Chartwell Investment Partners, LLC, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Chartwell Small Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter of 2024, the U.S. economy showed signs of moderate growth, with indications of an upturn towards the end of the period. The Federal Reserve sees the economic performance as a “Goldilocks” scenario, balanced, with slowing demand, moderate wage pressure, and strong job growth. Future economic trends will determine interest rate decisions. High levels of fiscal spending, new home construction, industrial investments, and moderate wage growth are expected to support economic expansion over the near term. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Carillon Chartwell Small Cap Growth Fund highlighted stocks like Rambus Inc. (NASDAQ:RMBS), in the first quarter 2024 investor letter. Incorporated in 1990, Rambus Inc. (NASDAQ:RMBS) is a semiconductor products provider. The one-month return of Rambus Inc. (NASDAQ:RMBS) was -1.38%, and its shares lost 9.28% of their value over the last 52 weeks. On June 25, 2024, Rambus Inc. (NASDAQ:RMBS) stock closed at $54.28 per share with a market capitalization of $5.85 billion.
Carillon Chartwell Small Cap Growth Fund stated the following regarding Rambus Inc. (NASDAQ:RMBS) in its first quarter 2024 investor letter:
“Rambus Inc. (NASDAQ:RMBS) shares lagged as the company disappointed investors with weak guidance for the first quarter of 2024, due to lower product revenues for the semiconductors it makes. Spending on traditional servers has been lower, replaced by AI spending, which is having a negative impact on Rambus.”
A close-up of a cutting-edge semiconductor product being assembled by a technician.
Rambus Inc. (NASDAQ:RMBS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Rambus Inc. (NASDAQ:RMBS) at the end of the first quarter which was 29 in the previous quarter. The revenue for Rambus Inc. (NASDAQ:RMBS) in the first quarter was $117.9 million, exceeding expectations. (See the details here). While we acknowledge the potential of Rambus Inc. (NASDAQ:RMBS) 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.
We discussed Rambus Inc. (NASDAQ:RMBS) in another article and shared the list of high growth semiconductor stocks that are profitable in 2024. 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.
