HCA

HCA

HCA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Alluvium Global Fund	-	-	CPRI, DKS, HCA, HRB, LUV, MCK, THO, UMG NA, WBA	-			View
2023 Q2	Jun 30, 2023	Alluvium Global Fund	-	-	0RYA LN, CPRI, GOOG, HCA, MCK, NST AU, RRL AU, THO, UMG NA, WBA	-			View
2024 Q1	Apr 15, 2024	Diamond Hill Large Cap Strategy	7.9%	14.7%	AIG, ALL, BWA, CAT, GM, HCA, HUM, KEYR, LH, SBAC, SYY	-			View
2024 Q4	Dec 31, 2024	L1 Capital International Fund	11.4%	29.0%	BKNG, EXP, GPK, HCA, MSFT, NVDA, UNH	-			View
2024 Q4	Dec 31, 2024	Miller Howard Investments Infrastructure	-	-	EQIX, HCA	-			View
2024 Q4	Dec 31, 2024	Renaissance Investment Management – Large Cap Growth	-	-	APP, BAH, HCA, PINS, WEX	-			View
2023 Q4	Dec 31, 2023	L1 Capital International Fund	4.7%	0.0%	HCA	-			View
2022 Q4	Dec 31, 2022	Oakmark Global Select Fund	8.8%	0.0%	AMZN, COF, HCA	-			View
2025 Q3	Oct 20, 2025	L1 Capital International Fund	2.6%	-	EXP, HCA, NVDA, WEIR LN	Artificial Intelligence, Global Equities, Quality Investing, semiconductors, software	The fund examines whether AI is a sustainable productivity revolution or speculative bubble, noting parallels to the dot-com era. Managers favor high-quality global leaders like Nvidia, TSMC, and Intuit that integrate AI across operations with strong balance sheets. The portfolio balances exposure across technology, payments, and industrials while trimming cyclical risk.		View
2025 Q4	Jan 27, 2026	Diamond Hill Large Cap Strategy	1.4%	5.7%	AIG, AON, BRK-B, CAT, CB, CL, COF, COO, DOV, EQT, GM, GOOGL, HCA, HIG, LH, MU, NDAQ, SOLV, SYY, WIX, ZTS	AI, Defensive, financials, healthcare, large cap, Quality, technology, value	The fund remains cautious of AI-driven market exuberance where investor sentiment often appears to outpace business fundamentals. AI optimism drove strong performance in information technology and communication services sectors, with hundreds of billions in AI-related capital spending supporting stocks like Micron and Sandisk. The fund continues to find attractive opportunities among high-quality, cash-generative businesses with defensive characteristics including Colgate, Aon and Berkshire Hathaway. These fundamentally stable businesses underperformed in 2025 but continue to perform in-line with expectations. The portfolio focuses on fundamentally stable, higher quality businesses trading at discounts to intrinsic value estimates. New positions like Dover Corp were initiated when stocks traded at significant discounts to estimated intrinsic value.	EQT SOLV WIX DOV COO SYY LH ZTS COF AIG GM	View
2025 Q4	Jan 23, 2026	Alluvium Global Fund	-1.1%	-0.1%	005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDA, LNR.TO, LYB, MCK, RHI, RYAAY, THO, UMG.AS, V	AI, Airlines, global, healthcare, technology, underperformance, value	The fund discusses the rapid adoption of AI technologies, particularly Alphabet's Gemini AI which gained 650 million monthly active users in six months. Questions remain about quantifying efficiency gains and monetary benefits versus the immense capital outlays by providers. Ryanair represents the fund's largest position at 9.4%, benefiting from earlier aircraft deliveries and upgraded traffic expectations. Management expects reasonable net profit growth with strengthening competitive positioning. The fund follows a value-oriented approach, buying more of poorly performing investments as they decline. The managers acknowledge the value investor's curse of buying too early and selling too early, citing examples of premature exits from gold miners and semiconductor companies.		View
2025 Q4	Jan 18, 2026	Distillate Capital Fundamental Stability & Value	0.0%	0.0%	BMY, CAH, CSCO, ELV, FFIV, FI, GPS, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TDC, TEL, TMUS, UBER, VST	free cash flow, fundamentals, international, Quality, rebalancing, small caps, valuation, value	The firm emphasizes systematic value investing through their proprietary free cash flow valuation methodology. They focus on stocks trading at attractive valuations while avoiding richly valued names, with their U.S. FSV strategy trading at more than double the free cash flow yield of the S&P 500. The strategy systematically rotates out of names that have increased in value and reinvests into less expensive stocks. The firm filters for high quality companies with stable cash flows and low debt levels. Their investment process excludes negative free cash flow companies and avoids those with high amounts of leverage while seeking fundamental stability. This quality focus has historically been smart but was a drag on returns in 2025 as unprofitable stocks outperformed significantly. The firm sees significant opportunity in small and mid-sized U.S. stocks, though selectivity is critical given the large number of unprofitable and heavily-indebted companies. Their small/mid strategy filters out negative free cash flow companies and high leverage names. The S&P 600 excludes many troubled names and has considerably outperformed the Russell 2000 over time.		View
2025 Q4	Jan 18, 2026	Distillate Capital Small/Mid Cap Quality & Value	0.0%	0.0%	BMY, CAH, CSCO, ELV, FFIV, FI, GPS, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TDC, TEL, TMUS, UBER, VST	free cash flow, fundamentals, Quality, rebalancing, small cap, valuation, value	The letter extensively discusses valuation concerns across markets, highlighting that U.S. equities are historically expensive and trading at levels typically associated with subdued future returns. The firm's strategies focus on finding attractively valued stocks where quality and value overlap, with their portfolios trading at significant discounts to benchmarks. Quality is a core focus of the firm's investment process, emphasizing cash flow stability and avoiding highly leveraged or unprofitable companies. The letter discusses how their strategies systematically filter out negative free cash flow companies and those with high debt levels while seeking fundamental stability. The letter identifies significant opportunities in small and mid-sized U.S. stocks, noting that avoiding high debt levels and money-losing businesses has historically been smart but was a drag on returns in 2025. The firm sees this as creating attractive entry points for quality small cap investing.		View
2025 Q4	Jan 18, 2026	Distillate Capital Large Cap Value	0.0%	8.6%	000660.KS, 005930.KS, BMY, CAH, CSCO, ELV, FFIV, FI, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TEL, TMUS, UBER, VST	FCF, fundamentals, international, Quality, rebalancing, small caps, valuation, value	U.S. equities are historically expensive by any measure and at levels typically associated with subdued future returns. The S&P 500 is trading near record multiples with just 20 stocks accounting for over 50% of the market at a 120% premium to the rest. Historical analysis shows that rich starting valuations correlate with lower longer-term returns. Despite rich overall market valuations, many high quality stocks remain attractively valued. The firm's large cap strategy trades at a free cash flow yield more than double the S&P 500 and 60% above Russell 1000 Value. Value stocks significantly outperformed after the 2000 tech bubble when similar valuation disparities existed. Significant opportunities exist in smaller stocks where avoiding high debt levels and money-losing businesses has historically been smart but was an enormous drag on returns in 2025. Negative free cash flow stocks comprised 35% of Russell 2000 and rose 67% on average, demonstrating unusual market conditions.		View
2025 Q4	Jan 15, 2026	Lyrical Asset Management	2.0%	17.9%	AAPL, AER, AMG, AMZN, EBAY, EXPE, FFIV, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NTAP, NVDA, SNX, TSLA, UBER, URI	EPS Growth, growth, international, Performance, valuation, value	Lyrical emphasizes their uncommon combination of value and growth, with their portfolio trading at a 78% discount to the S&P 500 while generating 10.6% EPS growth versus 6.6% for the S&P 500. The value spread between their portfolio and the S&P 500 is historically wide. The firm highlights strong performance in travel-related holdings including Expedia Group and AerCap Holdings. Air transportation industry cash flows show recovery with air lessors outperforming airlines and aircraft manufacturers from 2020-2025.		View
2025 Q4	Jan 14, 2026	L1 Capital International Fund	2.2%	9.8%	AER, AMZN, BKNG, CRH, CRM, DHR, GOOGL, HCA, ICE, INTU, J, LSEG.L, MA, MSFT, TSM, UBER, UNH, V	AI, consumer, Global Equities, Macro, Quality, technology, valuation	AI continues to be a central focal point for stock markets, with companies being labeled as either AI winners or AI losers. The manager believes many perceived AI winners are trading at valuations requiring everything to go right, while some businesses labeled as AI losers present attractive opportunities due to exaggerated concerns. Traditional Quality factor materially underperformed the broader U.S. market by the widest margin since the dot.com boom, providing opportunities to invest in high-quality businesses at attractive valuations. The fund maintains focus on quality businesses with strong competitive moats. Consumer environment continues to be highly mixed with financial pressure building on lower socioeconomic consumers while affluent consumers thrive. This K-shaped economy influences portfolio decisions, steering clear of businesses exposed to less affluent consumers.	ICE LSEG LN INTU CRM TSM AER UBER J	View
2024 Q3	Sep 30, 2024	Diamond Hill Large Cap Strategy	7.9%	14.7%	ACN, AON, BLDR, COP, HCA, HUM, NVR, PH, WTI	-			View
2024 Q3	Sep 30, 2024	Alluvium Global Fund	0.0%	0.0%	005930 KS, AEM, AN, CPRI, GOOG, HCA, LBRDA, LMT, LNR CN, MCK, RRL AU, UMG NA, V	-			View
2023 Q2	Jul 25, 2023	Diamond Hill Large Cap Strategy	7.9%	14.7%	AIG, AMZN, DIS, FERG, HCA, KMX, MSFT	-			View
2023 Q2	Jun 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	HCA, NGG, SBAC, UGI	-			View
2022 Q2	Jun 30, 2022	Bireme Capital	-2.0%	-2.0%	HCA	-			View
2025 Q1	Apr 14, 2025	L1 Capital International Fund	0.1%	0.1%	EXP, GOOG, HCA, VIE FP	-			View
2025 Q1	Mar 31, 2025	Alluvium Global Fund	-	-	DKS, GOOG, HCA, LBRDA, LNR CN, MCK, RHI, THO	-			View
2024 Q4	Jan 31, 2025	Alluvium Global Fund	-	-	CHTR, CPRI, DKS, GOOG, GPI, HCA, HRB, LBRDA, LMT, LYB, MA, MCK, RYAAY, V	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 27, 2026	Fund Letters	Stuart Pearce	HCA Healthcare, Inc.	Health Care	Health Care Facilities	Bull	New York Stock Exchange	buybacks, healthcare, Hospitals, Pricing power, valuation	View Pitch
Jan 8, 2026	Fund Letters	David Steinthal	HCA Healthcare, Inc.	Health Care	Health Care Facilities	Bull	New York Stock Exchange	Healthcare Policy, Hospitals, risk management, Top Holding, valuation	View Pitch
Aug 13, 2025	Seeking Alpha	Seeking Profits	HCA Healthcare	Health Care	Medical Care Facilities	Neutral	NYSE	—	View Pitch

BSD Shareholders of HCA

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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