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 Vaxcyte, Inc. (NASDAQ:PCVX) in the Q3 2024 investor letter. Vaxcyte, Inc. (NASDAQ:PCVX) is a clinical-stage biotechnology vaccine company that focuses on developing novel protein vaccines to prevent or treat bacterial infectious diseases. The one-month return of Vaxcyte, Inc. (NASDAQ:PCVX) was -13.37%, and its shares gained 82.61% of their value over the last 52 weeks. On November 26, 2024, Vaxcyte, Inc. (NASDAQ:PCVX) stock closed at $91.45 per share with a market capitalization of $11.398 billion.
Carillon Eagle Small Cap Growth Fund stated the following regarding Vaxcyte, Inc. (NASDAQ:PCVX) in its Q3 2024 investor letter:
“Vaxcyte, Inc. (NASDAQ:PCVX) is a clinical-stage vaccine innovation company that develops broad-spectrum conjugate and novel protein vaccines to prevent or treat bacterial infectious diseases. The stock surged during the quarter driven by highly positive phase 2 data for its VAX-31 vaccine, which seeks to protect against 31 strains of pneumococcal disease. The vaccine not only matched the market leader’s antibody production for the shared strains, but also demonstrated better results for the additional strains it covers.”
A research scientist in a laboratory holding a vial of a biotechnology drug.
Vaxcyte, Inc. (NASDAQ:PCVX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Vaxcyte, Inc. (NASDAQ:PCVX) at the end of the third quarter which was 37 in the previous quarter. While we acknowledge the potential of Vaxcyte, Inc. (NASDAQ:PCVX) 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 Vaxcyte, Inc. (NASDAQ:PCVX) and shared Baron Health Care Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.