1September 2023 Medicaid & CHIP Enrollment Data Highlights
2Dual-eligible special needs plans are offered to individuals who are eligible for both Medicare and Medicaid.
Earnings Growth is not a measure of future performance.
Top 10 holdings for MVPA can be accessed here. Holdings are subject to change.
Enterprise value is a measure of a company’s total value. Free cash flow yield is an overall return evaluation ratio of a stock, which standardizes the free cash flow per share a company is expected to earn against its market price per share. The ratio is calculated by taking the free cash flow per share divided by the share price. Earnings Before Taxes, Income, Depreciation, and Amortization (EBITDA) is a calculation of a company’s financial health. Compound Annual Growth Rate (CAGR) is the mean annual growth rate of an investment over a specified period of time longer than one year. Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock and serves as an indicator of a company’s profitability. Debt-to-adjusted-EBITDA leverage ratio measures the amount of income that is available to pay down debt before covering interest, taxes, depreciation, and amortization expenses.
Peer group defined as the largest managed care government-sponsored health care programs/plans that derive 100% of their revenue from managed care. These companies are UNH, MOH, HUM and ELV. Sourced from Bloomberg.
Reference CNC’s 2023 investor presentation here for more information.
Reference CNC’s earnings release here for more information on management guidance.
The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice.
The views expressed in this commentary reflect those of the author as of the date of the commentary. Any views are subject to change at any time based on market or other conditions, and Miller Value Partners disclaims any responsibility to update such views. These views are not intended to be a forecast of future events, a guarantee of future results or investment advice. Data from third-party sources cited herein is believed to be reliable, but may not have been independently audited by Miller Value Partners.
Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s Prospectus and Summary Prospectus, which may be obtained by visiting https://etf.millervaluefunds.com/mvpa. Read the Prospectus and Summary Prospectus carefully before investing.
Investing involves risk, including possible loss of principal. The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. To the extent the Fund’s investments are concentrated in or have significant exposure to a particular issuer, industry or group of industries, or asset class, the Fund may be more vulnerable to adverse events affecting such issuer, industry or group of industries, or asset class than if the Fund’s investments were more broadly diversified. Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.
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Diversification cannot assure a profit or protect against loss in a down market.
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