$CONSUMER

The Virtus KAR Small-Cap Growth Fund's Q4 2025 commentary highlights a continued positive performance in small-cap growth stocks, driven by strong earnings growth and a favorable economic environment. Investors are increasingly favoring small-cap stocks due to their higher growth potential compared to large caps. The fund's management expressed optimism about specific sectors, including technology and consumer discretionary, which are poised for significant expansion. Despite potential market volatility, the outlook for small caps remains bullish. A sustained focus on innovative companies could drive further gains in this segment.