Here’s Why Carillon Eagle Small Cap Sold American Well Corp. (AMWL)

Carillon Tower Advisers, an investment management firm, published its fourth quarter 2020 “Carillon Eagle Small Cap Growth Fund” investor letter – a copy of which can be downloaded here. In the letter, the fund talked about their best and worst securities, together with their outlook for this year from an investment perspective. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.

Carillon Eagle Small Cap Growth Fund, in their Q4 2020 investor letter, mentioned American Well Corporation (NYSE: AMWL) and emphasized their views on the company. American Well Corporation is a Boston, Massachusetts-based healthcare company that currently has a $4.01 billion market capitalization. Since the beginning of the year, AMWL delivered a -32.35% return, extending its 3-month losing streak to -42.40%. As of March 24, 2021, the stock closed at $18.54 per share.

Here is what Carillon Eagle Small Cap Growth Fund has to say about American Well Corporation in their Q4 2020 investor letter:

“American Well is a telemedicine company that provides managed care organizations, health systems, and employers with telemedicine capabilities and infrastructure on a subscription basis. The firm was certainly a beneficiary of the pandemic; however, in what has become a common theme for a number of stocks, the ongoing COVID-19 vaccine rollout has led investors to lower their growth expectations for the company going forward, creating pressure on the company’s shares. We sold the stock.”

Our calculations show that American Well Corporation (NYSE: AMWL) does not belong in our list of the 30 Most Popular Stocks Among Hedge Funds. As of the end of the fourth quarter of 2020, American Well Corporation was in 19 hedge fund portfolios, compared to 25 funds in the third quarter. AMWL delivered a -31.06% return in the past month.