Carillon Mid Cap Growth Fund Q4 Letter Details Style Split and 2026 Positioning
The letter signals a constructive 2026 outlook with targeted opportunities across select cyclical, healthcare, technology, financial and consumer names.
Overview
- In Q4 2025, the Russell Midcap Growth Index fell 3.70% while the Midcap Value Index rose 1.41%, underscoring a late‑year divergence in style performance.
- For 2025, the Russell Midcap Growth Index gained 8.66% versus 11.04% for Value, with utilities leading growth‑index sectors at 29.40% and materials the top Q4 performer at 17.51% as healthcare and real estate posted modest quarterly gains.
- The fund named Teradyne as a leading contributor on strong demand for AI‑related semiconductor test equipment and potential share gains, with TER closing March 3 at $304.22 after a 13.06% one‑month and 176.04% 52‑week rise.
- The fund highlighted Natera as a top contributor as Signatera volumes beat expectations and management raised revenue guidance, with profitability improving and NTRA closing March 3 at $207.04 after a 0.70% one‑month and 39.97% 52‑week gain.
- Among detractors, Roblox pulled back on concerns growth may slow after a strong 2025, and Royal Caribbean lagged after initial FY2026 guidance was viewed as slightly disappointing and a competitor boosted Caribbean capacity.