Core Insights - The Carillon Scout Mid Cap Fund's third-quarter 2025 investor letter indicates positive returns for the Russell Midcap Index, driven by strong corporate earnings, AI infrastructure momentum, and U.S. Federal Reserve interest rate expectations [1] Company Overview - Gartner, Inc. (NYSE:IT) is a leading research and advisory firm that provides insights and tools for business and technology decision-making [3] - As of December 02, 2025, Gartner's stock closed at $228.62 per share, with a market capitalization of $17.315 billion [2] Financial Performance - Gartner, Inc. reported revenue of $1.5 billion for the third quarter of 2025, reflecting a 3% year-over-year increase and a 1% increase on a foreign exchange neutral basis [4] Market Sentiment - Gartner's stock experienced a one-month return of -3.58% and a significant 56.25% decline over the past 52 weeks [2] - The company faced a sell-off due to a weak business outlook and concerns over AI potentially disrupting its traditional research solutions [3] Investment Considerations - The fund's analysis suggests that while Gartner has investment potential, certain AI stocks may offer greater upside and lower downside risk [4] - The shift in information consumption towards AI-driven interactions poses a significant business risk to Gartner, indicating a need for strategic adaptation [3]

Core Insights - Coalesce.io has been recognized as a Visionary in the 2025 Gartner® Magic Quadrant™ for Metadata Management Solutions, marking its first inclusion in the report [1][2] - The recognition highlights Coalesce's innovative approach to metadata management, positioning it as an active layer that enhances automation, governance, and AI readiness [2][6] - Coalesce's growth is further supported by its acquisition of CastorDoc in 2025, which expanded its platform capabilities [4] Company Overview - Coalesce is focused on redefining data transformation and metadata management, emphasizing the importance of metadata in the AI era [2][10] - The company aims to provide data teams with the context and control necessary for efficient data management and governance [2][10] - Coalesce's platform integrates data transformation, metadata management, and governance, facilitating quality data delivery and breaking down silos [8][10] Market Position - The inclusion in the Gartner Magic Quadrant reflects the increasing demand for solutions that simplify the modern data stack and enhance data governance and AI enablement [5][6] - Coalesce has rapidly gained market traction globally, with a strong presence in North America, Europe, New Zealand, and Australia [8] - The platform is designed to accelerate AI-assisted migrations and future-proof enterprise data architectures, ensuring that data teams are prepared for AI initiatives [10]

Core Insights - Gartner, Inc. is valued at a market cap of $16.2 billion and operates through Research, Conferences, and Consulting segments to support leaders across various industries [1] Stock Performance - Gartner's shares have significantly underperformed the broader market, dropping 56.7% over the past 52 weeks, while the S&P 500 Index has risen 10.5% [2] - Year-to-date, Gartner's shares have decreased by 53.7%, compared to an 11.2% gain in the S&P 500 [2] - The company's stock has also lagged behind the Technology Select Sector SPDR Fund, which increased by 17.8% over the same period [3] Financial Performance - In Q3 2025, Gartner reported adjusted EPS of $2.76, which beat estimates, and revenue of $1.52 billion, meeting forecasts [4] - Despite the positive earnings report, shares fell 7.6% due to weaknesses in operating segments, including a 3.2% decline in Consulting revenue and a 1.6% decline in Conferences revenue, along with negative free cash flow of $269 million [4] Future Earnings Expectations - For the fiscal year ending December 2025, analysts expect Gartner's adjusted EPS to decline by 9.2% year-over-year to $12.79 [5] - Gartner has a promising earnings surprise history, having beaten consensus estimates in the last four quarters [5] - The consensus rating among 14 analysts covering the stock is a "Moderate Buy," with four "Strong Buy" ratings, nine "Holds," and one "Strong Sell" [5] Price Target Adjustments - On November 5, Barclays cut its price target on Gartner to $260 while maintaining an "Equal Weight" rating [6] - The mean price target of $278.18 represents a 24.1% premium to Gartner's current price levels [6] - The highest price target of $390 suggests a potential upside of 74% [6]

Core Insights - Nvidia's quarterly report indicates a significant acceleration in AI spending, with quarterly revenue reaching $57 billion, a 62% increase year-over-year, and a forecast of $65 billion for the next quarter, representing a 65% year-over-year increase [2][11] - The overall sentiment in the market is that AI spending is not only holding up but accelerating, which is crucial for investor confidence [4][11] - Nvidia's growth is seen as a bellwether for the tech industry, with its products being essential for major companies like Microsoft, Amazon, Alphabet, and Meta Platforms to build AI infrastructure [3][11] Financial Performance - Nvidia's revenue growth has accelerated from a 56% increase in the previous quarter to a 62% increase in the latest quarter [2] - Despite a 3% drop in stock price amid broader market declines, Nvidia's market valuation remains at $4.4 trillion, over ten times its valuation three years ago [6][11] - The stock initially rose by 5% following the earnings report, although it later reversed course due to other market factors [5][11] Market Sentiment - Analysts from UBS express confidence in Nvidia's stock continuing to rise, citing the rapid growth of AI infrastructure [3] - A Gartner report predicts worldwide AI spending will exceed $2 trillion next year, a 37% increase from the current year's expected spending of nearly $1.5 trillion [8][11] - Concerns about overinvestment in AI persist, with a Bank of America survey indicating a record percentage of investors believe companies are overextending themselves financially [9][11] Competitive Landscape - Other Big Tech companies, such as Meta Platforms and Oracle, have seen stock price declines of over 20% since late October, raising concerns about their reliance on debt for AI investments [10][11] - Major players like Alphabet, Microsoft, and Amazon maintain substantial market values ranging from $2.3 trillion to $3.6 trillion, positioning them just behind Nvidia and Apple in the rankings of the most valuable companies [10][11] Future Outlook - Nvidia's CEO, Jensen Huang, argues that the spending on AI technology is just beginning, countering fears of an AI bubble [7][11] - The long-term profitability and productivity of AI investments remain uncertain, with industry experts suggesting that the true impact of current spending will not be known for years [9][11] - High valuations and market froth are acknowledged, but the consensus is that the spending on AI is genuine and necessary for future innovation [11]

Core Insights - Finance leaders are increasingly confident about the role of artificial intelligence (AI) in their work, despite a stable adoption rate over the past year [1][2]. AI Adoption in Finance - According to Gartner's 2025 AI in Finance Survey, 59% of CFOs and senior finance leaders report that their teams use AI, a slight increase from 58% in the previous year [2]. - The adoption rate of AI in finance organizations was 37% in 2023, which more than doubled to 58% in 2024, but has now plateaued [3]. Confidence in AI - Over two-thirds (67%) of finance leaders express greater optimism about AI in 2025 compared to 2024, with the highest optimism among organizations further along in their AI adoption journey [4]. - Among advanced adopters, 23% feel "much more optimistic" about AI this year, while only 7% of early-stage adopters share this sentiment [4]. Practical Challenges and Experience - The slowdown in AI adoption is attributed to finance leaders facing practical challenges related to implementation, integration, and scaling [3]. - As teams gain hands-on experience with AI, the benefits become clearer, leading to increased reliability and quicker gains once production use begins [5]. Transition from Experimentation to Operational Use - It is crucial for finance leaders to transition from experimentation to real operational use of AI to realize its full potential [6].

Core Insights - India's information technology (IT) spending is expected to reach $176.3 billion by 2026, reflecting a growth of 10.6% from 2025, surpassing the global growth rate of 9.8% [1][3] IT Spending Growth - For 2025, India's IT spending is projected to grow by 11.2%, reaching $160 billion [3] - The data centre segment is anticipated to have the highest annual growth rate, increasing by 20.5% in 2026, although this is a moderation from 29.2% in 2025 [4][5] Drivers of Growth - The growth is driven by increased investments in data centres and software, as enterprises accelerate their adoption of Cloud and digital technologies [5] - Rising demand for artificial intelligence (AI) infrastructure is expected to stimulate new investments in data centres [6] - Data localisation norms are also contributing to the growth, with major players in the data centre segment expanding their operations [7] Key Players and Market Dynamics - The entry of significant players like Reliance and the Adani group is propelling India's data centre growth [8] - India is recognized as having one of the largest consumer bases for AI services globally, attracting international investments in local infrastructure [8] Software and IT Services Growth - Software spending in India is projected to increase by 17.6% in 2026, reaching $24.7 billion, driven by investments in AI-enabled software solutions [8][9] - IT services spending is forecasted to grow by 11.1% in 2026, with double-digit growth expected in the coming years, averaging between 12% and 14% [11] - The growth momentum is supported by strong enterprise investments in infrastructure as a service (IaaS), consulting, and application modernization [12]

Core Insights - Cayosoft Guardian as a service enhances hybrid Microsoft identity protection, enabling enterprises to detect, respond, and recover from threats instantly, regardless of their operational location [1][2] - The service addresses the increasing risks associated with hybrid management complexity, misconfigurations, and cyber attacks, ensuring operational continuity through continuous monitoring and automated alerts [2][4] Cayosoft Guardian SaaS Capabilities - The service offers continuous hybrid change monitoring, providing real-time visibility of security drift and a full audit trail across various Microsoft platforms [6] - Features include one-click rollback and automated remediation to reverse changes quickly, fully managed SaaS delivery with no infrastructure overhead, and audit-ready reporting for compliance with regulations like SOX, HIPAA, and GDPR [6] - Zero-trust enforcement is implemented through role-based access controls to ensure that privileged changes are authorized and verified [6] Market Performance and Recognition - Cayosoft has experienced triple-digit revenue growth in FY24 and 60% year-over-year growth in FY25, indicating strong demand for hybrid identity continuity solutions [4] - The company has been recognized as a Representative Vendor in six Gartner reports over the past year, with high customer ratings for integration, deployment, product capabilities, and support [4][5] Customer Feedback - Customers have praised Cayosoft for its comprehensive Microsoft 365 management, scalability, and operational efficiency, with an average customer retention rate of 99% over the past three years [9] - Positive feedback highlights the product's user-friendly interface and effective alerting systems [5][7] Availability and Future Developments - Cayosoft Guardian SaaS is set to be generally available in Q1 2026, while the company will continue to support on-premises versions of its products [7] - Live demonstrations of the service will be available at Microsoft Ignite 2025, showcasing hybrid identity monitoring and instant rollback capabilities [8]

Group 1 - Nearly two-thirds of marketers believe advancements in artificial intelligence will dramatically reshape their roles within the next two years, but many struggle to tie the technology to results [1][2] - Among marketers using generative AI, only 5% are seeing significant gains in business outcomes, indicating that AI implementation needs to be holistic rather than piecemeal [2][3] - 82% of business leaders believe companies will need to substantially revamp their identities to keep pace with AI, with CMOs playing a crucial role in crafting this narrative [2][3] Group 2 - Gartner suggests that CMOs who merely add AI to legacy systems will fail to drive growth, while those who reshape their business with AI will lead [3] - The generative AI market is speculated to be close to bursting, yet agencies and consumer brands continue to ramp up AI initiatives [4] - Gartner's hype cycle indicates that generative AI is in the early stages of disillusionment, while AI-powered agents are at the peak of inflated expectations [4] Group 3 - Gartner views AI as having immense and unrealized potential, with significant implications for marketers, particularly in digital advertising channels like search, social, and display [5] - Major digital ad platforms such as Google, Meta, and Amazon are investing tens of billions annually to stay at the forefront of AI technology [5]

Core Insights - Docusign has been recognized as a Leader in the 2025 Gartner Magic Quadrant for Contract Life Cycle Management (CLM) for the sixth consecutive year, highlighting its strong market position and capabilities [1][3] Company Performance - Docusign's Intelligent Agreement Management platform leverages AI to transform agreement data into actionable insights, enhancing productivity throughout the agreement process [2] - The company has over 1.7 million customers and serves more than a billion people across 180 countries, indicating a broad and diverse user base [7] Recognition and Awards - Docusign's recognition as a Leader is based on its Ability to Execute and Completeness of Vision, underscoring its commitment to delivering significant business impact through innovation [3] - The company has also been named the 1 Most Trustworthy Software and Telecommunications company in America by Newsweek and featured in Fortune's Future 50 list for long-term growth prospects [3]

Core Points - Gartner, Inc. announced the pricing of its registered public offering of $800 million aggregate principal amount of senior notes [1] - The offering consists of $350 million principal amount of 4.950% Senior Notes due 2031 and $450 million principal amount of 5.600% Senior Notes due 2035 [1] - The 2031 Notes were priced at an issue price of 99.970% and the 2035 Notes were priced at an issue price not specified in the excerpt [1]