Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Small Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Small-cap stocks reported positive gains in the first quarter, consolidating the last year-end rally. Among the style indexes, the Russell 2000 Growth Index (up 7.58%) outperformed the Russell 2000 Value Index (up 2.91%) by a significant margin after two consecutive quarters of value outperformance. During the quarter, Information technology led the way by increasing 16.38%, outperforming the returns generated by its value counterparts. Please check the top five holdings of the fund to know more about its best picks in 2024.
Carillon Eagle Small Cap Growth Fund highlighted stocks like WESCO International, Inc. (NYSE:WCC), in the first quarter 2024 investor letter. WESCO International, Inc. (NYSE:WCC) offers business-to-business distribution, logistics services, and supply chain solutions. The one-month return WESCO International, Inc. (NYSE:WCC) was 6.65%, and its shares gained 22.39% of their value over the last 52 weeks. On May 30, 2024, WESCO International, Inc. (NYSE:WCC) stock closed at $178.86 per share with a market capitalization of $9.091 billion.
Carillon Eagle Small Cap Growth Fund stated the following regarding WESCO International, Inc. (NYSE:WCC) in its first quarter 2024 investor letter:
“WESCO International, Inc. (NYSE:WCC) provides electrical distribution, logistic services, and supply chain solutions. The stock sold off following a particularly lackluster quarterly report that fell well short of investor expectations. The results were highlighted by both a delay in larger projects as well as worse than expected results in its shorter-cycle business, which significantly pressured both margins and free cash flow. Management also gave disappointing commentary on early first-quarter trends and forward guidance for the remainder of this year that indicated the recent softness would persist for the foreseeable future. This update was especially disappointing given the current robust backdrop for the overall electrical industry. We sold the stock.”
A team of professionals operating high and medium voltage project design.
WESCO International, Inc. (NYSE:WCC) saw a 3% decrease in organic sales in the first quarter of the company compared to the same period last year. Sequentially, sales were in line with expectations but decreased 4% organically, mostly as a result of lower volumes.
WESCO International, Inc. (NYSE:WCC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held WESCO International, Inc. (NYSE:WCC) at the end of the first quarter which was 39 in the previous quarter.
In another article, we discussed WESCO International, Inc. (NYSE:WCC) and shared stock picks of Seth Klarman from the first quarter of 2024. Artisan Mid Cap Fund sold its stake in WESCO International, Inc. (NYSE:WCC) in the first quarter 2024. 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.
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