PZENA INVESTMENT MANAGEMENT

Decision-making is led by co-Chief Investment Officers Richard Pzena and John D. Goetz, both veterans of the firm. The firm uses a team-based research process where sector analysts and portfolio managers collaborate on stock selection. Ultimate authority rests with the CIOs.

Pzena is a publicly traded asset manager, not a family office. It went public in 2007 on the NYSE but remains controlled by insiders. Its clients are institutional investors, not a single family.

Pzena is a committed deep-value manager. It seeks companies that are undervalued due to temporary challenges, with catalysts for recovery. The firm avoids growth-at-a-reasonable-price and passive indexing. Holdings are high-conviction and often contrarian.

Yes, primarily. Pzena serves pension funds, endowments, foundations, and family offices. It does not offer retail mutual funds in all markets, though it has historically run a vehicle for high-net-worth clients through separate accounts.

Pzena integrates ESG factors as part of fundamental research, but it does not run dedicated ESG mandates. The firm's public materials note that ESG considerations are one of many inputs into valuation.

Pzena is known for transparency: it publishes detailed commentaries on its largest holdings and contrarian bets. It also uses a disciplined, bottom-up research process with a long track record of avoiding value traps.

The firm's long-term performance is publicly available through its SEC filings and marketing materials. The flagship U.S. Value strategy has historically beaten its benchmark over full market cycles, but individual periods of underperformance occur when value investing is out of favor.