Pzena Investment Management recently released its first-quarter 2026 commentary for “Pzena Focused Value Strategy.” A copy of the letter can be downloaded here. The equity market faced challenges in the first quarter due to the Iran conflict and the related energy price hike, compounded by continued AI-related uncertainty. Despite this volatility, energy stocks led the value index higher, but the portfolio fell short of the index and returned -4.7% (net) vs. 2.1% for the Russell 1000 Value Index. Despite th ...