BABAF - Pzena Global Value Q1 2025 Commentary
2025-05-27 04:30:00 ET
Summary
- Global markets delivered a mixed performance, with many European indices climbing double-digit percentage points on the back of strong fiscal stimulus announcements and optimism surrounding a potential resolution to the Russia-Ukraine conflict.
- The U.S. market lagged, primarily due to weakness in the information technology sector.
- Our portfolio materially outperformed the broader index, benefiting from relative weakness in IT, strength in Europe, and solid performance from select health care stocks.
Past performance is not indicative of future results. Periods greater than one year are annualized in USD. Returns could be impacted, positively or negatively, by currency fluctuations, where applicable. Gross rates of return are presented gross of investment management fees and net of the deduction of transaction costs. An investor’s actual return will be reduced by investment management fees. Net Returns are derived using a model fee applied monthly to Gross returns. Pzena uses the highest tier fee schedule, excluding performance fees, to illustrate the impact of fees on performance returns. As product fees change, the current highest tier schedule will be in effect. |