Cobalt Capital Makes a Big Bet on Molina Healthcare After Sharp Decline

Cobalt Capital Management has disclosed a new position in Molina Healthcare, acquiring 115,000 shares valued at $22.01 million. This represents a 10.11% allocation of the fund's $217.58 million in reportable U.S. equity assets. Molina Healthcare is now the fund's 4th-largest holding. The company operates in the Medicaid and Medicare space, earning revenue through government contracts that pay a fixed amount per member. The stock has declined 55.23% over the past year, underperforming the S&P 500 by 69.17 percentage points.