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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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

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

Primary Source Intelligence • Q1 2023 Letter Analysis

Carillon Eagle Mid Cap Growth Fund Quarterly Analysis

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

Fund Returns

Positioning StanceConstructive

GeographyUS

Digest Analysis

Quick Take

"Mid-cap growth fund maintains diversified exposure to AI adoption, healthcare innovation, natural gas demand, and defense spending. Strong Q3 contributors included semiconductor power management and Macau gaming recovery."

Executive Summary

Carillon Eagle Mid Cap Growth Fund delivered positive performance in Q3 2025 as mid-cap stocks extended gains, though growth underperformed value. The portfolio benefited from strong performance in semiconductor power management (Monolithic Power Systems), gaming recovery in Macau (Wynn Resorts), and biotech product launches (Alnylam, Insmed). The team maintains constructive positioning across AI infrastructure, healthcare innovation, natural gas, and defense spending themes. They are actively seeking AI adopter companies at reasonable valuations while noting risks from elevated multiples in AI infrastructure stocks. Healthcare presents opportunities as the sector works through post-COVID excesses with improving M&A activity and favorable valuations. Natural gas outlook remains positive driven by LNG exports and data center power demand. Defense spending provides durable growth visibility anchored by U.S. and NATO strategic priorities. The economic outlook appears constructive with potential Fed rate cuts and fiscal stimulus, though the team notes risks from speculative stock valuations and regulatory uncertainty in healthcare.

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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

65%

CautiousHigh

Moderate (65%)

The fund demonstrates moderate-high conviction through concentrated themes (AI, healthcare, defense, natural gas) with specific position commentary and clear thesis explanations for individual holdings. The 82-position portfolio with detailed individual stock analysis and sector allocation decisions shows meaningful conviction, though the diversified nature prevents a higher score.

Growth Outlook

60%

BearishBullish

Neutral (60%)

The team expresses a constructive outlook across multiple sectors and expects continued market support from Fed rate cuts and fiscal stimulus. They note the economic outlook appears constructive despite softer labor conditions, with potential tailwinds from monetary and fiscal policy.

Risk Appetite

45%

DefensiveAggressive

Balanced (45%)

The portfolio maintains exposure to growth themes like AI and healthcare but shows selectivity and caution about valuations. They are actively seeking opportunities while noting risks from elevated multiples, suggesting a balanced risk appetite rather than aggressive positioning.

Capital Deployment

15%

De-riskingDeploying

De-risking (15%)

The letter describes active searching for AI adopter companies and maintaining positions across themes, but provides no specific cash level changes or major position sizing adjustments. The activity described appears to be rotation and selective positioning rather than net deployment or de-risking.

Forward Guidance

50%

CautiousExpansionary

Neutral (50%)

The team is actively scouring for AI adopter companies and maintaining positions across multiple themes, but emphasizes selectivity and balanced views. They are neither aggressively deploying nor pulling back, showing a measured approach to future positioning.

Language Signal

55%

BearishBullish

Balanced (55%)

Language is predominantly constructive with terms like 'favorable setup,' 'positive outlook,' and 'constructive' appearing frequently. However, this is balanced with risk language around 'lofty multiples,' 'margin for error,' and 'vulnerable to downside volatility.'

Perceived Risk

65%

Low RiskElevated

Elevated Risk (65%)

The team identifies multiple specific risks including stratospheric valuations in speculative stocks, little margin for error in AI infrastructure multiples, potential overcapacity in data centers, and regulatory uncertainty in healthcare. These risks are discussed with meaningful detail and concern.

Opportunity Density

70%

ScarceAbundant

Abundant (70%)

The team sees opportunities across multiple sectors (AI adopters, healthcare, natural gas, defense, financials) and is actively seeking new investments. They describe favorable setups in several industries and identify specific catalysts, suggesting a relatively rich opportunity environment despite selectivity requirements.

Time Horizon

65%

Short-TermLong-Term

Multi-Year (65%)

The team discusses multi-year themes like AI adoption cycles, healthcare sector recovery, and natural gas demand growth. They reference expectations for 'years ahead' and 'foreseeable future' while also noting some catalyst dependency, indicating a medium-term investment horizon of 2-4 years.