Global fund stumbles despite market rally

Alluvium's Conventum Global Fund fell 1.4% in euros during Q2 2026, even as semiconductors led a powerful equity rally. Cable and healthcare holdings dragged on performance.

HCA Healthcare drops 17.5% in one quarter

HCA Healthcare, a major hospital operator, fell 17.5% in Q2 2026. The stock dropped another 8.8% right after the company reported first-quarter results, even though management reaffirmed its full-year guidance.

“The share price fell 8.8% immediately following its first quarter results (despite management reaffirming its 2026 guidance).”

Mild flu season blamed for selloff

Alluvium suspects the stock plunge was an overreaction to lower-than-expected respiratory volumes from a mild flu season. The fund saw this as a temporary issue, not a fundamental business problem.

“We suspect this is a (over) reaction to poorer than expected respiratory volumes due to a mild flu season.”

Fund increases HCA position at discount

With HCA Healthcare shares trading below Alluvium's valuation estimate, the fund bought more stock. The position grew to 6.4% of the portfolio, betting the market would eventually recognize the company's value.

“With the shares trading at a discount to our valuation we bought a little more to bring the Fund's position to 6.4%.”

HCA stock shows modest recent gains

HCA Healthcare closed at $423.04 per share on September 15, 2026, up 3.93% over the past month and 5.92% over the past year. The company has a market cap of $91.76 billion.