Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Small Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Small-cap stocks reported positive gains in the first quarter, consolidating the last year-end rally. Among the style indexes, the Russell 2000 Growth Index (up 7.58%) outperformed the Russell 2000 Value Index (up 2.91%) by a significant margin after two consecutive quarters of value outperformance. During the quarter, Information technology led the way by increasing 16.38%, outperforming the returns generated by its value counterparts. Please check the top five holdings of the fund to know more about its best picks in 2024.
Carillon Eagle Small Cap Growth Fund highlighted stocks like Smartsheet Inc. (NYSE:SMAR) in the first quarter 2024 investor letter. Smartsheet Inc. (NYSE:SMAR) offers enterprise platform to plan, capture, manage, automate, and report on work for teams and organizations. The one-month return Smartsheet Inc. (NYSE:SMAR) was -3.86%, and its shares lost 23.70% of their value over the last 52 weeks. On May 30, 2024, Smartsheet Inc. (NYSE:SMAR) stock closed at $37.09 per share with a market capitalization of $5.106 billion.
Carillon Eagle Small Cap Growth Fund stated the following regarding Smartsheet Inc. (NYSE:SMAR) in its first quarter 2024 investor letter:
“Smartsheet Inc. (NYSE:SMAR) provides collaboration software for enterprises and small and medium-sized businesses. The company has faced macroeconomic headwinds related to its smaller customers and thus revenue has slowed. However, management has diligently focused on improving operating margins as well as showing healthy cash flow generation. We remain optimistic that the macro headwinds will abate and that the company can reaccelerate revenue and facilitate more earnings growth in the second half of 2024 and beyond.”
A close-up of a laptop showing a user interacting with the Smart Office App.
Smartsheet Inc. (NYSE:SMAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Smartsheet Inc. (NYSE:SMAR) at the end of the first quarter which was 52 in the previous quarter.
In another article, we discussed Smartsheet Inc. (NYSE:SMAR) and shared Artisan Small Cap Fund’s views on the company in the previous quarter. 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.
