Pzena Investment Management recently released its fourth-quarter 2025 commentary for “Pzena Global Small Cap Focused Value Strategy.” A copy of the letter is available for download here. Robust earnings and improved investor sentiment boosted the performance of global small-cap equities in the fourth quarter. U.S. small caps slightly lagged behind large caps, whereas international small caps saw gains due to investor interest in revenue recovery, balance sheet health, and management execution. The portfolio underperformed the MSCI World Small Cap Index during this period and returned...
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