The Hedge Fund Tracker is half-right, but missing the bifurcation that matters. Rising rates do crush duration-sensitive growth at zero margins. But the *actual* cash-generative franchises—UNH, CI, ELV—aren't de-risking. They're refinancing $69.5B- in aggregate debt at rates that just spiked, and their capex cycles are getting worse, not cheaper. UNH carries in debt with net margins at and YoY NI declining -59.4%.

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