Chartwell Investment Partners, LLC, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Chartwell Small Cap Value Fund” second quarter 2024 investor letter. A copy of the fund can be downloaded here. Significant interest rate volatility in the second quarter was caused by conflicting economic data and mixed inflation readings. As investors became less confident in the broader economy, the artificial intelligence (AI) boom persisted, and leadership in the equities markets kept decreasing. The Russell 1000® Growth Index, which tracks large-cap growth firms, increased by more than 8% while all other market sectors saw declines, creating an exceptionally sharp return gap. The Russell 2000® Value Index fell by about 4%, with small-cap value companies being the weakest. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Carillon Chartwell Small Cap Value Fund highlighted stocks like Enovis Corporation (NYSE:ENOV), in the second quarter 2024 investor letter. Founded in 1995, Enovis Corporation (NYSE:ENOV) is a medical technology company. The one-month return of Enovis Corporation (NYSE:ENOV) was 1.54%, and its shares lost 17.27% of their value over the last 52 weeks. On September 4, 2024, Enovis Corporation (NYSE:ENOV) stock closed at $44.23 per share with a market capitalization of $2.47 billion.
Carillon Chartwell Small Cap Value Fund stated the following regarding Enovis Corporation (NYSE:ENOV) in its Q2 2024 investor letter:
“Enovis Corporation (NYSE:ENOV) manufactures and markets orthopedic devices for reconstructive implants, bracing, and physical therapy. Slowing growth following the post-pandemic recovery in medical procedures and potential disruption during an upcoming acquisition have spooked investors.”
A patient recieving cold therapy treatment using the company’s products.
Enovis Corporation (NYSE:ENOV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Enovis Corporation (NYSE:ENOV) at the end of the second quarter which was 29 in the previous quarter. Enovis Corporation (NYSE:ENOV) reported sales of $525 million in the second quarter, representing a 23% year-over-year increase and 5% on a pro forma basis. While we acknowledge the potential of Enovis Corporation (NYSE:ENOV) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Enovis Corporation (NYSE:ENOV) and shared The London Company Small Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 2024 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.
