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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Outperforming its benchmarks and finding attractive cyclical value opportunities amidst macro and tariff-driven volatility."
During the third quarter of 2025, the Pzena Global Small Cap Focused Value Composite outperformed its benchmarks, generating a net return of 10.7%. Performance was led by strong contributions from Resideo Technologies, Advance Auto Parts, and Steelcase. Main detractors included specialty staffing firm Hays, carbon black manufacturer Orion, and contact center operator Concentrix. Pzena initiated three new positions during the quarter in Samsonite, Remy Cointreau, and Sensata, and added to existing holdings in Spectrum Brands, Teleflex, and Nokian. These transactions were funded by exiting regional bank Synovus and trimming Steelcase, Sankyu, and Umicore on strength.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon