December 30, 2025By Julie Biel, CFA

Conviction, Not FOMO

Market Review 4Q2025 Update | KayneCast 301

“We don’t just want to chase what’s hot and exciting and performing really well. We want to own great quality businesses, and we want to own them for a long time.”

Join Julie Biel, CFA, Chief Market Strategist at Kayne Anderson Rudnick, as she delves into the key factors driving the economy and equity markets in 4Q 2025. In this episode, Julie discusses the impact of the government shutdown on data collection, the broadening strength in corporate profitability, and strong performance of small-cap stocks in 2025.

Key Insights and Trends

Julie explores the speculative nature of the enthusiasm around quantum computing and AI. Additionally, she discusses the strong performance of the healthcare sector, which has been under pressure for many years but recently emerged as one of the best-performing sectors in the Russell index. Julie also highlights the sensitivity of the real estate sector to interest rate changes. As we reflect on the year, Julie provides a comprehensive review of the market’s performance and the lessons learned in 2025.

Tune in to gain insights into the macroeconomic overview, sector trends, and the risks and opportunities ahead for 2026.

Stay Informed with Our Latest Insights

For more insights, read our 4Q 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.