Pzena International Small Cap Focused Value Q1 2026 Commentary
2026-05-22·via All Articles on Seeking Alpha
Summary
International equity markets declined during the quarter, as the war in Iran and the resulting energy shock weighed on growth expectations and investor sentiment.
Small-cap stocks outside the U.S. underperformed, with fading risk appetite pressuring returns. Our portfolio also declined and trailed its benchmark.
During the quarter, we initiated positions in B&M European Value Retail and Tate & Lyle.
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1Q2026
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Since Inception 10/1/2016
Pzena International Small Cap Focused Value Composite – Gross
