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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 Q2 Investor Letter | Buyside Digest

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

Primary Source Intelligence • Q2 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 infrastructure buildout, natural gas demand growth, and defense spending strength. Top holdings Rambus and Impinj benefit from data center and RFID adoption themes."

Executive Summary

Carillon Eagle Small Cap Growth Fund delivered strong third quarter performance driven by holdings in AI infrastructure, energy, and industrial companies. Top contributors included Rambus, benefiting from AI data center demand for memory solutions, and Impinj, capitalizing on broadening RFID adoption. The fund maintains constructive positioning across cyclical themes including natural gas, where multi-year demand growth is expected from LNG facilities and data center power needs. Defense and aerospace holdings benefit from robust spending growth and healthy aftermarket dynamics. Manufacturing companies are positioned for onshoring-driven capital investment supported by tax incentives and tariff policies. Healthcare remains selectively positioned in predictable, U.S.-centric businesses while awaiting policy clarity. The managers acknowledge risks from elevated valuations in speculative market areas but expect AI themes to persist through year-end. They are actively seeking AI adopter companies at reasonable valuations positioned for margin expansion. The outlook remains cautiously optimistic with focus on quality companies benefiting from structural secular trends.

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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

68%

CautiousHigh

Moderate (68%)

The fund demonstrates moderate-high conviction through specific position sizing (top 10 holdings with weights), detailed thesis explanations for individual names, and clear thematic positioning. With 98 holdings, it's diversified but shows concentrated views on specific themes like AI, natural gas, and defense with named positions and explicit catalysts.

Growth Outlook

60%

BearishBullish

Neutral (60%)

The fund expresses constructive optimism about market conditions, citing three key positive drivers (AI acceleration, limited tariff inflation, Fed rate cut prospects) and describing the economic outlook as constructive with potential fiscal and monetary tailwinds. However, they acknowledge risks from elevated valuations in speculative areas.

Risk Appetite

45%

DefensiveAggressive

Balanced (45%)

The fund maintains selective positioning with active bets on specific themes like AI, natural gas, and defense, but shows caution regarding speculative areas. They are actively seeking opportunities while acknowledging elevated valuations and maintaining balanced views on AI infrastructure risks.

Capital Deployment

25%

De-riskingDeploying

De-risking (25%)

The fund shows selective deployment activity with active searching for AI adopter opportunities and maintaining positions across cyclical themes. No explicit cash level changes mentioned, but language suggests continued selective adding rather than aggressive deployment or de-risking.

Forward Guidance

55%

CautiousExpansionary

Neutral (55%)

The managers expect AI themes to remain intact through year-end and are actively scouring for AI adopter opportunities. They maintain constructive outlooks for cyclicals and anticipate healthcare interest to return once uncertainties resolve, showing moderate deployment bias.

Language Signal

65%

BearishBullish

Bullish (65%)

Language is predominantly positive with terms like 'constructive outlook,' 'favorable setup,' 'strong tailwinds,' and 'healthy growth' dominating the discussion. Risk language is present but balanced with opportunity framing, resulting in net bullish directional language.

Perceived Risk

55%

Low RiskElevated

Moderate Risk (55%)

The fund identifies specific risks including elevated valuations in speculative areas, AI infrastructure margin for error concerns, potential data center overcapacity, and healthcare regulatory uncertainty. Risks are named and discussed meaningfully but not presented as systemic threats.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

The fund sees selective opportunities across multiple themes (AI adopters, cyclicals, defense, onshoring) and is actively scouring their universe for new ideas. They identify favorable setups in several sectors while acknowledging the need for selectivity given valuations.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

The fund demonstrates multi-year thesis orientation with expectations for 'years ahead' in AI growth, multi-year natural gas demand growth, and structural onshoring trends. They discuss secular themes and long-term positioning while monitoring near-term catalysts, indicating 2-5 year investment horizons.