Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Small Cap Growth Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. Small-cap stocks were unable to sustain the positive gains made in the first quarter and finished the second quarter in negative territory. Among the style indexes, the Russell 2000® Growth Index outperformed the Russell 2000® Value Index by a modest margin, with a decrease of 2.92% compared to a decrease of 3.75%. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Carillon Eagle Small Cap Growth Fund highlighted stocks like Summit Materials, Inc. (NYSE:SUM), in the second quarter 2024 investor letter. Summit Materials, Inc. (NYSE:SUM) is a vertically integrated construction materials company. The one-month return of Summit Materials, Inc. (NYSE:SUM) was -3.29%, and its shares gained 4.60% of their value over the last 52 weeks. On August 28, 2024, Summit Materials, Inc. (NYSE:SUM) stock closed at $39.13 per share with a market capitalization of $6.871 billion.
Carillon Eagle Small Cap Growth Fund stated the following regarding Summit Materials, Inc. (NYSE:SUM) in its Q2 2024 investor letter:
“Summit Materials, Inc. (NYSE:SUM) is a vertically integrated construction materials-based company that supplies aggregates, cement, ready-mix concrete, and asphalt. After Summit delivered a strong quarterly report that was well received by the market, the stock lagged in the latter stages of the quarter due to investor concerns that notably poor weather in the major geographies the company serves would negatively impact its second-quarter results. The potential for interest rates to remain at stubbornly high levels for longer than investors previously expected also may prove to be a slight headwind for overall construction activity in the near term and is perhaps weighing on the stock as well.”
A construction site with a truck and crane unloading the company’s materials.
Summit Materials, Inc. (NYSE:SUM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Summit Materials, Inc. (NYSE:SUM) at the end of the second quarter which was 26 in the previous quarter. While we acknowledge the potential of Summit Materials, Inc. (NYSE:SUM) 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 Summit Materials, Inc. (NYSE:SUM) and shared Madison Small Cap 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.
