Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (9 quarters reported)
$536M in Q4 2023 → $868M now. Hover for any quarter.
As reported for the quarter ended December 31, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Molina Healthcare Inc | 22.9% | New | 1,146,378 | $199M |
| CD Centene Corp Del | 22.3% | Trimmed 10% | 4,706,250 | $194M |
| Elevance Health Inc | 20.7% | Added 187% | 511,585 | $179M |
| BH Brightspring Health Svcs Inc | 9.0% | Added 20% | 2,087,076 | $78.2M |
| Enhabit Inc | 5.4% | Added 21% | 5,084,714 | $46.9M |
| Cvs Health Corp | 4.7% | Trimmed 56% | 514,834 | $40.9M |
| Alignment Healthcare Inc | 4.3% | Trimmed 35% | 1,868,367 | $36.9M |
| HS Healthcare Svcs Group Inc | 3.5% | Trimmed 53% | 1,592,565 | $30.4M |
| Cardinal Health Inc | 3.3% | New | 138,795 | $28.5M |
| Pacs Group Inc | 2.7% | New | 610,070 | $23.4M |
| Ehealth Inc | 1.2% | Unchanged | 2,332,017 | $10.7M |
| Pennant Group Inc | 0.0% | Trimmed 100% | 8,705 | $245K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Molina Healthcare Inc | New | +1,146,378 | +$199M | 22.9% |
| Elevance Health Inc | Added | +333,635 | +$117M | 20.7% |
| Unitedhealth Group Inc | Exited | −275,022 | −$95M | — |
| LC Laboratory Crp Of Amer Hldgs | Exited | −204,859 | −$58.8M | — |
| Quest Diagnostics Inc | Exited | −275,344 | −$52.5M | — |
| Cvs Health Corp | Trimmed | −659,963 | −$52.4M | 4.7% |
| Pennant Group Inc | Trimmed | −1,732,850 | −$48.8M | — |
| HS Healthcare Svcs Group Inc | Trimmed | −1,766,116 | −$33.8M | 3.5% |
| Tenet Healthcare Corp | Exited | −147,172 | −$29.9M | — |
| Cardinal Health Inc | New | +138,795 | +$28.5M | 3.3% |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Centene Corp | New | +5,231,550 | +$187M | 21.1% |
| Humana Inc | Exited | −441,623 | −$108M | — |
| Unitedhealth Group Inc | New | +275,022 | +$95M | 10.7% |
| Cvs Health Corp | New | +1,174,797 | +$88.6M | 10.0% |
| Encompass Health Corp | Exited | −641,314 | −$78.6M | — |
| A Anthem Inc | New | +177,950 | +$57.5M | 6.5% |
| Healthcare Services Group | New | +3,358,681 | +$56.5M | 6.4% |
| Brightspring Health Services | New | +1,733,548 | +$51.2M | 5.8% |
| Cardinal Health Inc | Exited | −299,258 | −$50.3M | — |
| PI Premier Inc-class A | Exited | −1,694,066 | −$37.2M | — |
Showing the 10 largest of 26 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Centene Corp | Exited | −3,050,904 | −$185M | — |
| Humana Inc | Added | +384,345 | +$94M | 15.5% |
| Unitedhealth Group Inc | Exited | −168,923 | −$88.5M | — |
| Encompass Health Corp | New | +641,314 | +$78.6M | 11.3% |
| Tenet Healthcare Corp | New | +275,559 | +$48.5M | 7.0% |
| CG Concentra Group Holdings Par | Exited | −1,932,890 | −$41.9M | — |
| Cvs Health Corp | Exited | −617,120 | −$41.8M | — |
| PI Premier Inc-class A | New | +1,694,066 | +$37.2M | 5.3% |
| EH Evolent Health Inc - A | New | +2,913,135 | +$32.8M | 4.7% |
| Mckesson Corp | Exited | −47,446 | −$31.9M | — |
Showing the 10 largest of 26 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Humana Inc | Trimmed | −515,256 | −$136M | 1.9% |
| Davita Inc | Trimmed | −487,340 | −$74.5M | 3.7% |
| Unitedhealth Group Inc | Trimmed | −123,313 | −$64.6M | 11.2% |
| Centene Corp | Added | +1,050,648 | +$63.8M | 23.4% |
| Brightspring Health Services | Trimmed | −3,172,788 | −$57.4M | 3.4% |
| Cardinal Health Inc | Trimmed | −262,123 | −$36.1M | 4.6% |
| Mckesson Corp | Trimmed | −51,692 | −$34.8M | 4.0% |
| Walgreens Boots Alliance Inc | Exited | −3,349,363 | −$31.2M | — |
| Quest Diagnostics Inc | New | +123,555 | +$20.9M | 2.6% |
| Acadia Healthcare Co Inc | Added | +652,217 | +$19.8M | 5.0% |
Showing the 10 largest of 19 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Humana Inc | New | +572,534 | +$145M | 14.5% |
| Unitedhealth Group Inc | Added | +265,360 | +$134M | 14.8% |
| Molina Healthcare Inc | Exited | −277,677 | −$95.7M | — |
| Cardinal Health Inc | New | +528,249 | +$62.5M | 6.3% |
| Mckesson Corp | New | +99,138 | +$56.5M | 5.7% |
| Walgreens Boots Alliance Inc | Trimmed | −3,830,910 | −$35.7M | 3.1% |
| Encompass Health Corp | Exited | −328,066 | −$31.7M | — |
| Cvs Health Corp | Trimmed | −647,286 | −$29.1M | 2.2% |
| Brightspring Health Services | Trimmed | −1,136,058 | −$19.3M | 7.9% |
| Centene Corp | Added | +313,447 | +$19M | 12.1% |
Showing the 10 largest of 18 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tenet Healthcare Corp | Exited | −985,693 | −$131M | — |
| CD Centene Corp Del | New | +1,686,809 | +$127M | 15.0% |
| Molina Healthcare Inc | New | +277,677 | +$95.7M | 11.3% |
| UH Universal Hlth Svcs Inc | Exited | −453,877 | −$83.9M | — |
| Davita Inc | Trimmed | −488,911 | −$80.1M | 13.4% |
| Cvs Health Corp | New | +1,132,204 | +$71.2M | 8.4% |
| Quest Diagnostics Inc | Exited | −497,612 | −$68.1M | — |
| Hca Healthcare Inc | Exited | −200,338 | −$64.4M | — |
| Encompass Health Corp | Trimmed | −649,361 | −$62.8M | 3.7% |
| SM Select Med Hldgs Corp | Trimmed | −1,044,694 | −$36.4M | 1.6% |
Showing the 10 largest of 24 changes.
quarter ended June 30, 2024 · filed August 14, 2024
No position changes this quarter.
quarter ended March 31, 2024 · filed August 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Brightspring Health Svcs Inc | New | +8,212,130 | +$93.3M | 9.0% |
| Quest Diagnostics Inc | New | +497,612 | +$68.1M | 6.6% |
| Walgreens Boots Alliance Inc | New | +5,622,559 | +$68M | 6.6% |
| The Cigna Group | Exited | −226,111 | −$67.7M | — |
| Tenet Healthcare Corp | Added | +397,996 | +$52.9M | 12.7% |
| SM Select Med Hldgs Corp | New | +1,421,058 | +$49.8M | 4.8% |
| Davita Inc | Added | +325,261 | +$45.1M | 15.8% |
| Hca Healthcare Inc | Added | +132,475 | +$42.6M | 6.2% |
| Mckesson Corp | Trimmed | −63,818 | −$37.3M | 2.6% |
| UH Universal Hlth Svcs Inc | Added | +191,414 | +$35.4M | 8.1% |
Showing the 10 largest of 20 changes.
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