextending resources [27][28] This summary encapsulates the key insights from the conference call, highlighting the company's growth strategies, market dynamics, and operational focus within the Medicare Advantage sector.

Scout Investments, Inc., an affiliate of Carillon Tower Advisers, recently released its third-quarter 2025 investor letter for “Carillon Scout Mid Cap Fund”. A copy of the letter can be downloaded here. The Russell Midcap Index posted positive returns in the quarter, fueled by strong corporate earnings, the continued momentum in artificial intelligence (AI) infrastructure, and the anticipation of the U.S. Federal Reserve’s (Fed) interest rates. In addition, please check the fund’s top five holdings to know ...

Evolent Health (NYSE:EVH) FY Conference December 02, 2025 11:00 AM ET Company ParticipantsSeth Blackley - CEOJohn Johnson - CFOConference Call ParticipantsJessica Tassan - Equity Research AnalystJessica TassanOkay, great. Hi everyone, thanks so much for joining. My name's Jess Tassin. I cover Managed Care and Healthcare IT at Piper. I'm so excited to be here with Seth Blackley, CEO of Evolent, and John Johnson, CFO of Evolent. Thanks, guys, so much for joining. We appreciate it.Seth BlackleyThanks for havin ...

Core Insights - UnitedHealth Group Incorporated (UNH) is experiencing increased pressure on profitability due to a rising medical care ratio (MCR), which reached 89.9% in Q3 2025, up from 85.2% a year prior, driven by persistent medical inflation and unpredictable utilization trends [1][8] - The Optum division is a significant growth driver, with revenues increasing by 8.2% year over year to $69.2 billion, representing over 61% of total company sales [1][8] - Regulatory scrutiny surrounding Optum Rx, the pharmacy benefit management arm, has raised concerns among investors, as any potential regulatory actions could impact the broader business [2][8] Company Performance - The MCR increase is pressuring profitability, with Optum Rx contributing 57.4% of Optum's revenues [2][8] - The Zacks Consensus Estimate for UnitedHealth's 2025 earnings is projected at $16.29 per share, indicating a 41.1% decline from the previous year [11] - UnitedHealth's stock has declined by 34.8% year-to-date, compared to a 29% decline in the industry [7][8] Industry Context - Peers such as Centene Corporation and Elevance Health are also facing challenges from rising medical costs, leading to downward revisions in their 2025 outlooks [5][6] - Centene's health benefits ratio increased to 92.7%, reflecting a 27% rise in medical expenses, while Elevance's benefit expense ratio rose to 91.3% [6] - The expiration of enhanced Affordable Care Act subsidies at year-end could lead to higher premiums for millions, prompting potential shifts in enrollment patterns across insurance products [3][4]

Core Insights - Coordinated Care has provided over 18 million meals in Washington since 2020, addressing food insecurity as part of its commitment to increase access to healthy food [1][5] - The organization’s One Million Meals campaign has consistently exceeded annual goals, demonstrating effective community partnerships [2][5] - Coordinated Care Harvest Bucks program offers Medicaid members up to $100 annually for produce prescriptions, enhancing grocery budgets and promoting nutritional health [4][5] Company Initiatives - The One Million Meals campaign began during the COVID-19 pandemic and has shown significant success through collaboration with local partners [2][3] - Coordinated Care's volunteer efforts have included packing meals and supporting local food programs, reflecting a strong community engagement [7] - The organization aims to address whole-person health care needs by integrating food access with healthcare services [5][8] Community Impact - Food insecurity affects approximately 47.4 million people in the U.S., including 13.8 million children, highlighting the importance of Coordinated Care's initiatives [1] - The organization collaborates with various local food banks and health organizations to maximize its impact on community health [2][7] - Coordinated Care's efforts are part of a broader mission to transform community health by addressing nutrition and food access challenges [5][8]

Molina Healthcare, Inc. (MOH), based in California, is a major U.S. managed care company that focuses on providing health insurance to individuals and families who receive care through government-sponsored programs. The company has a market cap of $7.7 billion and operates primarily in Medicaid, Medicare, and the Affordable Care Act (ACA) marketplaces, serving millions of members across multiple states. Molina Healthcare has been on a brutal slide, dramatically falling out of step with the market. Over th ...