# Pzena Global Focused Value Q3 2026 Commentary

> Pzena's value portfolio beat markets as they shifted focus to AI and Middle East tensions.
- Title: Pzena Global Focused Value Q3 2026 Commentary · Seekingalpha
- Summary: 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…
- Keywords: pzena, global focused value, q3 2026, tencent, alibaba group, enel, ai infrastructure, middle east conflict, money, business, Global, Focused
- Source: Seekingalpha — https://seekingalpha.com/article/4958686-pzena-global-focused-value-q3-2026-commentary
- Author: Pzena Investment Management
- Published: 2026-10-28T16:46:00+00:00
- Read time: 1 min
- Topics: pzena, global focused value, q3 2026, tencent, alibaba group, enel, ai infrastructure, middle east conflict, money, business
## 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.
## Key takeaway

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.