Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. Mid-cap stocks experienced mixed results in the fourth quarter after reporting positive gains in the previous quarter. The Russell Midcap Growth Index (up 8.14%) outperformed the Russell Midcap Value Index (fell 1.75%) during the quarter. Mid-cap stocks posted solid returns in 2024 similar to 2023. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Carillon Eagle Mid Cap Growth Fund highlighted stocks like AppLovin Corporation (NASDAQ:APP), in the fourth quarter 2024 investor letter. AppLovin Corporation (NASDAQ:APP) develops a software-based platform for advertisers to enhance the marketing and monetization of their content. The one-month return of AppLovin Corporation (NASDAQ:APP) was 11.40%, and its shares gained 777.10% of their value over the last 52 weeks. On January 28, 2024, AppLovin Corporation (NASDAQ:APP) stock closed at $360.75 per share with a market capitalization of $121.065 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding AppLovin Corporation (NASDAQ:APP) in its Q4 2024 investor letter:
“AppLovin Corporation (NASDAQ:APP) is a platform for mobile app developers to grow their apps through user acquisition, monetization, and analytics. The company reported robust revenue growth as its latest tools are finding strong reception from customers. Furthermore, investors appreciated the initial success the company is having in moving beyond mobile games advertising into e-commerce advertising.”
A close-up of a mobile device, showing an advertiser reaching out to a consumer via a software-based platform.
AppLovin Corporation (NASDAQ:APP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held AppLovin Corporation (NASDAQ:APP) at the end of the third quarter which was 54 in the previous quarter. AppLovin Corporation (NASDAQ:APP) reported an outstandings third quarter, generating $1.2 billion in total revenue and $722 million in adjusted EBITDA, achieving a 60% adjusted EBITDA margin. While we acknowledge the potential of AppLovin Corporation (NASDAQ:APP) 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 AppLovin Corporation (NASDAQ:APP) and shared a list of stocks that Jim provided his insights on. AppLovin Corporation (NASDAQ:APP) contributed to Alger Mid Cap Focus Fund’s performance during Q4 2024, following better-than-expected results. 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.