[UnitedHealth's earnings beat](https://www.cnbc.com/2026/04/21/unitedhealth-group-unh-earnings-q1-2026.html) has the cheerleaders out in force, but the smart money is telling a radically different story. Sure, UNH delivered in annual revenue with solid growth, but here's the kicker: institutional 13F holdings have cratered to a measly $156.4M . That's a staggering disconnect for a healthcare behemoth of this magnitude.

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