Our Strategies

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.

STRATEGYUNIVERSE*STATUSPORTFOLIO MANAGEMENT TEAM
Value Largest 1000 U.S. Open Tony DeSpirito, John Goetz, Rich Pzena
Large Cap Value Largest 500 U.S. Open Tony DeSpirito, John Goetz, Rich Pzena
Mid Cap Value Ranked 201-1200 U.S. Open Manoj Tandon, John Goetz, Rich Pzena
Small Cap Value Ranked 1001-3000 U.S. Open Ben Silver, John Goetz, Rich Pzena
All Cap Value Largest 3000 U.S. Open Lawrence Kohn, John Goetz, Rich Pzena
International Value Largest 1500 non-U.S. Open Caroline Cai, John Goetz, Michael Peterson
International Diversified Value Largest 1500 non-U.S. Open Caroline Cai, John Goetz, Michael Peterson
Global Value Largest 500 U.S.
Largest 1500 non-U.S.
Open Caroline Cai, John Goetz, Michael Peterson

*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.

Portfolio Details
  VALUELARGE CAP VALUEMID CAP VALUESMALL CAP VALUEALL 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
INTERNATIONAL
VALUE
INTERNATIONAL
DIVERSIFIED VALUE
UNIVERSE Largest 500 U.S. + 1500 largest
non-U.S. Companies
Largest 1500
non-U.S. Companies
Largest 1500
non-U.S. Companies
# OF POSITIONS 40 - 60 30 - 50 Generally 60 - 100
POSITION LIMITS:
    -At Purchase
    -At Market

5%
7.5%

5%
7.5%

5%
7.5%
SECTOR LIMITS* 25% of MSCI World(SM) 25% of MSCI EAFE® 25% of MSCI EAFE®
EMERGING MARKET
LIMITS
10% 10% 10%
REGIONAL
LIMITS
N/A N/A +/- 15% of MSCI EAFE®

*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.