Quarterly Commentary


  • Momentum is With Value

    As the global economy recovers from the COVID recession, deep value companies are trading at a P/E that is less than half of growth companies. We believe deep value companies’ earnings growth should lead the way over the next two years. (Fourth Quarter 2020 Commentary)

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  • Value: If Not Now, When?

    Contrary to current sentiment, value investing has consistently beaten the broader market during and after recessions. Our 3Q2020 commentary dives into the history — as well as the snapback that happened the last time multiples between growth and value were this distorted. (Third Quarter 2020 Commentary)

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  • Questioning Conventional Wisdom on Risk and Return

    Our 2Q2020 commentary addresses the relationship between risk & return, questioning short-term volatility as a proxy for long-term risk and offering an approach that we believe provides a more accurate reflection of a manager’s investment capability. (Second Quarter 2020 Commentary)

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  • Record Uncertainty Creates Extreme Opportunity

    Value has beaten the broad markets over one and five years following spikes in volatility. Even in the five years after the 1929 market crash, value posted 10% gains per annum. (First Quarter 2020 Commentary)

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Thought Leadership


  • 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


  • 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


  • 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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  • Value Investing Masterclass: Joel Greenblatt and Rich Pzena

    Listen to a discussion on value investing by 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 for 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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  • The Beginning of the Great Rotation to Value?

    Co-CIO John Goetz discusses the drivers of a potential rotation back to sensible valuations, then answers questions about the current state of value investing and what the future may hold. (December 2020)

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  • Giving Credit: Emerging Markets Banks

    Listen as Portfolio Manager Rakesh Bordia and Senior Research Analyst Jason Doctor discuss the investment opportunity in emerging markets banks. (November 2020)

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  • Staying the Course, or Why Being a Disciplined Value Investor is so Hard!

    Listen as our CEO/Co-CIO Rich Pzena and President Bill Lipsey discuss Pzena Investment Management's value investing discipline and explain why we're staying the course when others deviate. (November 2020)

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  • Value: If Not Now, When?

    Portfolio Managers Caroline Cai and Ben Silver discuss the drivers and sustainability of growth’s outperformance, the potential catalysts that may already be signaling a shift from growth to value along with a study of past recessions in the U.S. and Japan. (October 2020)

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  • Rare Opportunity in Small Cap Stocks

    The cheapest small cap stocks (based on our valuation) are trading at some of the lowest levels we've seen in almost a decade. Portfolio Manager Evan Fox and Senior Research Analyst Eric Hagemann discuss some of the opportunities we've uncovered. (August 2020)

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  • Questioning Conventional Wisdom on Risk and Return

    How should we measure risk? The Sharpe ratio compares long-term returns with short-term volatility, which seems odd to us. Rich Pzena and Bill Lipsey provide a deep value manager’s perspective on risk and return. (July 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)

    Play Podcast
  • The Staying Power of Global Businesses in an Environment of Extreme Uncertainty

    Uncertainty is at exceptional levels. Our co-CIO John Goetz and PM Allison Fisch offer an update on our Global and EM portfolios, discussing how the halt in activity is affecting companies and the research necessary to evaluate if companies can survive a prolonged downturn. (April 2020)

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  • The Next Great Depression or the Next Value Opportunity?

    The next depression? A virus-driven recession? Cyclical recovery? How long? How deep? Our CEO discusses value investing during the COVID-19 crisis. (April 2020)

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  • Investment Management in Times of Crisis

    CEO and Co-CIO Rich Pzena talks with our President Bill Lipsey to explain how Pzena Investment Management is conducting business and managing portfolios during the COVID–19 crisis. (March 2020)

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Media


  • 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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