Is Enovis (ENOV) a Smart Investment Choice?

Alphyn Capital Management, an investment management firm, published its  second-quarter 2022 investor letter – a copy of which can be downloaded here. The fund’s Master Account returned -14.7% net in Q2 2022 vs -16.1% for the S&P500. As of June 30, 2022, the top ten positions comprised approximately 69% of the portfolio, and the portfolio held approximately 3.50% in cash. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Alphyn Capital mentioned Enovis Corporation (NYSE:ENOV) and explained its insights for the company. Founded in 1995, Enovis Corporation (NYSE:ENOV) is a Wilmington, Delaware-based medical technology company with a $3.0 billion market capitalization. Enovis Corporation (NYSE:ENOV) delivered a -28.20% return since the beginning of the year, while its 12-month returns are down by -33.09%. The stock closed at $56.77 per share on August 09, 2022.

Here is what Alphyn Capital has to say about Enovis Corporation (NYSE:ENOV) in its Q2 2022 investor letter:

“The headline drop in Enovis shares is mainly a result of its successful spin-out of 90% of ESAB shares to shareholders on April 4. Adding back ESAB, the companies’ combined value has, in fact, held up well. After the spin, Enovis announced its CFO Chris Hix would retire. While Mr. Hix was a generalist, and a Colfax and Danaher veteran, his replacement, Ben Berry, had an 18-year career in the medical technologies sector with Alcon, a sizeable Swiss eyecare company. So far, Enovis has navigated its transition to a pure-play med-tech business well and is growing ahead of its market while expanding margins as promised. “

Our calculations show that Enovis Corporation (NYSE:ENOV) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Enovis Corporation (NYSE:ENOV) delivered a -11.07% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

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