The London Company, an investment management company, released “The London Company Small Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. During Q3, U.S. stocks fell due to rising long-term interest rates, higher energy prices, and the Fed’s message of higher rates for longer. In the third quarter, the fund declined 1.2% (-1.4% net) compared to a 5.1% decrease for the Russell 2000 Index. Both sector exposure and stock selection dragged the performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Small Cap Strategy highlighted stocks like Enovis Corporation (NYSE:ENOV) in the third quarter 2023 investor letter. Headquartered in Wilmington, Delaware, Enovis Corporation (NYSE:ENOV) is a medical technology company. On November 7, 2023, Enovis Corporation (NYSE:ENOV) stock closed at $48.33 per share. One-month return of Enovis Corporation (NYSE:ENOV) was -3.86%, and its shares lost 8.33% of their value over the last 52 weeks. Enovis Corporation (NYSE:ENOV) has a market capitalization of $2.636 billion.
The London Company Small Cap Strategy made the following comment about Enovis Corporation (NYSE:ENOV) in its Q3 2023 investor letter:
“Enovis Corporation (NYSE:ENOV)– ENOV declined in Q3 after outperforming to start the year. ENOV’s orthopedic implant portfolio continues to generate healthy growth and gain market share, while demand for its industry leading bracing products has proven resilient. More recently, concerns that weight-loss drugs might affect the number of orthopedic procedures longer-term have weighed on sentiment, but we believe that any impact is manageable and fails to consider offsetting positive factors. We have conviction that ENOV’s attractive and diversified portfolio of orthopedic offerings will help support a long runway for continued earnings growth.”
A patient recieving cold therapy treatment using the company’s products.
Enovis Corporation (NYSE:ENOV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Enovis Corporation (NYSE:ENOV) at the end of second quarter which was 31 in the previous quarter.
We discussed Enovis Corporation (NYSE:ENOV) in another article and shared Diamond Hill Capital Mid Cap Strategy’s views on the company. 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.
