Chartwell Investment Partners, LLC, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Chartwell Mid Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Equities rose early in the quarter on the back of a broader appetite for risk, however, they eventually fell when interest rates crossed 4%. Value and growth stocks performed similarly in the market’s large- and mid-cap categories. On the other hand, value stocks proved to be more defensive in the small-cap group. The Russell Midcap Value Index fell 4.5%, with only the energy and financials sectors seeing gains. Healthcare, communication services, and consumer staples detracted. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Carillon Chartwell Mid Cap Value Fund highlighted stocks like Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the third quarter 2023 investor letter. Headquartered in Nashville, Tennessee, Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) is a bank holding company. On December 22, 2023, Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) stock closed at $86.44 per share. One-month return of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) was 21.22%, and its shares gained 17.45% of their value over the last 52 weeks. Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) has a market capitalization of $6.636 billion.
Carillon Chartwell Mid Cap Value Fund made the following comment about Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in its Q3 2023 investor letter:
“The Russell Midcap Value Index declined 4.5%, with only the energy and financials sectors generating positive returns. The healthcare, communication services, and consumer staples sectors were the weakest. Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) is a regional bank with operations in fast-growing markets in the southeastern United States. The company reported impressive loan and deposit growth.”
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Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) at the end of third quarter which was 26 in the previous quarter.
We discussed Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in another article and shared the list of most undervalued bank stocks to buy according to Wall Street analysts. In addition, please check out our hedge fund investor letters Q3 2023 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.
