Pzena U.S. Best Ideas portfolio declined during the quarter and trailed the Russell 3000 Value Index.
The consumer discretionary, consumer staples, and basic materials sectors contributed positively to performance in the quarter.
During the quarter, we added to Humana, American Woodmark, and leading IT services provider Cognizant Technology Solutions, on weakness.
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The broad U.S. large cap market index declined during the quarter and dispersion was elevated across sectors. Investors grappled with the conflict in Iran and a related spike in energy prices, in addition to continued AI-related uncertainty. Meanwhile, mid
