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 Palantir Technologies Inc. (NYSE:PLTR), in the first quarter 2024 investor letter. Palantir Technologies Inc. (NYSE:PLTR) develops, produces, and sells natural ingredients from edible and inedible bio-nutrients. The one-month return of Palantir Technologies Inc. (NYSE:PLTR) was 21.97%, and its shares gained 76.37% of their value over the last 52 weeks. On June 18, 2024, Palantir Technologies Inc. (NYSE:PLTR) stock closed at $25.82 per share with a market capitalization of $57.499 billion.
Carillon Scout Mid Cap Fund stated the following regarding Palantir Technologies Inc. (NYSE:PLTR) in its first quarter 2024 investor letter:
“The top contributor to return for the quarter was Palantir Technologies Inc. (NYSE:PLTR). Sentiment improved on Palantir after it reported stronger than expected commercial customer revenue and free cash flow. U.S. commercial growth was especially encouraging, as U.S. commercial revenue was up by a large percentage year over year for the fourth quarter and U.S. commercial customer count grew nearly as much. We expect Palantir to become one of the premier artificial intelligence (AI) software providers, built on its Foundry and AIP platforms.”
A software engineer manipulating a vast network of code on virtual monitors.
Palantir Technologies Inc. (NYSE:PLTR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Palantir Technologies Inc. (NYSE:PLTR) at the end of the first quarter which was 44 in the previous quarter. Palantir Technologies Inc. (NYSE:PLTR) reported a strong first quarter, with revenue of $634 million, representing a 21% year-over-year increase. While we acknowledge the potential of Palantir Technologies Inc. (NYSE:PLTR) 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 Palantir Technologies Inc. (NYSE:PLTR) and shared the list of top AI stocks Wall Street analysts are upgrading. 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.
