Each of our strategies follows essentially the same classic value investment approach. The central difference lies in the universe considered for investment.
Click on the strategy name for portfolio details.
| U.S. STRATEGIES | UNIVERSE* | STATUS | PORTFOLIO MANAGEMENT TEAM |
|---|---|---|---|
| Large Cap Value | 500 Largest U.S. | Open | Tony DeSpirito, John Goetz, Rich Pzena |
| Value | 1000 Largest U.S. | Open | Tony DeSpirito, John Goetz, Rich Pzena |
| Small Cap Value | Ranked 1001-3000 U.S. | Open | Ben Silver, John Goetz, Rich Pzena |
| Mid Cap Value | Ranked 201-1200 U.S. | Open | Manoj Tandon, John Goetz, Rich Pzena |
| All Cap Value | 3000 Largest U.S. | Open | Lawrence Kohn, John Goetz, Rich Pzena |
| NON-U.S. STRATEGIES | UNIVERSE* | STATUS | PORTFOLIO MANAGEMENT TEAM |
|---|---|---|---|
| Global Value | 500 Largest U.S. Largest 1500 non-U.S. |
Open | Caroline Cai, John Goetz, Michael Peterson |
| EAFE Value | 1500 Largest non-U.S. | Open | Caroline Cai, John Goetz, Michael Peterson |
| Global Diversified Value | 500 Largest U.S. 1500 Largest non-U.S. |
Open | Caroline Cai, John Goetz, Michael Peterson |
| EAFE Diversified Value | 1500 Largest non-U.S. | Open | Caroline Cai, John Goetz, Michael Peterson |
| European Value | 750 Largest European | Open | Caroline Cai, John Goetz, Michael Peterson |
| Emerging Markets Value | 1500 Largest in Emerging Markets |
Open | Allison Fisch, Caroline Cai, John Goetz |
*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.
| VALUE | LARGE CAP VALUE | MID CAP VALUE | SMALL CAP VALUE | ALL CAP VALUE | |
|---|---|---|---|---|---|
| UNIVERSE | Largest 1000 U.S. Companies |
Largest 500 U.S. Companies |
Ranked 201-1200 U.S. Companies |
Ranked 1001-3000 U.S. Companies |
Largest 3000 U.S. Companies |
| # OF POSITIONS | 30 - 40 | 30 - 40 | 30 - 40 | 40 - 50 | 20 - 25 |
| POSITION LIMITS: -At Purchase -At Market |
5% 7.5% |
5% 7.5% |
5% 7.5% |
4% 6% |
6% 8% |
| SECTOR LIMITS | 25% of Russell 1000® Value* |
±15% of Russell 1000® Value |
25% of Russell Midcap® Value* |
±15% of Russell 2000® Value |
n/a |
| GLOBAL VALUE | EAFE VALUE | GLOBAL DIVERSIFIED VALUE |
|
|---|---|---|---|
| UNIVERSE | 500 Largest U.S. + 1500 Largest non-U.S. Companies |
1500 Largest non-U.S. Companies |
500 Largest U.S. + 1500 Largest non-U.S. Companies |
| # OF POSITIONS | 40 - 60 | 30 - 50 | 70 - 110 |
| POSITION LIMITS: -At Purchase -At Market |
5% 7.5% |
5% 7.5% |
3% 4% |
| SECTOR LIMITS* | 25% of MSCI World(SM) | 25% of MSCI EAFE® | +/- 7.5% of MSCI World(SM) |
| EMERGING MARKET LIMITS |
10% | 10% | 10% |
| COUNTRY LIMITS | N/A | N/A | N/A |
| EAFE DIVERSIFIED VALUE | EUROPEAN VALUE | EMERGING MARKETS VALUE |
|
|---|---|---|---|
| UNIVERSE | 1500 Largest non-U.S. Companies |
750 Largest European Companies |
1500 Largest Companies in Emerging Markets |
| # OF POSITIONS | 60 - 100 | 40 - 60 | 40 - 80 |
| POSITION LIMITS: -At Purchase -At Market |
3% 4% |
5% 7.5% |
4% 6% |
| SECTOR LIMITS* | +/- 7.5% of MSCI EAFE® | 25% of MSCI Europe® | N/A |
| EMERGING MARKET LIMITS |
10% | 10% | N/A |
| COUNTRY LIMITS | N/A | N/A | Not to exceed the greater of (a) 20% of the total portfolio or (b) 150% of the country's weight in the MSCI Emerging Market or MSCI Frontier Market Index |
*Absolute level for all sectors except financials which is limited to 45%.
All Pzena strategies follow the same process and philosophy, differing only in market cap selection, concentration and/or inception date. New buys must come from the cheapest quintile of our proprietary computer model. Positions are sold when they reach the universe mid-point of the computer model ranking.