Carillon Chartwell Small Cap Value Fund Q4 2024 Commentary

2025-02-27 21:23:00 ET

Summary

• The Russell 2000® Value Index advanced 10% in November, with the largest gains coming immediately after the elections.
• Equity investors initially dismissed the rise in interest rates that began in the weeks leading up to the elections.
• Interest rate declines or even stabilization at current levels could bolster confidence in small-cap value stocks.

Market Overview

After benefiting from falling interest rates and a market rotation in the previous quarter, small-cap value stocks received another shot in the arm when Donald Trump and the Republican Party captured the presidency and both houses of Congress in November. The early consensus was that lower taxes and less regulation of business activities, both of which are favored by Trump and Republican legislators, would revive “animal spirits” and disproportionately benefit small- and mid-sized companies. The Russell 2000® Value Index advanced 10% in November, with the largest gains coming immediately after the elections. But this momentum proved to be short-lived....

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