Scout Investments, Inc, an affiliate of Carillon Tower Advisers, released the “Carillon Scout Small Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the small-cap growth market was down. Higher quality, earners, and larger small caps were among the traits of many of the stocks that outperformed higher-priced securities. Consumer staples and communication services were among the Russell 2000® Growth Index’s top-performing sectors; real estate and consumer discretionary were among the worst-performing. During the second quarter, the S&P 500 Index beat the Russell 2000® Index by almost 7.6%. In comparison to their large-cap counterparts, small-cap valuations remain attractive, and they are cheaper when compared to historical ratios. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Carillon Scout Small Cap Fund highlighted stocks like Global Industrial Company (NYSE:GIC), in the second quarter 2024 investor letter. Global Industrial Company (NYSE:GIC) is an industrial distributor of various industrial and maintenance, repair, and operation (MRO) products. The one-month return of Global Industrial Company (NYSE:GIC) was -0.52%, and its shares lost 0.58% of their value over the last 52 weeks. On September 13, 2024, Global Industrial Company (NYSE:GIC) stock closed at $32.21 per share with a market capitalization of $1.233 billion.
Carillon Scout Small Cap Fund stated the following regarding Global Industrial Company (NYSE:GIC) in its Q2 2024 investor letter:
“Global Industrial Company (NYSE:GIC) is a value-added distributor of industrial equipment and maintenance, repair, and operations products to a broad range of customers throughout North America. The company continues to report organic sales growth, though its core small- and medium-sized business customers remain cautious.”
A warehouse filled with industrial products reflecting efficiency and growth.
Global Industrial Company (NYSE:GIC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Global Industrial Company (NYSE:GIC) at the end of the second quarter which was 10 in the previous quarter. Global Industrial Company’s (NYSE:GIC) second quarter revenue increased 6.8% year over year to $348 million. While we acknowledge the potential of Global Industrial Company (NYSE:GIC) 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.
