November 4, 2025By Jon K. Christensen, CFA

Unexpected Gains Amidst Challenges

Mid Cap Core 3Q 2025 Update | KayneCast 300

“As we have moved through the year, AI has been the ubiquitous buzz word in our vernacular both in and out of the investing world. The large hyper-scalers have been securing the top headlines from this due to their beyond imaginable capital spending plans that have called in to question where this all ends and how these companies recoup their ultimate spending goals.”

Each quarter, Jon Christensen, Portfolio Manager and Senior Research Analyst provides an update on the performance of the Mid Cap Core strategy and shares his market outlook.  Listen to his most recent episode where Jon recaps market activity during 3Q 2025, with a focus on:

  • The unexpected stock market highs despite tariff, geo-political risks, labor instability, and policy change challenges
  • Primary contributors and detractors to the Mid Cap Core strategy
  • Understanding that these trends will mature over time as valuations adjust

For more insights, read our 3Q 2025 Commentary or subscribe to KayneCast where we provide the latest updates from the KAR Investment Team on our investment strategies.

KayneCast is available on Apple Podcasts and Spotify.

KARCast is the official podcast series of KAR. This material is provided as a matter of general information and is not intended to be relied upon as a forecast or research. The opinions expressed herein are those of the speakers and are not necessarily the opinions of KAR or its affiliates, are current as of the date and time of the recording, and are subject to change at any time due to changes in market or economic conditions. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by KAR to be reliable and are not necessarily all inclusive. KAR does not guarantee the accuracy or completeness of this information. Any securities included in this podcast are based on objective, non-performance based criteria and such mentions should not be considered a recommendation to purchase or sell the securities mentioned. This podcast should not be construed as an offer or solicitation to purchase or sell any security. KAR’s strategies may not be suitable or appropriate for all investors depending on their specific investment objectives and financial situation. Potential investors should always consult with their own financial professional before determining whether to invest in a particular investment or investment strategy. Reliance upon information in this material is at the sole discretion of the listener. To the extent any performance is discussed, past performance is not indicative of future results.