Here’s Why Carillon Tower Sold its Wolfspeed (WOLF) Stake

Carillon Tower Advisers, an investment management firm, released its “Carillon Eagle Mid Cap Growth Fund” second quarter 2023 investor letter, a copy of which can be downloaded here. For the second quarter of 2023, Carillon Eagle Mid Cap Growth Fund reported total net assets of $6.46 billion, and investments in shares of 87 distinct companies. Take a moment to explore the Carillon Eagle Mid Cap Growth Fund’s top 5 holdings for insights into their key investment choices in 2023.

In its Q2 2023 investor letter, Carillon Eagle Mid Cap Growth Fund mentioned Wolfspeed, Inc. (NYSE:WOLF) and explained its insights for the company. 1987, Wolfspeed, Inc. (NYSE:WOLF) is a Durham, North Carolina-based semiconductor developer and manufacturer with a $5.7 billion market capitalization. Wolfspeed, Inc. (NYSE:WOLF) delivered a -33.47% return since the beginning of the year, while its 12-month returns are down by -57.83%. The stock closed at $45.93 per share on September 01, 2023.

Here is what Carillon Eagle Mid Cap Growth Fund has to say about Wolfspeed, Inc. (NYSE:WOLF) in its Q2 2023 investor letter:

“Wolfspeed provides semiconductor chips that help electric vehicles charge faster and retain more of that charge. The company continued to face questions about production problems and yield issues at its new facility as well as funding questions regarding future facilities. We sold the stock.”

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Our calculations show that Wolfspeed, Inc. (NYSE:WOLF) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Wolfspeed, Inc. (NYSE:WOLF) was in 23 hedge fund portfolios at the end of the second quarter of 2023, compared to 23 funds in the previous quarter. Wolfspeed, Inc. (NYSE:WOLF) delivered a -6.38% return in the past 3 months.

We also discussed Wolfspeed, Inc. (NYSE:WOLF) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q2 2023 page.

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Disclosure: None. This article is originally published at Insider Monkey.