Victory Capital Management Inc. — Sycamore Mid Cap Value Equity on Molina Healthcare, Inc.

Molina's strong first-quarter results shifted attention back toward the strength of its core government-sponsored health-plan business. After a difficult 2025, the results suggested that the worst deterioration in medical cost ratios was likely behind the company. Greater clarity around Medicaid spending reductions and favorable CMS risk-adjustment data provided additional support. Sycamore states that its investment thesis remains intact.