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Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Small Cap Growth Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. Small-cap stocks had mixed results in the fourth quarter, failing to match their previous quarter's rebound. The Russell 2000® Growth Index rose 1.70%, outperforming the Russell 2000® Value Index, which fell 1.07%, ending in negative territory. Small caps had a strong year in 2024, with the Russell 2000 Growth Index rising 15.14%, nearly matching the previous year’s results and outperforming the Russell 2000 Value Index, which increased by 8.04% but saw a decline on an annual basis. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Carillon Eagle Small Cap Growth Fund emphasized stocks such as Impinj, Inc. (NASDAQ:PI). Impinj, Inc. (NASDAQ:PI) offers a cloud connectivity platform. The one-month return Impinj, Inc. (NASDAQ:PI) was -2.15%, and its shares lost 28.00% of their value over the last 52 weeks. On March 24, 2025, Impinj, Inc. (NASDAQ:PI) stock closed at $91.14 per share with a market capitalization of $2.601 billion.
Carillon Eagle Small Cap Growth Fund stated the following regarding Impinj, Inc. (NASDAQ:PI) in its Q4 2024 investor letter:
"Impinj, Inc. (NASDAQ:PI) provides radio frequency identification (RFID) chips that allow for inventory and asset tracking. After a very strong run in the first nine months of the year, the stock pulled back as investors started to look for clues regarding growth in 2025. We believe the long-term case for RFID remains very strong and we see Impinj as an attractive way to invest in this theme given that major customers are ramping up their inventory tracking systems with the company’s products."
A close-up of a computer engineer working on the code for a cloud connectivity platform.
Impinj, Inc. (NASDAQ:PI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Impinj, Inc. (NASDAQ:PI) at the end of the fourth quarter which was 22 in the previous quarter. Impinj, Inc.'s (NASDAQ:PI) fourth quarter revenue reached $91.6 million, reflecting a 4% decrease from $95.2 million in the third quarter of 2024, but showing a 30% increase compared to $70.7 million in the fourth quarter of 2023. While we acknowledge the potential of Impinj, Inc. (NASDAQ:PI) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.