Chartwell Investment Partners, LLC, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Chartwell Small Cap Value Fund” second quarter 2024 investor letter. A copy of the fund can be downloaded here. Significant interest rate volatility in the second quarter was caused by conflicting economic data and mixed inflation readings. As investors became less confident in the broader economy, the artificial intelligence (AI) boom persisted, and leadership in the equities markets kept decreasing. The Russell 1000® Growth Index, which tracks large-cap growth firms, increased by more than 8% while all other market sectors saw declines, creating an exceptionally sharp return gap. The Russell 2000® Value Index fell by about 4%, with small-cap value companies being the weakest. 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 Columbus McKinnon Corporation (NASDAQ:CMCO) in the second quarter 2024 investor letter. Columbus McKinnon Corporation (NASDAQ:CMCO) designs, manufactures, and markets motion solutions that facilitate the movement, lifting, positioning, and securing of materials. The one-month return of Columbus McKinnon Corporation (NASDAQ:CMCO) was -3.62%, and its shares lost 11.01% of their value over the last 52 weeks. On September 4, 2024, Columbus McKinnon Corporation (NASDAQ:CMCO) stock closed at $32.18 per share with a market capitalization of $929.368 million.
Carillon Chartwell Small Cap Value Fund stated the following regarding Columbus McKinnon Corporation (NASDAQ:CMCO) in its Q2 2024 investor letter:
“Columbus McKinnon Corporation (NASDAQ:CMCO) designs and manufactures lifting, automation and motion control products and has, in recent years, entered the precision conveying market through acquisition. Recent results and earnings guidance were disappointing and economic indicators for industrial activity have been weak.”
A large construction site with a modern industrial hoist in focus.
Columbus McKinnon Corporation (NASDAQ:CMCO) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Columbus McKinnon Corporation (NASDAQ:CMCO) at the end of the second quarter which was 17 in the previous quarter. In the recent quarter, Columbus McKinnon Corporation (NASDAQ:CMCO) delivered net sales of $239.7 million, up 2% year-over year. While we acknowledge the potential of Columbus McKinnon Corporation (NASDAQ:CMCO) 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 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.
