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Attiya Zainib
Mon, May 18, 2026 astatine 7:39 AM CDT 3 min read
Latitude Investment Management, an concern absorption firm, released its fourth-quarter 2025 capitalist letter. A transcript of the missive tin beryllium downloaded here. The missive emphasizes a long-term, fundamentals-driven concern philosophy, arguing that portion banal prices tin beryllium volatile successful the abbreviated run, they yet travel underlying net growth—illustrated done the “dog and owner” analogy. The portfolio delivered beardown results successful 2025, with net increasing implicit 15% and returns of 21%, mostly driven by accordant cardinal maturation alternatively than valuation changes. The manager highlights a diversified portfolio of high-quality, cash-generative companies with coagulated marketplace positions, debased concern needs, and charismatic shareholder returns done dividends and buybacks. The missive notes selective portfolio shifts toward much defensive, attractively valued names portion maintaining double-digit maturation potential. Looking ahead, the outlook remains positive, with expectations for continued net growth, improving opportunities from marketplace dispersion, and charismatic valuations providing a borderline of information contempt constricted vulnerability to crowded themes similar AI. In addition, delight cheque the Fund’s apical 5 holdings to cognize its champion picks successful 2025.
In its fourth-quarter 2025 capitalist letter, Latitude Investment Management highlighted stocks similar UnitedHealth Group (NYSE:UNH). UnitedHealth Group (NYSE:UNH) is simply a diversified healthcare institution providing security and healthcare services done its UnitedHealthcare and Optum segments. The one-month instrumentality of UnitedHealth Group (NYSE:UNH) was 21.75% portion its shares traded betwixt $234.60 and $405.15 implicit the past 52 weeks. On May 15, 2026, UnitedHealth Group (NYSE:UNH) banal closed astatine astir $393.85 per share, with a marketplace capitalization of astir $357.67 billion.
Latitude Investment Management stated the pursuing regarding UnitedHealth Group (NYSE:UNH) in its Q4 2025 capitalist letter:
"UnitedHealth Group (NYSE:UNH) was 1 of 2 stocks successful our portfolio that delivered a antagonistic instrumentality for the year, down 33%. United Health is the largest MCO, with a rank of 51 cardinal people, overseeing $400bn of healthcare disbursal reimbursement crossed US commercialized wellness security plans, as well arsenic authorities programmes (Medicare and Medicaid). There were 2 superior issues in 2025:
First, aesculapian outgo trends were importantly higher than expectations astatine the outset of the year (+7.5% compared to the +5% they budgeted for). 7 To enactment it into figures, United Health generated operating profits of $32bn successful 2024, an 8.3% margin. A -2.5% deviation connected costs connected a full of $400bn of walk is simply a $10bn interaction connected the business, and the main crushed wherefore the earnings shortfall this twelvemonth was rather truthful dramatic.
Second, they precocious attracted a ample fig of caller members, from weaker peers, who exhibited worse wellness attributes than expected. It’s our presumption that this happened owed to United Health’s superior sum and service, making a greater level of attraction disposable with greater ease..." (Click present to work the afloat text)
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