The Carillon Chartwell Real Income Fund delivered top performance in the fourth quarter of 2025 amid signs of a slowing U.S. economy. Its I shares ranked in the first percentile among peers in the Morningstar Inflation-Protected Bond category and led the group for the full year.
The U.S. economy showed robust growth in the third quarter of 2025, fueled by strong household consumption and a narrowing trade deficit. However, various indicators pointed to a slowdown in the fourth quarter, a trend expected to continue into early 2026. Despite these challenges, the Carillon Chartwell Real Income Fund (BERIX) achieved strong results during this period.
Precious metals performed well, with both gold and silver reaching new all-time highs. The upward movement extended to metals tied to industrial demand. In the energy sector, Canadian natural gas prices have recovered from near-record lows, positioning the market as a potential hedge against global energy needs.
The fund's I shares placed in the 1st percentile of its Morningstar Inflation-Protected Bond peer group for Q4 2025. It also emerged as the top performer in that category for the entire year. Looking ahead, federal tax refunds are projected to increase by about 45% year over year, offering some economic support on the horizon.
This commentary highlights the fund's resilience in a decelerating economic environment, with positive developments in commodities contributing to its success.
