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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 2024 Q4 Investor Letter | Buyside Digest

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

Primary Source Intelligence • Q4 2024 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

Market CapSmallCap

GeographyUS

Digest Analysis

Quick Take

"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."

Executive Summary

The Carillon Eagle Small Cap Growth Fund targets small-cap growth opportunities in a constructive market environment supported by Federal Reserve easing and favorable political conditions for U.S. business. The managers expect 2025 to see broadening returns beyond AI themes as businesses benefit from deregulation and increased M&A activity under the new administration. Key holdings include technology companies like BILL and Freshworks, financial services firms like PJT Partners and LPL Financial, and healthcare names. The portfolio benefited from strong performance in Summit Materials, which was acquired at a premium, and PJT Partners, which gained on M&A optimism. However, healthcare holdings like Transmedics and Vaxcyte faced headwinds from execution issues and political uncertainty. The managers remain cautiously optimistic despite risks including potential inflationary pressures from policy changes, rising long-term interest rates, and frothy investor sentiment. They are positioned for opportunities in aerospace, energy, and data center-related electrical equipment while being cautious on residential construction due to higher mortgage rates.

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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%)

Fund holds 99 positions with detailed commentary on individual holdings and specific sector views. Managers provide clear thesis on market broadening and name specific catalysts, though diversified approach limits maximum conviction score.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The managers describe the outlook as constructive with favorable political environment and Fed easing, but temper optimism with multiple risk factors including frothy sentiment, rising rates, and policy uncertainties.

Risk Appetite

15%

DefensiveAggressive

Defensive (15%)

Portfolio remains invested but managers express caution with specific sector preferences (positive on aerospace/energy, negative on residential construction) and acknowledge multiple headwinds affecting positioning.

Capital Deployment

0%

De-riskingDeploying

De-risking (0%)

No explicit cash level changes or deployment activity discussed. Letter focuses on existing holdings performance and outlook without indicating net buying or selling activity.

Forward Guidance

10%

CautiousExpansionary

Cautious (10%)

Managers are cautiously optimistic but emphasize they will continue to monitor risks closely, suggesting measured rather than aggressive deployment intentions.

Language Signal

20%

BearishBullish

Bearish (20%)

Language balances constructive and opportunity terms with significant risk discussion including frothy sentiment, policy risks, and rate concerns, resulting in mildly positive but cautious tone.

Perceived Risk

72%

Low RiskElevated

Elevated Risk (72%)

Managers identify multiple specific risks including policy-driven inflation, rising rates despite Fed cuts, housing affordability issues, and historically high investor sentiment levels. Risk discussion is detailed and central to the outlook.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

Managers see selective opportunities in specific sectors (aerospace, energy, data centers) and expect market broadening, but emphasize need for selectivity and monitoring of risks rather than abundant opportunities.

Time Horizon

60%

Short-TermLong-Term

Multi-Year (60%)

Fund discusses both near-term catalysts (2025 M&A pickup, Fed policy) and longer-term themes (RFID adoption, AI monetization), suggesting medium-term investment horizon of 1-3 years for thesis realization.