Here’s Why Mairs & Power Small Cap Fund Sold Envestnet (ENV)
Mairs & Power, an investment advisor, released “Mairs & Power Small Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Small Cap Fund has gained 6.43% for year-to-date 2023, while the S&P Small Cap 600 TR benchmark has gained 6.03% and the Morningstar U.S. Fund Small Blend has gained 7.42% for the same period. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Small Cap Fund highlighted stocks like Envestnet, Inc. (NYSE:ENV) in the second quarter 2023 investor letter. Headquartered in Berwyn, Pennsylvania, Envestnet, Inc. (NYSE:ENV) offers wealth management software and services. On August 25, 2023, Envestnet, Inc. (NYSE:ENV) stock closed at $52.73 per share. One-month return of Envestnet, Inc. (NYSE:ENV) was -14.92%, and its shares lost 1.09% of their value over the last 52 weeks. Envestnet, Inc. (NYSE:ENV) has a market capitalization of $2.876 billion.
Mairs & Power Small Cap Fund made the following comment about Envestnet, Inc. (NYSE:ENV) in its second quarter 2023 investor letter:
"During the second quarter, we sold out of our position in Envestnet, Inc. (NYSE:ENV), a Pennsylvania-based technology and data provider to the Financials Services sector, which we believe faced increased competitive pressures from other providers with more modern platforms. Based out of our Upper Midwest (MN, SD, ND, IA, WI, IL) region, Envestnet also lacked the ease of access to facilities and teams that we value in most of our portfolio companies."
Envestnet, Inc. (NYSE:ENV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Envestnet, Inc. (NYSE:ENV) at the end of second quarter which was 21 in the previous quarter. 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.
