Investment management firm Carillon Tower Advisors released the 2024 second quarter investor letter for the Carillon Eagle Small Cap Growth Fund. A copy of the letter can be downloaded here. Small cap stocks were unable to sustain the positive gains of the first quarter, ending the second quarter in the negative. Among style indexes, the Russell 2000® Growth Index slightly outperformed the Russell 2000® Value Index, losing 2.92% versus a loss of 3.75%. Additionally, to know the best picks for 2024, check out the fund’s top five holdings.
In its Q2 2024 investor letter, the Carillon Eagle Small Cap Growth Fund highlighted stocks such as Evolent Health, Inc. (NYSE:EVH). Evolent Health, Inc. (NYSE:EVH) is a specialty healthcare management services provider in the oncology, cardiology and musculoskeletal markets. Evolent Health, Inc. (NYSE:EVH) saw a one-month return of 32.29%, while the company’s shares were up 18.97% over the past 52 weeks. On August 28, 2024, Evolent Health, Inc. (NYSE:EVH) shares closed at $30.85 per share, giving it a market capitalization of $3.588 billion.
In its Q2 2024 investor letter, Carillon Eagle Small Cap Growth Fund said the following about Evolent Health, Inc. (NYSE:EVH):
“Evolent Health, Inc.” (NYSE:EVH) is a leader in value-based healthcare. It leverages its proprietary platform and AI technology to help physicians provide efficient care plans for patients with cancer, cardiovascular disease, and complex musculoskeletal conditions, reducing healthcare costs. Although its stock price has recently declined as higher-than-expected levels of care depressed gross margins, contracts with managed care organizations guarantee compensation adjustments and Evolent is on track to achieve healthy earnings before interest, taxes, depreciation, and amortization (EBITDA) by the end of the year. Evolent is significantly undervalued, which could attract acquisition interest from private equity and managed care organizations.
A doctor is looking at a computer and discussing treatment options for a patient with a group of specialists.
Evolent Health Inc. (NYSE:EVH) is not on our list of the 31 most popular stocks among hedge funds. According to our database, 29 hedge fund portfolios held Evolent Health Inc. (NYSE:EVH) at the end of the second quarter, up from 28 in the previous quarter. Evolent Health Inc. (NYSE:EVH) reported second-quarter revenue of $647 million, beating company expectations. While we see potential in Evolent Health Inc. (NYSE:EVH) as an investment, we believe AI stocks offer a better chance of delivering higher returns in a shorter time frame. If you’re looking for AI stocks that are as promising as NVIDIA but trade for less than 5x earnings, check out our report. Cheapest AI Stocks.
In another article, we looked at Evolent Health, Inc. (NYSE:EVH) and shared Oppenheimer’s most anticipated and top stocks for the next 12 months. Additionally, you can check out our Hedge Fund Investor Letters Q2 2024 page for investor letters from hedge funds and other leading investors.
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Disclosures: None. This article originally appeared on Insider Monkey.
