Ruane, Cunniff LP, an investment adviser managing Sequoia Strategy, released its Q4 2025 investor letter. A copy of the letter can be downloaded here. Sequoia Strategy returned 9% in Q4 compared to 2.7% for the S&P 500 Index. The Strategy delivered a return of 21.9% in 2025 versus 17.9% for the Index. In a year characterized by both strength and volatility, the Strategy outperformed the Index. The firm strives to invest in high-quality, fundamentally and financially strong businesses at reasonable prices. The Strategy is concentrated while it covers a wide range of sectors, business styles, and regions. Please review the Strategy’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Sequoia Strategy highlighted stocks such as Elevance Health, Inc. (NYSE:ELV). Elevance Health, Inc. (NYSE:ELV) is a health benefits company detracted from the Strategy’s performance in the quarter. On February 9, 2026, Elevance Health, Inc. (NYSE:ELV) stock closed at $327.50 per share. One-month return of Elevance Health, Inc. (NYSE:ELV) was -11.65%, and its shares are down 16.29% over the past twelve months. Elevance Health, Inc. (NYSE:ELV) has a market capitalization of $72.281 billion.
Sequoia Strategy stated the following regarding Elevance Health, Inc. (NYSE:ELV) in its fourth quarter 2025 investor letter:
“Our investments in UnitedHealth Group Inc. (“United”) and Elevance Health, Inc. (NYSE:ELV) (“Elevance”), the two largest managed care companies in the country, are instructive in this regard. We initiated both positions opportunistically. In the case of United, we capitalized on a 2019 share price swoon precipitated by “Medicare for All” fears that flared up in the runup to the 2020 presidential election. We bought our first shares of Elevance two years later when Covid induced swings in healthcare utilization pressured its earnings.
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