What Makes Enovis Corporation (ENOV) a Good Investment Choice?
The London Company, an investment management company, released “The London Company Small Cap Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 7.7% gross (7.5% net), compared to a 2.7% return for the Russell 2000 Index. The portfolio reported strong relative and absolute returns in the quarter that exceeded expectations. The outperformance of the fund in the quarter was due to strong stock selection and limited exposure to banks. 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 first quarter 2023 investor letter. Headquartered in Wilmington, Delaware, Enovis Corporation (NYSE:ENOV) is a medical technology company. On June 30, 2023, Enovis Corporation (NYSE:ENOV) stock closed at $64.12 per share. One-month return of Enovis Corporation (NYSE:ENOV) was 14.01%, and its shares gained 14.50% of their value over the last 52 weeks. Enovis Corporation (NYSE:ENOV) has a market capitalization of $3.494 billion.
The London Company Small Cap Strategy made the following comment about Enovis Corporation (NYSE:ENOV) in its first quarter 2023 investor letter:
"Initiated: Enovis Corporation (NYSE:ENOV) - ENOV is an orthopedics medical technology company that provides products across the continuum of care, with segments including prevention, rehabilitation & reconstruction. ENOV has a strong competitive position within its prevention and rehabilitation product portfolios, which have strong brands and leading positions. Meanwhile, we believe ENOV's reconstruction portfolio is underappreciated. Specifically, its unique technology, favorable product mix, and industry tailwinds have helped its implant portfolio gain share while growing significantly faster than the market over the last decade. We view ENOV as an attractive, smaller scaled player that continues to benefit from industry tailwinds and a favorable product mix. It generates solid free cash flow, has good runway to expand margins, and a healthy balance sheet."
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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 2023 which was 32 in the previous quarter.
We discussed Enovis Corporation (NYSE:ENOV) in another article and shared Alphyn Capital Management's views on the company. In addition, please check out our hedge fund investor letters Q1 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.
