| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The Carillon Eagle Growth & Income Fund navigated a volatile first quarter 2026 marked by geopolitical tensions and shifting market dynamics. The S&P 500 declined 4.3% as Middle East conflict drove energy prices higher, sparking inflation concerns and potential Federal Reserve policy reversals. Value significantly outperformed growth for the first time in years, with the fund benefiting from energy exposure through Chevron and Williams, which gained from higher commodity prices and pipeline volumes. AI infrastructure remains a core theme, with Corning positioned for multi-year growth in fiber optics. However, concerns about hyperscaler spending volatility create near-term headwinds for technology holdings like Broadcom and Microsoft. The analog semiconductor cycle appears to be recovering, supporting Analog Devices. Despite macro uncertainty, the managers maintain conviction in companies with strong fundamentals and balance sheets. Forward earnings projections of 15% growth leave the market trading below 20x for the first time since 2023, though geopolitical risks and potential monetary policy shifts create ongoing uncertainty.
Focus on companies with strong balance sheets and solid earnings growth that can succeed regardless of macroeconomic conditions, while positioning for long-term AI infrastructure buildout and energy market opportunities driven by geopolitical developments.
Forecasting macroeconomic outlook described as most difficult task in recent memory given strong market performance over three years amid geopolitical uncertainty. Managers remain believers in AI for the long term despite near-term concerns about hyperscaler spending volatility. Focus maintained on fundamental research and long-term investing approach.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 18 2026 | 2026 Q1 | ABT, ACN, ADI, AVGO, CVX, GLW, IBM, MSFT, T, WMB | AI, energy, Geopolitical, growth, inflation, large cap, semiconductors, technology |
GLW CVX WMB ADI |
Fund positioned for AI infrastructure growth and energy market opportunities amid volatile Q1 2026. Geopolitical tensions drove energy winners Chevron and Williams while creating headwinds for tech holdings. Analog semiconductor recovery underway. Despite inflation fears and potential Fed policy reversals, managers maintain long-term conviction in quality companies with strong fundamentals trading at reasonable valuations. |
| Jan 19 2026 | 2025 Q4 | ADI, AVGO, AZN, DUK, ETN, GS, HD, JPM, KO, LRCX, MCD, MSFT, ORCL, PG, PNC, RTX, TMUS | AI, Capital markets, earnings, growth, large cap, semiconductors, technology | - | Fund delivered solid Q4 performance led by AstraZeneca, Lam Research, and Goldman Sachs. Managers remain constructive on 2026 outlook driven by 16% projected earnings growth, potential Fed cuts, and broadening AI investment. Key risks include elevated 22x market valuations and AI bubble concerns, but tailwinds outweigh headwinds for continued equity gains. |
| Oct 19 2025 | 2025 Q3 | ABBV, ABT, ACN, AVGO, CARR, DUK, ETN, GLW, GS, JPM, KO, LRCX, MCD, MDLZ, MSFT, ORCL, PG, PNC, RTX | AI, financials, growth, healthcare, income, large cap, semiconductors, technology | - | Strong Q3 performance driven by AI infrastructure leaders Corning, Oracle, and Broadcom, though managers reduced AI exposure due to concentration concerns. Healthcare names like AbbVie contributed while consumer staples faced headwinds. Team remains cautiously optimistic on AI's long-term potential but focuses on companies with strong fundamentals that can succeed across macroeconomic scenarios. |
| Jul 27 2025 | 2025 Q2 | ABBV, ABT, ACN, AVGO, CARR, DUK, ETN, GLW, GS, JPM, KO, LRCX, MCD, MDLZ, MSFT, ORCL, PG, PNC, RTX | AI, financials, growth, healthcare, income, large cap, semiconductors, technology |
ETN GLW ORCL AVGO ABBV LRCX |
Strong Q3 performance driven by AI infrastructure plays like Corning, Oracle, and Broadcom, but managers reduced AI exposure due to market concentration concerns. Healthcare and consumer holdings lagged. Despite S&P 500's continued strength, the team remains cautious about over-reliance on AI catalyst and focuses on quality companies with strong fundamentals for long-term outperformance. |
| Mar 31 2025 | 2025 Q1 | ABBV, ABT, AVGO, CVX, DUK, ETN, GS, HPE, IBM, JPM, MCD, MSFT, ORCL, PG, TMUS, UNH | AI, Defensive, dividends, financials, healthcare, Quality, technology | - | Carillon Eagle Growth & Income Fund weathered Q1 2025 market turbulence through defensive positioning in quality dividend-paying stocks. While AI concerns and policy uncertainties created headwinds for technology holdings, healthcare and energy outperformers demonstrated the value of diversified, fundamentally-driven stock selection. The fund remains optimistic about long-term prospects despite near-term macro uncertainties. |
| Jan 17 2025 | 2024 Q4 | AVGO, BBY, BLK, CVX, EMN, ETN, GS, JPM, MCD, MDLZ, MSFT, PG, PLD, PNC, TGT, WMB | AI, dividends, energy, financials, growth, income, large cap, technology | - | Carillon Eagle's 40-stock growth and income portfolio benefited from AI momentum and post-election financial sector optimism in Q4. Broadcom led gains on AI silicon expansion while Goldman Sachs and JPMorgan rose on deregulation hopes. Despite elevated valuations and inflation risks, managers expect 2025 market broadening to favor their fundamental research approach and dividend-focused strategy. |
| Jun 30 2024 | 2024 Q2 | ADI, AVGO, AZN, CVX, ETN, GS, HD, JPM, MDT, MRK, MSFT, ORCL, PLD, PNC, PPG, TGT, TXN | AI, dividends, growth, large cap, Quality, semiconductors, technology | - | Strong Q2 performance driven by AI-fueled technology rally, with Broadcom and semiconductor recovery leading gains while consumer discretionary lagged. Portfolio maintains focus on high-quality dividend-paying companies positioned for current challenging environment of narrow markets, uncertain Fed policy, and economic volatility. Managers view defensive quality approach as optimal for participating in upside while mitigating downside risk. |
| Mar 31 2024 | 2024 Q1 | AMGN, AMT, AVGO, CVX, ETN, GS, HD, JPM, MCD, MDLZ, MRK, MSFT, PNC, UNH, UNP | AI, dividends, growth, income, inflation, large cap, technology | - | Carillon Eagle Growth & Income Fund benefited from AI-driven tech rally in Q1 2024, with Eaton, Broadcom, and Microsoft leading gains. Fund managers worry about extreme market concentration in Magnificent Seven stocks and potential inflation resurgence. Despite headwinds from rate-sensitive REITs and consumer pressure on McDonald's, they maintain conviction in fundamental research approach and dividend growth strategy. |
| Dec 31 2023 | 2023 Q4 | AVGO, AZN, BLK, CVX, FDX, GPC, JPM, MSFT, NOC, PNC | AI, banks, dividends, energy, rates, technology, value | - | The fund benefited from the Q4 rally driven by Fed rate cut expectations, with AI beneficiaries Broadcom and Microsoft leading gains alongside financials. After selling struggling Genuine Parts, managers see opportunity in a potential regime shift favoring dividend-paying, cyclical stocks over large-cap tech. They maintain focus on consistent dividend growers with strong cash flow generation. |
| Sep 30 2023 | 2023 Q3 | ABBV, ADP, AVGO, AZN, BLK, CVX, ETN, JPM, MCD, MRK, MSFT, NEE, RTX, TEL, UNH | AI, dividends, income, interest rates, large cap, Quality, technology | - | Carillon Eagle Growth & Income Fund focuses on dividend-paying companies amid rising rates and market concentration in AI stocks. Third quarter saw 10-year yields spike to 4.6% while oil surged 30%. Top holdings Chevron, AbbVie, and Eaton outperformed on strong fundamentals, while utilities like NextEra lagged on rate sensitivity. Management maintains conviction in dividend growth strategy despite challenging environment for their investment style. |
| Jun 30 2023 | 2023 Q2 | ABBV, AVGO, CCI, CVX, ETN, JPM, MRK, MSFT, TGT, WEC | AI, Banking, dividends, energy, large cap, Quality, technology | - | Carillon Eagle Growth & Income Fund benefited from AI-driven technology rally in Q2 2023, with Broadcom and Microsoft leading gains. The fund maintains its dividend growth strategy, focusing on high-quality companies with strong cash flow generation. Despite mixed economic signals and recession risks, managers see opportunities in AI development and stable labor markets while positioning for growth recovery. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI infrastructure buildout is a central theme with companies like Corning benefiting from fiber optics demand for AI infrastructure. The market and economy appear increasingly tied to AI theme and infrastructure buildout. Concerns exist about potential choppiness in hyperscaler spending creating earnings growth air pockets. |
Infrastructure Hyperscalers Spending Earnings Growth |
EnergyMiddle East conflict drove crude oil and natural gas to multi-year highs with 10-15% of global supply potentially removed. Chevron benefits from spot commodity exposure and improved refining margins. Williams positioned to benefit from higher pipeline volumes and LNG export market growth. |
Oil Natural Gas Pipelines LNG Commodities | |
SemiconductorsAnalog cycle appears beyond its bottom with early recovery expected in 2026. Concerns about hyperscaler spending cuts affecting semiconductor supply chain. Broadcom faces headwinds from potential custom silicon spending slowdown despite having strong AI-related technology. |
Analog Cycle Recovery Custom Silicon Supply Chain | |
InflationRising energy prices from geopolitical conflict creating inflation fears. Market not fully prepared for possibility of rising interest rates if energy prices stay elevated. Previously anticipated rate cuts in 2026 may reverse direction, sparking economic concerns. |
Energy Prices Interest Rates Fed Policy Economic Concerns | |
| 2025 Q4 |
Long-term InvestingThe letter emphasizes the importance of long-term investing relationships and time horizons. The author discusses how investing in people rather than just businesses enables longer time horizons and better outcomes, using examples like Rob Vinall's investment in Carvana through extreme volatility. |
Patience Relationships Time Horizon Compounding |
ETFsThe letter critiques ETF investing behavior, noting that despite being designed for long-term ownership, ETFs are traded far more frequently than underlying stocks. This frequent trading creates temptation and destroys compounding returns compared to investing with managers who create distance from markets. |
Trading Temptation Compounding Behavior | |
E-commerceCarvana is highlighted as an example of superior business model execution in online auto sales. Despite extreme volatility, the company emerged stronger with meaningfully higher gross margins than traditional competitor CarMax, demonstrating the structural advantages of its e-commerce approach. |
Carvana CarMax Auto Sales Business Model | |
| 2025 Q3 |
AIAI deployment continues to drive market performance with the Magnificent Seven up over 17%. The fund maintains exposure to AI infrastructure leaders like Corning, Oracle, and Broadcom, though managers reduced AI exposure to neutral levels after taking profits due to concentration concerns. |
Infrastructure Deployment Computing Semiconductors Cloud |
SemiconductorsSemiconductor companies like Broadcom and Lam Research benefited from AI-driven demand and improving sentiment. Lam Research confirmed growth projections with supportive bookings data, while Broadcom announced new customer wins that will impact 2026 results. |
Equipment Memory Foundries Capex Bookings | |
CloudOracle's strength was driven by material changes in new contract signings in its cloud infrastructure segment. Management outlined contract value and revenue impact over the next four years, boosting investor confidence in Oracle as an AI infrastructure leader. |
Infrastructure Contracts Revenue Growth Services | |
| 2025 Q2 |
AIAI deployment continues to drive market performance with the Magnificent Seven up over 17%. The fund reduced AI exposure to neutral levels after taking profits, citing concerns about market concentration in this single catalyst. AI infrastructure spending by major tech companies continues to rise, supporting companies like Corning, Oracle, and Broadcom. |
Infrastructure Capex Deployment Computing Semiconductors |
SemiconductorsSemiconductor companies like Broadcom and Lam Research benefited from AI-driven demand. Broadcom announced new customer wins that will impact 2026 results, while Lam Research confirmed growth projections with supportive bookings data. The sector remains tied to memory requirements for AI applications. |
Memory Equipment Foundries Capex Bookings | |
CloudOracle's strength was driven by material changes in new contract signings in its cloud infrastructure segment. Management outlined contract value and revenue impact over the next four years, positioning Oracle as an AI infrastructure leader and driving investor confidence. |
Infrastructure Contracts Revenue Growth Computing | |
| 2025 Q1 |
AIThe quarter witnessed mounting concerns regarding the sustainability of rapid AI investment pace. Chinese DeepSeek's competitive AI model created concerns for Microsoft's OpenAI stake, while the Stargate Project represents a $500 billion AI infrastructure investment over four years. |
Artificial Intelligence DeepSeek OpenAI Infrastructure |
DividendsThe fund maintains a fundamental research-driven, long-term investment approach focused on dividend-paying equities. Companies with sound business models and consistent track records of returning value through growing dividends represent attractive opportunities. |
Dividend Growth Income Shareholder Returns | |
QualityMarket rotation favored defensive sectors, quality stocks, and dividend-yielding equities over growth and momentum-driven investments. The fund focuses on companies with sound business models and consistent value creation track records. |
Defensive Stability Business Models | |
| 2024 Q4 |
AIAI continued to drive market performance throughout 2024, with excitement around artificial intelligence remaining strong. Broadcom benefited significantly from expansion in addressable market for custom AI silicon offerings, positioning as a leader in data center connectivity and custom silicon for AI spending growth. |
Data Centers Semiconductors Custom Silicon AI Spending Technology |
Capital MarketsGoldman Sachs and JPMorgan benefited from renewed optimism for deregulation and increased capital markets activity following the U.S. presidential election. The incoming administration is expected to be more permissive with M&A transactions, benefiting investment banking businesses. |
Deregulation M&A Investment Banking Election Financial Services | |
Natural GasWilliams performed well due to expected growing demand for natural gas over the next several years or decades. Liquid natural gas exports, onshoring, and data center buildouts could place upward pressure on volumes across midstream portfolio operations. |
LNG Midstream Onshoring Data Centers Energy Infrastructure | |
DividendsDividend growth remained healthy throughout the portfolio, with the manager believing that potential compounding of income can serve clients well in the future as part of their long-term investment approach. |
Income Compounding Growth Portfolio Long-term | |
| 2024 Q2 |
AITechnology stocks driven by artificial intelligence trend fueled remarkable S&P 500 performance in first half of 2024. Broadcom is a key beneficiary of AI spending which continues to accelerate. Oracle signed dozens of new customers including two leaders in generative artificial intelligence with strong growth appearing poised to accelerate. |
Artificial Intelligence Technology Cloud Semiconductors Growth |
Semiconductor CycleAnalog semiconductor industry showing signs of improvement as management teams called the bottom and see improved conditions ahead. The analog semiconductor industry is very cyclical and has underperformed the broader semiconductor industry for several years. Both Analog Devices and Texas Instruments benefited from improving trends. |
Semiconductors Cyclical Recovery Analog Technology | |
DividendsPortfolio focuses on high-quality dividend-paying equities with profitable, well-managed, dominant companies positioned to continue paying and raising dividends annually given strong cash flow generation and reasonable financial leverage. Strategy aims to participate in strong market returns while providing downside risk mitigation. |
Dividend Growth Cash Flow Quality Income Defensive | |
| 2024 Q1 |
AIThe market continued to show excitement around AI and the potential earnings growth that should come with it. AI appears to be a very real, once-in-a-generation tech trend that is likely only in the early innings. However, there has been overexcitement in some areas that may not be able to deliver on the promises management teams are making. |
Artificial Intelligence Generative AI Technology Semiconductors Cloud |
DividendsDividend growth remained particularly healthy during 2023, and the fund expects the potential compounding of income to serve clients well in the future. The fund focuses on dividend-paying companies as part of its growth and income strategy. |
Dividend Growth Income Compounding Yield | |
InflationThe market does not appear to be prepared at all for inflation concerns to enter the conversation again. What happens if lower rates lead to higher home or energy prices, as they have in the past? Consumers are dealing with high cumulative inflation in products, and companies like Mondelez will need to raise prices to offset rising costs. |
Consumer Prices Cost Inflation Pricing Power CPI | |
| 2023 Q4 |
AIBroadcom appears to be one of the first real beneficiaries of generative artificial intelligence with meaningful revenue expected to show up in 2024. Microsoft's Azure cloud business has seen AI contribute strongly to its growth. |
Generative AI Revenue Cloud Azure |
DividendsThe fund remains committed to investing in companies that pay and increase their dividends on a consistent basis. Dividend growth remained particularly healthy during 2023, and they expect the compounding of income to serve clients well in the future. |
Dividend Growth Income Compounding Consistent | |
RatesInvestors became more comfortable that the Federal Reserve was at the end of its rate-hiking cycle, prompting a downward move of more than 70 basis points in 10-year Treasury yields. The prospect of Fed rate cuts in 2024 was a clear driver of financial market strength in the fourth quarter. |
Fed Rate Cuts Treasury Yields Monetary Policy | |
| 2023 Q3 |
DividendsThe fund remains committed to investing in companies that pay and increase their dividends on a consistent basis. Management is pleased with the dividend growth that their companies have produced in 2023 and believes that income and income growth will serve clients well in the future. |
Dividend Growth Income Dividend Payers Shareholder Returns Cash Flows |
RatesThe 10-year U.S. Treasury bond yield rose from around 3.8% to 4.6% during the quarter, reaching its highest level since 2007. The Fed continued tightening with its fourth rate increase of the year, bringing the federal funds rate to 5.5%. Higher interest rates are viewed as the biggest threat to economic stability and growth. |
Interest Rates Federal Reserve Treasury Yields Monetary Policy Fed Funds Rate | |
AIArtificial intelligence emerged as a powerful trend driving very narrow stock market returns. The top contributor to the S&P 500 Index is a large beneficiary of the AI trend, and the seven top-performing S&P 500 stocks are all technology related, accounting for 84% of the index's year-to-date return. |
Artificial Intelligence Technology Market Concentration S&P 500 Performance | |
| 2023 Q2 |
AIAfter a major chip manufacturer significantly increased revenue guidance in May because of much higher artificial intelligence spending, investors looked for other ways to participate in higher capital spending on AI. The emergence of artificial intelligence was a notable event during the quarter, transitioning from a powerful concept to a substantial earnings contributor much quicker than many observers expected. |
Artificial Intelligence Capital Spending Semiconductors Computing Technology |
DividendsThe team continues to implement their strategy of investing in companies that are committed to issuing dividends and growing those dividends. The dividend growth rate year-to-date has been strong, and that growth has provided some protection against inflation for clients. Historically, the types of companies the team focuses on are high-quality businesses that generate strong free cash flow. |
Dividend Growth Income Cash Flow Inflation Protection Quality | |
CloudMicrosoft shares reacted positively to better than expected quarterly results, which were led by strength in the firm's cloud business. The company provided guidance that cloud growth could come in even stronger during subsequent quarters. |
Cloud Computing Microsoft Growth Technology Software |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 18, 2026 | Fund Letters | Carillon Eagle Growth & Income Fund | WMB | Williams | Oil & Gas Midstream | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | energy infrastructure, Energy security, LNG Exports, midstream energy, natural gas pipelines, US Natural Gas, volume growth | Login |
| Apr 18, 2026 | Fund Letters | Carillon Eagle Growth & Income Fund | ADI | Analog Devices | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Analog Semiconductors, Cyclical Recovery, Electronic Components, mixed-signal, Semiconductor Cycle, technology hardware | Login |
| Apr 18, 2026 | Fund Letters | Carillon Eagle Growth & Income Fund | GLW | Corning | Electronic Components | Electronic Equipment, Instruments & Components | Bull | New York Stock Exchange | AI infrastructure, Fiber Optics, growth, secular trends, Specialty Glass, technology hardware, telecommunications equipment | Login |
| Apr 18, 2026 | Fund Letters | Carillon Eagle Growth & Income Fund | CVX | Chevron | Oil & Gas Integrated | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Commodity Exposure, Cyclical, Energy security, geopolitical risk, Oil & Gas, Refining Margins, Upstream Energy | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Growth & Income Fund | GLW | Corning Inc. | Information Technology | Electronic Components | Bull | NYSE | AI infrastructure, Fiber Optics, growth, semiconductors, Technology Components, telecommunications | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Growth & Income Fund | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI Computing, AI infrastructure, customer wins, growth, semiconductors, technology hardware | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Growth & Income Fund | ABBV | AbbVie Inc. | Health Care | Pharmaceuticals | Bull | NYSE | Biotech, growth, healthcare, Legal Settlement, patent protection, pharmaceuticals | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Growth & Income Fund | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | NYSE | AI infrastructure, cloud infrastructure, Contract Signings, Enterprise software, growth, SaaS | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Growth & Income Fund | LRCX | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Ai Memory, bookings growth, Capital equipment, manufacturing, semiconductor equipment, technology hardware | Login |
| Jul 27, 2025 | Fund Letters | David Blount | ETN | Eaton Corporation plc | Industrials | Electrical Components & Equipment | Bull | NYSE | CapEx, datacenters, Electrification, Industrials, infrastructure, Power | Login |
| TICKER | COMMENTARY |
|---|---|
| GLW | Corning's positive performance was tied to a strong second-quarter earnings result and forward guidance supporting a continuation of those trends. The company's fiber optics and related technologies are integral in building AI infrastructure across the globe. We believe Corning should see market growth across several key products for the next three to five years. |
| CVX | Chevron shares contributed to the quarter's performance due to the war in the Middle East sending commodity prices of crude oil and natural gas, to multi-year highs. We estimate that 10% to 15% of total supply could be removed from the global market for an extended period. Chevron has significant exposure to spot commodity prices and is expected to benefit immediately from a higher price regime in its upstream energy segment. Also, the company is positioned to benefit from improved refining margins. Chevron shares reflect improved earnings and cash flow from this event. |
| WMB | Williams shares benefitted from the conflict in the Middle East, which sent commodity prices of crude oil and natural gas to multi-year highs. We estimate that 10% to 15% of total supply could be removed from the global market for an extended period. Williams has limited commodity exposure, but the company should benefit from higher volumes moving through its vast pipeline system. The US natural gas market is incrementally viewed across the world as the most secure source. Williams is well placed to benefit from any improved volumes in the liquefied natural gas (LNG) export market. |
| ADI | Analog Devices pushed toward new all-time highs after solid earnings gave investors confidence that the analog cycle is now beyond its bottom. We believe the cycle is on track for an early recovery in 2026. |
| T | AT&T reported strong fourth-quarter guidance and continued to execute its long-term strategy steadily. The company's fiber positioning remains strong, and management signaled a large stock buyback for 2026, which displays massive confidence in the balance sheet. |
| MSFT | Microsoft delivered weak quarterly performance, driven by industry-wide concerns over a slowdown in software seat licenses, a key worry among investors. |
| ABT | Abbott shares underperformed due to disappointing fourth-quarter 2025 financial results and softer than expected 2026 sales guidance. Abbott's nutrition business, is sensitive to consumer spending trends and was the primary source of weakness. Abbott's company-specific issues were compounded by deteriorating investor sentiment across the medical device industry, which underperformed within the healthcare sector in the first quarter. |
| AVGO | Broadcom was weak for the quarter as higher inflation led investors to fear a slowdown in hyperscaler spending. This led to lower spending on custom silicon, the main reason for Broadcom's strength over the last couple of years. We believe Broadcom still has some of the best tech in the space and will be one of the biggest winners from AI. |
| IBM | IBM shares pulled back as a result of weaker than expected quarterly earnings. Revenue growth in the key software business did not meet elevated expectations. We believe that IBM is key in the AI marketplace, with good prospects for consistent growth over the next several years. |
| ACN | Accenture delivered weaker performance during the quarter. Investor concerns rose about decelerating revenue growth due to government contract cancellations and softening demand for discretionary information technology (IT) spending. The uncertain net effect of AI fueled these fears. While fiscal fourth-quarter financials demonstrated that these fears were inflated, we believe the company needs to execute on its 2026 guidance before sentiment fully recovers. |
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