Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The S&P 500 Index experienced 4.3% gains during the second quarter, but the benchmark index’s 15.3% gain at the end of the first half was remarkable. The S&P 500 Index’s record highs in the first half of the year were driven by the extraordinary performance of technology stocks, which were propelled by the artificial intelligence (AI) trend and advancements toward the point at which the U.S. Federal Reserve (Fed) could begin lowering interest rates. However, there was still a problem with market breadth, with the eight top-performing equities accounting for about 70% of all returns. The strongest sectors by far were communication services and information technology, with the majority of other sectors trading more or less flat. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Carillon Eagle Growth & Income Fund highlighted stocks like Analog Devices, Inc. (NASDAQ:ADI) in the second quarter 2024 investor letter. Analog Devices, Inc. (NASDAQ:ADI) designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products. The one-month return of Analog Devices, Inc. (NASDAQ:ADI) was 12.93%, and its shares gained 28.73% of their value over the last 52 weeks. On August 30, 2024, Analog Devices, Inc. (NASDAQ:ADI) stock closed at $234.84 per share with a market capitalization of $116.804 billion.
Carillon Eagle Growth & Income Fund stated the following regarding Analog Devices, Inc. (NASDAQ:ADI) in its Q2 2024 investor letter:
“Analog Devices, Inc. (NASDAQ:ADI) rebounded as management teams at several semiconductor companies in the analog space called the bottom, seeing improved conditions ahead. The analog semiconductor industry is a very cyclical business that has underperformed the broader semiconductor industry for several years.”
A technician overlooking a circuit board being built and tested for a semiconductor device.
Analog Devices, Inc. (NASDAQ:ADI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held Analog Devices, Inc. (NASDAQ:ADI) at the end of the second quarter which was 65 in the previous quarter. Third-quarter revenue for Analog Devices, Inc. (NASDAQ:ADI) came in at $2.31 billion, surpassing its mid-point estimate, increasing by 7% sequentially but declining by 25% year-over-year. While we acknowledge the potential of Analog Devices, Inc. (NASDAQ:ADI) 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 Analog Devices, Inc. (NASDAQ:ADI) and shared the list of most important AI companies you should pay attention to. Artisan Mid Cap Value Fund also benefited from the Analog Devices, Inc.’s (NASDAQ:ADI) performance in Q2 2024. In addition, please check out our hedge fund investor letters Q2 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.
