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 PPG Industries, Inc. (NYSE:PPG), in the second quarter 2024 investor letter. PPG Industries, Inc. (NYSE:PPG) is a company engages in the manufacturing and distribution of paints, coatings, and specialty materials. The one-month return of PPG Industries, Inc. (NYSE:PPG) was 5.08%, and its shares lost 8.65% of their value over the last 52 weeks. On August 30, 2024, PPG Industries, Inc. (NYSE:PPG) stock closed at $129.73 per share with a market capitalization of $30.266 billion.
Carillon Eagle Growth & Income Fund stated the following regarding PPG Industries, Inc. (NYSE:PPG) in its Q2 2024 investor letter:
“PPG Industries, Inc. (NYSE:PPG) shares lagged in the second quarter as softening macroeconomic data across several of its end markets (including autos, housing, and industrial) drove concerns that the path to sustainable sales volume growth was growing more difficult.”
A close-up of an artist carefully applying a coat of paint to a wood structure.
PPG Industries, Inc. (NYSE:PPG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held PPG Industries, Inc. (NYSE:PPG) at the end of the second quarter which was 35 in the previous quarter. PPG Industries, Inc. (NYSE:PPG) generated sales of $4.8 billion in the second quarter, marking the seventh consecutive quarter of year-over-year growth in segment margin. While we acknowledge the potential of PPG Industries, Inc. (NYSE:PPG) 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 PPG Industries, Inc. (NYSE:PPG) and shared the list of best dividend aristocrats according to wall street analysts. 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.
