Cigna Group (CI)

The sleeper story is aggressive portfolio optimization happening faster than the market realizes - two major exits this quarter alone while doubling down on specialty (now 35% of income, growing 20%). Everyone will focus on the obvious Signature model transition and $150M PBS headwind, but the real binding constraint is management attention and capital allocation - they're ruthlessly cutting businesses that can't scale within CI's $275B size. Brian's most revealing quote: 'We did not make this decision lightly' on exchange exit shows this isn't defensive pruning but offensive reallocation. The NCI doubling deserves scrutiny as a potential margin compression disguise, but the decisive portfolio moves and raised guidance suggest confidence in the core strategy. My view changes if the eviCore strategic review drags past Q3 or if Signature adoption falls meaningfully below 50% by 2028.