Home Latest Articles Summary Against this volatile backdrop, the Pzena Large Cap Focused Value portfolio declined and underperformed its value benchmark as energy stocks led the value index higher. Medicare Advantage insurer Humana was the largest individual detractor after CMS proposed a disappointing preliminary Medicare Advantage rate update for 2027. Commodity chemicals producer Dow rallied as oil prices spiked, which is expected to tighten global polyethylene markets and benefit Dow due to its cost-advantaged footprint in North America. Pzena initiated a position in Accenture plc, an essential facilitator of enterprise digital transformation that the company believes could benefit from rising demand for process automation enabled by AI. Pzena funded these purchases by trimming money center bank Citigroup, auto supplier Magna International, discount retailer Dollar General, and Dow, Inc., all on strength. Mike_Pellinni/iStock via Getty Images Broad U. S.…