From Seekingalpha · Pzena Investment Management · · 40s
Pzena Global Focused Value Q3 2026 Commentary
Pzena's value portfolio beat markets as they shifted focus to AI and Middle East tensions.
In brief
Pzena's value portfolio beat markets as they shifted focus to AI and Middle East tensions. Pzena's Global Focused Value fund outperformed both the broad market and value indices in Q3 2026 by taking positions in Tencent and exiting Alibaba and Enel. Originally reported by Seekingalpha.
Portfolio Outperformance
Pzena Global Focused Value portfolio outperformed both the broad market index and the value index during Q3 2026.
Tencent Position
We initiated a position in Tencent due to regulatory uncertainty and subdued investor sentiment toward Chinese equities.
Alibaba and Enel Exit
We exited Chinese e-commerce company Alibaba Group and Italian utility Enel from the portfolio.
At a glance
Pzena's Global Focused Value fund outperformed both the broad market and value indices in Q3 2026 by taking positions in Tencent and exiting Alibaba and Enel.
