Carillon Tower Advisers, an investment management company, has published its Q3 2024 “Carillon Eagle Growth & Income Fund” investor letter. You can download a copy of the letter here. Although the S&P 500 Index rose 5.9% in the third quarter, the benchmark index ended the first nine months of 2024 with a remarkable 22.1% gain. The exceptional performance was fueled by a surge in technology stocks, trends in artificial intelligence and the start of a cycle of interest rate cuts by the US Federal Reserve (Fed). Additionally, you can view the fund's top 5 investments to determine the best choices for 2024.
Carillon Eagle Growth & Income Fund highlighted stocks like Chevron Corporation (NYSE:CVX) in its Q3 2024 investor letter. Chevron Corporation (NYSE:CVX) is engaged in integrated energy and chemicals businesses that operate through upstream and downstream segments. Chevron Corporation (NYSE:CVX)'s one-month return was 7.33%, and its shares have gained 12.00% of their value over the past 52 weeks. On November 14, 2024, shares of Chevron Corporation (NYSE:CVX) closed at $161.80 per share with a market cap of $288.476 billion.
Carillon Eagle Growth & Income Fund stated the following about Chevron Corporation (NYSE:CVX) in its Q3 2024 investor letter:
'From Chevron Corporation (NYSE:CVX) The underperformance was due to a combination of weaker-than-expected second-quarter earnings results and the delay of a long-awaited merger with a global independent energy company. Performance during the quarter was largely related to the timing of outages and maintenance at various locations, which are shorter-term issues. Although the upcoming merger seems attractive, the deal was expected to close in 2024. There is now a greater chance that the deal will be completed by mid-2025.”
A tanker truck drives through a refinery.
Chevron Corporation (NYSE:CVX) isn't on our list of the 31 most popular stocks among hedge funds. According to our database, Chevron Corporation (NYSE:CVX) owned 64 hedge fund portfolios at the end of the second quarter, up from 62 in the previous quarter. Chevron Corporation (NYSE:CVX) generated third-quarter earnings of $4.5 billion, or $2.48 per share. While we recognize the potential of Chevron Corporation (NYSE:CVX) as an investment, our belief lies in the belief that AI stocks hold greater promise for delivering higher returns in a shorter time frame. If you're looking for an AI stock that's as promising as NVIDIA, but trades at less than five times earnings, check out our report on the cheapest AI stocks.
