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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The fund experienced a strong rebound in Q2 2025 as early tariff concerns eased, fueled by robust AI-related demand across software, security, and power infrastructure. Management maintains a constructive outlook heading into 2026, anticipating interest rate cuts and a broadening of market growth."
The Carillon Eagle Mid Cap Growth Fund delivered commentary for the second quarter of 2025, highlighting a strong recovery in mid-cap growth stocks following an initial market drawdown in April triggered by tariff and trade policy concerns. The Russell Midcap Growth Index rallied 18.20%, significantly outperforming its value counterpart, with standout absolute returns from Utilities and strong contributions from Information Technology. The portfolio's top-performing holdings were led by Palantir Technologies, Axon Enterprise, Royal Caribbean Cruises, Cloudflare, and Vistra. Palantir excelled due to robust military and non-military AI contract wins, while Axon continued to execute in AI-enabled security and drones. Vistra gained as power demand forecasts climbed due to AI data center expansion. On the downside, detractors included Baker Hughes on oil price concerns, Sarepta Therapeutics following clinical trial complications, Okta due to disappointing guidance, Ryan on temporary margin compression, and RH due to tariff pressures and housing market weakness. Looking forward, the managers express a constructive outlook, expecting inflation to remain favorable, which should allow the Federal Reserve to cut interest rates in the second half of the year. This environment is projected to foster a broader market recovery, supporting high-quality secular growth stocks across technology, financials, and consumer experiences.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The fund experienced a strong rebound in Q2 2025 as early tariff concerns eased, fueled by robust AI-related demand across software, security, and power infrastructure. Management ...
Growth Outlook
Market outlook remains high conviction: The fund experienced a strong rebound in Q2 2025 as early tariff concerns eased, fueled by robust AI-related demand across software, security, and power infrastructure. Management ...
Risk Appetite
Risk appetite posture is high conviction: The fund experienced a strong rebound in Q2 2025 as early tariff concerns eased, fueled by robust AI-related demand across software, security, and power infrastructure. Management ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund experienced a strong rebound in Q2 2025 as early tariff concerns eased, fueled by robust AI-related demand across software, security, and power infrastructure. Management ...
Forward Guidance
Forward guidance signal: The fund experienced a strong rebound in Q2 2025 as early tariff concerns eased, fueled by robust AI-related demand across software, security, and power infrastructure. Management ...
Language Signal
Tone analysis indicates high conviction language: The fund experienced a strong rebound in Q2 2025 as early tariff concerns eased, fueled by robust AI-related demand across software, security, and power infrastructure. Management ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The fund experienced a strong rebound in Q2 2025 as early tariff concerns eased, fueled by robust AI-related demand across software, security, and power infrastructure. Management ...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The fund experienced a strong rebound in Q2 2025 as early tariff concerns eased, fueled by robust AI-related demand across software, security, and power infrastructure. Management ...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund experienced a strong rebound in Q2 2025 as early tariff concerns eased, fueled by robust AI-related demand across software, security, and power infrastructure. Management ...
