HCA Healthcare (HCA, Financial) (U.S.) is the largest operator of for-profit hospitals and related health care services in the U.S. The company benefits from scale and size advantages, an attractive geographic footprint in higher growth markets, best-in-class management and governance, and an equity-friendly approach to capital allocation. Although the Covid-19 pandemic created disruptions across the hospital sector, HCA's fundamentals have held up remarkably well. Management believes the company will be in an even stronger position coming out of the crisis than it was coming into it and that demand for health care services will be robust for years to come.
From David Herro (Trades, Portfolio) and Bill Nygren (Trades, Portfolio)'s Oakmark Global Select Fund third-quarter 2020 commentary.
