Summary

• Higher interest rates and wider credit spreads drove the broad high-yield bond market's return to -0.53% in the first quarter, as measured by the ICE BofA U.S. Cash Pay High Yield Index.
• Technology and electronics and media were the top-performing sectors of the Carillon Chartwell Short Duration High Yield Fund, while the insurance and service sectors lagged during the quarter.
• The initiated new positions in a contract compression company for oil and gas pipelines, an operator of power generation facilities, and an electric sensing components manufacturer.
• The Fund extended maturities of a few positions to take advantage of steeper credit curves during a period of modest trading activity.
• The Fund's 'all weather' portfolio construction approach focuses on shorter maturity and higher quality to actively mitigate interest rate and credit risk.

Market Overview

Volatility resurfaces

Both equity and interest rate volatility spiked to their highest levels in the last 12 months. Uncertainty around the Middle East war and shifting investor views on the outlook for US Federal

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