Pzena Focused Value Strategy’s Q4 2025 Investor Letter

Pzena Investment Management recently released its fourth-quarter 2025 commentary for “Pzena Focused Value Strategy.” The fourth quarter was defined by strong AI momentum and continued market dominance by mega-cap stocks. In this environment, Pzena Focused Value Strategy underperformed the Russell 1000® Value Index, delivering a net return of 2.5% vs. 3.8% for the Index. Given the limited leadership in the market, the firm still observes appealing valuation differences and believes the current environment is favorable for long-term value investors. In addition, you can check the Fund’s top five holdings to see its best picks for 2025.

A copy of Pzena Focused Value Strategy’s Q4 2025 investor letter can be downloaded here.