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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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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.
"Small-cap growth navigated Q1 volatility with data center infrastructure holdings driving outperformance as hyperscalers committed nearly $800 billion in AI capex. Energy spiked on Iran strikes but appears temporary."
The Carillon Eagle Small Cap Growth Fund navigated a volatile first quarter marked by mixed small-cap performance, with the Russell 2000 Growth Index declining 2.82% while value stocks outperformed. The fund's top contributors included data center infrastructure beneficiaries Applied Optoelectronics, Modine Manufacturing, and Powell Industries, all capitalizing on hyperscaler capital expenditure plans approaching $800 billion. Energy holdings performed strongly as oil prices spiked above $100 following US strikes on Iran, though the fund expects this geopolitical tension to be short-lived given the administration's focus on gasoline prices. Detractors included Vital Farms facing temporary egg supply gluts and software names like AppFolio confronting AI displacement concerns. The portfolio maintains constructive positioning in cyclicals, particularly electrical equipment and defense, while increasing exposure to predictable healthcare distributors. Despite near-term uncertainty from energy shocks and regulatory changes, the fund sees reasonable valuations and multiple positive catalysts including manufacturing recovery, LNG infrastructure development, and robust healthcare M&A activity supporting the small-cap growth opportunity set.
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