Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. The S&P 500 Index increased by 2.4% in Q4, reaching a 25.0% gain in 2024. The past two years have been the best for the stock market since the 1990s, with AI excitement driving returns and strong earnings growth. The market's on-going multiple expansion—the S&P 500 Index currently has its highest multiple this century, excluding COVID years—accounted for about half of 2024's returns, with the other half coming from robust earnings growth. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.

In its fourth quarter 2024 investor letter, Carillon Eagle Growth & Income Fund emphasized stocks such as Mondelez International, Inc. (NASDAQ:MDLZ). Mondelez International, Inc. (NASDAQ:MDLZ) manufactures and markets snack food and beverage products. The one-month return of Mondelez International, Inc. (NASDAQ:MDLZ) was 7.02%, and its shares lost 8.72% of their value over the last 52 weeks. On March 17, 2025, Mondelez International, Inc. (NASDAQ:MDLZ) stock closed at $65.09 per share with a market capitalization of $84.196 billion.

Carillon Eagle Growth & Income Fund stated the following regarding Mondelez International, Inc. (NASDAQ:MDLZ) in its Q4 2024 investor letter:

"Mondelez International, Inc. (NASDAQ:MDLZ) continued trading lower after cocoa prices remained elevated. The company has struggled with higher import costs, and the incoming presidential administration could tighten standards on processed foods, increasing cost pressures."

A colourful array of products like candies, chocolates and gums on a supermarket shelf.

Mondelez International, Inc. (NASDAQ:MDLZ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Mondelez International, Inc. (NASDAQ:MDLZ) at the end of the fourth quarter which was 51 in the previous quarter. While we acknowledge the potential of Mondelez International, Inc. (NASDAQ:MDLZ) 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 Mondelez International, Inc. (NASDAQ:MDLZ) and shared Parnassus Core Equity Fund's views on the company. In addition, please check out our hedge fund investor letters Q4 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.