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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Carillon Eagle Small Cap Growth Fund 2023 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Carillon Eagle Small Cap Growth Fund)

Primary Source Intelligence • Q1 2023 Letter Analysis

Carillon Eagle Small Cap Growth Fund Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Carillon Eagle Small Cap Growth Fund. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

Annualized+1.41%

Positioning StanceConstructive

GeographyUS

Digest Analysis

Quick Take

"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."

Executive Summary

The Carillon Eagle Small Cap Growth Fund delivered strong performance in Q3 2025 as small-cap stocks extended their momentum. The fund's core thesis centers on companies positioned to benefit from secular growth themes including AI adoption, data center infrastructure buildout, natural gas demand growth, defense spending increases, and manufacturing onshoring initiatives. Top contributors included Rambus, benefiting from AI data center demand for memory solutions, and Impinj, capitalizing on broadening RFID adoption. The team maintains a constructive outlook while noting risks from elevated valuations in speculative market areas. They are actively seeking AI adopter companies trading at reasonable multiples rather than infrastructure plays with stretched valuations. The fund expects continued strength in defense, natural gas, and onshoring themes driven by geopolitical priorities and policy support. Portfolio positioning reflects balanced exposure to these secular trends while maintaining selectivity given the potential for volatility in frothier market segments that have attracted speculative capital.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

72%

CautiousHigh

High Conviction (72%)

The fund demonstrates high conviction through concentrated positions in named holdings (98 total holdings with detailed commentary on top 10), specific thesis explanations for each position, and clear sector allocation strategies. The managers provide detailed reasoning for each holding and express confidence in long-term themes, though some hedging language around valuations prevents a higher score.

Growth Outlook

60%

BearishBullish

Neutral (60%)

The fund expresses a constructive outlook with three key positive drivers (AI investment cycle acceleration, limited tariff inflation impacts, prospects for Fed rate cuts). They note economic outlook appears constructive with potential fiscal and monetary stimulus tailwinds, though acknowledge some caution about frothy market areas.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

The fund maintains exposure to growth themes but shows selectivity and caution. They are actively seeking reasonably-valued opportunities rather than chasing expensive AI infrastructure stocks, and note they maintain a 'balanced view' on AI infrastructure given valuation concerns.

Capital Deployment

20%

De-riskingDeploying

De-risking (20%)

The fund shows selective deployment activity, actively seeking new AI adopter opportunities while maintaining existing positions. However, there's no evidence of significant cash level changes or aggressive new position building. The emphasis on selectivity and reasonable valuations suggests measured rather than aggressive deployment.

Forward Guidance

50%

CautiousExpansionary

Neutral (50%)

The fund is actively scouring for new AI adopter opportunities and maintains constructive outlooks across multiple sectors, but emphasizes selectivity and reasonable valuations. They are neither aggressively deploying nor pulling back, showing a measured approach to new investments.

Language Signal

55%

BearishBullish

Balanced (55%)

Language is predominantly positive with terms like 'constructive outlook,' 'strong tailwinds,' 'favorable setup,' and 'reasons for optimism' across multiple sectors. However, this is balanced by caution about 'stratospheric valuations,' 'little margin for error,' and 'vulnerable to downside volatility.'

Perceived Risk

65%

Low RiskElevated

Elevated Risk (65%)

The fund identifies several specific risks including stratospheric valuations in speculative stocks, little margin for error in AI infrastructure valuations, potential overcapacity in data centers, and vulnerability to downside volatility in frothy market areas. These risks are discussed with meaningful detail and concern.

Opportunity Density

60%

ScarceAbundant

Selective (60%)

The fund sees opportunities across multiple sectors (cyclicals, healthcare, IT, financials, consumer) and is actively seeking new AI adopter companies, suggesting a reasonably rich opportunity set. However, emphasis on selectivity and reasonable valuations indicates they view opportunities as requiring careful screening rather than being abundant.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

The fund demonstrates a multi-year investment horizon, discussing long-term themes like AI adoption, secular defense spending trends, and multi-year demand growth for natural gas. They reference 'long-term case' for holdings and 'years ahead' for growth expectations, indicating patience for thesis realization over 2-5 year timeframes.