Pzena Insights

Quarterly Commentary

  • 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

  • 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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  • Value Is a Philosophy - Not a Factor

    Our interview with Rich Pzena focuses on why human judgment and a consistent investment approach are required to uncover real value and where factor investing misses the mark. (April 2020)

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Webcasts

  • 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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  • Value Investing Masterclass: Joel Greenblatt and Rich Pzena on Active Management in 2021

    Watch this value investing masterclass, featuring legendary investors and long-time friends Joel Greenblatt (Gotham Funds) and Rich Pzena (Pzena Investment Management), moderated by investment strategist Steve Galbraith. (March 2021)

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  • 2021 Outlook: The Beginning of the Great Rotation to Value?

    CEO/Co-CIO Rich Pzena and Portfolio Manager Allison Fisch talk about the turn in value’s favor and what’s in store in 2021. (January 2021)

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Podcasts

  • 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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  • Highlighted Holding - Ambev

    Portfolio Manager Allison Fisch and Research Analyst Lawrence Paustian discuss Pzena’s investment in Ambev on the latest episode of the PzenaPerspectives podcast. (January 2022)

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  • Highlighted Holding - Fresenius Medical Care

    Senior Research Analyst Eric Hagemann and Portfolio Manager John Flynn discuss Pzena's recent investment in Fresenius Medical Care on the latest episode of the PzenaPerspectives podcast. (November 2021)

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  • The Utility of ESG Scores in the Investment Process

    ESG analyst Rachel Segal and Portfolio Manager Rakesh Bordia examine the relationship between ESG scores and investment performance, and observe that there is a significantly stronger relationship between investment performance and a company’s potential for ESG improvement, as compared to the company’s ESG score. (May 2021)

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  • Highlighted Holding - Michelin

    Michelin’s business franchise is, in many ways, second-to-none: technical leadership, brand loyalty, and premium pricing. A comprehensive restructuring plan is aimed at delivering structurally higher profitability. Research Analyst Akhil Subramanian and Co-CIO John Goetz discuss Pzena's research process and our view of the opportunity. (April 2021)

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  • Energy Investments in a Zero-Carbon World

    Co-CIO John Goetz, portfolio manager TVR Murti, and ESG research analyst Rachel Segal discuss the opportunities presented by the upcoming transition for the energy sector. (March 2021)

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Media

  • 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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  • St. James's Place Interviews John Goetz on Value Investing

    Co-CIO John Goetz discusses Pzena’s approach to value investing in this interview with St. James's Place. (February 2021)

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  • We are Finding Opportunities Everywhere in Emerging Markets

    Portfolio Manager Caroline Cai discusses finding valuation opportunities in emerging markets in this article from Opto Magazine. (February 2021)  

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  • Citywire Manager Profile of Rich Pzena

    CEO/Co-CIO Rich Pzena speaks with Citywire about value investing: "It's a philosophy of trying to buy things when prices make sense in relation to the possible outcomes for the business." (December 2020)

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  • The Wall Street Transcript Interviews John Goetz

    Focusing on company-specific microeconomics, Pzena’s Co-Chief Investment Officer John Goetz speaks with The Wall Street Transcript about value investing. (April 2019)

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  • Why Value Investing Works in Emerging Markets

    Emerging Markets Portfolio Manager Allison Fisch explains how value investing offers amplified return potential in emerging markets in a featured article in Viewpoint, the official journal of Pensions and Lifetime Savings Association. (February 2019)

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