Carillon Tower Advisers: “Investors Have Appreciated AutoZone (AZO)’s Historically Stable Business Model”

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The second quarter witnessed a poor overall performance of mid-cap stocks. The Russell Midcap Growth Index was down 21.07% and fell more compared to its counterpart Russell Midcap Value Index (down 14.68%). In the quarter, all sector returns were negative for the Russell Midcap Growth Index due to market volatility. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Carillon Tower Advisers discussed stocks like AutoZone, Inc. (NYSE:AZO) in its second quarter 2022 investor letter. Based in Memphis, Tennessee, AutoZone, Inc. (NYSE:AZO) engages in the business of automotive parts and accessories. On September 2, 2022, AutoZone, Inc. (NYSE:AZO) stock closed at $2,120.88 per share. One-month return of AutoZone, Inc. (NYSE:AZO) was -4.41% and its shares gained 37.97% of their value over the last 52 weeks. AutoZone, Inc. (NYSE:AZO) has a market capitalization of $41.331 billion.

Here is what Carillon Tower Advisers specifically said about AutoZone, Inc. (NYSE:AZO):

“AutoZone, Inc. (NYSE:AZO) sells automotive replacement parts and accessories. The company reported another solid quarterly update that highlighted particularly robust growth in its commercial segment, market share gains, and stable gross margins. Additionally, investors have appreciated the company’s historically stable business model that is positioned to perform well in periods of economic stress.”

AutoZone, Inc. (NYSE:AZO) is not on the list of 30 Most Popular Stocks Among Hedge Funds. AutoZone, Inc. (NYSE:AZO) was held by 42 hedge fund portfolios at the end of the second quarter compared to 38 in the previous quarter.

We discussed AutoZone, Inc. (NYSE:AZO) in another article and shared Weitz Investment Management’s views on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.