Top Superinvestors Are Buying Centene Corp (CNC)

According to the latest 13F filings, several respected value and quantitative managers added to Centene Corp (CNC), signaling renewed conviction in the company’s durable Medicaid/ACA positioning, operating execution, and continued margin normalization within managed care. Below are the most notable buy-side increases from the period:

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AQR Capital Management LLC (Cliff Asness)

Shares: 14,654,834  Change: +6,356,152  Value: ~$0.52B

Cliff Asness posted the largest incremental increase among superinvestors, substantially scaling AQR’s exposure to CNC. The accumulation aligns with a quantitative value framework that favors Centene’s discounted earnings multiple, improving utilization trends, and more stable state-level reimbursement backdrop.

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Oakmark Select Fund (Bill Nygren)

Shares: 5,864,000  Change: +3,251,896  Value: ~$0.21B

Bill Nygren materially expanded the Oakmark position, consistent with his opportunistic value lens. The build-out reflects confidence in Centene’s multi-year simplification initiatives and a belief that the market underestimates earnings durability post-redeterminations and platform consolidation.

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Greenlight Capital (David Einhorn)

Shares: 1,560,540  Change: +721,370  Value: ~$0.06B

David Einhorn notably increased Greenlight’s holdings, reinforcing a thesis centered on Centene as a margin-improvement and capital-return story within managed care. Einhorn has historically favored misunderstood insurers where actuarial visibility and regulatory cadence create attractive risk/reward tails.

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Gotham Asset Management, LLC (Joel Greenblatt)

Shares: 941,206  Change: +641,737  Value: ~$0.03B

Joel Greenblatt sharply added to CNC last quarter, consistent with Gotham’s systematic value approach emphasizing earnings yield and capital efficiency. The increment indicates the model continues to view Centene as underpriced relative to normalized MLR trends and steady premium growth.

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Grantham, Mayo, Van Otterloo & Co. LLC (Jeremy Grantham)

Shares: 761,490  Change: +209,518  Value: ~$0.03B

Jeremy Grantham increased GMO’s position, reinforcing a thesis that Centene remains a structurally important managed care platform benefiting from demographic Medicaid growth, ACA enrollment resilience, and operating leverage as administrative simplification progresses.

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Tweedy, Browne Co LLC (Tweedy Browne)

Shares: 10,320  Change: +5,296  Value: ~$0.00B

Tweedy Browne made a modest incremental addition, consistent with its traditional value discipline and focus on businesses with predictable cash flows, favorable competitive moats, and steady capital allocation.

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Point72 Asset Management, L.P. (Steve Cohen)

Shares: 449,267  Change: NEW POSITION  Value: ~$0.02B

Steve Cohen initiated a new position, suggesting tactical or catalyst-driven interest in Centene’s near-term earnings setup and optionality around utilization normalization and Medicaid renewal cadence.

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Overall Takeaway

Last quarter’s activity reflects growing institutional conviction that Centene is progressing through an attractive phase characterized by:

✓ improved visibility post Medicaid redeterminations
✓ continued margin normalization and cost discipline
✓ stable premium dynamics within Medicaid & ACA exchanges
✓ operating leverage from administrative simplification and tech investments

The combination of value and quant buyers suggests the market may be undervaluing Centene’s normalized earnings power and multi-year capital return potential as execution de-risks and policy overhangs fade.