L1 Capital released its fourth-quarter 2025 investor letter for the L1 Capital International Fund, focusing on high-quality companies with favorable cashflow-based valuations. The fund returned 2.2% for the quarter and 9.8% for the year, slightly underperforming the benchmark index. Top holdings and investment strategy discussed in the letter.

One of the highlighted stocks in the letter was HCA Healthcare, Inc. (NYSE:HCA), a hospital and healthcare entity operator. HCA Healthcare, Inc. (NYSE:HCA) stock closed at $478.84 per share on January 14, 2026, with a one-month return of 2.63% and a market capitalization of $109.38 billion. The fund progressively reduced its position in HCA throughout 2025.

L1 Capital International Fund discussed its investment in HCA Healthcare, Inc. (NYSE:HCA) in its fourth-quarter 2025 letter. The fund increased its investment in HCA during a period of negative sentiment and saw a 55% share price increase in 2025. However, the fund has since reduced its position as operating conditions for HCA have become more balanced.

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Read more at Yahoo Finance: L1 Capital International Strategy Trimmed HCA Healthcare (HCA) Due to Share Price Appreciation