Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The S&P 500 Index continued its recent all-time high, beginning the year’s first quarter at a robust 10.6%. This quarter’s results followed a common pattern to much of 2023: large outperforming small and growth outperforming value. Energy was the best-performing sector while real estate investment trusts (REITs) were the only sector with negative returns. 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 Mondelez International, Inc. (NASDAQ:MDLZ), in the first quarter 2024 investor letter. Mondelez International, Inc. (NASDAQ:MDLZ) manufactures, markets, and sells snack food and beverage products. The one-month return of Mondelez International, Inc. (NASDAQ:MDLZ) was -6.32%, and its shares lost 7.34% of their value over the last 52 weeks. On June 10, 2024, Mondelez International, Inc. (NASDAQ:MDLZ) stock closed at $67.30 per share with a market capitalization of $90.347 billion.
Carillon Eagle Growth & Income Fund stated the following regarding Mondelez International, Inc. (NASDAQ:MDLZ) in its first quarter 2024 investor letter:
“As a major producer of chocolate, Mondelez International, Inc. (NASDAQ:MDLZ) saw its shares drop as investors worried about a dramatic rise in the price of cocoa. Mondelez does have hedges in place, but the company will need to raise prices to offset rising costs, particularly in Europe. Consumers across the globe are dealing with high cumulative inflation in the products that the company produces. In many cases consumers are buying less volume.”
A colourful array of products like candies, chocolates and gums on a supermarket shelf.
Mondelez International, Inc. (NASDAQ:MDLZ) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 53 hedge fund portfolios held Mondelez International, Inc. (NASDAQ:MDLZ) at the end of the first quarter which was 51 in the previous quarter. The organic revenue of Mondelez International, Inc. (NASDAQ:MDLZ) grew 4.2% in the first quarter. While we acknowledge the potential of Mondelez International, Inc. (NASDAQ:MDLZ) 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 Mondelez International, Inc. (NASDAQ:MDLZ) and shared the list of largest food companies in the world by market cap. In addition, please check out our hedge fund investor letters Q1 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.
