ClariVest Asset Management, LLC, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Clarivest Capital Appreciation Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The third quarter of 2023 began strongly in July, but the equity markets were unable to withstand the ongoing upward momentum in interest rates, and many indexes ended the quarter in the negative. When compared to the Russell 1000 Growth Index at the beginning of the quarter, the fund was most underweight in communication and consumer discretionary services and most overweight in the information technology and healthcare sectors. By the end of the quarter, the portfolio remained the most underweight consumer discretionary and consumer staples and most overweight information technology and healthcare. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Carillon Clarivest Capital Appreciation Fund highlighted stocks like Fortinet, Inc. (NASDAQ:FTNT) in the third quarter 2023 investor letter. Based in Sunnyvale, California, Fortinet, Inc. (NASDAQ:FTNT) offers cybersecurity and networking solutions. On December 7, 2023, Fortinet, Inc. (NASDAQ:FTNT) stock closed at $51.32 per share. One-month return of Fortinet, Inc. (NASDAQ:FTNT) was 0.98%, and its shares lost 1.55% of their value over the last 52 weeks. Fortinet, Inc. (NASDAQ:FTNT) has a market capitalization of $39.409 billion.
Carillon Clarivest Capital Appreciation Fund made the following comment about Fortinet, Inc. (NASDAQ:FTNT) in its Q3 2023 investor letter:
“Fortinet, Inc. (NASDAQ:FTNT) provides cybersecurity solutions to a variety of business, such as enterprises, communication service providers, and small businesses. The stock plunged following the company’s quarterly report as billings missed estimates and the company gave cautious guidance on the basis of macroeconomic concerns.”
A close-up of a user authenticating into a secure network using a two-factor authentication process.
Fortinet, Inc. (NASDAQ:FTNT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Fortinet, Inc. (NASDAQ:FTNT)at the end of third quarter which was 49 in the previous quarter.
We discussed Fortinet, Inc. (NASDAQ:FTNT) in another article and shared the list of best-performing S&P 500 stocks in the last 10 years. 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.
