We initiated a position in UnitedHealth Group (UNH, Financial). We believe the company will show robust margin improvement this year and next as COVID-related cost headwinds diminish and consumers revert to doctor visits for preventative health care needs. Margins should also benefit from the company’s improved use of technology in its delivery of services to end users. Demand for services from its four key business units remains strong.
From Spiros Segalas (Trades, Portfolio)' Harbor Capital Appreciation Fund second-quarter 2021 commentary.