Institutional Investors

Price Matters


Investing in companies we believe are priced
significantly below their long-term earnings potential

 
 

Digging Into Value


Researching deep beneath the surface of undervalued businesses to understand the range of outcomes

Team of Global Citizens


Expertise across a range of industry and cultural backgrounds

 
 

World Class Client Service


Dedicated to supporting clients as thought leaders on value investing

Why
Pzena

Our View on Value


“To be considered
among the premier value investors globally.”

We wrote most of that mission statement at our inception in 1996. The only change we made since then is to replace our US focus with one that is global.

Value investing works because investors tend to shy away from low prices.

The typical reasoning goes that low prices signal problems, and that those problems must be permanent if the stock price has substantially declined. But successful value investing overcomes this human tendency.

An unwavering discipline, intensive research, and an owner’s perspective on time horizon: these are our “secret” ingredients to long-term investment returns.

We built our team of research analysts slowly and carefully over the years. They have worked across sectors and roles, including management consulting, private equity, and operations. Their experience is consistent with our focus on understanding how businesses earn profits, and which businesses are likely to recover from temporary declines.

Our clients span the globe. They believe in our mission, a commitment we’ve held for more than two decades. We are excited for what the next decades will bring.

It’s hard to predict the future of investing, but there’s one thing we know with clarity. We will research businesses wherever valuation opportunities take us.

Our History


  • 1995

    Richard Pzena, former Chief Research Officer, and Director of U.S. Equity Investments for Sanford C. Bernstein & Company, founded Pzena Investment Management

  • 1996

    Began managing U.S. strategies

  • 2004

    Started managing global strategies

  • 2008

    Offered an emerging markets value strategy, among the few asset managers to invest in the region with a value approach

  • 2010

    Expanded outside the U.S. with a Melbourne office

  • 2014

    Pzena-branded mutual funds went to market

  • 2015

    Opened a London office

  • 2016

    Reached 100 employees

Our
Team

Investment professionals with a range of
industry and academic expertise

  • Karthik Annaamalai

    Research Analyst

  • Daniel L. Babkes

    Principal and Portfolio Manager

  • Rakesh Bordia

    Principal and Portfolio Manager

  • Caroline Cai, CFA

    Managing Principal, Chief Executive Officer, and Portfolio Manager

  • Andrew Chung, CFA

    Principal and Senior Research Analyst

  • Jason Doctor, CFA

    Principal and Portfolio Manager

  • Allison Fisch

    Managing Principal, President, and Portfolio Manager

  • John J. Flynn

    Principal and Portfolio Manager

  • Evan Fox, CFA

    Principal and Portfolio Manager

  • Sara Fung

    Research Analyst

  • John P. Goetz

    Managing Principal, Co-Chief Investment Officer and Portfolio Manager

  • Eric Hagemann, CFA

    Principal and Senior Research Analyst

  • Mark Heron

    Portfolio Manager and Head of Leveraged Loans/High Yield Credit

  • TVR Murti

    Principal and Portfolio Manager

  • Takashi Okumura

    Principal and Portfolio Manager

  • Lawrence Paustian, CFA

    Senior Research Analyst

  • Richard Pzena

    Principal, Chairman, Co-Chief Investment Officer, and Portfolio Manager

  • Nicolas Raele

    Senior Research Analyst

  • Matthew J. Ring

    Principal, Director of Research and Portfolio Manager

  • John Rogers

    Senior Research Analyst

  • Rachel Segal

    Head of ESG

  • Sabah Shaikh

    Senior Research Analyst

  • Brett Sharoni

    Senior Research Analyst

  • Elena Shirokikh

    Research Analyst

  • Benjamin Silver, CFA

    Principal and Portfolio Manager

  • Clarke Smith

    Principal and Senior Research Analyst

  • Akhil Subramanian

    Principal and Portfolio Manager

  • Miklos C. Vasarhelyi

    Principal and Portfolio Manager

  • Yinan Zhao, CFA

    Principal and Senior Research Analyst

  • Jörg Ahlheid

    Director of Business Development & Client Services

  • Martin Hanhauser, CIMA®

    Principal and Director of Business Development & Client Services

  • V. Michel Hanigan

    Principal and Director of Business Development & Client Services

  • Phil Hoffman

    Principal and Head of Pzena UK & Middle East

  • Chad Irwin

    Director of Business Development and Client Services

  • Adrian Jackson

    Principal and Director of Business Development & Client Services

  • John Jardim

    Director of Business Development and Client Services

  • William L. Lipsey

    Principal and Vice Chairman

  • Valerie Mignone Arnold

    Principal and Co-Head of North American Distribution

  • Tomoko Muraki

    Director of Business Development and Client Services

  • Wayne A. Palladino

    Principal and Director of Client & Portfolio Services

  • Dean Papas

    Principal, Director of Business Development & Global Head of Consultant Relationships

  • Brett Peven, CFA

    Principal and Head of Client & Portfolio Services

  • Kathryn Phillips

    Principal and Director of Business Development & Client Services

  • Colin Pritchard

    Regional Advisor Consultant

  • Peter Quinn

    Director of National Accounts

  • Jeff Smith, CFA

    Director of Business Development & Client Services

  • Anna Sperotto, CFA

    Director of Business Development and Client Services

  • David Taylor

    Principal and Director of Business Development & Client Services

  • Elizabeth W. Tyndale

    Principal and Co-Head of North American Distribution

  • Sander van Ouwerkerk

    Principal and Director of Business Development & Client Services

  • Paul Whymper-Williams

    Director of Business Development & Client Services

  • Caroline Cai, CFA

    Managing Principal, Chief Executive Officer, and Portfolio Manager

  • Jessica R. Doran, CPA

    Managing Principal, Chief Financial Officer and Treasurer

  • Evan Fire

    Managing Principal, Chief Operating Officer

  • Allison Fisch

    Managing Principal, President, and Portfolio Manager

  • John P. Goetz

    Managing Principal, Co-Chief Investment Officer and Portfolio Manager

  • William L. Lipsey

    Principal and Vice Chairman

  • Richard Pzena

    Principal, Chairman, Co-Chief Investment Officer, and Portfolio Manager