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 Jack in the Box Inc. (NASDAQ:JACK) in the second quarter 2024 investor letter. Jack in the Box Inc. (NASDAQ:JACK) franchises and operates a chain of quick-service restaurants. The one-month return of Jack in the Box Inc. (NASDAQ:JACK) was -12.25%, and its shares lost 41.17% of their value over the last 52 weeks. On September 4, 2024, Jack in the Box Inc. (NASDAQ:JACK) stock closed at $46.12 per share with a market capitalization of $882.091 million.
Carillon Chartwell Small Cap Value Fund stated the following regarding Jack in the Box Inc. (NASDAQ:JACK) in its Q2 2024 investor letter:
“Jack in the Box Inc. (NASDAQ:JACK) franchises and operates the Jack in the Box and Del Taco quick-service restaurant concepts. Economic pressure on the lower-end consumer has resulted in traffic declines and revenue pressure while higher restaurant operating costs and interest rates have delayed franchisees’ new-unit opening plans.”
The front counter of the restaurant, with the menu illuminated in the background.
Jack in the Box Inc. (NASDAQ:JACK) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Jack in the Box Inc. (NASDAQ:JACK) at the end of the second quarter which was 21 in the previous quarter. While we acknowledge the potential of Jack in the Box Inc. (NASDAQ:JACK) 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 Jack in the Box Inc. (NASDAQ:JACK) and shared the list of best restaurant dividend stocks to buy. 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.
