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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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.
"The fund delivered strong performance driven by AI infrastructure holdings in semiconductors, test equipment, and optical networking, while energy and consumer positions lagged. The managers maintain AI exposure but acknowledge more balanced valuations and are monitoring for capital expenditure cracks and buildout constraints."
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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