Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Small Cap Growth Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. After experiencing losses in the second quarter, small-cap stocks notably increased in the third quarter. The Russell 2000 Growth Index (up 8.41%) underperformed the Russell 2000 Value Index (up 10.11%). In addition, please check the fund’s top five holdings to know its best picks in 2024.
Carillon Eagle Small Cap Growth Fund highlighted stocks like Chord Energy Corporation (NASDAQ:CHRD) in its Q3 2024 investor letter. Headquartered in Houston, Texas, Chord Energy Corporation (NASDAQ:CHRD) is an independent production and exploration company. The one-month return of Chord Energy Corporation (NASDAQ:CHRD) was 0.48%, and its shares lost 21.40% of their value over the last 52 weeks. On November 26, 2024, Chord Energy Corporation (NASDAQ:CHRD) stock closed at $128.01 per share with a market capitalization of $7.825 billion.
Carillon Eagle Small Cap Growth Fund stated the following regarding Chord Energy Corporation (NASDAQ:CHRD) in its Q3 2024 investor letter:
“Chord Energy Corporation (NASDAQ:CHRD) is an independent exploration and production company with operations in the Williston Basin in North Dakota, Montana, and South Dakota. The company’s shares lagged largely due to the recent pressure in the price of oil. Some recent data indicating slightly disappointing initial well productivity from a handful of recently completed wells also contributed to lackluster performance. Despite this, we remain optimistic on management’s ability to drive operational efficiencies following the recent close of Chord’s acquisition of Enerplus, by applying best practices of both independent companies in a manner that should provide upside to the previously communicated synergies. We believe the continued successful implementation of Chord’s 3-mile lateral strategy, which entails drilling both vertically and horizontally for distances longer than in 2-mile lateral wells, also could drive increased shareholder returns.”
A technician in a lab coat examining a sample of crude oil.
Chord Energy Corporation (NASDAQ:CHRD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Chord Energy Corporation (NASDAQ:CHRD) at the end of the third quarter which was 56 in the previous quarter. While we acknowledge the potential of Chord Energy Corporation (NASDAQ:CHRD) 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 Chord Energy Corporation (NASDAQ:CHRD) and shared the list of stocks set to explode in 2025. 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.