Pzena Insights

Quarterly Commentary


  • Value Investing for a Low Equity Risk Premium World

    In today’s low equity risk premium environment, value stocks’ double-digit earnings yield is consistent with their historic outperformance. (Fourth Quarter 2023 Commentary)

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  • Why We Are Active Value Investors

    Many investors opt for “value-light” strategies that sacrifice key value principles. This essay demonstrates value investing’s superior returns compared to growth and value-light strategies, dispels risk misconceptions, and exposes the flaws of indexing value.  (Third Quarter 2023 Commentary)

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  • 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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Thought Leadership


  • The Case for Global Small Cap

    Global small-cap stocks are attractively valued and we believe it is an especially attractive time for global small-cap value. (February 2024)

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  • Fourth Quarter 2023 Global Research Review

    We delve into the diverse geographic and sector opportunities we are finding, including new holdings in the global recruitment and human services sector, as well as healthcare. (Q4 2023)

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  • The Case for International Value

    Despite the strong performance of international equities in 2023, the valuation disparity between US and non-US equities remains wide. (February 2024)

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  • Global Banks — Where We Stand

    We maintain high conviction in our financial holdings despite the macroeconomic challenges facing the sector. (December 2023)

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  • Significant Proxy Votes (3Q23)

    Overly prescriptive shareholder proposals and questionable corporate governance practices were some of the more complex issues we faced in the 2023 proxy season. We illustrate our voting thought process and our ongoing engagement with corporate boards and management teams. (September 2023)

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  • True Costs of ESG: Cobalt/EV Supply Chain Case Study

    This case study explores the hidden social (and ultimately financial) costs related to the mining of cobalt, a critical component of EV batteries. (November 2023)

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  • 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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Webcasts


  • 2024 Global Outlook for Value Webinar

    Co-CIO and Portfolio Manager John Goetz and Portfolio Manager Dan Babkes discuss the current opportunity for disciplined value investors. Topics include: · Finding value when the equity risk premium is low · The opportunity in China for value investors · The impact of the “Magnificent Seven”

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  • 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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Podcasts


  • 2024 Global Outlook for Value

    Co-CIO and Portfolio Manager John Goetz and Portfolio Manager Dan Babkes discuss the current opportunity for disciplined value investors. Topics include: · Finding value when the equity risk premium is low · The opportunity in China for value investors · The impact of the “Magnificent Seven” (January 2024)

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  • Finding Value in China

    Portfolio Manager Akhil Subramanian and Co-Chief Investment Officer John Goetz discuss the current opportunity in China for value investors, including companies they find most compelling (Haier, China Overseas Land & Investment, Alibaba) on the latest episode of PzenaPerspectives. (December 2023)

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  • The Active Value Advantage

    Portfolio Manager John Flynn and Director of Business Development & Client Services Adrian Jackson discuss value investing, taking a deep dive into the historical return profile of the asset class and addressing common misconceptions around the risks of value stocks. John also exposes the flaws of seeking value exposure through value indices and “value-light” strategies. (October 2023)

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  • 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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Media


  • 'A lot of babies have been thrown out with the bathwater’ in China market sell-off (CNBC Asia Squawk Box)

    President and Portfolio Manager Allison Fisch was recently interviewed on CNBC's Asia Squawk Box, where she discussed value investing in emerging markets, including China (highlighting Alibaba) and India. (February 2024)

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  • In Conversation with Rakesh Bordia, Portfolio Manager of Pzena Emerging Markets Value Fund (Mutual Fund Observer)

    Mutual Fund Observer interviews Portfolio Manager Rakesh Bordia about the Pzena Emerging Markets Value Fund (PZIEX). (September 2023)

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  • Finding Gems in the Trash Heap (Financial Advisor Magazine)

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