Pzena International Value ADR Q1 2025 Commentary

May 27, 2025 09:50:00 am

Source: SeekingAlpha

2025-05-27 09:50:00 ET

Summary

Equity markets outside the U.S. performed well through the first quarter.
Most European and emerging market countries turned in strong performances, while Japan was weak.
Our portfolio outperformed the broad market indices, driven mostly by stock-specific moves.

Returns are in USD As of March 31, 2025	1Q 2025	YTD	One Year	Annualized Returns - Three Year	Annualized Returns - Five Year	Since Inception 1/1/2019
Pzena International Value ADR Composite — Gross	11.4%	11.4%	15.9%	10.4%	18.2%	10.6%
Pzena International Value ADR Composite — Net	11.2%	11.2%	15.3%	9.8%	17.6%	10.0%
MSCI EAFE Index	6.9%	6.9%	4.9%	6.1%	11.8%	8.3%
MSCI EAFE Value Index	11.6%	11.6%	12.8%	9.7%	14.8%	8.4%

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.

Read the full article on Seeking Alpha

For further details see:

Pzena International Value ADR Q1 2025 Commentary