Pzena Focused Value Strategy Added CDW Amid Misplaced AI Concerns

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Summary · why it matters

Pzena Investment Management initiated a position in CDW Corporation during the first quarter of 2026, citing misplaced AI-related fears and strategic margin investments. The firm described CDW as the largest value-added technology reseller in the U.S., with shares weighed down by AI concerns and recent margin pressure from portfolio-broadening investments. The Pzena Focused Value Strategy returned -4.7% net in the quarter, underperforming the Russell 1000 Value Index's 2.1% gain. CDW closed at $123.57 per share on June 22, 2026, with a market capitalization of $15.79 billion.

Impact on assets 1

Information Technology▲
CDW Corp
CDW
▲ PositiveCapitalrelevance

Pzena initiated a position, citing misplaced AI fears and margin investments as overblown, implying undervaluation.

Off-coverage companies 1

Pzena Investment Management, Inc.i
Private▼ NegativeCapitalrelevance

Pzena's Focused Value Strategy returned -4.7% net in Q1 2026, underperforming the benchmark.