Carillon Tower Advisers, an investment management company, released its fourth-quarter 2025 investor letter for the “Carillon Eagle Mid Cap Growth Fund”. A copy of the letter can be downloaded here. The fourth quarter of 2025 saw mixed results for midcap stocks. Among the style indexes, the Russell Midcap® Growth Index decreased by 3.70%, while the Russell Midcap® Value Index rose by 1.41%. In the growth index, materials achieved the highest absolute return at 17.51%. However, due to their smaller weight in the index, their contribution to overall returns was limited. The healthcare (up 1.13%) and real estate (up 0.24%) sectors were the only other positive contributing sectors. Midcap stocks generated positive returns in 2025 but trailed their 2024 annual returns. The Russell Midcap Growth Index rose by 8.66%, trailing the Russell Midcap Value Index’s 11.04% return. In the growth index, utilities recorded the highest absolute return among all sectors, up 29.40%. The firm anticipates a favorable year ahead for equity markets. The letter outlined potential opportunities in Cyclicals, Healthcare, Information Technology, Financials, and Consumer Spending sectors through 2026. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Carillon Eagle Mid Cap Growth Fund highlighted Axon Enterprise, Inc. (NASDAQ:AXON) as one of its leading detractors. Headquartered in Scottsdale, Arizona, Axon Enterprise, Inc. (NASDAQ:AXON) is a public safety technology solutions company. On March 3, 2026, Axon Enterprise, Inc. (NASDAQ:AXON) stock closed at $579.09 per share. Axon Enterprise, Inc. (NASDAQ:AXON) delivered a 34.47% return in the past month, and its shares gained 8.25% over the past twelve months. Axon Enterprise, Inc. (NASDAQ:AXON) has a market capitalization of $46.56 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Axon Enterprise, Inc. (NASDAQ:AXON) in its fourth quarter 2025 investor letter:
“Axon Enterprise, Inc. (NASDAQ:AXON) provides law enforcement and security technology solutions. Axon’s shares lagged after reporting softer than anticipated bookings growth. While near-term results were slightly disappointing, management reiterated confidence for a strong rebound in fourth-quarter bookings, which could position the company for another year of impressive revenue growth in 2026. Axon remains intensely focused on developing innovative solutions to address all aspects of law enforcement, and it has made significant recent strides in the emerging areas of drones and potentially transformational AI-enabled solutions. In addition, Axon continues to expand its offerings outside of its traditional law enforcement area, and it recently highlighted the considerable opportunity that could lie ahead in these new markets.”
