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.
| STRATEGY | UNIVERSE* | STATUS | PORTFOLIO MANAGEMENT TEAM |
|---|---|---|---|
| Value | Largest 1000 U.S. | Open | Caroline Cai, 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 | Rama Krishna, John Goetz, Michael Peterson |
| Global Value | Largest 500 U.S. Largest 1500 non-U.S. |
Open | Rama Krishna, John Goetz, Michael Peterson |
| Financial Opportunities Service |
Largest 3000 U.S. Largest 1500 non-U.S. |
Open | Rich Pzena, John Goetz, Caroline Cai, 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.
| VALUE | LARGE CAP VALUE | MID CAP VALUE | SMALL CAP VALUE | ALL CAP VALUE | |
|---|---|---|---|---|---|
| UNIVERSE | Largest 1000 U.S. | Largest 500 U.S. | Ranked 201-1200 U.S. | Ranked 1001-3000 U.S. | Largest 3000 U.S. |
| # 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%* | ±15% | 25%* | ±15% | n/a |
| GLOBAL VALUE |
INTERNATIONAL VALUE |
FINANCIAL OPPORTUNITIES SERVICE |
|
|---|---|---|---|
| UNIVERSE | Largest 500 U.S. + 1500 largest non-U.S. Companies |
Largest 1500 non-U.S. Companies |
Largest 3000 U.S. Largest 1500 non-U.S. |
| # OF POSITIONS | 40 - 60 | 30 - 50 | 8 - 20 |
| POSITION LIMITS: -At Purchase -At Market |
5% 7.5% |
5% 7.5% |
15% |
| SECTOR LIMITS* | 25% | 25% | n/a |
| EMERGING MARKET LIMITS |
10% | 10% | n/a |
*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.