DePrince, Race & Zollo, Inc.

What DePrince, Race & Zollo, Inc. does

DePrince, Race & Zollo, Inc. (DRZ, operating as DRZ Investment Advisors) is a 100% employee-owned institutional investment management firm founded in 1995 and headquartered in Winter Park, Florida. The firm manages approximately $5.9 billion in assets as of December 31, 2025, allocated across five active equity value strategies: U.S. Micro Cap Value, U.S. Small Cap Value, U.S. SMID Cap Value, U.S. Large Cap Value, and Emerging Markets Value. All strategies apply a single proprietary bottom-up methodology that equally weights dividend yield, relative valuation, and fundamental catalysts, with portfolios typically holding 50–80 securities.

DRZ generates revenue exclusively through asset-based management fees, with fee schedules ranging from 0.60% (Large Cap) to 1.00% (Micro Cap). Its client base is entirely institutional, segmented as Corporate Pensions (30%), Subadvisory (17%), Public Pensions (26%), Taft-Hartley (16%), Other (9%), and Foundations (2%). The firm distributes primarily through direct institutional sales and relationship management, with a UCITS vehicle distributed in the UK and Europe via Daymer Bay Capital. There are no consumer-facing technology products, APIs, or AI-driven capabilities; DRZ's value proposition rests on portfolio manager continuity, investment discipline, and client service.

The firm operates as a boutique with 11–50 employees under one roof, with 70% of staff having worked together for more than ten years. Leadership transitioned from founders Greg DePrince, John Race, and Victor Zollo to a next-generation team including Gregory T. Ramsby (CIO), Kelly W. Carbone (Managing Partner), and J. Kurt Wood (COO). DRZ is a signatory of the UN Principles for Responsible Investment and integrates ESG analysis into its bottom-up research process.

Name

DePrince, Race & Zollo, Inc.

Legal name

DePrince, Race & Zollo, Inc.

Website

https://drz-inc.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

DePrince, Race & Zollo, Inc. is a 100% employee-owned institutional investment manager applying a dividend-yield, relative-valuation, and catalyst-driven value approach across five U.S. and Emerging Markets equity strategies, serving corporate pensions, public pensions, Taft-Hartley plans, foundations, and subadvisory clients.

Ownership category

akta.pro rank

Product category

Institutional Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Style Equity — Value (Active) (FSAAAIAH)

Keywords

• Institutional asset management
• Equity value investing
• Active investment management
• Pension fund management
• Separate account management

Headquarters

HQ city

Winter Park

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Investment Management Fees: DRZ generates revenue through management fees charged on assets under management across its five investment strategies. Fee schedules vary by strategy: Micro Cap Value (1.00%), Small Cap Value (0.90%), SMID Cap Value (0.65%), Large Cap Value (0.60%), Emerging Markets Value (0.75%). Fees are calculated as a percentage of assets under management, providing a predictable recurring revenue stream tied to AUM levels.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

DePrince, Race & Zollo, Inc. is an institutional investment management firm providing active equity value management services across five strategies: U.S. Micro Cap Value, U.S. Small Cap Value, U.S. SMID Cap Value, U.S. Large Cap Value, and Emerging Markets Value. The firm manages portfolios using a singular proprietary methodology that combines dividend yield, relative valuation, and fundamental catalysts, serving corporate pensions, public pensions, Taft-Hartley plans, foundations, and subadvisory clients through separate accounts and collective trust vehicles.

Product overview

DePrince, Race & Zollo, Inc. (DRZ) is a 100% employee-owned institutional investment management firm offering five distinct value-oriented equity strategies. The firm provides separate account management across U.S. Micro Cap Value, U.S. Small Cap Value, U.S. SMID Cap Value, U.S. Large Cap Value, and Emerging Markets Value strategies. Each strategy applies DRZ's proprietary methodology combining three equally balanced factors: dividend yield, relative valuation, and fundamental catalysts. The strategies are available through separate accounts and collective trust vehicles, targeting institutional clients including corporate retirement plans, public pension funds, Taft-Hartley plans, foundations, and endowments.

Differentiator

Problem solved

Functional benefit

Products and services

• U.S. Micro Cap Value Strategy An active institutional value equity strategy targeting micro-cap U.S. equities with market capitalizations below the largest company in the Russell Microcap Value Index. The strategy requires a minimum 1% dividend yield, typically holds 50-80 individual securities, and charges a 1.00% annual management fee. Designed for institutional clients seeking small-company value exposure.
• U.S. Small Cap Value Strategy An institutional value investing strategy focused on U.S. small-cap stocks with market capitalizations below the largest company in the Russell 2000 Value Index. The strategy emphasizes dividend yield, relative valuation, and fundamental catalysts, requires a 1% minimum dividend yield, and charges a 0.90% annual management fee. Placed first nationally for net positive asset flows in 1H2022 per Callan Associates' STAR Report.
• U.S. SMID Cap Value Strategy An institutional value equity strategy targeting small-to-mid-cap U.S. equities with market capitalizations below the largest company in the Russell 2500 Value Index. Applies DRZ's core value methodology combining dividend yield, relative valuation, and fundamental catalysts, requires a 1% minimum dividend yield, and charges a 0.65% annual management fee.
• U.S. Large Cap Value Strategy An institutional value equity strategy focused on large-cap U.S. equities with market capitalizations exceeding $2 billion and dividend yields equal to or above the S&P 500's dividend yield at time of purchase. Seeks undervalued stocks with dividend yields and fundamental catalysts, and charges a 0.60% annual management fee.
• Emerging Markets Value Strategy A global equity strategy investing in emerging market countries through ADRs and local securities with expected positive dividend yields and market capitalizations typically above $500 million. Applies DRZ's value methodology to international equities across Latin America, Asia, Europe, and Africa, requires a 1% minimum dividend yield, and charges a 0.75% annual management fee. Distributed in the UK and Europe via UCITS offering through Daymer Bay Capital.

Quantifiable outcome

• DRZ's Small Cap Value strategy placed first nationally for net positive asset flows ($1.069B) in 1H2022 per Callan Associates' STAR Report
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Daymer Bay CapitalminorChannel Partner/ Reseller/ DistributorDaymer Bay Capital represents DRZ's Emerging Markets Value strategy in the UK and Europe. This partnership enables DRZ to serve institutional and wholesale investors across Europe via their new UCITS offering. Kelly Carbone stated: 'DRZ is honored to have Daymer Bay Capital represent our Emerging Markets Value strategy in the UK and Europe. We've had the privilege to serve our US institutional clients for more than 25 years, and we feel that developing relationships with institutional and wholesale investors across Europe via our new UCITS offering is a great opportunity for us.'

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Pzena Investment Management: Employee-influenced, value-focused active equity manager running classic value strategies across market caps with an institutional client base. Highly comparable in philosophy, structure, and target client segments to DRZ.
• Hotchkis & Wiley Capital Management: Mid-sized institutional value equity manager with U.S. large, mid, and small cap value strategies, and an institutional client base. Closely comparable to DRZ in strategy mix and GTM motion.
• Brandes Investment Partners: Active value equity manager offering U.S. and international value strategies to institutional and wealth clients. Comparable to DRZ in value philosophy, multi-cap offering, and institutional distribution model.
• Gabelli Funds: Asset manager with value-oriented equity strategies (including small/mid-cap and sector-focused value), serving institutional and wealth clients. Comparable in value style and active institutional focus.
• Ariel Investments: Active value equity boutique serving institutional and individual clients with U.S. small/mid-cap and large-cap value strategies. Comparable in value style, boutique scale, and employee ownership culture.
• Sterling Capital Management: Affiliated active equity manager with value, growth, and fixed income strategies for institutional clients. Comparable in offering multi-style equity value strategies with an institutional GTM focus.
• ClearBridge Investments: Active equity manager with value, growth, and income strategies distributed to institutional and retail intermediaries. Comparable in offering value equity strategies (including small/mid-cap) with institutional distribution.

Broad incumbents

• Wellington Management: Large, diversified global investment manager with active value strategies among many other capabilities. Operates broadly in the institutional asset management space with overlapping value offerings at much greater scale than DRZ.
• Lazard Asset Management: Established global asset manager with active value equity capabilities across regional and global mandates. Competes with DRZ in EM Value and U.S. value institutional segments while offering a much wider strategy range.
• Allspring Global Investments: Diversified global asset manager offering multiple active value equity strategies to institutional clients. Comparable in value-style offerings to DRZ but at materially greater scale and product breadth.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/deprince-race-&-zollo-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DePrince, Race & Zollo, Inc.