Our Process

How We Invest

Proprietary research and discipline

Our Value Universe

Sorting the cheapest stocks in an investment
universe with a proprietary screening tool
enables us to optimize our research focus


How We Measure Value

Using normalized earnings instead of price-
to-book ratios can provide a more
comprehensive picture of a company’s long-
term earnings potential

Normalized earnings are what we expect a
company to earn across a business cycle.

Stock Selection

Building high active share, concentrated portfolios that are centered around intelligent decisions and research


From the Ground Up

Engaging regularly with company management to ask questions that get to the bottom of a company’s undervaluation

Environmental, Social, and Governance (ESG)

ESG analysis is an inherent part of our dedication to finding value. At Pzena, ESG integration means understanding how environmental, social, or governance issues might affect long-term normalized earnings. We continue to expand our ESG capabilities, including adding dedicated ESG research analysts to the investment team. We also became a signatory to the Principles for Responsible Investment (PRI) in early 2018 and a SASB Alliance member in 2020, and we have accepted Japan’s Stewardship Code.

Click here for additional information on our ESG Investing Approach


Client satisfaction is our biggest priority. We cater to our clients’ needs and provide access to our strategies through different vehicles. All our portfolios follow the same process to fulfill our goal of generating long-term alpha.