Pzena Small Cap Focused Value Q3 2025 Commentary

2025-11-25 01:00:00 ET

Markets rose throughout the quarter, driven by shifting expectations for Fed rate cuts and broadly better-than-expected corporate earnings, with tariff impacts partially offset by mitigation efforts. Small-cap stocks led large-cap stocks, and small-cap value stocks performed slightly better than growth. Our portfolio rose sharply but underperformed its benchmark, as the benchmark benefited from a speculative rally with highly shorted and unprofitable companies being the top benchmark contributors....

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