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 Avantor, Inc. (NYSE:AVTR), in the third quarter 2024 investor letter. Avantor, Inc. (NYSE:AVTR) provides mission-critical products and services to biopharma, healthcare, education and government, advanced technologies, and applied materials industries. The one-month return of Avantor, Inc. (NYSE:AVTR) was 8.63%, and its shares lost 2.09% of their value over the last 52 weeks. On December 12, 2024, Avantor, Inc. (NYSE:AVTR) stock closed at $22.53 per share with a market capitalization of $15.423 billion.
Carillon Chartwell Mid Cap Value Fund stated the following regarding Avantor, Inc. (NYSE:AVTR) in its Q3 2024 investor letter:
“Avantor, Inc. (NYSE:AVTR) provides chemicals, reagents, and laboratory supplies to customers in the biopharmaceutical, healthcare, and government spaces. Shares benefitted from better organic growth and improving industry fundamentals.”
A team of scientists working together to develop a new lab product or process.
Avantor, Inc. (NYSE:AVTR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Avantor, Inc. (NYSE:AVTR) at the end of the third quarter which was 53 in the previous quarter. Avantor, Inc. (NYSE:AVTR) reported revenue rose sequentially to $1.71 billion in the third quarter, while organic revenue fell 0.7% year-over-year. While we acknowledge the potential of Avantor, Inc. (NYSE:AVTR) 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 Avantor, Inc. (NYSE:AVTR) and shared ClearBridge Mid Cap 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.