Carillon Scout Mid Cap Fund’s Q4 2025 Investor Letter

Carillon Tower Advisers, an investment management company, released its fourth-quarter 2025 investor letter for the “Carillon Scout Mid Cap Fund”. Major U.S. equity indices delivered positive returns in the fourth quarter, while the Russell Midcap® Index return lagged with nominal positive gains. Strong corporate earnings revisions and lower short-term interest rates supported U.S. market returns. Investors’ focus on an optimistic 2026, and consensus outperformed the market amid long-term government shutdowns. High sector return dispersion was observed in the Russell Midcap Index, with healthcare, materials, and IT leading. However, investors’ bias towards higher beta and more cyclical stocks led Communication services, real estate, and utilities to lag in the quarter.  The fund expects the Midcap equities to trade higher in 2026, supported by broader market involvement, though this view aligns with consensus. U.S. market index earnings are projected to grow significantly in 2026 despite price-to-earnings ratios being higher than historical averages.  Please review the Fund’s top five holdings to gain insights into their key selections for 2025.

A copy of Carillon Scout Mid Cap Fund’s Q4 2025 investor letter can be downloaded here.