# PZENA INVESTMENT MANAGEMENT

PZENA INVESTMENT MANAGEMENT is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 1991
- **Assets under management:** $61 billion (per public record, 2024)
- **Website:** pzena.com
- **LinkedIn:** https://www.linkedin.com/company/pzena-investment-management

## Regulatory record

- **CRD number:** 106847
- **SEC file number:** 801-50838
- **Registration status:** Registered
- **Latest Form ADV filing:** 2026-03-30T00:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/106847

## About

PZENA INVESTMENT MANAGEMENT LLC is an SEC-registered investment adviser in NEW YORK, NY, since 1995. The firm manages $81.4 billion in assets, $80.6 billion on a discretionary basis. It has 164 employees and 55 investment advisers.

## Sectors

- Value Investing
- Global Equities
- U.S. Equities
- International Equities
- Emerging Markets

## People

- Richard Pzena — Founder, Co-Chief Investment Officer
- John D. Goetz — Co-Chief Investment Officer
- Benjamin Silver — Chief Executive Officer

## Questions

### Who makes investment decisions at Pzena?

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.

### What is Pzena's investment philosophy?

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.

### Does Pzena manage money only for institutions?

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.

### What is Pzena's stance on ESG?

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.

### How does Pzena differ from other value managers?

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.

### What is Pzena's track record?

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.

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- [BlackRock International Limited](https://altss.com/profile/blackrock-international-limited)
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Last updated: 2026-06-03T20:00:00.000Z

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