ENOV Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	American Century Small Cap Value Fund	-0.4%	-	ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS	banks, consumer discretionary, financials, industrials, Rate Cuts, small cap, value	The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle.		View
2026 Q1	Apr 29, 2026	American Century Small Cap Value Fund	3.9%	3.9%	CEI, ENOV, GPK, MGY, PR, TNET	energy, financials, oil, Regional Banks, small caps, value		ENOV TNET GPK	View
2025 Q1	Mar 31, 2025	American Century Small Cap Value Fund	-6.3%	-6.3%	ACLS, AXS, BCO, BECN, BLBD, CHX, CRGY, EMBCF, ENOV, EVTC, FLWO, FNB, GPK, MGY, ONB, SSB, TITN, TKR, TPG, WBS	Banking, energy, industrials, materials, small caps, value	The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical multiples despite strong fundamentals.		View
2023 Q3	Nov 21, 2023	Alphyn Capital Management	8.9%	13.5%	AHT.L, BUR.L, CRTA.L, ENOV, FFH.TO, IAC, KFS, KKR, KMX, LBRDK, PRX.AS	Concentration, insurance, Long Term, Patience, value	Fairfax Financial demonstrates the benefits of a hard insurance market, with its insurance business now writing almost $30bn in premiums per year and capable of delivering over $3bn in operating profits from insurance, interest, and dividends. The company has systematically harvested investments at significant gains to fund doubling down on its insurance business.		View
2023 Q3	Oct 31, 2023	The London Company Small Cap	7.0%	8.9%	AWI, CABO, ENOV, LANC, NEU, NGVT, QLYS, TPX	Buybacks, dividends, Quality, small caps, technology, value	The portfolio emphasizes companies with sustainably high returns on capital and lower leverage ratios. The Quality tilt aided relative performance as numerous unprofitable companies in the Russell 2000 significantly underperformed. The companies generate sustainably high returns on capital with low leverage ratios at reasonable valuations.	NGVT ELANCO ENOV QLYS TPX	View
2025 Q3	Oct 24, 2025	Diamond Hill Small-Mid Cap Strategy	6.2%	7.3%	BR, CIEN, COO, COOP, ENOV, EQH, GDDY, HII, KMX, LOB, NVST, OZK, PRGO, PRGS, RHP, RRR, RVTY, TRIN, TTC, WCC	AI, mid cap, Quality, small cap, technology, value	AI-fueled boom in technology continues driving market returns, with sentiment around AI's potential to radically change life remaining high. However, the manager believes sentiment is at least partially disconnected from reality given AI's potential is yet to be fully borne out. Markets are rewarding companies with even minimal AI exposure while punishing those at risk from AI disruption.	RVTY COO TTC HII CIEN HII WCC CIEN	View
2025 Q3	Oct 19, 2025	American Century Small Cap Value Fund	4.7%	-	ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS	banks, consumer, financials, industrials, semiconductors, small cap, value	The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle.		View
2025 Q4	Jan 23, 2026	American Century Small Cap Value Fund	-1.1%	-3.3%	AMKR, ARCB, ARW, AVT, AXS, BBWI, BC, BIRK, COLB, EEFT, ENOV, EVTC, GPK, HZO, MARA, OKLO, ONB, PATK, SSB, TKR, UMBF	banks, consumer discretionary, healthcare, industrials, semiconductors, small cap, value	The fund maintains significant overweight exposure to banks, remaining constructive on the industry due to continued positive inflection in net interest income and belief that fears of an extended negative credit cycle were overstated. Many holdings still trade meaningfully below historical multiples. Overweight positioning tilted toward higher-quality, unique businesses targeting high-end consumers including global consumer brands like Brunswick and Birkenstock. Specialty retail exposure includes marine dealers and Bath & Body Works. The sector remains attractive with overweight positioning in higher-quality industrials including machinery, distribution, and commercial services. Many holdings demonstrated strong pricing power during inflationary environment and returned cash to shareholders via dividends, buybacks and debt reduction. Information technology contributed through stock selection, with strong results from Amkor Technology benefiting from AI packaging solutions and domestic chip manufacturing trends. The company is one of two in the US capable of providing large-scale advanced packaging solutions.		View
2024 Q3	Sep 30, 2024	Diamond Hill Small Cap Fund	8.5%	12.2%	ALIT, ASH, ASTH, CIVI, DEI, ENOV, FA, FTAI, IGIC, JLL, LOB, NSP, PAL, PESI, RMNI, USLM	financials, healthcare, industrials, rates, small caps, value	The fund focuses exclusively on small-cap investments, typically companies with market capitalization below $3 billion or within the Russell 2000 Index range. Small-cap stocks outperformed in Q3, with the Russell 2000 Index gaining 9% and value stocks outperforming growth. The manager continues finding compelling new ideas in the small-cap space despite the ongoing bull market.		View
2023 Q3	Sep 30, 2023	Diamond Hill Mid Cap	8.3%	13.3%	AIG, ALGT, BHF, CIEN, CTRA, CTSH, ENOV, ESAB, EXR, LHX, LNDC, MAA, RRR, SRCL, WBS, WCC, WY	energy, financials, industrials, mid cap, REITs, technology, value	Initiated position in L3 Harris Technologies, a defense contractor focused on communications, surveillance and electronic warfare. Anticipate US defense budget will be better than expected as the Defense Department prepares for peer-level threats. Believe there is room for improvement in recent execution, particularly at recently acquired Aerojet Rocketdyne.		View
2023 Q3	Sep 30, 2023	Diamond Hill Small Cap Fund	8.5%	12.2%	ALGT, CALM, CIVI, DCO, ENOV, FTAI, HAYN, LANC, LEU, LOB, MLR, PRGS, RMNI, RRR	defense, energy, financials, nuclear, small caps, technology, value	Energy was the best performing sector in Q3 on the back of rising oil prices, notching a positive quarter at 19%. Oil prices rose against a backdrop of OPEC+ production cuts, benefiting holdings like Civitas Resources which saw earnings recover and share price rebound accordingly.	LAS/A CN\|MLR\|MNRO\|NGS\|WHGLY\|WLY ADCO CALM CIVI	View
2023 Q3	Sep 30, 2023	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ALGT, CALM, CIEN, CTRA, CVNA, ENOV, ESAB, LANC, MAA, PRGS, RRR, WCC	energy, financials, industrials, rates, small caps, value	Energy was the best performing sector in Q3 with a 17% gain driven by rising oil prices and OPEC+ production cuts. The portfolio benefited from holdings like Civitas Resources and Coterra Energy, both oil and gas producers with assets in key basins.		View
2024 Q2	Jul 26, 2024	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ALGT, BKU, COOP, ENOV, FTRE, GDDY, GNRC, LH, MAA, MGY, RRR, RRX, SANM, SNV, UDR, VRSN, WCC, WWW	financials, healthcare, industrials, real estate, small caps, technology, value	Apartment REITs Mid-America Apartment Communities and UDR benefited from stronger than expected rents and occupancy rates, positioning them well for peak leasing season. The portfolio's above-benchmark exposure to real estate contributed positively to relative performance as the sector outperformed the broad index.		View
2024 Q2	Jul 26, 2024	Diamond Hill Mid Cap	8.3%	13.3%	ADM, BSX, CIVI, ENOV, GDDY, GNRC, HUM, LH, MAA, NXPI, PH, RRR, RRX, SYY, UDR, VRSN, WCC	AI, mid cap, Quality, technology, value	AI-related stocks have driven increasingly narrow market performance, with a small number of massive technology stocks driving the majority of index returns. This creates opportunities for active managers to add value by avoiding the temptations of following trends and maintaining disciplined fundamental approaches. The concentration in AI stocks affords opportunities to identify high-quality, underappreciated companies outside the obvious front lines of the latest fad.		View
2024 Q2	Jul 26, 2024	Diamond Hill Small Cap Fund	8.5%	12.2%	ALGT, ALNC, ASTH, ENOV, FTAI, KEX, LOB, MAMA, MGY, RCKY, RRR, THR, TKO.TO, USLM	Copper, financials, materials, small caps, underperformance, value	Small caps continue to underperform large caps significantly, with year-to-date underperformance of more than 12 percentage points and 10-year underperformance of about 5.5 percentage points annualized. Small caps are trading near historically low valuation premium relative to large caps, creating compelling investment opportunities for resilient, undervalued small companies.		View
2023 Q2	Jul 25, 2023	Diamond Hill Mid Cap	8.3%	13.3%	ALGT, ASH, CIEN, ENOV, FERG, LEA, NVR, PH, POST, SBAC, ST, UGI, WSO	Banking, Distribution, industrials, infrastructure, mid cap, technology, value	The manager believes value and cyclically oriented stocks are well-positioned to produce abundant, consistent cash flows in an environment of higher rates, higher inflation and possibly higher volatility. They view their philosophy and approach as well-suited to this environment where value stocks are likely to become more attractive to investors.		View
2023 Q2	Jul 25, 2023	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	AAP, ALGT, ASH, CALM, CIEN, COOP, ENOV, ITGR, LEA, NVR, PRG, UGI, WCC, WNS	Banking, industrials, inflation, rates, small caps, value	The manager emphasizes their value-oriented approach, stating they invest in companies selling for less than their estimate of intrinsic value. They believe value and cyclically oriented stocks are likely to become more attractive to investors as they are well-positioned to produce abundant, consistent cash flows in the near and intermediate terms.		View
2024 Q2	Jul 22, 2024	The London Company Small Cap	7.0%	8.9%	ACIW, AUB, CERT, CNNE, DOOR, DV, ENOV, EPRT, GTES, HAE, MATX, MBUU, MRTN, MUSA, NEU, PLUS, TPX	downside protection, free cash flow, Quality, Russell 2000, small caps, value	The portfolio focuses on small-cap equities with emphasis on quality, low volatility, and downside protection. The Russell 2000 Small Cap Index declined 3.3% during the quarter while the portfolio fell 5.8%. The manager notes that small caps faced headwinds as investors favored large cap, growth and momentum factors.	DV GTES	View
2023 Q2	Jul 18, 2023	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	ADTN, APG, ATSG, COOP, EHC, ENOV, GDEN, LPRO, PLXS, WKC	financials, healthcare, Quality, small caps, technology, value	The portfolio focuses on small cap value investing with a significant valuation discount to large cap persisting. Quality factors were under pressure during the quarter with stocks having characteristics the manager finds unattractive performing well. The manager seeks high quality companies that can compound returns over long periods while proving resilient in downturns.	PLXS COOP ENOV FWRD. GDEN LPRO APG EHC	View
2023 Q1	Apr 30, 2023	Alphyn Capital Management	8.9%	13.5%	3690.HK, 700.HK, BAM, BUR.L, CNHI, CRSS, ENOV, ESAB, EXOR.MI, FFH.TO, KMX, PRX.AS, RACE, STLA, W, WAND.L	Concentration, Fraud, insurance, Litigation, technology, turnaround, value	CarMax faces challenging macro conditions with high used car prices and rising interest rates impacting affordability. The company is investing heavily in omnichannel capabilities and online tools while maintaining market share discipline to preserve margins.		View
2023 Q1	Apr 20, 2023	The London Company Small Cap	7.0%	8.9%	AQUA, ENOV, IAA, LIVN, MUSA, PAG, RBA, TPX, VNT, WTM, XYL	Banking, healthcare, Quality, small caps, technology, value	The manager emphasizes their focus on durable profitability, strong free cash flow and balance sheet flexibility as key advantages in a higher cost of capital environment. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility.	ENOV AER\|AWI\|MUSA\|NEU\|SAIA\|WTM AER\|AWI\|MUSA\|NEU\|SAIA\|WTM LIVN TPX AVNT	View
2023 Q1	Mar 31, 2023	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY	financials, industrials, mid cap, small cap, value			View

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 1, 2026	Fund Letters	American Century Small Cap Value Fund	Enovis	Medical Devices	Health Care Equipment	Bull	New York Stock Exchange	Bull, discounted valuation, growth potential, Health Care Equipment, medical technology, Orthopedic Implants, Value	View Pitch
Apr 28, 2026	Fund Letters	The London Company Small Cap	Enovis Corporation	Health Care	Health Care Equipment	Bull	NYSE	Bracing Products, diversified portfolio, earnings growth, Healthcare Equipment, market share gains, Medical devices, Orthopedic Implants	View Pitch
Apr 28, 2026	Fund Letters	Bernzott Capital Advisors - US Small Cap	Enovis	Health Care	Health Care Equipment & Supplies	Bull	NYSE	Ambulatory surgery, M&A, margin expansion, medical technology, New products, Reconstructive, strong balance sheet	View Pitch
Apr 27, 2026	Fund Letters	The London Company Small Cap	Enovis Corporation	Health Care	Health Care Equipment	Bull	NYSE	Equity, Free Cash Flow, market share, Medical devices, medical technology, Orthopedics, Reconstruction, Rehabilitation	View Pitch
Sep 16, 2025	Short Thesis	Jehoshaphat Research	Enovis Corp	Health Care	Health Care Equipment	Bear	NYSE	Accounting, leverage, M&A risk, Orthopedics, Rehab devices	View Pitch

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