Scout Investments, Inc, an affiliate of Carillon Tower Advisers, released the “Carillon Scout Mid Cap Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, most indices generated significant gains driven by more cyclical industries including energy, financials, and industrials. The combination of a positive outlook for monetary policy, low unemployment, and strong earnings growth expectations lifted the S&P 500 Index to an all-time high in the first quarter. The Russell 2000 Index continued to trade considerably below its peak, while the Russell Midcap Index neared its 2021 high. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Carillon Scout Mid Cap Fund highlighted stocks like Darling Ingredients Inc. (NYSE:DAR), in the first quarter 2024 investor letter. Darling Ingredients Inc. (NYSE:DAR) develops, produces, and sells natural ingredients from edible and inedible bio-nutrients. The one-month return of Darling Ingredients Inc. (NYSE:DAR) was -19.52%, and its shares lost 42.90% of their value over the last 52 weeks. On June 18, 2024, Darling Ingredients Inc. (NYSE:DAR) stock closed at $34.50 per share with a market capitalization of $5.512 billion.
Carillon Scout Mid Cap Fund stated the following regarding Darling Ingredients Inc. (NYSE:DAR) in its first quarter 2024 investor letter:
“Darling Ingredients Inc. (NYSE:DAR), an animal rendering company with a joint venture ownership in a leading biodiesel refinery, traded down as prices moved lower in the key Renewable Identification Number (RIN) refined products markets. Although earnings have suffered recently from excess biodiesel supply we see strong long-term demand, and Darling has a feedstock advantage as the largest rendering company in the United States.”
A selection of pet food ingredients being prepared in a kitchen for quality and safety testing.
Darling Ingredients Inc. (NYSE:DAR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Darling Ingredients Inc. (NYSE:DAR) at the end of the first quarter which was 34 in the previous quarter. Net sales of Darling Ingredients Inc. (NYSE:DAR) for Q1 2024 were $1.42 billion compared to $1.79 billion for Q1 2023. While we acknowledge the potential of Darling Ingredients Inc. (NYSE:DAR) 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 Darling Ingredients Inc. (NYSE:DAR) and shared Aristotle Atlantic Core Equity Strategy’s views on the company. 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.
