Pzena Emerging Markets Focused Value Q1 2025 Commentary

May 27, 2025 11:15:00 am

Source: SeekingAlpha

2025-05-27 11:15:00 ET

Summary

After a weak finish to 4Q24, EM equities rose modestly this quarter.
Eastern European bourses rallied on hopes of potential resolution to the Ukraine-Russia conflict.
Our Emerging Markets Focused Value portfolio was up and outperformed both the MSCI Emerging Markets Index and MSCI Emerging Markets Value index.

Returns are in USD As of March 31, 2025	1Q 2025	YTD	One Year	Annualized Returns - Three Year	Annualized Returns - Five Year	Annualized Returns - Ten Year	Since Inception 1/1/2008
Pzena Emerging Markets Focused Value Composite — Gross	6.5%	6.5%	9.6%	8.9%	17.9%	8.2%	5.1%
Pzena Emerging Markets Focused Value Composite — Net	6.2%	6.2%	8.6%	7.8%	16.7%	7.2%	4.0%
MSCI Emerging Markets Index	2.9%	2.9%	8.1%	1.4%	7.9%	3.7%	1.7%
MSCI Emerging Markets Value Index	4.3%	4.3%	7.6%	2.8%	9.8%	3.2%	1.3%

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 Emerging Markets Focused Value Q1 2025 Commentary