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 Dell Technologies Inc. (NYSE:DELL), in the first quarter 2024 investor letter. Dell Technologies Inc. (NYSE:DELL) designs develops and manufactures various comprehensive and integrated solutions, products, and services. The one-month return of Dell Technologies Inc. (NYSE:DELL) was 0.93%, and its shares gained 197.94% of their value over the last 52 weeks. On June 18, 2024, Dell Technologies Inc. (NYSE:DELL) stock closed at $149.15 per share with a market capitalization of $105.793 billion.
Carillon Scout Mid Cap Fund stated the following regarding Dell Technologies Inc. (NYSE:DELL) in its first quarter 2024 investor letter:
“Dell Technologies Inc. (NYSE:DELL) reported results that exceeded earnings expectations and announced a better than expected AI-optimized server order pipeline. We expect Dell to participate in the growth of artificial intelligence hardware in its server, storage and personal computing franchises. Long-term, we like the company’s depth and breadth of products and services, as well as its focus on keeping costs low.”
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Dell Technologies Inc. (NYSE:DELL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 82 hedge fund portfolios held Dell Technologies Inc. (NYSE:DELL) at the end of the first quarter which was 56 in the previous quarter. Dell Technologies Inc.’s (NYSE:DELL) revenue for Q1 2024 was $22.2 billion, up 6% year over year (see the details here). While we acknowledge the potential of Dell Technologies Inc. (NYSE:DELL) 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 Dell Technologies Inc. (NYSE:DELL) and shared the list of best hardware stocks according to hedge funds. 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.
