| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The Carillon Eagle Small Cap Growth Fund managers maintain a constructive outlook for 2026, driven by several key investment themes. The AI investment cycle accelerated notably in 2025 and is expected to continue driving markets, though power supply bottlenecks remain a gating factor for new computing capacity. Healthcare, representing 17.7% of GDP, is working through post-COVID excesses but shows improving fundamentals with increased M&A activity and attractive valuations. Aerospace stocks have outperformed due to production challenges at major manufacturers creating sustained demand for high-margin aftermarket parts, with original equipment manufacturers potentially benefiting as production rates normalize. The managers expect re-shoring and factory automation to emerge as key capital spending drivers in 2026. Several cyclical industries including housing, trucking, and manufacturing may inflect positively after prolonged downturns. Portfolio positioning emphasizes durable, well-capitalized technology companies benefiting from secular trends, predictable healthcare distributors with steady cash flows, and boutique advisory firms positioned for increased M&A activity in a lower rate environment.
Small-cap growth stocks are positioned to benefit from a favorable environment driven by AI investment cycles, aerospace recovery, healthcare sector normalization, and onshoring trends, with selective opportunities emerging across cyclical sectors as multiple industries inflect positively following prolonged downturns.
The year ahead appears favorable for equity markets with fiscal stimulus coupled with looser monetary policy supporting solid economic growth. The AI investment cycle is expected to continue driving markets early in 2026, while cyclical areas appear favorable given tailwinds from AI-driven investment, fiscal stimulus, and monetary policy easing.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 4 2026 | 2025 Q4 | AROC, BE, BTSG, COHR, DY, ESAB, ESTA, EXR, GH, HIMS, ITRI, KKR, PJT, PRKS, RBA, RMBS, VRNS, WWD | aerospace, AI, cyclicals, growth, healthcare, Onshoring, small cap, technology | - | The AI investment cycle accelerated notably in 2025 and is expected to continue driving the market early in 2026. Bottlenecks from power supply availability remain… |
| Oct 24 2025 | 2025 Q3 | BRBR, LNTH, MMSI, MNDY, PI, POWL, PRM, RMBS, SHAK, ZWS | AI, cyclicals, energy, industrials, small caps |
RMBS PI PRM ZWS |
The fund outperformed amid small-cap strength and AI-related industrial demand. Top contributors included Rambus and Impinj, both benefiting from hyperscaler and RFID adoption. Managers expect… |
| Jul 27 2025 | 2025 Q2 | AEI, ARIS, ATI, BOOT, BRBR, CLBT, MMSI, SHAK, VNOM, WWD | earnings growth, Recovery, selectivity, small caps, volatility |
SHAK WWD ATI AVAV BOOT ARIS VNOM CLBT BRBR MMSI |
The commentary emphasizes small-cap recovery potential supported by improving earnings visibility. Management highlights selectivity amid policy and rate uncertainty. Small-cap growth is viewed as attractive… |
| Mar 31 2025 | 2025 Q1 | AAON, ANF, ARIS, FLYW, PCVX, PTGX, RBA, SHAK, SWTX | - | - | - |
| Jan 17 2025 | 2024 Q4 | BILL, EVH, FRSH, LPLA, PCVX, PI, PJT, SUM, TMDX, ZETA | - | - | - |
| Sep 30 2024 | 2024 Q3 | ANF, CELH, CHRD, ELF, LNTH, PCVX, PJT, RMBS, VNOM, ZETA | - | - | - |
| Jul 26 2024 | 2024 Q2 | ANF, EVH, KWR, LSCC, ONTO, PJT, SUM, TMDX, VKTX | - | - | - |
| Apr 15 2024 | 2024 Q1 | CELH, FIVE, FRSH, MKTX, SMAR, SMCI, VKTX, VNOM, WCC, WING | - | - | - |
| Jan 27 2024 | 2023 Q4 | CFLT, CYTK, GTLS, KNSL, KWR, LSCC, PJT, SUM, VICR, WING | - | - | - |
| Sep 30 2023 | 2023 Q3 | CLA LN, FRSH, KNSL, KWR, LBRT, LTHM, SLAB, SUM | - | - | - |
| Jul 27 2023 | 2023 Q2 | CELH, FGEN, KNSL, MSA, SLAB, SMAR, SPT, SUM, WWD, XPOF | - | - | - |
| Mar 31 2023 | 2023 Q1 | HALO, LBYE, LSCC, VNOM | - | - | - |
| Jan 30 2023 | 2022 Q4 | EVH, GTLS PR B, HALO, LNTH, LSCC, LTHM, MSA, SMPL, SWAV, VNOM | - | - | - |
| Oct 28 2022 | 2022 Q3 | CELH, COHR, EVOP, KRTX, RPD, SLAB, SMPL, SWAV, UEIC, WING | - | - | - |
| Jun 30 2022 | 2022 Q2 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
HealthcareFund focuses exclusively on healthcare sector with concentrated portfolio of small-cap companies. Investment approach targets special situations within healthcare including spin-offs, asset sales, business model pivots, and new product launches. Portfolio includes pharmaceutical, medical device, biotechnology, and healthcare IT companies. |
Pharmaceuticals Medical Devices Biotechnology Healthcare IT Special Situations | |
OnshoringTariffs and the current U.S. administration's goals are creating a monumental shift in the global economy. Onshoring and supply chain re-optimization will create new winners and losers as companies adapt to changing trade dynamics. |
Supply Chain Tariffs Trade Manufacturing Reshoring | |
SpaceSpaceX is generating significant value through rapid expansion of Starlink broadband service and established itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap in space exploration capabilities. |
Satellites Launch Services Broadband Reusable Rockets Space Exploration | |
| 2025 Q3 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
Cyclicals |
||
Small CapsConcentrated portfolio of small-cap companies with limited sell-side coverage and institutional ownership. Invests where most institutional managers cannot or will not participate, allowing for asymmetric return potential. 44% of Russell 2000 stocks have zero Wall Street coverage, creating mispriced opportunities. |
Russell 2000 Limited Coverage Institutional Asymmetric Mispriced | |
| 2025 Q2 |
SmallCap |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 24, 2025 | Fund Letters | Eric Mintz | PI | Impinj Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | growth, Logistics, Margins, retail, RFID, semiconductors, technology | Login |
| Oct 24, 2025 | Fund Letters | Eric Mintz | PRM | Perimeter Solutions | Materials | Specialty Chemicals | Bull | NYSE | cashflow, Chemicals, Contracts, Fire Safety, growth, M&A, visibility | Login |
| Oct 24, 2025 | Fund Letters | Eric Mintz | ZWS | Zurn Elkay Water Solutions | Industrials | Building Products | Bull | NYSE | Building, growth, infrastructure, Margins, Sustainability, tariffs, Water | Login |
| Jul 27, 2025 | Fund Letters | Eric Mintz | SHAK | Shake Shack Inc. | Consumer Discretionary | Restaurants | Bull | NYSE | Brand, expansion, Margins, Restaurants, traffic | Login |
| Jul 27, 2025 | Fund Letters | Eric Mintz | WWD | Woodward, Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | Aerospace, aftermarket, Margins, Oems, recovery | Login |
| Jul 27, 2025 | Fund Letters | Eric Mintz | ATI | ATI Inc. | Materials | Steel | Bull | NYSE | Aerospace, Alloys, Contracts, Pricing, Specialty-Metals | Login |
| Jul 27, 2025 | Fund Letters | Eric Mintz | AVAV | AeroVironment, Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | Acquisitions, Budgets, Defense, Drones, Unmanned | Login |
| Jul 27, 2025 | Fund Letters | Eric Mintz | BOOT | Boot Barn Holdings, Inc. | Consumer Discretionary | Specialty Stores | Bull | NYSE | Apparel, Brand, retail, Store growth, tariffs | Login |
| Jul 27, 2025 | Fund Letters | Eric Mintz | ARIS | Aris Water Solutions, Inc. | Utilities | Oil & Gas Storage & Transportation | Bull | NYSE | infrastructure, midstream, Permian, Production, Water | Login |
| Jul 27, 2025 | Fund Letters | Eric Mintz | VNOM | Viper Energy, Inc. | Energy | Oil & Gas Exploration & Production | Bull | NASDAQ | Acquisitions, cash flow, dividends, Permian, royalties | Login |
| Jul 27, 2025 | Fund Letters | Eric Mintz | CLBT | Cellebrite DI Ltd. | Information Technology | Application Software | Bull | NASDAQ | Budgets, digital forensics, Evidence, law enforcement, Software | Login |
| Jul 27, 2025 | Fund Letters | Eric Mintz | BRBR | BellRing Brands, Inc. | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | Beverages, brands, consumer staples, Inventory, Protein | Login |
| Jul 27, 2025 | Fund Letters | Eric Mintz | MMSI | Merit Medical Systems, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Margins, Medical devices, Mitigation, Procedures, tariffs | Login |
| Oct 24, 2025 | Fund Letters | Eric Mintz | RMBS | Rambus Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, growth, hyperscalers, Margins, Memory, semiconductors, transformation | Login |
| TICKER | COMMENTARY |
|---|---|
| BE | An underweight position in Bloom Energy Corp. (BE) detracted from performance. The machine learning (ML) model's have a highly unfavorable view of Bloom Energy, which ranked zero at the start of the quarter. The primary driver of the low score were its valuation features. During the quarter the stock rose significantly given rising demand from AI-related data center power needs. |
| BTSG | Iradimed (IRMD) contributed over 100bp of return while Bright Spring (BTSG) and Sanmina (SANM) contributed better than 50bp each. |
| COHR | Copart is the leading global marketplace for damaged and end-of-life vehicles, sitting between insurance companies that need to dispose of total-loss cars and a fragmented, worldwide base of dismantlers, rebuilders, dealers, and exporters. Against that backdrop, the last four quarters have been stronger in the business than in the stock. Revenue and operating income have continued to grow, helped by steady fee-per-unit gains, higher international contribution, and ongoing expansion of yards and services. These concerns about near-term volume and a supposedly resurgent competitor have weighed on sentiment, and the share price has reflected that—Copart is down roughly 30% in 2025. |
| ESAB | ESAB is a global manufacturer and distributor of fabrication technology and gas control. The effect of tariffs on profit margins and the ongoing integration of its acquisition of EWM, an industrial welding equipment and automation company based in Germany, appear to have weighed on the stock. We sold ESAB and moved on as these headwinds have persisted. |
| ESTA | Establishment Labs sells next-generation Motiva breast implants that have meaningfully lower safety risks and aesthetic benefits compared to competitors. In particular, Motiva implants cause significantly less capsular contracture (where surrounding tissue squeezes the implant) and no known cancer risks. Motiva also comes in a more natural Ergonomix shape with a natural-feeling softer fill as well as potentially a smaller implant scar. The company's implants have captured significant share in many international markets, and the U.S. launch is now underway and progressing well, having already captured about 20% of U.S. aesthetic breast augmentation market. |
| EXR | The same can be said of EastGroup Properties and Rexford Industrial Realty, though the latter was helped a good bit by shareholder activism. |
| GH | Guardant Health, Inc. Health Care 2.4 |
| HIMS | Hims & Hers Health (-43%) |
| ITRI | Itron (Smart & Efficient Grids, US) had a disappointing quarter having lowered expectations for its order intake for the year at its Q3 results. This created uncertainty and reduced visibility for the market. |
| KKR | Over the prior two years, KKR was one of the Fund's strongest contributors. From the end of 2022 through the end of 2024, the shares more than tripled, rising roughly 80% in 2023 and another 80% in 2024, as the market began to recognize the earnings power of its asset-management and insurance platforms. This year, the stock told a different story: in 2025 it was down about 13% and was roughly 23% below its January peak. Strip away the stock-price swings, and the business itself has continued to grow. Fee-related earnings, insurance earnings, and long-dated capital have all moved higher, even as market sentiment toward rates, credit, and capital flows into alternatives has become more cautious. |
| PRKS | United Parks & Resorts hurt us due to cyclical headwinds but we believe will likely recover in due course. |
| RMBS | Rambus provides high-performance memory subsystems. We believe the company is a unique beneficiary of strong DRAM (dynamic random access memory) demand. |
| VRNS | security software company Varonis and Wix.com, a website and application creation platform, both of which had minor disappointments that led to material stock price overreactions. We continue to have conviction in the idiosyncratic growth opportunities at each of these profitable and attractively valued businesses, both of which can benefit from the proliferation of AI adoption. |
| WWD | Woodward develops and produces control systems and energy conversion solutions and components for the aerospace and industrial end markets. The stock was a steady and strong performer throughout 2025, and once again delivered an impressive quarterly report that was highlighted by particularly strong performance in its aerospace aftermarket vertical. The potential for the long-awaited increased rate of production from the large airframe original equipment manufacturers (OEMs) in 2026 could provide an additional tailwind to growth. Investors also remain optimistic about the company's increasing exposure to newer-generation aircraft that could result in a further step-change in aftermarket growth in the latter half of the decade. |
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