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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 2, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | CCOI, CHRD, CNM, CSL, EHC, ENTG, ERF.TO, FORM, HCP, MODN, MWA, OSW, PRMW, PTC, SUM, WSC | energy, industrials, Quality, small cap, technology, value | Mueller Water Products manufactures products and services used in the transmission, distribution, and measurement of water in North America. America's water infrastructure is massive and in very serious need for upgrade and modernization. Significant federal funds have been allocated to do just this and the fund believes MWA is well positioned to capitalize. | HCP MWA CHRD CCOI CNM |
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| 2024 Q1 | Apr 15, 2024 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | CELH, EXR, FIVE, FRSH, KWR, LSTR, MKTX, MNDY, MSA, PJT, RBA, SMAR, SMCI, SUM, VKTX, VNOM, WCC, WING, WWD | AI, Biotechnology, energy, growth, healthcare, small caps, technology | AI investment theme continued to drive strong gains as companies exposed to artificial intelligence posted strong performance. The fund benefited from AI infrastructure plays like Super Micro Computer, which provides accelerated computing platforms for cloud computing and AI applications. The managers are closely monitoring AI adoption and the sustainability of the AI investment cycle to determine future market leadership. | View | |
| 2025 Q1 | Mar 31, 2025 | Aristotle Small Cap Equity Fund | -7.6% | -7.6% | ADC, AER, AGI, ASGN, B, CDMO, CHE, CHH, CMCO, DBI, FFIC, HURN, MMSI, MODV, MTSI, ONB, SUM, VECO, VVV, WWE | gold, healthcare, industrials, REITs, semiconductors, small cap, technology, value | Fund focuses on small-cap segment with compelling valuations relative to large caps, trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rates, increased M&A activity, and continued reshoring of U.S. manufacturing. | View | |
| 2023 Q3 | Oct 21, 2023 | Merion Road Capital | 5.4% | 11.2% | AMZN, DSGR, GOOGL, KLG, NOW, SUM, WHG | Construction Materials, Consumer Staples, infrastructure, small cap, spinoffs, value | The manager expects construction materials companies to benefit from recently passed infrastructure bills that have yet to truly hit the market. The majority of aggregates and cement products serve public construction needs, positioning the industry to capitalize on government infrastructure investment. | KLG DSGR SUM |
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| 2023 Q3 | Oct 15, 2023 | Madison Small Cap Fund | 6.3% | 17.2% | AWI, AXS, BBCP, CC, CSL, EHC, ENTG, FROG, GOGO, HAYW, MGNI, MODN, NEWR, OLLI, OLN, OSW, PRMW, PTC, RADI, SUM, WSC | interest rates, Quality, Recession, Russell 2000, small caps, value | Fund focuses exclusively on small cap investments with historically low valuations relative to large caps providing significant opportunity. Managers believe small caps continue to lag large caps but see this as creating attractive entry points. | HAYW FROG OLLI MDLZ MGNI GOGO |
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| 2024 Q3 | Sep 30, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | BOX, CCOI, CIEN, CNM, CR, CSL, EHC, OSW, SMG, SUM, WK | Construction, Housing, industrials, small cap, software, technology | New investment in Workiva, a cloud-based software provider of compliance and regulatory reporting solutions used by 75% of Fortune 500 companies. The platform offers collaboration, data integration, and process management controls for financial and regulatory management systems. | WK |
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| 2023 Q3 | Sep 30, 2023 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | CELH, FRSH, KNSL, KWR, LBRT, LTHM, PJT, PLNT, SLAB, SUM | AI, energy, growth, healthcare, rates, semiconductors, small cap, technology | The fund remains excited about the potential for generative AI to transform a variety of businesses and continues to look for ways to benefit from this emerging trend. Despite strong interest from the investment community, valuations for many companies well-positioned to benefit from AI currently trade at reasonable multiples relative to their prospects for accelerating earnings growth. The emergence of the latest version of artificial intelligence has sparked healthy optimism, translating to increased spending in various industries such as semiconductors, hardware, and software. | View | |
| 2024 Q2 | Jul 26, 2024 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | ANF, EVH, INSM, KWR, LSCC, LSTR, MNDY, MSA, ONTO, PJT, RBA, SUM, TMDX, VEI, VKTX, WWD | AI, Biotechnology, energy, growth, healthcare, semiconductors, small caps, technology | The fund continues to see strong momentum within the AI data center buildout megatrend that is now a year old. The enormous power requirements of AI data centers have positive implications for a broader group of stocks extending across energy, industrials and utilities. The portfolio is well positioned to benefit from this theme as the surge in capital spending plans from mega-cap tech companies holds significant positive implications for several holdings within the electrical equipment and power generation industries. | View | |
| 2024 Q2 | Jul 17, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | CCOI, CNM, CR, CSL, CVLT, EHC, FORM, HCP, INSP, LZ, MODN, OPCH, OSW, PRMW, SUM, WSC | AI, industrials, semiconductors, small caps, takeovers, technology, value | The AI data center buildout is driving significant demand for specialized memory chips called High Bandwidth Memory (HBM), with test intensity 25% higher than traditional memory. Form Factor has dominant market share at leading HBM maker SK Hynix and benefits from this trend. However, the AI frenzy is creating overheated valuations in anything related to the Nvidia-charged AI data center buildout. | OPCH INSP LZ FORM |
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| 2022 Q2 | Jun 30, 2022 | Aristotle Small Cap Equity Fund | 7.3% | 9.4% | AZPN, CUBI, HURN, STAR, SUM, UTL, WWW | - | View | ||
| 2023 Q4 | Jan 27, 2024 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | CFLT, CYTK, GTLS, KNSL, KWR, LSCC, PJT, SUM, VICR, WING | energy, growth, healthcare, rates, Restaurants, small caps, technology, value | Healthcare was one of the worst-performing sectors for most of 2023 but rallied sharply in Q4 from deeply depressed valuations. Multiple catalysts could drive healthcare stocks higher including pharmaceutical M&A of biotech companies, improvements in clinical readouts, and increasing demand for life science tools. | View | |
| 2024 Q4 | Jan 23, 2025 | Aristotle Small Cap Equity Fund | -0.5% | 9.4% | ACHC, AMTM, ASC, AXTA, AZPN, COLD, DY, EMR, GTLS, HASI, HURN, HXL, INFN, J, KBH, LQDT, MTSI, NOK, SUM, TROX | healthcare, industrials, M&A, materials, small caps, technology, value | Manager remains optimistic about long-term potential for small-cap segment. Valuations within small-cap segment remain compelling relative to large caps, with Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, increased M&A activity, continued decline in interest rates, continued reshoring of U.S. manufacturing, and infrastructure-related spending. | TROX HXL AXTA COLD AMTM ASC ACHC GTLS |
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| 2024 Q4 | Jan 23, 2025 | Aristotle Small/Mid Cap Equity | -0.5% | 13.5% | ACHC, AXTA, AZPN, CMCO, COLD, CTLT, DOC, GTLS, HXL, INFN, NSIT, SUM | growth, healthcare, industrials, materials, SMID Cap, technology, value | Chart Industries benefited from surging demand for cryogenic equipment used in the clean energy sector, with record high orders and substantial sales increases. The company's equipment serves the industrial gas, energy, and biomedical industries with particular strength in clean energy applications. | NSIT HXL DOC CMCO AXTA COLD |
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| 2023 Q4 | Jan 22, 2024 | Merion Road Capital | 5.4% | 11.2% | CPRT, FERG, GOOGL, NAPA, SGA, SUM, UNTC | alpha, Attribution, dividends, small caps, special situations, value | The fund focuses exclusively on small-capitalization investments, with the Small Cap Fund increasing 11.2% in Q4 and 11.5% for the year. The manager notes that like the broader small-cap market, most returns came in December, driven by specific catalysts affecting portfolio companies. | NAPA SGA UNTC SUM |
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| 2024 Q4 | Jan 17, 2025 | Carillon Eagle Small Cap Growth Fund | - | - | APPF, AROC, BILL, ESAB, EVH, EXR, FRSH, KWR, LPLA, LSTR, MMSI, MSA, PCVX, PI, PJT, RBA, SUM, TMDX, ZETA | AI, Election, financials, growth, healthcare, M&A, small caps, technology | The letter discusses significant AI investment themes, noting that one major chip designer's data center revenues are expected to represent approximately 15% of total U.S. capital spending in 2025. The managers highlight the risk of excess capacity if generative AI applications fail to drive demand, requiring hyperscalers to generate $400 billion in revenue to justify current spending levels. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Merion Road Capital | Summit Materials | Materials | Construction Materials | Bull | NYSE | aggregates, Cement, construction materials, EBITDA growth, infrastructure, M&A, strategic assets, value creation | View Pitch |
| Apr 28, 2026 | Fund Letters | Merion Road Capital | Summit Materials | Materials | Construction Materials | Bull | NYSE | acquisition, aggregates, Cement, construction materials, contrarian, infrastructure, Public Construction, Ready-Mix Concrete, Southeast US, Value | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||