Pzena Global Value ADR Q1 2025 Commentary

May 27, 2025 06:00:00 am

Source: SeekingAlpha

2025-05-27 06:00:00 ET

Summary

Global markets delivered 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.
Positive sentiment contributed to modest gains in emerging markets, driven by strength in Eastern European equities and shifting perspectives on China and Brazil.
Health care and financials were the top contributors, while consumer discretionary and utilities were the largest detractors.

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 Global Value ADR Composite — Gross	6.4%	6.4%	8.2%	8.4%	18.9%	11.3%
Pzena Global Value ADR Composite — Net	6.2%	6.2%	7.6%	7.8%	18.3%	10.7%
MSCI World Index	-1.8%	-1.8%	7.0%	7.6%	16.1%	12.8%
MSCI World Value Index	4.8%	4.8%	8.7%	7.0%	15.0%	9.7%

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.

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Pzena Global Value ADR Q1 2025 Commentary