Chartwell Investment Partners, LLC, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Chartwell Mid Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Equities rose early in the quarter on the back of a broader appetite for risk, however, they eventually fell when interest rates crossed 4%. Value and growth stocks performed similarly in the market’s large- and mid-cap categories. On the other hand, value stocks proved to be more defensive in the small-cap group. The Russell Midcap Value Index fell 4.5%, with only the energy and financials sectors seeing gains. Healthcare, communication services, and consumer staples detracted. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Carillon Chartwell Mid Cap Value Fund highlighted stocks like Ciena Corporation (NYSE:CIEN) in the third quarter 2023 investor letter. Headquartered in Hanover, Maryland, Ciena Corporation (NYSE:CIEN) provides network and communication infrastructure. On December 22, 2023, Ciena Corporation (NYSE:CIEN) stock closed at $44.17 per share. One-month return of Ciena Corporation (NYSE:CIEN) was -4.08%, and its shares lost 10.46% of their value over the last 52 weeks. Ciena Corporation (NYSE:CIEN) has a market capitalization of $6.397 billion.
Carillon Chartwell Mid Cap Value Fund made the following comment about Ciena Corporation (NYSE:CIEN) in its Q3 2023 investor letter:
“The Russell Midcap Value Index declined 4.5%, with only the energy and financials sectors generating positive returns. The healthcare, communication services, and consumer staples sectors were the weakest. Ciena Corporation (NYSE:CIEN) designs and manufactures optical telecommunications equipment. Positive order activity was well-received by investors after a period of delayed customer spending.”
A technician wearing protective glasses installing optical fibers and cables.
Ciena Corporation (NYSE:CIEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Ciena Corporation (NYSE:CIEN) at the end of third quarter which was 35 in the previous quarter.
We discussed Ciena Corporation (NYSE:CIEN) in another article and shared Diamond Hill Mid Cap Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
