Enovis Corporation (ENOV) Shares Consolidated Gains on Investor Concerns
Diamond Hill Capital, an investment management company, released its “Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q3 2023, US stocks fell by 3%, bringing YTD gains to around 12% as measured by the Russell 3000 Index. The portfolio trailed the Russell 2000 Index in Q3 and returned -5.62% bringing the YTD returns to 6.70%. Relative weakness in consumer discretionary holdings, industrials, and technology impacted the performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Small Cap Fund highlighted stocks like Enovis Corporation (NYSE:ENOV) in the third quarter 2023 investor letter. Headquartered in Wilmington, Delaware, Enovis Corporation (NYSE:ENOV) is a medical technology company. On November 8, 2023, Enovis Corporation (NYSE:ENOV) stock closed at $48.22 per share. One-month return of Enovis Corporation (NYSE:ENOV) was -2.25%, and its shares lost 7.00% of their value over the last 52 weeks. Enovis Corporation (NYSE:ENOV) has a market capitalization of $2.63 billion.
Diamond Hill Small Cap Fund made the following comment about Enovis Corporation (NYSE:ENOV) in its Q3 2023 investor letter:
"Our bottom contributors in Q3 included Red Rock Resorts and Enovis Corporation (NYSE:ENOV). Enovis is an innovative medical technology company focused primarily on providing braces and artificial joints. Shares consolidated gains in the quarter as investors consider whether recent strength in its surgical business is sustainable. While Enovis, and the overall industry, has benefited from a COVID-era backlog of surgeries, there are some signs this tailwind may be waning. Even if that proves so, our longer-term view remains intact. We believe the market is failing to sufficiently value the company’s ability to use its continuous improvement-focused business system to drive above-market organic growth and significant margin expansion in the years ahead."
A patient recieving cold therapy treatment using the company's products.
Enovis Corporation (NYSE:ENOV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Enovis Corporation (NYSE:ENOV) at the end of second quarter which was 31 in the previous quarter.
We discussed Enovis Corporation (NYSE:ENOV) in another article and shared The London Company Small Cap Strategy's views on the company. 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.
