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 Axon Enterprise, Inc. (NASDAQ:AXON), in the third quarter 2024 investor letter. Axon Enterprise, Inc. (NASDAQ:AXON) manufacturers conducted energy devices (CEDs) under the TASER brand. The one-month return of Axon Enterprise, Inc. (NASDAQ:AXON) was 42.01%, and its shares gained 176.36% of their value over the last 52 weeks. On November 21, 2024, Axon Enterprise, Inc. (NASDAQ:AXON) stock closed at $631.27 per share with a market capitalization of $48.137 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Axon Enterprise, Inc. (NASDAQ:AXON) in its Q3 2024 investor letter:
“Axon Enterprise, Inc. (NASDAQ:AXON) is a market-leading provider of next-generation law enforcement technology solutions. The company has had ongoing success with new product rollouts within both its TASER and body camera product lines, as well as its innovative software offerings, and the stock has responded accordingly. The company remains intensely focused on the development of new law enforcement solutions, and we believe recent developments in interesting areas such as drones, as well as in artificial intelligence-enabled solutions for evidence- and administrative-related uses, could provide an additional tailwind to the company’s robust growth.”
A technician in a white coat testing an in-car system on a modern military vehicle.
Axon Enterprise, Inc. (NASDAQ:AXON) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Axon Enterprise, Inc. (NASDAQ:AXON) at the end of the third quarter which was 36 in the previous quarter. In the third quarter, Axon Enterprise, Inc.’s (NASDAQ:AXON) revenue grew 32% year-over-year and delivered strong adjusted EBITDA with a 26.7% margin. While we acknowledge the potential of Axon Enterprise, Inc. (NASDAQ:AXON) 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 Axon Enterprise, Inc. (NASDAQ:AXON) and shared the list of top stocks that are leading the market in investing in their growth according to Goldman Sachs. In Q3 2024, Baron Discovery Fund benefited from Axon Enterprise, Inc.’s (NASDAQ:AXON) exceptional performance. 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.