Selected Strategies

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Selected Strategies

Each of our strategies follows essentially the same classic value investment approach. We offer multiple services within each region; the central differences lie in the market capitalization considered for investment and the level of portfolio concentration.

Focused Value

Focused Value
Universe:
1,000 largest
U.S. companies
Portfolio
Managers:
Rich Pzena
Ben Silver
Manoj Tandon
No. of Positions:
Generally 30-40
Sector
Constraints:
25%
(45% Financials)
Inception Date:
Jan. 1, 1996

Small Cap
Focused Value

Small Cap Focused Value
Universe:
2,000 U.S. companies
(ranked 1,001-3,000)
Portfolio
Managers:
John Flynn
Evan Fox
Ben Silver
No. of Positions:
Generally 40-50
Sector
Constraints:
+/-15%
Inception Date:
Jan. 1, 1996

International
Value

International Value
Universe:
1,500 largest
non-U.S. companies
Portfolio
Managers:
Caroline Cai
Allison Fisch
John Goetz
No. of Positions:
Generally 60-80
Sector
Constraints:
+/-7.5%
Emerging
Market Limit:
10%
Inception Date:
Nov 1, 2008

Large Cap
Focused Value

Large Cap Focused Value
Universe:
500 largest
U.S. companies
Portfolio
Managers:
John Flynn
Rich Pzena
Ben Silver
No. of Positions:
Generally 30-40
Sector
Constraints:
+/-15%
Inception Date:
Oct. 1, 2000

U.S. Best Ideas

U.S. Best Ideas
Universe:
3,000 largest
U.S. companies
Portfolio
Managers:
Rich Pzena
Manoj Tandon
No. of Positions:
Generally 15-25
Sector
Constraints:
None
Inception Date:
May 1, 2001

International Value
All Country (ex-U.S.)

International Value All Country (ex-U.S.)
Universe:
1,500 largest
non-U.S. companies
Portfolio
Managers:
Caroline Cai
Allison Fisch
John Goetz
No of Positions:
Generally 60-80
Sector Constraints:
+/-7.5%
Emerging Market
Limit:
+/-7.5%
Inception Date:
April 1, 2014

Large Cap Value

Large Cap Value
Universe:
500 largest
U.S. companies
Portfolio
Managers:
John Flynn
Rich Pzena
Ben Silver
No. of Positions:
Generally 50-80
Sector
Constraints:
+/-15%
Inception Date:
July 1, 2012

Global Focused Value

Global Focused Value
Universe:
2,000 largest
companies worldwide
Portfolio
Managers:
Caroline Cai
John Goetz
Benjamin Silver
No. of Positions:
Generally 40-60
Sector Constraints:
25% (45% Financials)
Emerging Market Limit:
25%
Inception Date:
Jan. 1, 2004

European
Focused Value

European Focused Value
Universe:
750 largest
European companies
Portfolio
Managers:
Caroline Cai
John Goetz
No. of Positions:
Generally 40-50
Sector
Constraints:
25%
(45% Financials)
Emerging
Market Limit:
20%
Inception Date:
August 1, 2008

Mid Cap Focused Value

Mid Cap Focused Value
Universe:
1,000 U.S. companies
(Ranked 201-1,200)
Portfolio
Managers:
John Flynn
Rich Pzena
Ben Silver
No. of Positions:
Generally 30-40
Sector
Constraints:
25%
(45% Financials)
Inception Date:
Sept. 1, 1998

Global Value

Global Value
Universe:
2,000 largest
companies worldwide
Portfolio
Managers:
Caroline Cai
John Goetz
Benjamin Silver
No. of Positions:
Generally 60-95
Sector Constraints:
+/-7.5%
Emerging Market Limit:
10%
Inception Date:
Jan 1, 2010

Emerging Markets
Focused Value

Emerging Markets Focused Value
Universe:
1,500 largest companies
from non-developed markets
Portfolio
Managers:
Rakesh Bordia
Caroline Cai
Allison Fisch
John Goetz
No. of Positions:
Generally 40-80
Sector
Constraints:
Not to exceed greater of (a) 20% of total portfolio or (b) 150% of sector's weight in the MSCI Emerging Markets Index
Country
Limit:
Not to exceed the greater of (a) 20% of total portfolio or (b) 150% of country's weight in the MSCI Emerging Market Index or MSCI Frontier Market Index
Inception Date:
Jan. 1, 2008

Mid Cap Value

Mid Cap Value
Universe:
1,000 U.S. companies
(ranked 201-1,200)
Portfolio
Managers:
John Flynn
Rich Pzena
Ben Silver
No. of Positions:
Generally 50-80
Sector
Constraints:
25%
(45% Financials)
Inception Date:
April 1, 2014

International Focused Value

International Focused Value
Universe:
1,500 largest
non-U.S. companies
Portfolio
Managers:
Caroline Cai
Allison Fisch
John Goetz
No. of Positions:
Generally 30-50
Sector
Constraints:
25%
(45% Financials)
Emerging
Market Limit:
35%
Inception Date:
Jan. 1, 2004

Long/Short Value

Long/Short Value
Universe:
1,000 largest
U.S. companies
Portfolio
Managers:
TVR Murti
Eli Rabinowich
Manoj Tandon
Long Positions:
Generally 50-90
Short Positions:
Generally 60-100
Long Exposure:
Generally 110%
Short Exposure:
Generally 60%
Inception Date:
April 1, 2014

*While our investment process includes ongoing review of the companies in the listed universes, our ultimate investment decisions may include companies outside of these ranges at the time of purchase. For the purposes of defining our initial universes, companies are ranked in size by market capitalization.