Prologis (PLD) Fell on Reducing 2024 Guidance
Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The S&P 500 Index experienced 4.3% gains during the second quarter, but the benchmark index's 15.3% gain at the end of the first half was remarkable. The S&P 500 Index’s record highs in the first half of the year were driven by the extraordinary performance of technology stocks, which were propelled by the artificial intelligence (AI) trend and advancements toward the point at which the U.S. Federal Reserve (Fed) could begin lowering interest rates. However, there was still a problem with market breadth, with the eight top-performing equities accounting for about 70% of all returns. The strongest sectors by far were communication services and information technology, with the majority of other sectors trading more or less flat. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Carillon Eagle Growth & Income Fund highlighted stocks like Prologis, Inc. (NYSE:PLD), in the second quarter 2024 investor letter. Prologis, Inc. (NYSE:PLD) is a global leader in logistics real estate. The one-month return of Prologis, Inc. (NYSE:PLD) was 1.79%, and its shares gained 1.29% of their value over the last 52 weeks. On August 29, 2024, Prologis, Inc. (NYSE:PLD) stock closed at $126.12 per share with a market capitalization of $116.804 billion.
Carillon Eagle Growth & Income Fund stated the following regarding Prologis, Inc. (NYSE:PLD) in its Q2 2024 investor letter:
"Prologis, Inc. (NYSE:PLD) detracted from performance as the company tempered its guidance outlook for 2024. More specifically, management noted that some clients have chosen to defer investment decisions given the uncertain economic environment. However, the company noted that proposal numbers have not declined, so client activity could reaccelerate in the near term."
A large logistic facility within the industrial real estate sector.
Prologis, Inc. (NYSE:PLD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Prologis, Inc. (NYSE:PLD) at the end of the second quarter which was 48 in the previous quarter. While we acknowledge the potential of Prologis, Inc. (NYSE:PLD) 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.
In another article, we discussed Prologis, Inc. (NYSE:PLD) and shared Baron Real Estate Fund's views on the company. Third Avenue Management’s Real Estate Value Fund added Prologis, Inc. (NYSE:PLD) to its portfolio during Q2 2024. In addition, please check out our hedge fund investor letters Q2 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.