Enovis Corporation (ENOV) Outperformed on Improving Market Conditions
The London Company, an investment management company, released “The London Company Small Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. US stocks performed well in Q2, with the majority of the gain generated in the month of June. In the second quarter, the fund returned 2.5% gross (2.3% net) during the quarter compared to a 5.2% return for the Russell 2000 Index. Both sector exposure & stock selection were headwinds 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 second quarter 2023 investor letter. Headquartered in Wilmington, Delaware, Enovis Corporation (NYSE:ENOV) is a medical technology company. On August 2, 2023, Enovis Corporation (NYSE:ENOV) stock closed at $62.81 per share. One-month return of Enovis Corporation (NYSE:ENOV) was -0.13%, and its shares gained 8.17% of their value over the last 52 weeks. Enovis Corporation (NYSE:ENOV) has a market capitalization of $3.374 billion.
The London Company Small Cap Strategy made the following comment about Enovis Corporation (NYSE:ENOV) in its second quarter 2023 investor letter:
"Enovis Corporation (NYSE:ENOV) - ENOV outperformed during Q2 after reporting strong results with evidence of improving market conditions. The orthopedic implant portfolio continued to generate healthy growth with share gains, while demand for its industry leading bracing products proved resilient. Elective procedural volumes are increasing as the backlog of pandemic-related deferrals is being addressed. As a smaller scaled player, we believe ENOV's attractive portfolio of orthopedic offerings help support a long runway."
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Enovis Corporation (NYSE:ENOV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Enovis Corporation (NYSE:ENOV) at the end of first quarter which was 32 in the previous quarter.
We discussed Enovis Corporation (NYSE:ENOV) in another article and Bernzott Capital Advisors’ views on the company. In addition, please check out our hedge fund investor letters Q2 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.
