Diamond Hill Capital, an investment management company, released its “All Cap Select Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -3.52% net of fees compared to a -4.46% return for the Russell 3000 Index. The strategy’s outperformance in the quarter was attributed to the performance of holdings in the consumer staples and financials sectors. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill highlighted stocks like Enovis Corporation (NYSE:ENOV) in the Q3 2022 investor letter. Headquartered in Wilmington, Delaware, Enovis Corporation (NYSE:ENOV) is a medical technology company. On November 15, 2022, Enovis Corporation (NYSE:ENOV) stock closed at $54.63 per share. One-month return of Enovis Corporation (NYSE:ENOV) was 15.67% and its shares lost 38.61% of their value over the last 52 weeks. Enovis Corporation (NYSE:ENOV) has a market capitalization of $2.958 billion.
Diamond Hill made the following comment about Enovis Corporation (NYSE:ENOV) in its Q3 2022 investor letter:
“Enovis Corporation (NYSE:ENOV)’s stock underperformed this quarter after the company reported disappointing Q2 2022 results and lowered its full year guidance. Inflation and lingering COVIDrelated headwinds caused revenue and gross margins to come in lower than expected. While recent results are mildly disappointing, we believe the macro headwinds Enovis is facing are starting to abate. Additionally, the company can use its business system to create substantial value over time via M&A and continuous improvement.”
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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, 27 hedge fund portfolios held Enovis Corporation (NYSE:ENOV) at the end of the second quarter which was 33 in the previous quarter.
We discussed Enovis Corporation (NYSE:ENOV) in another article and shared Diamond Hill Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 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.