Summary

• Pzena Mid Cap Focused Value Composite underperformed its value benchmark in the first quarter of 2026, recording a gross return of -1.2% while the Russell Midcap Value Index advanced 3.7%.
• Humana was the largest individual detractor after a draft Medicare Advantage rate update came in below expectations.
• Chemical producer Dow was the largest contributor, as the conflict in Iran led to a widening feedstock advantage of natural gas versus oil.
• Advance Auto Parts contributed meaningfully as the company's turnaround continued to gain traction.
• Pzena Mid Cap Focused Value initiated a position in CDW while exiting FMC as the risk of permanent impairment expanded.

U. S. mid-cap equities advanced in a volatile quarter, with sharp swings driven by tariff headlines and shifting expectations for domestic growth. Mid-cap stocks outperformed large-cap stocks and value outperformed growth during the period. Against this backdrop, the portfolio underperformed

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