Our team does not fit neatly into the categories of fundamental research analysts and portfolio managers
Each of our 25 investment professionals has research responsibilities. Our analysts have sector- and company-level research responsibilities for all Pzena strategies. Each strategy has a multi-person portfolio management team; all investment decisions require unanimous consent. In sum, our process is driven by the fundamental research conducted by our analysts, which is then debated by the portfolio management team to estimate the impact of the analyst’s conclusions on the company's normal earnings power.
The backgrounds of our investment team suit our long-term, buy-the-whole-business perspective
Our staff is distinguished by a diverse set of backgrounds and by a shared view of long-term value investing. Among our portfolio managers and analysts are former business executives, accountants, engineers, management consultants and private equity analysts. Their skills help them analyze businesses the way an owner would. This fits with our view that we should only invest in companies where we’re comfortable owning the entire business for the next three to five years. Our analysts also share the firm’s view of deep value investing, allowing them to look beyond current issues that often scares away other investors. It allows them to see stock declines as opportunities, seeking to find circumstances where the fundamentals of a company have not changed. Because our focus is on assessing whether management's future strategy is likely to succeed, having a team consisting of people who ran businesses themselves or were charged with analyzing businesses throughout their lives gives us a significant advantage when implementing our strategy.
Ultimately, we seek to earn the role of trusted advisor by our clients’ investment team
We cultivate long-term relationships with our clients and try to bring a fresh perspective to the conventional thinking that dominates the investment world. We meet with clients regularly to share perspectives on the portfolio and the current investment environment. As appropriate we introduce members of our research and portfolio management team into client portfolio reviews to ensure that our clients get to know the full breadth of our investment resources.
Our client team members have open access to our investment team
Client service personnel frequently attend research, portfolio management and company management meetings. In this way, we ensure that our clients have a day-to-day contact that is fully knowledgeable about the portfolio, our investment decisions and our perspective.
We provide regular and customized client reporting
We work with each client to understand their unique reporting requirements. In addition to our regular communications each month or quarter, many clients receive customized commentary and reports. Further, we produce a Quarterly Report to Clients, which includes portfolio strategy commentaries, a global research review and chronicles a highlighted holding.
Operations & Administration
Operations and compliance are mission-critical elements of our firm. We have dedicated significant resources to these areas to ensure that our capabilities are best-in-class.
Accuracy, timeliness and responsiveness; our clients can and should expect us to achieve these standards.
Our dedicated team initiates and monitors each client's portfolio, ensuring that we follow all product and client-specific guidelines.
Our trading motto is "patience equals profits"; our traders are focused on precise execution of our strict price-limit driven strategy.
We maintain a fully integrated system among portfolio administration, trading, billing, accounting and client reporting. Policies and procedures ensure appropriate and thorough controls are in place. We have, and will continue to make significant investments in our systems capabilities.
Asset management firms rely on the strength of their intellectual capital. We have comprehensive compensation and benefits packages and provide formal employee engagement channels as well as broad-based professional development and training opportunities to attract and retain an actively engaged, highly-skilled, highly-trained workforce.
Legal & Compliance and Finance
Legal & Compliance
We have made a serious commitment to compliance to ensure the highest standards of professional conduct. Maintaining an in-house legal and compliance staff enables us to comply with regulatory requirements and to promptly and thoughtfully meet client needs. Our commitment to compliance ensures the highest standards of professional conduct. We conduct internal audits, provide client related compliance reports, and adhere to strict disclosure practices. Our compliance team guides and monitors the implementation of our policies and procedures across portfolios.
Our finance department is staffed with a diverse group of professionals, all dedicated to meeting the firm’s operational, fiduciary, and regulatory requirements.