PzenaPerspectives

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. Recording Date: January 25, 2023 Disclosure  For Professional Investors Only. This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. These materials ar...

Founding partners Rich Pzena and Bill Lipsey discuss the process of succession and the next generation of leadership in this special episode of the Pzena Perspectives podcast. Recording Date: January 3, 2023 Disclosure This recording is for institutional investors. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are...

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 on the latest episode of the PzenaPerspectives podcast. Recording Date: October 11, 2022 Disclosure This recording is for institutional investors. Any views and statements expressed in this recordin...

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? Portfolio Manager Allison Fisch and Co-Chief Investment Officer John Goetz discuss their mid-year outlook. (Recorded in July 2022) Disclosure […]

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. Listen in on a real-life manager’s meeting with Lear CEO Ray Scott, Lear CFO Jason Cardew, and Pzena Portfolio Manager’s Ben Silver, Andrew Chung […]

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. Recording Date: May 12, 2022   Disclosure This recording is for institutional investors, and in the UK for […]

As value investors, we look for good companies with temporary problems, and found one such opportunity in specialty vehicle manufacturer REV Group. Portfolio Manager Evan Fox is joined by REV Group CEO Rod Rushing on the latest episode of the Pzena Perspectives podcast. Recording Date: March 31, 2022   Disclosure This recording is for institutional investors, and in the UK for professional investo...

Beer is big business for Ambev, the dominant producer and distributor of brew in Latin America and Canada. Near-term margin pressures provide a rare opportunity to invest in this market leader at a compelling valuation. Portfolio Manager Allison Fisch and Research Analyst Lawrence Paustian discuss Pzena’s investment in Ambev on the latest episode of the Pzena Perspectives podcast. Recording Date:...

The impact of COVID-19 on Fresenius Medical Care is inherently transient. At the same time, favorable industry trends are emerging, the benefits of which should largely accrue to the world’s preeminent dialysis company. 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 Pzena Perspectives p...

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. Recording Date: May 14, 2021 Disclosure This recording is for institutional investors...

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. Recording Date: April 29, 2021 Disclosure This recording is fo...

Co-CIO John Goetz, energy analyst TVR Murti, and ESG analyst Rachel Segal discuss the opportunities presented by the upcoming transition for the energy sector. Recording Date: March 12, 2021 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Inve...

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. Recording Date: March 4, 2021 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and stateme...

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. Recording Date: January 27, 2021 For slides accompanying this podcast, visit https://www.pzena.com/2021-outlook-for-value-podcast/ Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views an...

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. Recording Date: December 10, 2020 For slides accompanying this podcast, visit https://www.pzena.com/the-beginning-of-the-great-rotation-to-value-podcast Disclosure This recording is for institutional investors,...

Portfolio Manager Rakesh Bordia and Senior Research Analyst Jason Doctor discuss the investment opportunity in emerging markets banks. Recording Date: November 30, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are...

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. Recording Date: November 12, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this r...

Value is not dead. Portfolio Managers Caroline Cai and Ben Silver discuss value’s underperformance and potential catalysts that may already be signaling a shift from growth to value. Recording Date: October 19, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recordin...

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. Recording Date: August 14, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterpa...

We think average 10-year returns present a fair picture of investment skill. But how to measure risk? The Sharpe ratio compares long-term returns with short-term volatility (standard deviation of monthly returns); we see the standard deviation of our 10-year returns as a better measure. Rich Pzena and Bill Lipsey provide a deep value perspective on risk and return. Recording Date: July 8, 2020 Dis...

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. Portfolio Manager John Flynn and Senior Research Analyst Eric Hagemann analyze today's value opportunity in global banks. Recording Date: June 16, 2020 Disclosure This recording...

Uncertainty is at exceptional levels. The halt in activity today is unlike slowdowns we’ve seen before, and it’s affecting companies in a variety of ways. Our co-CIO John Goetz and portfolio manager Allison Fisch discuss our efforts to understand what bad looks like, company by company, and the research necessary to evaluate if companies can survive a prolonged downturn. Recording Date: April 24,...

The next depression?  A virus-driven recession?  Cyclical recovery? How long? How deep?    Our CEO discusses value investing during the COVID-19 crisis. Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on intern...

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. They discuss: The strength of our business Comparisons to previous crises during our 25-year history The extreme opportunities created by these volatile markets Recording Date: March 17, 2020 Disclosure This recording...

Co-CIO and Portfolio Manager John Goetz and Senior Research Analyst Daniel Babkes take a deep dive into our research process and recount how Pzena chose to make GE one of the largest positions in our US and Global value portfolios. John Goetz and Daniel Babkes discuss the following: The fundamental strength of GE's businesses and the problems that led it to become a value stock. How we analyzed th...