Pzena European Focused Value Composite Portfolio Q1 2026 Commentary
European markets experienced a downturn in Q1 2026 due to rising energy prices and geopolitical tensions. These factors heightened inflation concerns and negatively impacted growth expectations. The Pzena European Focused Value Composite Portfolio managed to outperform the MSCI Europe Index during this period.
- ▪European markets were down during the quarter as a sharp rise in energy prices and escalating geopolitical tensions increased inflation concerns.
- ▪Energy, materials, and information technology were the largest contributing sectors.
- ▪Value outperformed growth in the market.
- ▪The Pzena portfolio outperformed the MSCI Europe Index.
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