Carillon Tower Advisers, an investment management firm, published its “Carillon Eagle Mid Cap Growth Fund” first quarter 2021 investor letter – a copy of which can be downloaded here. Mid-cap stocks as a whole advanced in the first quarter of 2021. However, there was a rather considerable disparity among the two style indexes, as the Russell Midcap® Growth Index (down 0.57%) significantly lagged
its Russell Midcap® Value Index (13.45%) counterpart. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
Carillon Tower Advisers, in their Q1 2021 investor letter, mentioned RingCentral, Inc. (NYSE: RNG), and shared their insights on the company. RingCentral, Inc. is a Belmont, California-based business communications company that currently has a $26.9 billion market capitalization. Since the beginning of the year, RNG delivered a -21.72% return, while its 12-month gains are up by 21.07%. As of May 04, 2021, the stock closed at $296.67 per share.
Here is what Carillon Tower Advisers has to say about RingCentral, Inc. in their Q1 2021 investor letter:
“RingCentral operates as a provider of software-as-a-service (SaaS) solutions for global enterprise cloud communications. After a stellar final quarter of 2020, the stock suffered a bit as of late, as investors began to worry about the reopening of the economy and perhaps were forced to consider the degree to which the company has benefitted from the lockdowns and the work-from-home environment. Although the shares have pulled back to a more reasonable valuation, we believe there remains significant opportunity for growth in the next three to five years that should come from the numerous channel partnerships the company has been signing recently.”
Our calculations show that RingCentral, Inc. (NYSE: RNG) does not belong in our list of the 30 Most Popular Stocks Among Hedge Funds. As of the end of the fourth quarter of 2020, RingCentral, Inc. (NYSE: RNG) was in 63 hedge fund portfolios, compared to 59 funds in the third quarter. RNG delivered a -24.87% return in the past 3 months.
The top 10 stocks among hedge funds returned 231.2% between 2015 and 2020, and outperformed the S&P 500 Index ETFs by more than 126 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Here you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, Federal Reserve has been creating trillions of dollars electronically to keep the interest rates near zero. We believe this will lead to inflation and boost real estate prices. So, we recommended this real estate stock to our monthly premium newsletter subscribers. We go through lists like the 15 best innovative stocks to buy to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our website:
Disclosure: None. This article is originally published at Insider Monkey.
