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 Six Flags Entertainment Corporation (NYSE:FUN) in the second quarter of 2024 investor letter. Six Flags Entertainment Corporation (NYSE:FUN) operates amusement resorts consisting of amusement parks, water parks, and resort properties. The one-month return of Six Flags Entertainment Corporation (NYSE:FUN) was 1.92%, and its shares gained 10.48% of their value over the last 52 weeks. On September 4, 2024, Six Flags Entertainment Corporation (NYSE:FUN) stock closed at $44.08 per share with a market capitalization of $4.414 billion.
Carillon Chartwell Small Cap Value Fund stated the following regarding Six Flags Entertainment Corporation (NYSE:FUN) in its Q2 2024 investor letter:
“Six Flags Entertainment Corporation (NYSE:FUN) operates regional theme parks across North America. The market’s anticipation of the completion of the company’s merger with Cedar Fair and the attendant synergies and financial flexibility boosted the stock.”
A bird’s eye view of an amusement park with rides and attractions.
Six Flags Entertainment Corporation (NYSE:FUN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held Six Flags Entertainment Corporation (NYSE:FUN) at the end of the second quarter which was 36 in the previous quarter. While we acknowledge the potential of Six Flags Entertainment Corporation (NYSE:FUN) 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 Six Flags Entertainment Corporation (NYSE:FUN) and shared Cove Street Capital Small Cap Value Fund’s views on the company. 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.
