Quarterly Stock Market Commentary for Q3 2023

Quarterly Stock Market Commentary for Q3 2023

November 20, 2023

Every quarter, our portfolio managers and research analysts provide in-depth analysis and insightful stock market commentary, analyzing performance and the latest trends and behaviors impacting the market.

At KAR, we offer high-conviction investment strategies focusing on quality businesses, within the Small Cap, Mid Cap, Large Cap, and International spaces. We strive to design our portfolio strategies to be resilient in any market environment, and we believe our results speak for themselves.

In our Q3 2023 discussion roundup, you’ll find individual recaps of each of our actively managed strategies, all recorded in our stock market commentary insights podcast, KayneCast. By subscribing to KayneCast, you’ll be automatically notified when future quarterly reviews are made available, ensuring you’ll always stay informed and up to date on our investment strategies.

You can read the full Q3 2023 market review in our provided commentary or revisit our past quarterly market review podcast episodes:

To learn more about KAR’s investment management services, contact our team today.

Q3 2023 Stock Market Recap

The third quarter saw a pullback in both bonds and stocks, but particularly the latter, after a strong first half. The economy is slowing and likely to slow even more, but it’s unlikely there will be a deep recession. No one is betting on a robust recovery either, however. The economy will likely see slow and somewhat uneven growth in the coming quarters, similar to what the market has experienced over the last 1.5 to 2 years.

KAR Contributors: Doug Foreman, Ben Falcone

Listen to the full discussion in episode 231 of KayneCast or read the complete Q3 2023 Market Review Summary.

Q3 2023 Strategy Review

Episode 232: Growth Stocks Take a Breather in Q3
KAR Mid Cap Growth
Contributors: Chris Armbruster, Ben Falcone

Episode 233: Elevated Inflation Rates Impact Consumer Spending
KAR Small Cap Quality Value
Contributors: Julie Kutasov, Ben Falcone

Episode 234: Oil and Energy Dominate Q3
KAR Small Mid Cap Core
Contributors: Julie Kutasov, Ben Falcone

Episode 235: Swings in Small Cap Equity
KAR Small Cap Core
Contributors: Jon Christensen, Ben Falcone

Episode 236: The Mid Cap See-saw: YTD Ups and Downs
KAR Mid Cap Core
Contributors: Jon Christensen, Ben Falcone

Episode 237: Cyclical Stocks Thrive in a Difficult Market
KAR Global Dividend Yield
Contributors: Richard Sherry, Ben Falcone

Episode 238: Q3 International Markets Rocked by Rising Interest Rates
KAR International Small Cap
Contributors: Craig Thrasher, Ben Falcone



This information is being provided by Kayne Anderson Rudnick Investment Management, LLC (“KAR”) for illustrative purposes only. Information contained in this material is not intended by KAR to be interpreted as investment advice, a recommendation or solicitation to purchase securities, or a recommendation of a particular course of action and has not been updated since the date of the material, and KAR does not undertake to update the information presented should it change. This information is based on KAR’s opinions at the time of the recording of this material and are subject to change based on market activity. There is no guarantee that any forecasts made will come to pass. KAR makes no warranty as to the accuracy or reliability of the information contained herein. Past performance is no guarantee of future results.

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