2025 was highly unusual. AI and tech dominated. Capital flooded into chips and AI-related names. Valuation discipline faded. Defense, gold and cyclicals re-rated aggressively. Healthcare hit relative valuation extremes. In this video, Pella’s CIO, Jordan Cvetanovski discusses:

• What defined 2025’s momentum-driven market
• Why extreme AI investment levels may not justify expectations
• How we positioned portfolios with discipline

Pella remains focused on valuations, quality and five-year outcomes because we believe markets ultimately revert to fundamentals.