Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Mid-cap stocks experienced a notable improvement in the third quarter after incurring losses in the second quarter. The Russell Midcap Growth Index (up 6.54%) underperformed the Russell Midcap Value Index (up 10.08%) during the quarter. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Carillon Eagle Mid Cap Growth Fund highlighted stocks like GE Vernova Inc. (NYSE:GEV) in the Q3 2024 investor letter. GE Vernova Inc. (NYSE:GEV) is an energy company that offers products and services that generate, transfer, orchestrate, convert, and store electricity. The one-month return of GE Vernova Inc. (NYSE:GEV) was 15.78%, and its shares gained 85.42% of their value over the last three months. On November 21, 2024, GE Vernova Inc. (NYSE:GEV) stock closed at $339.85 per share with a market capitalization of $93.681 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding GE Vernova Inc. (NYSE:GEV) in its Q3 2024 investor letter:
“GE Vernova Inc. (NYSE:GEV) is a global leader in the electric power industry that was recently spun out of a much larger industrial conglomerate. The company’s shares have performed well since, primarily as a result of power demand growth forecasts that continue to rise. We believe GE Vernova is distinctly positioned to capitalize on this attractive trend across its various products and services, but most notably within its large-scale gas turbine equipment and related services, as well as in its high-voltage electrical transmission products. The company is seeing a notable uptick in demand and is booking orders at profitability levels in excess of prior investor expectations.”
A closeup of a technician controlling a power generation facility.
GE Vernova Inc. (NYSE:GEV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 89 hedge fund portfolios held GE Vernova Inc. (NYSE:GEV) at the end of the third quarter which was 92 in the previous quarter. While we acknowledge the potential of GE Vernova Inc. (NYSE:GEV) 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 GE Vernova Inc. (NYSE:GEV) and shared Jim Cramer’s latest calls: stocks you should not miss. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.