Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Although the S&P 500 Index had a 5.9% increase in third-quarter trading, the benchmark index ended the first nine months of 2024 with a remarkable 22.1% gain. The exceptional performance was fueled by a strong surge in technology stocks, artificial intelligence trends, and the start of a U.S. Federal Reserve (Fed) rate reduction cycle. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Carillon Eagle Growth & Income Fund highlighted stocks like The Home Depot, Inc. (NYSE:HD), in the third quarter 2024 investor letter. The Home Depot, Inc. (NYSE:HD) is a home improvement retailer. The one-month return of The Home Depot, Inc. (NYSE:HD) was -2.24%, and its shares gained 32.04% of their value over the last 52 weeks. On November 14, 2024, The Home Depot, Inc. (NYSE:HD) stock closed at $405.72 per share with a market capitalization of $402.999 billion.
Carillon Eagle Growth & Income Fund stated the following regarding The Home Depot, Inc. (NYSE:HD) in its Q3 2024 investor letter:
“While Home Depot, Inc.’s (NYSE:HD) recent reported earnings were somewhat tepid, the market seems to be pricing in an inversion of the company’s sales, driven by lower interest rates. Home Depot reported its seventh consecutive quarter of same-store sales declines, giving back substantial gains that it enjoyed during the pandemic. High mortgage rates have also put a damper on existing home sales. People typically spend the most on home repairs and improvements in years when they buy or sell houses, often conducting both transactions in the same year.”
A family selecting a wood and wire closet organization in a home improvement store.
The Home Depot, Inc. (NYSE:HD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 86 hedge fund portfolios held The Home Depot, Inc. (NYSE:HD) at the end of the second quarter which was 70 in the previous quarter. The Home Depot, Inc.’s (NYSE:HD) sales in the third quarter were $40.2 billion, an increase of 6.6% from Q3 2023. While we acknowledge the potential of The Home Depot, Inc. (NYSE:HD) 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 The Home Depot, Inc. (NYSE:HD) and shared the list of stocks on Jim Cramer’s Radar. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.