Chartwell Investment Partners, LLC, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Chartwell Small Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter of 2024, the U.S. economy showed signs of moderate growth, with indications of an upturn towards the end of the period. The Federal Reserve sees the economic performance as a “Goldilocks” scenario, balanced, with slowing demand, moderate wage pressure, and strong job growth. Future economic trends will determine interest rate decisions. High levels of fiscal spending, new home construction, industrial investments, and moderate wage growth are expected to support economic expansion over the near term. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Carillon Chartwell Small Cap Growth Fund highlighted stocks like Comfort Systems USA, Inc. (NYSE:FIX), in the first quarter 2024 investor letter. Comfort Systems USA, Inc. (NYSE:FIX) offers mechanical and electrical installation, renovation, maintenance, repair, and replacement services for the mechanical and electrical services The one-month return of Comfort Systems USA, Inc. (NYSE:FIX) was -6.48%, and its shares gained 88.51% of their value over the last 52 weeks. On June 26, 2024, Comfort Systems USA, Inc. (NYSE:FIX) stock closed at $313.50 per share with a market capitalization of $11.199 billion.
Carillon Chartwell Small Cap Growth Fund stated the following regarding Comfort Systems USA, Inc. (NYSE:FIX) in its first quarter 2024 investor letter:
“Another strong performer was Comfort Systems USA, Inc. (NYSE:FIX). The company is a modular construction company, involved in manufacturing plant and data center construction. Given strong demand trends, the company is reporting record growth and backlogs.”
An engineer inspecting a newly renovated electrical installation.
Comfort Systems USA, Inc. (NYSE:FIX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Comfort Systems USA, Inc. (NYSE:FIX) at the end of the first quarter which was 34 in the previous quarter. Comfort Systems USA, Inc. (NYSE:FIX) revenue for the first quarter of 2024 was $1.5 billion, an increase of $362 million or 31% from Q1 2023. While we acknowledge the potential of Comfort Systems USA, Inc. (NYSE:FIX) 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.
We discussed Comfort Systems USA, Inc. (NYSE:FIX) in another article and shared Jim Cramer’s stock picks heading into June. In addition, please check out our hedge fund investor letters Q1 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.
