Pzena Insights

Quarterly Commentary

  • The Concentration Conundrum

    The continued outperformance of mega-cap highfliers does not stand up to historical scrutiny, while value stocks are trading at a 30% discount to their long-term average PE. (Second Quarter 2023 Commentary)

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  • The Current Opportunity In Small Caps Globally

    Small-cap stocks are trading near 20-year low valuations and remain an underfollowed corner of global equities rich with opportunity. (First Quarter 2023 Commentary)

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  • Equity Investing in an Uncertain Macro Backdrop

    Despite recession, inflation, and geopolitical fears, we believe the value opportunity is compelling, even after its best relative performance in more than two decades. (Fourth Quarter 2022 Commentary)

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  • Opportunity in Times of Trouble – The Case for European Equities

    European equities are trading near a 20-year low, driven by macro and geopolitical concerns. We are finding significant opportunity in well positioned, financially sound businesses, that should have the wherewithal to navigate a possible recession. (Third Quarter 2022 Commentary)

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  • Value’s Opportunity In Uncertain Times

    As global stock markets enter bear market territory, we examine how equity markets perform around recessions, and the case for continued outperformance by value stocks. (Second Quarter 2022 Commentary)

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  • Fundamentals Point To An Enduring Value Cycle

    Geopolitical shocks have usually been short-term in nature. We believe fundamentals for an enduring value cycle remain intact. (First Quarter 2022 Commentary)

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  • Are You Positioned For The Value Cycle To Run?

    Severe underperformance by specific emerging-market countries has historically created a fertile hunting ground to find alpha-generating stocks. We are finding good value opportunities in 2021’s laggards. (Fourth Quarter 2021 Commentary)

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  • Maintaining Focus: Value’s Strong Fundamentals

    The opportunity in value stocks remains compelling. Long-term investors should ignore the noise and focus on cheap valuations, strong operating metrics, and the solid real returns value stocks offer. (Third Quarter 2021 Commentary)

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Thought Leadership

  • Energy Transition

    We believe the businesses we own are well-positioned for the global energy transition, as the world gradually shifts away from carbon-intensive fuels towards cleaner energy sources. (September 2023)

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  • ESG as a Key Component of Bottom-up Fundamental Analysis

    ESG is a key component of bottom-up fundamental analysis. Engagement and improvement can drive value creation and lead to successful investment outcomes. (Q1 2023)

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  • Highlighted Holding: Sabre

    Given Sabre’s focus on profitability and underwriting expertise in its niche specialty market, we believe it is among the best-positioned UK motor insurers as industry-wide policy pricing improves. (Q1 2023 Highlighted Holding)

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  • Highlighted Holding: PVH Corp.

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  • Assessing Corporate Governance

    We examine the extent to which there is an empirical link between good corporate governance and company performance. (July 2022)

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  • The Utility of ESG Scores in the Investment Process

    We observe a significantly stronger relationship between investment performance and a company’s potential for ESG improvement, as compared to the company’s ESG score. (April 2021)

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  • Energy Investments in a Zero-Carbon World

    Examining the controversial energy sector as society seeks to combat climate change, we ask: are energy companies facing obsolescence, or offering an exceptional opportunity? (February 2021)

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  • Giving Credit: Emerging Markets Banks

    EM banks have come under intense pressure in the wake of COVID and its impact on the global economy. A careful study of previous crises indicates EM banks are actually operating amid a healthier macroeconomic environment and with much stronger balance sheets than in the past. At current valuations, banks in the emerging world present compellingly asymmetric investment opportunities. (November 2020)

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  • Global Banks: Resilience in the Face of Crisis

    Against the volatile backdrop of today’s economic environment, bank stocks stand out. In our view, the banking system today can sustain a once-in-a-century level of loan losses without meaningful dilution to equity owners. (June 2020)

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  • Extreme Discounts in Oil Services

    While uncertainty in the oil market has turned investors against the energy sector, difficult market environments = fuel for value investors. As supply/demand find balance, resilient businesses (strong franchises, robust balance sheets, operational flexibility) should emerge stronger. (June 2020)

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  • Volatility, Wide Spreads, and Value Stock Returns

    History suggests that in times of uncertainty, investing in undervalued companies pays off in the long term. During these volatile times, value investing provides a compelling investment opportunity. (May 2020)

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Webcasts

  • 2023 Mid Year Outlook for Value Webinar

    Co-CIO Rich Pzena and Portfolio Manager Miklos Vasarhelyi discuss the current opportunity for disciplined value investors. Topics include: · The YTD growth outperformance driven by mega-caps, and the associated historical context · Our view of the banking sector in both the US and Europe · Where we are finding value now

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  • 2023 Outlook for Value Webinar

    CEO and Portfolio Manager Caroline Cai and President and Portfolio Manager Allison Fisch discuss the outlook for value in 2023.  

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  • Pzena Mid-Year Outlook 2022: Value Opportunities in an Uncertain World

    Much has changed since our 2022 outlook – a war, energy price shocks and broader inflation, Fed rate hikes, and recession concerns, to name a few. With equity markets under pressure, where do value stocks stand? Watch as Portfolio Manager Allison Fisch and Co-Chief Investment Officer John Goetz discuss their mid-year outlook. (July 2022)

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  • Pzena Outlook 2022: Climbing the Wall of Worry

    Portfolio Managers Allison Fisch and Ben Silver discuss their thoughts and expectations for 2022, including the global outlook for value investing. (January 2022)

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  • Value and ESG: Better Together

    Hear from our value experts Caroline Cai and Rachel Segal as they dive deep into the commonalities behind Value and ESG. Moderated by Adrian Jackson. (July 2021)

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Podcasts

  • 2023 Mid Year Outlook for Value

    Co-CIO Rich Pzena and Portfolio Manager Miklos Vasarhelyi discuss the current opportunity for disciplined value investors. Topics include: The YTD growth outperformance driven by mega-caps, and the associated historical context, our view of the banking sector in both the US and Europe, and where we are finding value now. (July 2023)

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  • The Big Opportunity in Small Stocks

    In this episode, Portfolio Managers Evan Fox and Matt Ring sit down with Pzena's Co-Head of North American Distribution, Valerie Mignone Arnold to discuss the attractive valuations of small cap stocks across the globe. (May 2023)

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  • Banks, Volatility, and Value

    In this episode, Portfolio Manager John Flynn and Senior Research Analyst Eric Hagemann sit down with Pzena's Co-Head of North American Distribution, Valerie Mignone Arnold to discuss the recent volatility and the banking crisis through the lens of value investors. (April 2023)

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  • ESG Opportunity List

    Adrian Jackson hosts this lively discussion where Portfolio Manager John Flynn and ESG Research Analyst Luke Longinotti discuss Pzena's approach to ESG. Pzena's Opportunity List seeks to systematically identify opportunities in our portfolio where material ESG issues exist and engagement could have a positive impact. (March 2023)

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  • 2023 Outlook for Value Webinar Podcast

    CEO and Portfolio Manager Caroline Cai and President and Portfolio Manager Allison Fisch discuss the 2023 outlook for value in this special episode of the PzenaPerspectives podcast. (January 2023)

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  • Succession is a Process, Not an Event

    Founding partners Rich Pzena and Bill Lipsey discuss the process of succession and our next generation of leadership in this special episode of the PzenaPerspectives podcast. (January 2023)

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  • The Value Opportunity in Europe: As Cheap As It Gets?

    Portfolio Manager Miklos Vasarhelyi and Co-Chief Investment Officer John Goetz discuss the current opportunity in Europe for value investors, including some specific companies they find most compelling. (October 2022)

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  • Value Opportunities in an Uncertain World: PzenaPerspectives

    Amidst a war, energy price shocks and broader inflation, Fed rate hikes, and recession concerns, equity markets are under pressure. Where do value stocks stand? (July 2022)

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  • A Look Into a Management Meeting with Lear Corp

    Auto supplier Lear’s profitability has been impacted by cost pressures and the supply chain, but its operating flexibility and product portfolio should help it thrive, as the industry normalizes and electrifies. (June 2022)

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  • Value Investing: The Recovery of Hope

    Managing Principal and Co-Chief Investment Officer John Goetz touches on uncertainty — the quick, fearful response to geopolitical shocks and macro concerns — and the recovery of hope that typically sets the stage for strong value-stock returns. (May 2022)

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  • Interview with REV Group Inc. CEO, Rod Rushing

    As value investors, we look for good companies with temporary problems, and found one such opportunity in specialty vehicle manufacturer REV Group. (March 2022)

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Media

  • Mutual Fund Observer article 'In Conversation with Rakesh Bordia, Portfolio Manager of Pzena Emerging Markets Value Fund PZIEX'

    The Mutual Fund Observer highlights the exceptional track record of Pzena Emerging Markets Value Fund (PZIMX). (September 2023)

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  • FA article Finding Gems in the Trash Heap

    Financial Advisor Magazine highlights the exceptional track record of Pzena Emerging Markets Value Fund (PZIMX). (August 2023)

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  • Pzena Mid Cap Value Fund Listed as Top Mid-Cap Performer

    Morningstar Magazine highlights our acclaimed Pzena Mid Cap Value Fund (PZIMX) as a top mid-cap performer across multiple time periods. (August 2023)

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  • Pzena Interview as Finalist from The ESG Investing Awards 2023

    The ESG Investing Awards 2023 are the only awards devoted to assessing and evaluating the best companies involved in all areas of ESG investing across the globe. At Pzena we pursue ESG integration and approach ESG as part of our fundamental bottom-up research process. Our ESG-integrated research process reflects a forward-looking assessment of a company's specific material ESG risk and opportunities. (March 2023)

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  • Pzena Emerging Markets Value Portfolio Managers featured in Morningstar

    Morningstar Magazine’s latest piece highlights our acclaimed Emerging Markets Value trio of portfolio managers Caroline Cai, Allison Fisch, and Rakesh Bordia. While these PMs come from very different backgrounds, they found common ground in deep value investing. (May 2022)

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  • Top Women-Led/Co-Led Portfolio Management Teams

    Portfolio Managers Caroline Cai and Allison Fisch have been recognized by Investment Metrics as one of the top female-led portfolio management teams in Emerging Market Equities with their remarkable performance on the Pzena Emerging Markets Focused Value strategy. (March 2022)

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  • Exclusive Interview with John Flynn and Insider

    John Flynn told Insider about the "pain" he likes to invest in, including where he finds value in tech. (November 2021)

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  • Finding Value with Legendary Value Investor Rich Pzena

    ValueWalk and Rich Pzena speak in depth on Pzena’s approach to value investing, ESG, inflation, and opportunity on the recent ValueWalk’s ValueTalks podcast. (September 2021)

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  • Value Investing Took a Breath, But the Cycle Shift is Still in its Infancy

    Pzena founder and Co-CIO Rich Pzena outlines why he believes we are at the start of a strong value cycle. (August 2021)

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  • Institutional Investor: European Manager Partners With Multiple Boutiques, Including Value Shop Pzena

    Institutional Investor announces Mediolanum International Funds' partnership with Pzena. (June 2021)

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  • Gaining Perspective Podcast Featuring Rich Pzena

    On the Gaining Perspective podcast, our founder and co-CIO Rich Pzena discusses the outlook for value investing with Robert Huebscher, founder and CEO of Advisor Perspectives, one of the leading publications for financial advisors.

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  • Why Now Is The Time For Value Stocks

    Our founder and co-chief investment officer Rich Pzena shared his insights on the rising tide of Value with Financial Advisor Magazine. (May 2021)

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