The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 17, 2026
The Carillon Eagle Small Cap Growth Fund navigated a volatile first quarter marked by mixed small-cap performance, with the Russell 2000 Growth Index declining 2.82% while value stocks outperformed. The fund's top contributors included data center infrastructure beneficiaries Applied Optoelectronics, Modine Manufacturing, and Powell Industries, all capitalizing on hyperscaler capital expenditure plans approaching $800 billion. Energy holdings performed strongly as oil prices spiked above $100 following US strikes on Iran, though the fund expects this geopolitical tension to be short-lived given the administration's focus on gasoline prices. Detractors included Vital Farms facing temporary egg supply gluts and software names like AppFolio confronting AI displacement concerns. The portfolio maintains constructive positioning in cyclicals, particularly electrical equipment and defense, while increasing exposure to predictable healthcare distributors. Despite near-term uncertainty from energy shocks and regulatory changes, the fund sees reasonable valuations and multiple positive catalysts including manufacturing recovery, LNG infrastructure development, and robust healthcare M&A activity supporting the small-cap growth opportunity set.
The fund maintains a constructive outlook on small-cap growth opportunities despite Q1 volatility, focusing on companies benefiting from secular trends in AI infrastructure, data center buildout, energy transition, and defense spending, while selectively positioning in healthcare and technology names with durable competitive advantages trading at attractive valuations.
The fund expects the current market turbulence to be short-lived, with valuations now at more reasonable levels and potential for positive catalysts from de-escalation of the Middle East conflict. Despite heightened uncertainty from energy price shocks, the US economy appears on strong enough footing to withstand higher energy prices for an abbreviated period given domestic oil production at 13.6 million barrels per day and sharply lower natural gas prices than most global markets. The administration's focus on gasoline prices ahead of midterm elections suggests the Middle East war will be relatively short-lived. The fund remains broadly constructive on cyclical areas, particularly those benefiting from data center spending, defense buildup, and energy infrastructure development.
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