Summary

• The Russell 2000 Value Index, the Carillon Chartwell Small Cap Value Fund’s benchmark, generated a total return of 5.0%.
• Ichor benefited from stronger than expected revenue and margin performance during the quarter.
• IPG Photonics advanced after the company reported stronger than expected revenue growth and earnings.
• Diodes delivered double-digit revenue growth.
• The Carillon Chartwell Small Cap Value Fund was modestly overweight to the industrials, consumer staples, and materials sectors and modestly underweight to the financials, communication services, and utilities sectors.

Market Overview

The leadership rotation and broadening of the market that began in October continued in early 2026. Investors were encouraged by a positive ISM Manufacturing PMI ^® reading and other signs of economic

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