| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The Carillon Eagle Small Cap Growth Fund navigated a volatile first quarter marked by initial optimism around Fed accommodation and massive AI infrastructure spending plans, followed by uncertainty from Middle East military strikes that sent energy prices sharply higher. The fund's core thesis centers on companies benefiting from AI data center buildout, with strong performers including Applied Optoelectronics, Modine Manufacturing, and Powell Industries securing major hyperscaler wins. Natural gas infrastructure companies like Archrock are positioned for sustained growth driven by LNG exports and data center power demand. The manager remains constructive on cyclicals including aerospace defense contractors benefiting from military restocking needs. Healthcare underperformed as investors rotated into cyclicals, though the sector trades at attractive valuations. Key risks include prolonged Middle East tensions impacting energy prices and consumer spending. The manager expects current turbulence to be short-lived given strong US economic fundamentals, with valuations now at more reasonable levels providing opportunity for patient capital deployment across secular growth themes.
Small-cap growth opportunities exist across AI infrastructure beneficiaries, energy infrastructure companies, and aerospace defense contractors despite near-term volatility from geopolitical tensions and energy price shocks.
The manager expects current market turbulence to be short-lived given strong US economic footing and potential for positive catalysts from Middle East conflict de-escalation. They remain broadly constructive on cyclicals despite energy price uncertainty, with particular optimism for data center infrastructure beneficiaries and aerospace defense companies.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 15 2026 | 2026 Q1 | AAOI, APPF, AROC, CRDO, GENI, IRTC, MOD, POWL, VITL | AI, Data centers, energy, growth, healthcare, Natural Gas, small cap, technology |
AAOI MOD POWL AROC VITL GENI IRTC CRDO APPF |
Small-cap growth fund capitalizing on AI infrastructure boom through data center cooling, electrical equipment, and fiber optic companies while maintaining exposure to natural gas midstream and aerospace defense. Near-term volatility from Middle East tensions creates opportunity as hyperscaler spending commitments underpin multi-year growth visibility for portfolio companies. |
| 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 | - | Small-cap growth positioned for favorable 2026 environment driven by continued AI investment cycle, aerospace aftermarket strength transitioning to OEM recovery, healthcare sector normalization with attractive valuations, and emerging onshoring trends. Multiple cyclical industries may inflect positively after prolonged downturns while fiscal stimulus and monetary easing provide supportive backdrop for equity markets. |
| Oct 24 2025 | 2025 Q3 | BOOT, BRBR, CLBT, DY, ESAB, EXP, LNTH, MMSI, MNDY, PI, PJT, POWL, PRM, RBA, RMBS, SHAK, WWD, ZWS | AI, cyclicals, Data centers, growth, healthcare, Natural Gas, small cap, technology |
RMBS PI PRM ZWS |
Small-cap growth stocks extended strong momentum in Q3, driven by AI infrastructure investments and cyclical positioning. The fund benefited from holdings in Rambus and Impinj as hyperscaler capex accelerated. Natural gas demand growth from LNG and data centers, plus manufacturing reshoring from tariffs, provide multi-year tailwinds. Team seeks quality AI adopters over speculative infrastructure plays despite constructive economic outlook. |
| Jul 27 2025 | 2025 Q2 | BOOT, BRBR, CLBT, DY, ESAB, EXR, LNTH, MMSI, MNDY, PI, PJT, POWL, PRM, RBA, RMBS, SHAK, WWD, ZWS | AI, Data centers, defense, growth, healthcare, Natural Gas, small cap, technology |
SHAK WWD ATI AVAV BOOT ARIS VNOM CLBT BRBR MMSI PI PRM ZWS RMBS POWL |
Small-cap growth fund capitalizing on AI data center buildout and structural reshoring trends. Strong performance from technology holdings like Rambus and Impinj, while maintaining constructive outlook for cyclicals, healthcare recovery, and defense spending. Team actively seeking AI adopters at reasonable valuations while avoiding speculative areas. Balanced positioning across themes with emphasis on predictable U.S.-centric businesses. |
| Mar 31 2025 | 2025 Q1 | AAON, ANF, ARIS, FLYW, ITCI, PCVX, PTGX, RBA, SHAK, SWTX | AI, Biotechnology, energy, growth, healthcare, small caps, technology, Trade Policy |
ITCI ARIS RBA PTGX SWTX FLY PCVX SHAK AAON ANF |
Small-cap growth stocks fell 11% in Q1 amid trade policy uncertainty and AI efficiency concerns. Top performers included biotech acquisitions while payment and vaccine stocks lagged on guidance disappointments. Despite headwinds, the team remains constructive, expecting tariff clarity to catalyze recovery and viewing current volatility as creating opportunities in quality companies at attractive valuations. |
| Jan 17 2025 | 2024 Q4 | APPF, AROC, BILL, ESAB, EVH, EXR, FRSH, KWR, LPLA, LSTR, MMSI, MSA, PCVX, PI, PJT, RBA, SUM, TMDX, ZETA | AI, Election, financials, growth, healthcare, M&A, small caps, technology | - | Small-cap growth fund positioned for market broadening beyond AI in 2025, benefiting from pro-business policies and increased M&A activity. Strong performance from financial services and technology holdings offset healthcare headwinds. Managers remain cautiously optimistic despite risks from policy changes, rising rates, and elevated sentiment, focusing on aerospace, energy, and data center opportunities. |
| Sep 30 2024 | 2024 Q3 | ANF, CELH, CHRD, ELF, LNTH, PCVX, PJT, RMBS, VNOM, ZETA | AI, energy, financials, growth, healthcare, small cap, technology | - | Small-cap growth fund targeting secular themes like AI infrastructure and healthcare normalization. Strong Q3 performance driven by advisory firms, marketing automation, and energy royalties. Key risks include AI momentum reversal and oil volatility. Positioned for declining rates environment with focus on companies having self-help catalysts and robust balance sheets. |
| Jul 26 2024 | 2024 Q2 | ANF, EVH, INSM, KWR, LSCC, LSTR, MNDY, MSA, ONTO, PJT, RBA, SUM, TMDX, VEI, VKTX, WWD | AI, Biotechnology, energy, growth, healthcare, semiconductors, small caps, technology | - | Small-cap growth fund focused on companies with strong balance sheets and secular growth exposure. Key themes include AI data center buildout, healthcare innovation including GLP-1 drugs, and disciplined energy companies. Strong performers like Insmed and TransMedics offset weakness in Summit Materials. Constructive market outlook despite Fed policy concerns, maintaining focus on quality companies generating free cash flows. |
| Apr 15 2024 | 2024 Q1 | CELH, EXR, FIVE, FRSH, KWR, LSTR, MKTX, MNDY, MSA, PJT, RBA, SMAR, SMCI, SUM, VKTX, VNOM, WCC, WING, WWD | AI, Biotechnology, energy, growth, healthcare, small caps, technology | - | Small-cap growth fund delivered strong Q1 performance led by AI infrastructure plays like Super Micro Computer and biotech breakthrough Viking Therapeutics. Portfolio benefits from secular themes including AI data center build-out, healthcare innovation, and industrial re-shoring. Managers actively managing momentum risks while maintaining constructive outlook on rate cuts and economic resilience supporting continued small-cap outperformance. |
| Jan 27 2024 | 2023 Q4 | CFLT, CYTK, GTLS, KNSL, KWR, LSCC, PJT, SUM, VICR, WING | energy, growth, healthcare, rates, Restaurants, small caps, technology, value | - | Small-cap growth fund capitalizing on Q4 rally driven by Fed dovishness and cooling inflation. Core holdings in Quaker Chemical and PJT Partners drove performance while healthcare sector recovered from depressed valuations. Technology positioned for rate decline benefits, energy attractive on valuations. Managers optimistic for 2024 while maintaining risk vigilance around monetary lag effects. |
| Sep 30 2023 | 2023 Q3 | CELH, FRSH, KNSL, KWR, LBRT, LTHM, PJT, PLNT, SLAB, SUM | AI, energy, growth, healthcare, rates, semiconductors, small cap, technology | - | Small-cap growth fund targeting high-quality companies with secular growth drivers and strong balance sheets. Core holdings benefit from AI transformation, energy discipline, and specialty market dynamics. Manager sees attractive valuations despite macro headwinds from rising rates and economic uncertainty. Thesis centers on companies generating robust free cash flows with competitive moats positioned for long-term outperformance. |
| Jul 27 2023 | 2023 Q2 | BRBR, LNTH, MMSI, MNDY, PI, POWL, PRM, RMBS, SHAK, ZWS | AI, Biotechnology, Data centers, defense, growth, Natural Gas, Onshoring, small cap |
AFM CN|B4B GR|BLU SJ|COH SJ|HCI|KO|KSPI|MGROS TI|MTN SJ|NE|NPK SJ|OCE SJ|PPI|PRX NA|SAHOL TI|SES|WINE LN KPRMILL IN ZWS RMBS POWL |
Small-cap growth fund capitalizing on AI infrastructure buildout, natural gas demand growth, and defense spending strength. Top holdings Rambus and Impinj benefit from data center and RFID adoption themes. Positioned for onshoring-driven manufacturing investment and aerospace aftermarket growth. Maintains cautious optimism despite elevated speculative valuations, seeking quality AI adopters at reasonable multiples. |
| Mar 31 2023 | 2023 Q1 | BRBR, LNTH, MMSI, MNDY, PI, POWL, PRM, RMBS, SHAK, ZWS | AI, Biotechnology, Data centers, defense, growth, Natural Gas, Onshoring, small cap |
AFM CN|B4B GR|BLU SJ|COH SJ|HCI|KO|KSPI|MGROS TI|MTN SJ|NE|NPK SJ|OCE SJ|PPI|PRX NA|SAHOL TI|SES|WINE LN KPRMILL IN ZWS RMBS POWL |
Small-cap growth fund capitalizing on AI adoption, data center buildout, natural gas demand, and defense spending themes. Strong Q3 performance driven by Rambus and Impinj benefiting from secular technology trends. Team maintains constructive outlook while avoiding overvalued AI infrastructure plays, instead targeting reasonably-valued AI adopters positioned for margin expansion. |
| 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 |
|---|---|---|
| 2026 Q1 |
AIAI infrastructure spending remains a bright spot with hyperscaler capital expenditure commitments continuing to underpin demand visibility for hardware and advanced semiconductors. Multiple portfolio companies benefit from AI data center buildout including Applied Optoelectronics, Modine Manufacturing, and Powell Industries. |
Data Centers Infrastructure Semiconductors Cloud Hardware |
Data CentersData center spending plans from hyperscalers far exceeded expectations, providing positive momentum for electrical equipment and engineering construction subsectors. Companies like Modine Manufacturing are well positioned to benefit from accelerating investment in high-performance computing infrastructure. |
Infrastructure Electrical Equipment Cooling Construction | |
Natural GasNatural gas outlook continues to improve as cold winter reduced surplus storage levels. Demand from LNG export facilities and power generation for data centers continues to rise sharply. Archrock is positioned to capitalize on robust sustained growth in domestic natural gas production. |
LNG Energy Midstream Infrastructure | |
Defense SpendingThe fund continues to favor companies with exposure to aerospace and defense as the Department of War needs to restock depleted munitions and allied countries build up military capacities in an increasingly uncertain geopolitical landscape. |
Aerospace Military Geopolitical Equipment | |
OilEnergy sector returned exceptionally strong performance during the first quarter but remains at depressed valuations. Oil prices will likely be supported by higher embedded risk premium following Middle East tensions, though the manager expects conflicts to be short-lived given administration focus on gasoline prices. |
Energy Geopolitical Valuations Production | |
| 2025 Q4 |
Live SportsMario Gabelli emphasizes live entertainment and sports as major investment themes, citing 55 million viewers for Kansas City Chiefs vs Dallas Cowboys game and upcoming World Cup. He recommends Atlanta Braves Holdings, Madison Square Garden Sports, Manchester United, and Rogers Communications as ways to invest in sports teams and related assets. |
Sports Entertainment Media Teams Broadcasting |
MediaGabelli discusses media investments including Fox and Versant Media Group, highlighting Fox's sports broadcasting rights for NFL and MLB games plus World Cup coverage. He notes Versant's spin-off from Comcast and its cable networks, sports programming production, and CNBC ownership. |
Broadcasting Cable Networks Content Television | |
Natural GasGabelli recommends National Fuel Gas, noting that 33% of U.S. gas comes from Appalachia and natural gas provides 40% of U.S. electric power. He believes the value of gas reserves near population centers is unappreciated and sees the company earning $7-9 per share with 50% upside to private market value. |
Utilities Energy Infrastructure Reserves Distribution | |
AIGabelli acknowledges AI's transformative impact, comparing it to historical technological disruptions like Gutenberg's printing press. He notes AI's acceleration and profound changes to economy and society, while warning of potential disappointment for investors and comparing the current boom to late 1990s tech speculation. |
Technology Innovation Disruption Automation Investment | |
GoldGabelli explains gold's 167% return in 2025 through the lens of central bank diversification away from dollars and individual investor demand for unhackable stores of value. He notes governments' trust in gold as a millennia-old store of value and mentions his gold expert Caesar Bryan's exceptional performance. |
Precious Metals Store of Value Currency Central Banks Commodities | |
| 2025 Q3 |
AIThe AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth fueled by AI-driven margin expansion. They maintain exposure to companies benefiting from hyperscaler capital expenditure increases for AI data centers. |
Data Centers Hyperscalers Margin Expansion Infrastructure Computing |
Data CentersCompanies with exposure to AI data center buildout have performed remarkably well as hyperscalers revised capital expenditure plans significantly higher. The team maintains a balanced view given strong growth expectations while noting risks from investor exuberance across the AI infrastructure landscape. |
AI Infrastructure Hyperscalers Capital Expenditure Computing Power Growth | |
Natural GasThe team remains positive on natural gas, expecting multi-year demand growth from both LNG export facilities and new power generation required by data centers. On the supply side, they expect slower growth for associated gas volumes from Permian Basin oil wells in response to weakening oil prices. |
LNG Power Generation Permian Basin Associated Gas Export Facilities | |
OnshoringCapital spending for manufacturing facilities is expected to see strong tailwinds from tax benefits in recently passed legislation and tariff-driven reshoring initiatives. This represents a significant opportunity for companies positioned to benefit from bringing manufacturing back to the United States. |
Manufacturing Tax Benefits Tariffs Reshoring Capital Spending | |
Defense SpendingThe aerospace and defense industry shows a favorable setup with robust spending growth in new and emerging areas anchored by U.S. Department of Defense and NATO strategic priorities. This offers durable visibility and supports a resilient growth profile for the industry. |
NATO Strategic Priorities Spending Growth Durable Visibility Resilient Growth | |
BiotechnologyBiotechnology stocks are getting a boost from declining interest rates. The team believes continued rate declines could support a prolonged period of positive returns for the biotechnology industry, particularly as the sector works through previous pandemic-related excesses. |
Interest Rates Rate Declines Pandemic Recovery Positive Returns Sector Recovery | |
| 2025 Q2 |
AIThe AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth fueled by AI-driven margin expansion. They maintain exposure to companies benefiting from hyperscaler capital expenditure increases for AI data centers. |
Data Centers Hyperscalers Margin Expansion Infrastructure Computing |
Data CentersCompanies with exposure to AI data center buildout have performed remarkably well as hyperscalers revised capital expenditure plans significantly higher. The team maintains a balanced view given strong growth expectations while noting risks from investor exuberance across the AI infrastructure landscape. |
AI Infrastructure Hyperscalers Capital Expenditure Computing Power Growth | |
Natural GasThe team remains positive on natural gas, expecting multi-year demand growth from both LNG export facilities and new power generation required by data centers. On the supply side, they expect slower growth for associated gas volumes from Permian Basin oil wells due to weakening oil prices. |
LNG Power Generation Permian Basin Supply Demand Energy | |
OnshoringCapital spending for manufacturing facilities is expected to see strong tailwinds from tax benefits in recently passed legislation and tariff-driven reshoring initiatives. This represents a significant structural shift supporting domestic manufacturing investment. |
Manufacturing Tariffs Tax Benefits Domestic Production Capital Spending | |
DefenseThe aerospace and defense industry shows a favorable setup with healthy aftermarket fundamentals in commercial jet engines and inflecting commercial build rates. Defense spending growth in new areas anchored by U.S. Department of Defense and NATO priorities offers durable visibility and resilient growth. |
Aerospace Commercial Aviation NATO Defense Spending Aftermarket | |
BiotechnologyBiotechnology stocks are getting a boost from declining interest rates. The team believes continued rate declines could support a prolonged period of positive returns for the biotechnology industry, particularly as the sector works through previous pandemic-related excesses. |
Interest Rates Healthcare Drug Development Valuations Recovery | |
| 2025 Q1 |
BiotechnologyHealthcare remains the largest sector in the US at $5 trillion, growing 5% annually driven by aging population and chronic conditions. Recent M&A activity has picked up in pharmaceuticals and medical devices as companies seek portfolio expansion. The sector is generally more favorably priced than most sectors despite recent underperformance. |
Pharmaceuticals M&A Healthcare |
AINew and more efficient AI models cast doubt on hyperscalers' capital spending plans for new data centers, causing market volatility. Despite market reaction, the investment cycle to support AI technology is still in early innings with continued buildout of data centers and related infrastructure expected. |
Data Centers Cloud Technology | |
Trade PolicyHeated rhetoric surrounding future tariff policy increased perceived risks of global trade war, causing market correction. Uncertainty over future trade flows will impact global supply chains as manufacturers scramble to optimize cost structures. Policy uncertainty is at record high levels. |
Tariffs Supply Chain Policy | |
OilOil prices have fallen in response to weakening economic outlook and OPEC's decision to increase supply. Oil service activity expected to remain at depressed levels with operators adjusting budgets downward to maintain production flat. Natural gas prices have firmed on improved power generation demand outlook. |
Energy OPEC Natural Gas | |
| 2024 Q4 |
AIThe letter discusses significant AI investment themes, noting that one major chip designer's data center revenues are expected to represent approximately 15% of total U.S. capital spending in 2025. The managers highlight the risk of excess capacity if generative AI applications fail to drive demand, requiring hyperscalers to generate $400 billion in revenue to justify current spending levels. |
Data Centers Semiconductors Cloud Hyperscalers GenAI |
Capital MarketsThe managers expect increased M&A activity under the new administration, benefiting boutique advisory firms like PJT Partners. They anticipate smoother pathways for mergers, acquisitions, and IPOs in the technology sector, with election results supporting investment banking stocks. |
M&A Investment Banks IPOs Advisory Deal Activity | |
Small CapsSmall-cap stocks had another strong year in 2024 with the Russell 2000 Growth Index up 15.14%. The managers believe 2025 should see a broadening of returns beyond AI themes as more businesses benefit from deregulation and favorable M&A environment, with small business optimism jumping significantly post-election. |
Russell 2000 Growth Deregulation Business Optimism Broadening | |
| 2024 Q3 |
AIThe dramatic growth in AI infrastructure investment remains a dominant theme in the market. The team believes many of their holdings are well positioned to benefit from the hundreds of billions of dollars being invested by mega-cap tech companies. AI spending remains a bright area with promising opportunities to capitalize on this long-term, multi-year trend. |
Infrastructure Investment Technology Spending Growth |
HealthcareHealthcare stocks showed improvement in Q3 after working off COVID-induced excesses. The team expects an inflection point where investment dollars rotate back into healthcare, particularly favoring clinical research organizations, organ transplant technology, comprehensive radiology solutions, and radiopharmaceutical diagnostics. |
CRO Diagnostics Biotechnology Clinical Research | |
EnergyOil prices expected to remain volatile following reports of Saudi Arabia's possible waning willingness to support higher prices. The team maintains balanced weight in energy with focus on companies with best-of-breed assets and pristine balance sheets, while monitoring Middle East crisis escalation risks. |
Oil Volatility OPEC Geopolitical Balance Sheets | |
Capital MarketsWith declining interest rates, the team sees opportunities in boutique advisory firms poised to benefit from increased M&A activity. They also see opportunities in alternative asset space as products continue to grow and become available in wealth management and retail channels. |
M&A Advisory Alternative Assets Interest Rates Wealth Management | |
| 2024 Q2 |
AIThe fund continues to see strong momentum within the AI data center buildout megatrend that is now a year old. The enormous power requirements of AI data centers have positive implications for a broader group of stocks extending across energy, industrials and utilities. The portfolio is well positioned to benefit from this theme as the surge in capital spending plans from mega-cap tech companies holds significant positive implications for several holdings within the electrical equipment and power generation industries. |
Data Centers Power Equipment Electrical Equipment Semiconductors Technology |
GLP1The fund has exposure to distributors that benefit from the explosive growth in GLP-1 anti-obesity drugs. Viking Therapeutics develops drugs for patients with metabolic disorders, with its main drug VK2735 showing very strong results in an initial pilot study in patients with diabetes. However, a slew of competitors has begun entering the glucagon-like peptide 1 agonist weight loss market. |
Obesity Diabetes Pharmaceuticals Weight Loss Biotechnology | |
HealthcareThe healthcare sector continues to lag on a year-to-date basis but is still working off the excesses from COVID that left it with a hangover. The fund sees opportunities with exposure to contract research organizations that manage clinical trials for emerging biopharmaceutical companies. They have added several new companies with disruptive technologies and business models that have translated to expanding margins and accelerated growth. |
CRO & CDMO Medical Devices Biotechnology Healthcare IT Pharmaceuticals | |
SemiconductorsOnto Innovation provides process control solutions and inspection systems primarily used in the fabrication of semiconductors. The company's quarterly earnings exceeded expectations led by an inflection in advanced nodes and continued strength in packaging inspection, especially tied to semiconductors that enable artificial intelligence. Lattice Semiconductor provides chips used in various end markets but growth has slowed from last year's more robust pace. |
Semi Equipment Chip Designers AI Packaging Memory Equipment | |
EnergyThe fund remains positive on energy stocks broadly due to the disciplined commitment of management teams to create shareholder value by focusing on generating free cash flows and returning capital to shareholders through dividends and share buybacks. Although oil prices have been buoyed by geopolitical risks, energy stocks have struggled due to investor concerns around OPEC's commitment to maintain supply discipline. |
Oil Exploration & Production Energy Trading Dividends Buybacks | |
| 2024 Q1 |
AIAI investment theme continued to drive strong gains as companies exposed to artificial intelligence posted strong performance. The fund benefited from AI infrastructure plays like Super Micro Computer, which provides accelerated computing platforms for cloud computing and AI applications. The managers are closely monitoring AI adoption and the sustainability of the AI investment cycle to determine future market leadership. |
Data Centers Cloud Infrastructure Semiconductors Computing |
GLP1The fund invested in Viking Therapeutics, which demonstrated strong weight reduction results with its GLP-1 obesity drug compared to leading competitors like tirzepatide. The oral version also showed strong efficacy with manageable side effects. This represents exposure to the large and growing GLP-1 agonist market for diabetes and obesity treatment. |
Biotechnology Obesity Diabetes Weight Loss Pharmaceuticals | |
EnergyEnergy sector posted solid gains during the quarter, with the fund holding Viper Energy which benefited from rising crude oil prices and a sizable acquisition by its parent company. Oil prices were supported by improving Chinese demand, geopolitical risks, and OPEC supply discipline, particularly Saudi Arabia holding excess supply off the market. |
Oil Natural Gas Exploration & Production Midstream Energy Trading | |
OnshoringIndustrial sector benefited from re-shoring and automation initiatives, infrastructure stimulus, and significant spending to support AI-driven data centers. The managers see attractive investment opportunities in companies benefiting from the planned build-out of AI data centers, which will drive step-change energy demand requiring significant utility investments. |
Infrastructure Spending Automation Industrial Machinery Construction Manufacturing | |
BiotechnologyHealthcare sector showed improvements with strong uptick in biotech financings, IPOs, and M&A activity returning to pre-COVID levels. Clinical research organizations benefited from increased pharmaceutical and biotech company contracting for drug trials. The fund sees healthcare as a sector filled with innovation, growth, large moats, and solid profit margins. |
CRO & CDMO Biopharma M&A Pharmaceuticals Drug Development Clinical Trials | |
| 2023 Q4 |
HealthcareHealthcare was one of the worst-performing sectors for most of 2023 but rallied sharply in Q4 from deeply depressed valuations. Multiple catalysts could drive healthcare stocks higher including pharmaceutical M&A of biotech companies, improvements in clinical readouts, and increasing demand for life science tools. |
Biotechnology Pharmaceuticals Biopharma M&A Clinical Labs Life Science Tools |
TechnologyTechnology sector positioned well given combination of inflation indicators suggesting normalized environment while interest rates decline. Despite uneven enterprise demand patterns, consumer spending remains healthy alongside employment figures. Mergers and acquisitions activity expected to increase in the new year. |
Enterprise Software Cloud AI Semiconductors IT Services | |
EnergyEnergy lagged in 2023 with oil prices sputtering due to strong North American supply growth and disappointing China demand recovery. However, the sector remains attractive given valuations and companies' commitment to return cash flow through share buybacks and dividends. |
Oil Exploration & Production Energy Trading Buybacks Dividends | |
RestaurantsConsumers continue to prioritize travel and experiences while being discerning about value. The fund sees attractive opportunities in companies offering unique experiences and restaurants that offer discount value products as part of consumer selectivity trends. |
Restaurants Travel Consumer Finance Discount Retail | |
| 2023 Q3 |
AIThe fund remains excited about the potential for generative AI to transform a variety of businesses and continues to look for ways to benefit from this emerging trend. Despite strong interest from the investment community, valuations for many companies well-positioned to benefit from AI currently trade at reasonable multiples relative to their prospects for accelerating earnings growth. The emergence of the latest version of artificial intelligence has sparked healthy optimism, translating to increased spending in various industries such as semiconductors, hardware, and software. |
Generative AI Technology Semiconductors Software Hardware |
EnergyThe fund sees a balanced picture in energy with subdued demand for oil being more than offset by the discipline of oil-producing countries, notably Saudi Arabia and Russia, to keep excess barrels off the market. They are encouraged by capital discipline across the energy sector among both producers and service companies to generate free cash flows to reward shareholders through share buybacks and dividends. Despite a 20% surge in the 12-month oil strip, the U.S. rig count fell 7% to 623 and is now down 20% year to date. |
Oil Energy Services Capital Discipline Free Cash Flow Buybacks | |
GLP1The healthcare sector was negatively impacted by concerns over GLP-1 agonists and their potential ability to produce significant amounts of weight loss in obese individuals. Medical device companies suffered outflows due to concerns over diminished demand for insulin pumps, continuous blood glucose monitors, or cardiac catheterization procedures. However, the fund believes several factors may impede adoption at levels sufficient to produce an overall reduction in demand for certain medical devices and services, including that patients must stay on these drugs for life, they are expensive, and have adverse side effects. |
Weight Loss Medical Devices Healthcare Diabetes Obesity | |
RatesThe outlook for cyclically exposed areas of the stock market has dimmed following a sharp increase in real interest rates across the belly of the yield curve. The recent surge in medium- and long-term interest rates along with the decline in the rate of inflation has pushed real interest rates notably higher, which is virtually certain to impact investment spending going forward. Mortgage applications have fallen to their lowest level since 1996 as 30-year mortgage rates have approached 8%. |
Interest Rates Real Rates Mortgage Rates Investment Spending Yield Curve | |
Semiconductor CycleThe technology sector continues to grapple with crosscurrents of inflation pressures subsiding as interest rates continue to move higher amid mixed macroeconomic signals. The fund believes supply cuts and destocking within the semiconductor industry will help bring supply and demand into balance, and companies like Silicon Labs will benefit on the other side of the cycle. Despite near-term issues of unpredictable customer spending and financial turbulence, the sector remains attractive due to longer-term demand drivers and healthy balance sheets. |
Semiconductors Inventory Correction Supply Demand Technology Destocking | |
| 2023 Q2 |
AIThe AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The fund seeks AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. However, current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error. |
Data Centers Infrastructure Adoption Margin Expansion Valuations |
Data CentersCompanies with exposure to AI data center buildout have performed remarkably well as hyperscalers revised capital expenditure plans significantly higher. Demand trends for computing power support these plans for the foreseeable future, though risk of potential overcapacity looms. The fund maintains balanced view given strong growth expectations while noting risks from investor exuberance. |
Hyperscalers Capital Expenditure Computing Power Overcapacity Infrastructure | |
Natural GasThe fund remains positive on natural gas, expecting multi-year demand growth from both LNG export facilities and new power generation required by data centers. On the supply side, they expect slower growth pace for associated gas volumes from Permian Basin oil wells in response to weakening oil prices. |
LNG Power Generation Permian Basin Supply Demand | |
OnshoringCapital spending for manufacturing facilities expected to see strong tailwinds from tax benefits in recently passed legislation and tariff-driven reshoring initiatives. This represents a significant structural shift supporting domestic manufacturing investment. |
Manufacturing Tax Benefits Legislation Tariffs Investment | |
DefenseFavorable setup continues for aerospace and defense industry with healthy aftermarket fundamentals, particularly in commercial jet engines. Robust defense spending growth in new and emerging areas anchored by U.S. Department of Defense and NATO strategic priorities offers durable visibility and resilient growth profile. |
Aerospace Aftermarket NATO Spending Growth Strategic Priorities | |
BiotechnologyBiotechnology stocks are getting a boost from declining interest rates. If rates continue to decline, this could support a prolonged period of positive returns for the biotechnology industry. Recent M&A activity has picked up though remains below normal levels. |
Interest Rates M&A Activity Returns Valuations | |
| 2023 Q1 |
AIThe AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The fund is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth through AI-driven margin expansion. However, current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error. |
Data Centers Infrastructure Adoption Margin Expansion Valuations |
Data CentersCompanies with exposure to AI data center buildout have performed remarkably well as hyperscalers revised capital expenditure plans significantly higher. The fund maintains a balanced view given expectations for strong growth while noting risks associated with investor exuberance across the AI infrastructure landscape. Powell Industries has potential for increased direct exposure to data centers. |
Hyperscalers Capital Expenditure Infrastructure Growth | |
Natural GasThe fund remains positive on natural gas, expecting multi-year demand growth from both LNG export facilities and new power generation required by data centers. On the supply side, they expect the pace of growth for associated gas volumes from oil wells in the Permian Basin to slow in response to weakening oil prices. |
LNG Power Generation Permian Basin Supply | |
OnshoringCapital spending for manufacturing facilities is expected to see strong tailwinds from both tax benefits in recently passed legislation and tariff-driven reshoring initiatives. This represents a significant opportunity for companies positioned to benefit from the return of manufacturing to the United States. |
Manufacturing Tax Benefits Tariffs Legislation | |
DefenseThe aerospace and defense industry shows a favorable setup with healthy aftermarket fundamentals, particularly in commercial jet engines. Robust spending growth in new and emerging defense areas, anchored by U.S. Department of Defense and NATO strategic priorities, offers durable visibility and supports resilient growth profiles. |
Aerospace Aftermarket NATO Spending Growth | |
BiotechnologyBiotechnology stocks are getting a boost from declining interest rates. The sector has been working off COVID-19 pandemic excesses, with poor returns due to lower quality drug candidates and higher negative clinical readouts. However, recent M&A activity pickup and more favorable valuations provide reasons for optimism. |
Interest Rates M&A Clinical Trials Valuations |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 15, 2026 | Fund Letters | Carillon Eagle Small Cap Growth Fund | AAOI | Applied Optoelectronics | Communication Equipment | Communications Equipment | Bull | NASDAQ | AI data centers, Communications Equipment, Fiber Optic, hyperscale, infrastructure, manufacturing capacity, Networking | Login |
| Apr 15, 2026 | Fund Letters | Carillon Eagle Small Cap Growth Fund | MOD | Modine Manufacturing | Auto Parts | Industrial Machinery | Bull | New York Stock Exchange | AI infrastructure, data center cooling, high-performance computing, HVAC, industrial machinery, portfolio transformation, thermal management | Login |
| Apr 15, 2026 | Fund Letters | Carillon Eagle Small Cap Growth Fund | POWL | Powell Industries | Electrical Equipment & Parts | Electrical Equipment | Bull | NASDAQ | Custom-engineered, data centers, electrical equipment, Gulf Coast, LNG infrastructure, production capacity, utility | Login |
| Apr 15, 2026 | Fund Letters | Carillon Eagle Small Cap Growth Fund | - | Solstice Advanced Materials | Other | Specialty Chemicals | Bull | New York Stock Exchange | advanced materials, capacity expansion, Nuclear, specialty chemicals, spin-off, Uranium conversion, Utility Scale | Login |
| Apr 15, 2026 | Fund Letters | Carillon Eagle Small Cap Growth Fund | AROC | Archrock | Oil & Gas Equipment & Services | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | AI infrastructure, energy infrastructure, LNG Exports, midstream, natural gas compression, Oil & Gas Equipment, Power-Demand | Login |
| Apr 15, 2026 | Fund Letters | Carillon Eagle Small Cap Growth Fund | VITL | Vital Farms | Farm Products | Packaged Foods & Meats | Bear | NASDAQ | Avian influenza, Eggs, Family farms, Packaged Foods, Pasture-Raised, Premium food, supply glut | Login |
| Apr 15, 2026 | Fund Letters | Carillon Eagle Small Cap Growth Fund | GENI | Genius Sports | Internet Content & Information | Interactive Media & Services | Bull | New York Stock Exchange | acquisition, broadcasting, fan engagement, Interactive Media, Sports betting, Sports Data, technology platform | Login |
| Apr 15, 2026 | Fund Letters | Carillon Eagle Small Cap Growth Fund | IRTC | iRhythm Technologies | Medical Devices | Health Care Equipment | Bull | NASDAQ | AI-driven, cardiac monitoring, digital healthcare, DOJ inquiry, Health Care Equipment, Remote Monitoring, Wearable devices | Login |
| Apr 15, 2026 | Fund Letters | Carillon Eagle Small Cap Growth Fund | CRDO | Credo Technology | Semiconductors | Semiconductors | Bull | NASDAQ | AI data centers, connectivity solutions, Data center architecture, High-Speed, hyperscale, semiconductors, Specialized cables | Login |
| Apr 15, 2026 | Fund Letters | Carillon Eagle Small Cap Growth Fund | APPF | AppFolio | Software - Application | Application Software | Bull | NASDAQ | AI disruption, Application Software, Cloud-based software, market share gains, Multi-property, property management, Real Estate | Login |
| Oct 24, 2025 | Fund Letters | Eric Mintz | RMBS | Rambus Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, growth, hyperscalers, Margins, Memory, semiconductors, transformation | Login |
| 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 |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | PI | Impinj | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Asset tracking, growth, Inventory Tracking, Licensing, RFID, semiconductors, technology | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | PRM | Perimeter Solutions | Materials | Specialty Chemicals | Bull | NYSE | Acquisitions, Fire Safety, Less Cyclical, Multi-year Contract, Operating Execution, specialty chemicals | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | ZWS | Zurn Elkay Water Solutions | Industrials | Building Products | Bull | NYSE | Building Products, Institutional Markets, non-residential construction, product launches, Tariff Navigation, Water Management | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | RMBS | Rambus | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI data centers, business transformation, capital expenditures, hyperscalers, Memory Technology, semiconductors | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | POWL | Powell Industries | Industrials | Electrical Equipment | Bull | NASDAQ | Customizable Solutions, data centers, electrical equipment, Grid Investment, Switchgear, Utility Infrastructure | 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 |
| Mar 31, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | ITCI | Intra-Cellular Therapies | Health Care | Pharmaceuticals | Bull | NASDAQ | acquisition, Biotech, Bipolar Disorder, CNS, Depression, Neuroscience, Patent Settlement, pharmaceuticals | Login |
| Mar 31, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | ARIS | Aris Water Solutions | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Completion Activities, Delaware Sub-basin, Energy Services, Oil & Gas Services, Permian Basin, Water infrastructure, Water Recycling | Login |
| Mar 31, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | RBA | RB Global | Industrials | Trading Companies & Distributors | Bull | NYSE | Auction Platform, Construction Equipment, IAA Integration, marketplace, Operational Turnaround, Salvage Automobiles, Trading Companies | Login |
| Mar 31, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | PTGX | Protagonist Therapeutics | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Clinical Remission, Oral Therapy, Peptide-based, Phase 2 Trial, Polycythemia Vera, rare diseases, Ulcerative Colitis | Login |
| Mar 31, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | SWTX | SpringWorks Therapeutics | Health Care | Biotechnology | Bull | NASDAQ | acquisition target, biotechnology, Cancer, Commercial Stage, M&A, Precision-medicine, rare diseases | Login |
| Mar 31, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | FLY | Flywire | Information Technology | Data Processing & Outsourced Services | Neutral | NASDAQ | clean balance sheet, Cross-Border, double-digit growth, margin expansion, Payments, Software, valuation discount | Login |
| Mar 31, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | PCVX | Vaxcyte | Health Care | Biotechnology | Neutral | NASDAQ | biotechnology, FDA Regulatory, Non-inferiority, Phase 2 Trial, Phase 3 trials, Pneumococcal Disease, vaccine development, vaccines | Login |
| Mar 31, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | SHAK | Shake Shack | Consumer Discretionary | Restaurants | Bull | NYSE | Brand Premium, comparable sales, Consumer Discretionary, Fast casual, margin expansion, Restaurants, Unit growth | Login |
| Mar 31, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | AAON | AAON | Industrials | Building Products | Neutral | NASDAQ | Building Products, capacity expansion, Commercial Industrial, data center cooling, HVAC, Refrigerant Transition, Rooftop Units | Login |
| Mar 31, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | ANF | Abercrombie & Fitch | Consumer Discretionary | Specialty Retail | Bull | NYSE | Apparel Retail, Freight Costs, gross margins, Hollister Brand, Multi-brand, Omnichannel, Specialty retail | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | AFM CN|B4B GR|BLU SJ|COH SJ|HCI|KO|KSPI|MGROS TI|MTN SJ|NE|NPK SJ|OCE SJ|PPI|PRX NA|SAHOL TI|SES|WINE LN | Impinj | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | asset management, growth, Inventory Tracking, Licensing, RFID, semiconductors, technology | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | KPRMILL IN | Perimeter Solutions | Materials | Specialty Chemicals | Bull | NYSE | Acquisitions, defensive, Fire Safety, materials, Multi-year Contract, specialty chemicals | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | ZWS | Zurn Elkay Water Solutions | Industrials | Building Products | Bull | NYSE | Building Products, Industrials, infrastructure, Legislation, non-residential construction, Specification-driven, Water Management | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | RMBS | Rambus | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, data centers, hyperscalers, Memory Technology, semiconductors, Technology Transformation | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | POWL | Powell Industries | Industrials | Electrical Equipment | Bull | NASDAQ | customization, data centers, electrical equipment, Grid modernization, Industrials, Switchgear, Utility Infrastructure | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | AFM CN|B4B GR|BLU SJ|COH SJ|HCI|KO|KSPI|MGROS TI|MTN SJ|NE|NPK SJ|OCE SJ|PPI|PRX NA|SAHOL TI|SES|WINE LN | Impinj | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Asset tracking, growth, Inventory Tracking, Licensing, RFID, semiconductors, technology | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | KPRMILL IN | Perimeter Solutions | Materials | Specialty Chemicals | Bull | NYSE | Acquisitions, Cyclical, Fire Retardant, Fire Safety, materials, Multi-year Contract, specialty chemicals | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | ZWS | Zurn Elkay Water Solutions | Industrials | Building Products | Bull | NYSE | Building Products, Institutional, Legislation, non-residential construction, product launches, tariffs, Water Management | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | RMBS | Rambus | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, data centers, hyperscalers, Licensing, Memory Technology, Product Company, semiconductors | Login |
| Sep 30, 2025 | Fund Letters | Carillon Eagle Small Cap Growth Fund | POWL | Powell Industries | Industrials | Electrical Equipment | Bull | NASDAQ | Customizable, data centers, electrical equipment, Grid Investment, process control, Switchgear, utility | Login |
| TICKER | COMMENTARY |
|---|---|
| AAOI | Applied Optoelectronics supplies fiber-optic networking products used in high-speed cable networks and increasingly used in artificial intelligence (AI) data centers. The company reported a healthy quarter and discussed winning major new orders from large hyperscale customers. The company also has made progress on a new US-based facility that is expected to increase its capacity to serve other hyperscale customers next year. |
| MOD | Modine Manufacturing provides mission-critical thermal management solutions. It delivered strong performance driven by its growing exposure to data center cooling. The company is well positioned to benefit from accelerating investment in high-performance computing and artificial intelligence infrastructure. Management raised expectations during the quarter, indicating they now expect to significantly exceed their recently issued multi-year data center revenue targets. The announced sale of its Performance Technologies segment – serving lower-growth, lower-margin automotive and transportation markets – transforms the company into a more focused, higher-growth pure play on data centers and commercial heating, ventilation, and air conditioning (HVAC). This enhances its long-term growth profile. |
| POWL | Powell Industries, a provider of custom-engineered electrical equipment and systems, was a notable strong performer. The company secured several large data center wins, complementing a steady stream of utility-related awards in recent periods. Powell is well positioned to benefit from ongoing liquefied natural gas (LNG) export infrastructure development along the Gulf Coast. Management announced plans to expand production capacity, signaling confidence in a meaningful ramp-up in demand and providing increased visibility into future growth. |
| AROC | Archrock, an energy infrastructure company focused on midstream natural gas compression, performed well as improving oil prices supported expectations for modestly stronger US production growth in the near term. Given that its earnings are closely tied to natural gas volumes, this shift in outlook benefited sentiment. Archrock is well positioned longer term to capitalize on the robust sustained growth in domestic natural gas production. This is driven by expanding LNG export capacity and ever-increasing power demand associated with the buildout of artificial intelligence infrastructure. |
| VITL | Vital Farms produces and markets pasture-raised eggs and dairy products sourced from a network of small family farms. The stock came under pressure after the company lowered its revenue guidance. Vital Farms faces a temporary supply glut in the egg market after last year's avian influenza outbreak quickly subsided. This dynamic, coupled with adverse weather, reduced its revenue outlook. |
| GENI | Genius Sports provides sports data, technology, and media services that power betting, broadcasting, and fan engagement. The stock sold off dramatically following the market's negative reaction to its announced plan to acquire a provider of ticketing, sponsorship, and merchandising services for sports and entertainment venues. The underlying data and media business continues to perform well, and we do not share the market's overly pessimistic view of the deal. We look forward to the close of the acquisition in the second quarter and believe strong fundamentals could drive the stock from here. |
| IRTC | iRhythm Technologies is a digital healthcare company that develops wearable, AI-driven cardiac monitoring devices. The stock struggled despite delivering beat-and-raise results. Broader weakness in the healthcare equipment and supplies industry, as investors rotated into cyclical and technology stocks, weighed on performance. Additional pressure came from a US Department of Justice Civil Investigative Demand (DOJ CID) received in December related to mobile cardiac telemetry services rendered in 2023 via iRhythm's Zio AT recording device. This inquiry is limited in scope as it only accounts for a small portion of total sales and the risk has already been priced in. We don't read too much into the company's recent change of auditors. |
| CRDO | Credo Technology provides specialized cables used in AI data centers. The company has been growing very rapidly, but investors have become concerned about replacement risks from both increased competition and evolving data center architecture potentially reducing demand for its specialized cables. While we acknowledge the risk from technological change, we view it as unlikely to impact the business in the immediate to mid term. The massive spending in data centers as telecasted by hyperscalers should benefit all suppliers, even with some market share shifts. |
| APPF | AppFolio provides cloud-based multi-property management software. The company has been gaining share against legacy suppliers while delivering strong margins and cash flow. Investor concerns have emerged around AI tools potentially replacing proprietary solutions like the ones provided by AppFolio. We believe the company's deep industry expertise. The importance of its software in managing the complexity of running thousands of rental units, the potential financial consequences, and AppFolio's relatively low-cost offering together are enough to dissuade customers from using rudimentary AI-based tools. |
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