Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Mid-cap stocks experienced a notable improvement in the third quarter after incurring losses in the second quarter. The Russell Midcap Growth Index (up 6.54%) underperformed the Russell Midcap Value Index (up 10.08%) during the quarter. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
Carillon Eagle Mid Cap Growth Fund highlighted stocks like Westinghouse Air Brake Technologies Corporation (NYSE:WAB) in the Q3 2024 investor letter. Westinghouse Air Brake Technologies Corporation (NYSE:WAB) offers technology-based locomotives, equipment, systems, and services for the freight rail and passenger transit industries. The one-month return of Westinghouse Air Brake Technologies Corporation (NYSE:WAB) was 4.91%, and its shares gained 69.17% of their value over the last 52 weeks. On November 21, 2024, Westinghouse Air Brake Technologies Corporation (NYSE:WAB) stock closed at $198.03 per share with a market capitalization of $34.039 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Westinghouse Air Brake Technologies Corporation (NYSE:WAB) in its Q3 2024 investor letter:
“Westinghouse Air Brake Technologies Corporation (NYSE:WAB): (Westinghouse Air Brake Technologies) is a global provider of locomotives, equipment, systems and services for both the freight and transit rail industries. The company’s shares have performed well as Wabtec is at the forefront of the modernization of the rail industry. Robust customer demand for new locomotives, modernization of older equipment, and next-generation digital solutions are resulting in a strong order pipeline that gives Wabtec what we consider to be a great deal of visibility into continued profitable growth in the future.”
A high angle shot of a railway construction site, with workers in the frame.
Westinghouse Air Brake Technologies Corporation (NYSE:WAB) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Westinghouse Air Brake Technologies Corporation (NYSE:WAB) at the end of the third quarter which was 60 in the previous quarter. Westinghouse Air Brake Technologies Corporation’s (NYSE:WAB) third quarter sales increased nearly 4.5% year-over-year to $2.7 billion, driven by growth in both Freight and Transit segments. While we acknowledge the potential of Westinghouse Air Brake Technologies Corporation (NYSE:WAB) 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 Westinghouse Air Brake Technologies Corporation (NYSE:WAB) and shared the list of best autonomous driving stocks to buy according to short sellers. In addition, please check out our hedge fund investor letters Q3 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.