Chartwell Investment Partners, LLC, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Chartwell Mid Cap Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter market leadership shifted abruptly. Small and mid-caps outpaced large caps, while value outperformed growth. Over the past 18 months, growth stocks, especially large and mid caps, have outperformed due to investor interest in artificial intelligence (AI). The Russell 2000 Value Index increased more than 10%, with positive returns in ten out of eleven sectors. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Carillon Chartwell Mid Cap Value Fund highlighted stocks like Public Service Enterprise Group Incorporated (NYSE:PEG), in the third quarter 2024 investor letter. Public Service Enterprise Group Incorporated (NYSE:PEG) operates in electric and gas utility business. The one-month return of Public Service Enterprise Group Incorporated (NYSE:PEG) was -3.42%, and its shares gained 39.67% of their value over the last 52 weeks. On December 12, 2024, Public Service Enterprise Group Incorporated (NYSE:PEG) stock closed at $85.95 per share with a market capitalization of $42.822 billion.
Carillon Chartwell Mid Cap Value Fund stated the following regarding Public Service Enterprise Group Incorporated (NYSE:PEG) in its Q3 2024 investor letter:
“Public Service Enterprise Group Incorporated (NYSE:PEG) is a utility company offering electric and gas services to customers in the state of New Jersey. Fundamental performance was solid and shares also benefitted from expected growth in power demand from data centers running AI applications.”
A view of a transmission tower carrying electric wires over the horizon.
Public Service Enterprise Group Incorporated (NYSE:PEG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Public Service Enterprise Group Incorporated (NYSE:PEG) at the end of the third quarter which was 34 in the previous quarter. Public Service Enterprise Group Incorporated (NYSE:PEG) reported net income of $1.04 per share in the third quarter of 2024, bringing the total for the first nine months to $2.97 per share. This compares the net income of $0.27 per share to $4.03 per share for the third quarter and first nine months of 2023. While we acknowledge the potential of Public Service Enterprise Group Incorporated (NYSE:PEG) 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 Public Service Enterprise Group Incorporated (NYSE:PEG) and shared the list of top stocks with improving earnings revisions, P/E ratios, EPS growth, and other indicators according to investment bank UBS. 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.