Milliman Healthcare Investment Solutions

Milliman has developed Health Trends Managed Accounts that are designed to meet or exceed the various components of healthcare cost inflation, while mitigating market declines.

Milliman has a unique combination of expertise and access

Healthcare Consultant

Since 1947
over 2,000 clients

  • Consulting to most major payers and providers
  • Detailed insights into industry risks

Index Provider

Since 2013
Publishing over 70,000 indices monthly

  • Leading actuarial market expertise in healthcare cost and trend forecasts
  • Development of Milliman's Health Trend Guidelines and resulting indices

Investment Advisor

Since 1998
$182.5B in AUA as of 9/30/2024

  • Product structuring
  • Strategy design
  • Trade implementation

How HTG Works

Step 1: Milliman collects historical claims data that is a few months lagged
Step 2: Milliman uses correlated up-to-date economic data to forecast the claims data
Step 3: The final index is published and the projected monthly HTG forecast value is used to determine investment allocations
Milliman FRM uses the HTG Index Forecast to allocate between various asset classes
JanFebMarAprMayJunJulAugSepOctNovDecJanFebMarAprMayJunJulAugSepOctNovDecMonthly InputsForecast DataHTG Index ForecastClaims CostsUtilization DataEnrollmentCPIPersonal IncomeWorking DaysSeasonality
Risk LevelRisk Level EquityGoldActivelyManagedTreasuriesHealth Trend GuidelinesIdentifies healthcareInflation trendsMilliman’s riskmanagement processFinal PortfolioAllocationHTG factorizationdetermines equitysecurity selectionHTGIndexForecast

Strategy Performance

PerformanceAs of 04/22/2025
3 MonthsYTD Total Returns1 Year3 Year5 YearSince Inception
(4/22/2024)
Milliman Healthcare Investment Strategy4.32%7.03%10.28%--10.28%

Solid lines indicate actual historical data and performance. The dotted line for the HTG index represents the anticipated changes in the future levels of healthcare costs. Data for the HTG Index is lagged on a trailing 3-month basis and then combined with up-to-date economic data that is correlated with the costs of healthcare and used to forecast expected claims data for these services in the future. It is important to note that the indices created through the Milliman Health Trend Guidelines are not standard market indices. They do not measure the price or total return performance of specific securities, but rather serve as a guideline as to expected changes in the general cost of healthcare.

Top 10 Holdings

As of 03/31/2025
SymbolSecurityValueAllocation
XFIVBondbloxx Bloomberg Five Year Target Duration Us Treasury Etf$212,369.1648%
IAUIshares Gold Trust$112,318.8025.4%
XHLFBondbloxx Bloomberg Six Month Target Duration Us Treasury Etf$11,682.362.6%
UNHUNITEDHEALTH GROUP INC$10,998.752.5%
LLYELI LILLY & CO$6,607.281.5%
USDCash$6,360.050%
ABTABBOTT LABORATORIES $5,969.251.4%
TMOTHERMO FISHER SCIENTIFIC INC$4,976.001.1%
ISRGINTUITIVE SURGICAL INC NEW$4,457.431%
JNJJOHNSON & JOHNSON $3,980.160.9%
Top 10 Holdings Total$379,719.2484.5%