Overview
- The fund returned 1.44% in Q4 2025 and 11.58% for the year, versus 2.66% and 17.88% for the S&P 500, respectively.
- UnitedHealth reduced returns by about 1.1% after an unexpected spike in enrollee health costs, with the year also marked by a leaked DOJ probe into Medicare Advantage coding and a separate coding case the company later won.
- Management says the overall market looks modestly elevated rather than a bubble, and it has been reducing more speculative AI exposure in favor of long-term value.
- Berkshire Hathaway remained a core holding as the fund praised its business mix following Warren Buffett’s departure, noting an 11% stock return.
- Recent snapshots cited in the letter show UnitedHealth closing at $289.21 on March 3, 2026, and Berkshire Hathaway Class B at $487.48 on March 4, 2026, with each posting modest one-month declines or gains and muted 52-week performance.