Investors considering alternatives to the biggest mutual fund families may find Carillon Mutual Funds worth examining for their diversified lineup and long operating history. The Carillon brand traces its roots to Raymond James Financial, with the fund family built around investment capabilities developed through the company’s asset-management operations. Over time, Carillon has expanded its offerings across U.S. equities, international stocks, small- and mid-cap companies, fixed income and other market segments.

Its parent company Raymond James Investment Management has a total of $170 billion in assets under management as of May 2026. The foundation came from investment-management businesses within Raymond James Financial, including Eagle Asset Management, which was formed in 1976. The current Carillon Series Trust was established in 2017.

Carillon’s strategies generally emphasize active management, with investment teams using fundamental research, valuation analysis and other approaches to identify opportunities. That can be useful in market environments where security selection matters, although active management also makes consistency and portfolio discipline important considerations.

Expense ratios and shareholder expenses differ across Carillon’s funds and share classes. Comparing these costs with those of competing actively managed funds and lower-cost index alternatives is essential, as higher expenses can reduce the portion of investment returns retained by shareholders over the long term.

Carillon funds merit consideration for investors seeking actively managed exposure across multiple market segments. The fund family’s long investment heritage, diversified manager structure and broad strategy lineup provide flexibility across different market environments. Investors can potentially benefit from differentiated approaches while maintaining diversification.

Astute investors might choose to consider such funds at present. Mutual funds, in general, reduce transaction costs and diversify portfolios without an array of commission charges that are mostly associated with stock purchases (read more: Mutual Funds: Advantages, Disadvantages, and How They Make Investors Money).

We have thus selected three mutual funds that boast a Zacks Mutual Fund Rank #1 (Strong Buy) or 2 (Buy), have positive three-year and five-year annualized returns and minimum initial investments within $5000, as well as carry a low expense ratio.

Carillon Eagle Small Cap Growth (HSIIX Quick QuoteHSIIX - Free Report) primarily invests in small-cap stocks, defined by the portfolio managers using the Russell 2000 Growth Index as the benchmark.

David Cavanaugh has been the lead manager of HSIIX since 2022. The three top holdings for HSIIX are BrightSpring Health (2.6%), Dycom (2.2%) and Archrock (2%).

HSIIX’s 3-year and 5-year annualized returns are 15.1% and 3.3%, respectively, and its net expense ratio is 0.87%. HSIIX has a Zacks Mutual Fund Rank #2. To see how this fund performed compared to its category, and other 1 and 2 Ranked Mutual Funds, please click here.

Carillon Clarivest International Stock (EISIX Quick QuoteEISIX - Free Report) primarily invests in non-U.S. companies with attractive long-term growth potential, using a diversified range of equity securities.

David R. Vaughn has been the lead manager of EISIX since 2013. The three top holdings for EISIX are Taiwan Semiconductor (5.1%), SK Hynix (4.8%) and Samsung Electronics (3%).

EISIX’s 3-year and 5-year annualized returns are 27.6% and 15.7%, respectively, and its net expense ratio is 0.95%. EISIX has a Zacks Mutual Fund Rank #1.

Carillon Chartwell Small Cap (UMBHX Quick QuoteUMBHX - Free Report) primarily invests in small-cap U.S. companies, while also holding dollar-denominated stocks of foreign issuers.

Theresa Tran has been the lead manager of UMBHX since 2025. The three top holdings for UMBHX are Macom Tech (3.8%), Silicon Motion Tech (3.5%) and Sterling Construction (3%).

UMBHX’s 3-year and 5-year annualized returns are 20.7% and 6.7%, respectively, and its net expense ratio is 0.89%. UMBHX has a Zacks Mutual Fund Rank #1.

Bottom Line

Carillon’s long investment heritage and multi-manager structure offer investors access to diverse active strategies. However, its history should not be the deciding factor. Investors should weigh expenses, risk, performance consistency and portfolio fit before investing, while favorable Zacks metrics can serve as an additional screening tool rather than a standalone investment signal.

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