Pzena International Small Cap Focused Value Q1 2026 Commentary
International equity markets faced a decline in Q1 2026, primarily due to the war in Iran and its impact on energy prices. Small-cap stocks outside the U.S. underperformed as investor sentiment weakened. Pzena Investment Management's portfolio also saw a decline, trailing its benchmark during this period.
- ▪International equity markets declined during the quarter.
- ▪The war in Iran and the resulting energy shock weighed on growth expectations.
- ▪Small-cap stocks outside the U.S. underperformed with fading risk appetite.
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