Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Small Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In Q3 2023, small-cap stocks posted negative returns after a mostly positive first-half performance. Russell 2000 Growth Index declined 7.32%, significantly underperforming the Russell 2000 Value Index (down 2.97%). In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Carillon Eagle Small Cap Growth Fund highlighted stocks like Summit Materials, Inc. (NYSE:SUM) in the third quarter 2023 investor letter. Headquartered in Denver, Colorado, Summit Materials, Inc. (NYSE:SUM) is a vertically integrated construction materials company. On October 26, 2023, Summit Materials, Inc. (NYSE:SUM) stock closed at $31.28 per share. One-month return of Summit Materials, Inc. (NYSE:SUM) was 0.45%, and its shares gained 17.86% of their value over the last 52 weeks. Summit Materials, Inc. (NYSE:SUM) has a market capitalization of $3.72 billion.
Carillon Eagle Small Cap Growth Fund made the following comment about Summit Materials, Inc. (NYSE:SUM) in its Q3 2023 investor letter:
“Summit Materials, Inc. (NYSE:SUM) is a vertically integrated construction materials-based company that supplies aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia. Despite posting a strong quarter highlighted by continued impressive pricing and margin trends, the stock was pressured after the company announced a sizable acquisition in the southeastern U.S. Summit expects that improving operational efficiencies in these assets will ultimately create shareholder value. The company also benefits from ongoing migration trends favoring construction activity and accelerating levels of infrastructure spending in the markets it primarily serves.”
A construction site with workers wearing hard hats and safety vests, installing roofing materials. Editorial photo for a financial news article. 8k. –ar 16:9
Summit Materials, Inc. (NYSE:SUM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Summit Materials, Inc. (NYSE:SUM) at the end of second quarter which was 18 in the previous quarter.
We discussed Summit Materials, Inc. (NYSE:SUM) in another article and shared Merion Road Capital’s views on the company. 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.
