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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 2026 Q2 Investor Letter | Buyside Digest

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

Primary Source Intelligence • Q2 2026 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 StanceNEUTRAL

Market CapMid Cap

GeographyUS

Digest Analysis

Quick Take

"The fund delivered strong performance driven by AI infrastructure holdings in semiconductors, test equipment, and optical networking, while energy and consumer positions lagged."

Executive Summary

The Carillon Scout Mid Cap Fund navigated a quarter dominated by AI infrastructure strength while maintaining a balanced approach to risk-adjusted returns. The fund benefited from concentrated exposure to semiconductor-related companies including Allegro MicroSystems, MACOM Technology Solutions, Teradyne, and MKS, which gained as AI-driven demand for memory, optical networking, test equipment, and advanced packaging intensified. ATI contributed positively as aerospace and defense demand remained strong. Energy holdings including EQT and Viper Energy lagged as natural gas and oil prices gave back geopolitical risk premiums. JBS detracted due to pressure in North American beef processing, while Alamos Gold disappointed on operational issues. The managers acknowledge AI infrastructure valuations are more balanced after strong performance but see opportunities in shifting bottlenecks including networking equipment, optical components, and power infrastructure. They remain constructive on select aerospace stocks and domestic infrastructure tied to data centers and electrification. Key risks include potential cracks in AI capital expenditure, physical buildout challenges, and consumer weakness driven by declining savings rates. The managers believe prospective returns are most attractive by balancing AI exposure with undervalued non-consensus opportunities.

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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

58%

CautiousHigh

Moderate (58%)

The fund holds 118 positions, indicating a diversified portfolio rather than concentrated conviction. While the managers provide detailed thesis summaries for top contributors and detractors with specific company names and position sizing language (average weights provided in tables), the broad diversification and hedged language throughout (monitoring, balanced, selective) prevent a higher score. The explanation describes multiple scenarios and acknowledges uncertainty around AI capital expenditure sustainability and consumer health. This is moderate conviction with clear theses on individual names but limited by portfolio breadth.

Growth Outlook

60%

BearishBullish

Neutral (60%)

The managers express constructive optimism about markets, stating they are impressed by the market's resilience in the face of geopolitical conflict and high energy prices. They believe the economy is in good shape and the odds of recession are low if the labor market remains solid. However, they acknowledge concerns about consumer weakness and potential cracks in AI capital expenditure, preventing a more bullish score.

Risk Appetite

50%

DefensiveAggressive

Balanced (50%)

The fund maintains exposure to AI infrastructure holdings but acknowledges the risk-reward proposition appears more balanced after strong performance. The managers are monitoring for potential cracks in the AI buildout and are positioned with a balance of AI exposure and non-consensus opportunities. This reflects a moderately positive but cautious positioning, neither maximum long nor defensive.

Capital Deployment

0%

De-riskingDeploying

De-risking (0%)

No cash level changes are disclosed in the letter. The managers describe maintaining exposure to AI infrastructure and continuing to like select aerospace and infrastructure opportunities, but there is no evidence of net new cash being deployed or raised. The language suggests monitoring and selective activity rather than meaningful net deployment or de-risking. Without cash percentage data or explicit statements about increasing or decreasing overall exposure, this scores as neutral.

Forward Guidance

45%

CautiousExpansionary

Neutral (45%)

The managers are selectively adding in specific areas (shifting AI bottlenecks, aerospace, infrastructure) but are also monitoring for risks and maintaining balance. They state they see opportunities but are not aggressively deploying across the board. The language suggests selective deployment with caution, scoring in the mildly positive range but below the midpoint due to the emphasis on monitoring and balance rather than aggressive action.

Language Signal

40%

BearishBullish

Balanced (40%)

The letter contains a mix of bullish language around AI infrastructure opportunities, aerospace strength, and economic resilience, balanced against bearish language around consumer weakness, energy headwinds, and potential AI capital expenditure cracks. Terms like opportunities, attractive, strong, and constructive are balanced by concerns, risks, cautious, and monitoring. The net balance leans mildly positive but is relatively balanced overall.

Perceived Risk

55%

Low RiskElevated

Moderate Risk (55%)

The managers identify several specific risks with meaningful discussion: potential cracks in AI capital expenditure boom including enterprise token budget constraints, physical buildout challenges (permitting, land acquisition, labor costs, power availability), consumer weakness driven by declining savings rates, and geopolitical risk if the Strait of Hormuz conflict worsens. These risks are named and discussed but not presented as systemic or tail risks. The tone is cautious but not alarmed, placing this in the moderate risk acknowledgment range.

Opportunity Density

60%

ScarceAbundant

Selective (60%)

The managers see selective opportunities in defined areas including shifting AI bottlenecks (networking equipment, optical components, power supply chain, semiconductor equipment), select aerospace stocks, domestic infrastructure tied to data centers and electrification, and select commodity producers and life sciences companies where fundamentals are improving. The language emphasizes selectivity and balance rather than a broad, rich opportunity set, but multiple specific areas are identified as attractive.

Time Horizon

65%

Short-TermLong-Term

Multi-Year (65%)

The managers discuss multi-year themes including AI infrastructure buildout, aerospace recovery, and electrification trends, suggesting a 2-5 year thesis horizon. They reference long-term growth drivers for companies like Allegro MicroSystems (vehicle electrification, automation, robotics) and ATI (nuclear, space, specialty energy applications with long qualification cycles). However, they also monitor quarterly results and near-term catalysts, and discuss near-term risks like consumer weakness and AI capital expenditure sustainability. This reflects a medium-term orientation with some catalyst dependency.