Most investors like the feeling of security that comes with owning the shares of companies that are doing well and where the outlook is bright. It’s a lot harder to stick with or buy into companies which are facing problems and are underperforming. Yet this is exactly what some of the world’s best fund managers are doing right now with the shares of UnitedHealth, the US’s biggest health insurer and leading healthcare provider. In total, the shares are held by 25 of them, each among the top 3pc of over 10,000 global equity managers monitored by financial publisher Citywire. This has resulted in UnitedHealth being awarded a top AAA Elite Companies ratings by Citywire, which rates companies based on the amount of smart money backing them. Neal Kaufman, manager of the top-performing Baron Health Care Fund, is one of these 25 elite investors and counts UnitedHealth as his fund’s second-biggest holding at 5.9pc of assets. Assessing the company’s recent sluggish performance in his first quarter letter, he reassured investors: “We believe UnitedHealth should remain a core portfolio holding, as it is a way to play positive demographic, population health, and value-based reimbursement trends.” As a long-time holder, Kaufman has good...