Pzena Investment Management

What Pzena Investment Management does

Pzena Investment Management is a global, classic value equity investment manager founded in late 1995 (managing assets since January 1, 1996) and headquartered in New York, with offices in London, Dublin, and Melbourne. The firm operates a discretionary active equity platform spanning more than 30 strategies across U.S., international (EAFE), global, regional (Europe, Japan), and emerging markets equities, plus a Focused Credit Opportunities strategy. Its investment process is built on proprietary fundamental research into the long-term earnings power of undervalued businesses, integrated with a dedicated ESG framework (including the proprietary Opportunity List engagement system, a 1-3 internal rating scale, and a modern slavery risk assessment matrix). The firm is publicly listed on NYSE under the ticker PZN, holds $86B in assets under management, and employs approximately 165 staff globally.

The firm distributes its strategies through multiple channels: direct institutional sales to pension funds, endowments, foundations, sovereign wealth funds, and insurers; five U.S. mutual funds (Emerging Markets Value, International Small Cap Value, International Value, Mid Cap Value, Small Cap Value); two U.S.-listed ETFs (PZIV International Value, PZLV U.S. Large Cap Value); a Dublin-incorporated UCITS umbrella distributed across 13 EU/EEA jurisdictions; and inclusion as a component manager in third-party model portfolio services such as Vanguard's BlendedLife Dynamic MPS in the UK and as a sub-adviser in MD Financial Management funds in Canada. Revenue is generated entirely from recurring management fees on AUM, with institutional and wholesale pricing negotiated bilaterally and retail fund share classes carrying published expense ratios.

Pzena is governed by a Managing Principal Executive Committee and led by Founder/Co-CIO Rich Pzena, Co-CIO John Goetz, and CEO/Portfolio Manager Caroline Cai, alongside ten named portfolio managers covering global, international, emerging markets, and U.S. mandates. The firm is a signatory to the Principles for Responsible Investment (since 2018), a member of the IFRS Sustainability Alliance (since 2020), and an acceptor of the Japan Stewardship Code (since 2021), underscoring its institutional stewardship posture. Its 30-year operating history, multi-regulator authorization footprint, and inclusion in major model portfolio platforms collectively support a steady, organic distribution-led growth profile rather than one driven by aggressive M&A or fundraising.

Name

Pzena Investment Management

Legal name

Pzena Investment Management, LLC

Website

https://pzena.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

51–100 employees

Short description

Pzena Investment Management is a global classic value equity manager (NYSE: PZN) managing $86B across 30+ strategies in U.S., international, global, regional, and emerging markets equities, serving institutional investors, advisors, and individual investors via separate accounts, mutual funds, ETFs, and UCITS.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL)

Keywords

• Value investing
• Equity management
• Asset management
• Mutual funds
• ESG investing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Discretionary Investment Management Fees: Pzena generates revenue through management fees charged on assets under management across its range of investment strategies. Fee structures for institutional share classes and separate accounts are negotiated individually, while retail mutual fund share classes carry published expense ratios.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Pzena Investment Management is a global investment management firm that provides discretionary value equity portfolio management across global, international, emerging markets, U.S., and regional mandates. Strategies are delivered through separately managed accounts, U.S. mutual funds, ETFs, and UCITS funds to institutional investors, investment professionals, and individual investors worldwide. Investment decisions are driven by fundamental, bottom-up research and integrate ESG considerations.

Product overview

Pzena Investment Management is a value-oriented investment management firm providing discretionary investment management services. The firm offers a comprehensive suite of investment strategies organized across multiple product lines: U.S. Equities (including Best Ideas, Focused Value, Large Cap Value, Mid Cap Value, Small Cap Focused Value, and Long/Short Equity Value strategies), International Equities (EAFE Value, International Value, International Focused Value, International Value ADR), Global Equities (Global Best Ideas, Global Focused Value, Global Value, Global Value ADR, Global Value All Country, Global Value Climate), Emerging Markets Equities (Emerging Markets Focused Value, Emerging Markets Select Value), Regional Equities (Europe ex-UK Focused Value, European Focused Value, Japan Focused Value), and Credit (Focused Credit Opportunities). The firm also offers registered fund products including two ETFs (Pzena International Value ETF and Pzena U.S. Large Cap Value ETF) and five U.S. Mutual Funds (Emerging Markets Value Fund, International Small Cap Value Fund, International Value Fund, Mid Cap Value Fund, Small Cap Value Fund). All strategies are united by the firm's classic value investment philosophy focused on identifying undervalued companies with potential for improved long-term earnings power.

Differentiator

Problem solved

Functional benefit

Products and services

• Pzena International Value ETF (PZIV)

Quantifiable outcome

• Pzena Global Value Climate portfolio declined 2.5% (gross) in Q1 2026 while outperforming the MSCI World Index.
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered minor.

• 1832 Asset Management L.P.minorChannel Partner/ Reseller/ Distributor · 20 May 20261832 Asset Management L.P. was appointed as a sub-adviser for four MD Financial Management funds (MD American Growth Fund, MD American Value Fund, MD Equity Fund, and MDPIM US Equity Pool), effective May 29, 2026. The revised sub-advisory structure also continues to include Pzena Investment Management alongside Janus Henderson Investors US LLC and Hillsdale Investment Management.
• Vanguard (in partnership with Wellington Management)minorChannel Partner/ Reseller/ Distributor · 24 February 2026Pzena serves as one of multiple active equity component providers in Vanguard's BlendedLife Dynamic Model Portfolio Service (MPS) for UK-based financial advisers. The MPS is a partnership between Vanguard (managing index and fixed income funds) and Wellington Management (handling asset allocation), with equity allocations distributed across Schroders, Lazard, MFS Meridian, Pzena, and Jennison. The service blends active and index strategies across equity weightings from 20% to 100%.
• EQT (Australian Funds' Responsible Entity)minorChannel Partner/ Reseller/ DistributorPzena's website redirects to EQT as the Responsible Entity for certain Australian funds where Pzena serves as investment manager. EQT handles fund administration and regulatory responsibilities for funds offered to Australian wholesale investors.
• Vittoria & Partners LLP (FCA Appointed Representative, UK)minorChannel Partner/ Reseller/ DistributorPzena Investment Management, Ltd., the UK-registered entity, is an appointed representative of Vittoria & Partners LLP, which is authorized and regulated by the FCA. Vittoria & Partners serves as the principal for UK regulatory purposes.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Third Avenue Management: Concentrated deep-value equity manager with global and credit capabilities. Comparable in contrarian, fundamentals-driven style and institutional focus, though smaller and more concentrated than Pzena.
• Lazard: Global asset manager with a large active equities platform including value strategies. Co-listed with Pzena on Vanguard's BlendedLife Dynamic MPS and directly competes for institutional value equity mandates.
• Brandes Investment Partners: Long-standing deep-value equity manager applying Graham-style fundamentals to global and international equities. Closely comparable to Pzena in philosophy, client base, and boutique structure.
• Tweedy, Browne Company: Classic global value equity manager with a multi-decade track record investing in undervalued companies. Highly comparable to Pzena in style, institutional client focus, and disciplined fundamental process.
• Ariel Investments: U.S.-based active value manager with concentrated U.S. small/mid-cap and global strategies. Comparable in fundamental, research-driven value approach and institutional/retail dual-channel distribution.
• ClearBridge Investments: Active equity manager with deep value, value/quality, and SMID-cap strategies serving institutional and intermediary clients. Direct competitor across Pzena's U.S. and international value strategies.

Broad incumbents

• Schroders: Large diversified global asset manager with significant active value and QEP offerings. Directly competes in the Vanguard MPS structure and across international/EM value mandates.
• T. Rowe Price: Publicly listed global asset manager with extensive active equity product suite including value strategies. Comparable in breadth of products, global institutional distribution, and active management franchise.
• Wellington Management: Large global incumbent asset manager with broad active equity capabilities including value strategies. Co-manager alongside Pzena in Vanguard's UK BlendedLife Dynamic MPS and a competitor for large institutional mandates.
• MFS Investment Management: Large global active equity and fixed-income manager with value and blended strategies. Direct overlap in the Vanguard BlendedLife Dynamic MPS and institutional channels serving similar pension/endowment clients.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/PZNTest
• YouTubeyoutube.com/@pzenainvestmentmanagement6412
• LinkedInlinkedin.com/company/pzena-investment-management
• Facebookfacebook.com/133586773354853

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 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 Pzena Investment Management