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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 2024 Q3 Investor Letter | Buyside Digest

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

Primary Source Intelligence • Q3 2024 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

Digest Analysis

Quick Take

"Mid-cap growth fund targeting secular growth companies with strong balance sheets positioned for AI infrastructure trends. Top performers GE Vernova and Axon Enterprise drove returns while Dexcom and Celsius detracted."

Executive Summary

The Carillon Eagle Mid Cap Growth Fund focuses on identifying strong secular growth companies with robust balance sheets positioned to benefit from long-term trends, particularly AI infrastructure investment. The fund's top performers included GE Vernova, benefiting from power demand growth, and Axon Enterprise, capitalizing on law enforcement technology innovation. Key detractors included Dexcom, facing operational challenges, and Celsius, experiencing inventory reductions. The managers maintain exposure to AI-related names while managing position sizes given potential drawdown risks. They favor aerospace and defense companies seeing aftermarket growth, electrical equipment benefiting from AI infrastructure demand, and maintain balanced energy exposure. Healthcare appears near an inflection point for rotation back into the sector. The outlook remains cautiously optimistic with the Fed's dovish pivot supporting markets, though considerable uncertainty persists. The managers expect a divided government scenario post-election to be market-positive and believe conditions are favorable for increased M&A and IPO activity through year-end.

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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 holds 90 positions with clear thesis explanations for top holdings and specific sector preferences. Managers provide detailed rationale for individual positions and express confidence in long-term themes, though the diversified nature and hedged language around risks prevents higher scoring.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The managers express cautious optimism, believing the more optimistic economic view is viable but acknowledging considerable uncertainty remains. They see favorable conditions for technology investment and M&A activity, but note balanced outlook for cyclical areas and various headwinds.

Risk Appetite

15%

DefensiveAggressive

Defensive (15%)

The fund maintains positions across growth themes but actively manages position sizes in AI winners due to drawdown risks. They maintain balanced energy exposure and favor specific sectors, indicating selective rather than aggressive risk-taking.

Capital Deployment

0%

De-riskingDeploying

De-risking (0%)

No specific cash level changes or deployment activity mentioned. The letter discusses maintaining positions and managing position sizes but provides no evidence of net capital deployment or reduction. Appears to be steady-state positioning.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

The managers indicate they remain focused on identifying strong secular growth companies and see opportunities in specific areas like healthcare rotation and M&A activity. They express readiness to capitalize on trends but with measured approach to position sizing.

Language Signal

20%

BearishBullish

Bearish (20%)

Language includes positive terms like 'favorable environment,' 'attractive opportunities,' and 'bright spot' but is balanced with risk language including 'vigilant,' 'uncertainty,' and 'challenging.' Overall slightly more constructive than cautious.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

Managers acknowledge considerable uncertainty, potential AI drawdown risks, oil price volatility, geopolitical tensions, and election-related volatility. However, risks are discussed in measured terms rather than as major threats, with most framed as manageable through positioning.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

The managers identify multiple attractive opportunities across sectors including AI infrastructure, healthcare rotation, aerospace aftermarket, electrical equipment, and M&A activity. They express excitement about specific areas while maintaining selectivity, indicating a reasonably rich opportunity set.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

The fund focuses on secular growth companies and long-term trends like AI infrastructure investment, suggesting multi-year investment horizons. However, they also discuss near-term catalysts like Fed policy and election outcomes, indicating a medium to long-term approach rather than permanent capital mentality.