Chartwell Investment Partners, LLC, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Chartwell Small Cap Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The market leadership shifted abruptly in the third quarter. Small and mid-cap stocks 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 by more than 10%, with positive returns in ten of eleven sectors. Information technology was among the index’s weakest sectors, trailing only energy. The top three sectors are communications services, real estate, and finance. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Carillon Chartwell Small Cap Value Fund highlighted stocks like Methanex Corporation (NASDAQ:MEOH) in the third quarter 2024 investor letter. Methanex Corporation (NASDAQ:MEOH) is a methanol producing and distributing company. The one-month return of Methanex Corporation (NASDAQ:MEOH) was 7.09%, and its shares gained 0.79% of their value over the last 52 weeks. On December 12, 2024, Methanex Corporation (NASDAQ:MEOH) stock closed at $45.89 per share with a market capitalization of $3.174 billion.
Carillon Chartwell Small Cap Value Fund stated the following regarding Methanex Corporation (NASDAQ:MEOH) in its Q3 2024 investor letter:
“Methanex Corporation (NASDAQ:MEOH) is the world’s largest producer of methanol, a clear liquid commodity chemical produced from natural gas. Shares performed poorly after the company announced the acquisition of several production facilities, a transaction that will improve the company’s competitive position but delay previously planned debt reduction.”
An aerial view of a petrochemical manufacturing plant, its intricate network of pipes and vats reflecting the industry’s innovation and complexity.
Methanex Corporation (NASDAQ:MEOH) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Methanex Corporation (NASDAQ:MEOH) at the end of the third quarter which was 19 in the previous quarter. While we acknowledge the potential of Methanex Corporation (NASDAQ:MEOH) 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 Methanex Corporation (NASDAQ:MEOH) and shared the list of undervalued chemical stocks to invest in. 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.