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 Regal Rexnord Corporation (NYSE:RRX), in the third quarter 2024 investor letter. Regal Rexnord Corporation (NYSE:RRX) is a global manufacturer of industrial powertrain solutions, power transmission components, electric motors and electronic controls, air-moving products, and specialty electrical components and systems. The one-month return of Regal Rexnord Corporation (NYSE:RRX) was 1.01%, and its shares gained 17.06% of their value over the last 52 weeks. On December 12, 2024, Regal Rexnord Corporation (NYSE:RRX) stock closed at $171.44 per share with a market capitalization of $11.354 billion.
Carillon Chartwell Mid Cap Value Fund stated the following regarding Regal Rexnord Corporation (NYSE:RRX) in its Q3 2024 investor letter:
“Regal Rexnord Corporation (NYSE:RRX) manufactures motion control components, power transmission solutions, and specialty electric motors and controls. Investors reacted favorably to improving order trends after a prolonged period of inventory digestion.”
A technician inspecting a specialized industrial machinery in an engineering lab.
Regal Rexnord Corporation (NYSE:RRX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Regal Rexnord Corporation (NYSE:RRX) at the end of the third quarter which was 32 in the previous quarter. While we acknowledge the potential of Regal Rexnord Corporation (NYSE:RRX) 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 Regal Rexnord Corporation (NYSE:RRX) and shared TimesSquare Capital U.S. Mid Cap Growth Strategy’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.