pzena

1H 2024 saw a significant performance disparity in the global stock market, driven by US trends and characterised by several key factors:

We see a disconnect between valuations & financial performance in China, creating intriguing opportunities for disciplined value investors.

This essay demonstrates value investing’s superior returns compared to growth & value-light strategies.

Outperformance of megacap highfliers doesn't stand up to historical scrutiny as value stocks trade at 30% discount to long-term average PE

Climate-related banking proposals, executive compensation, and incentive programs were among the thorniest issues we dealt with during the 2022 proxy season. We use...

Auto supplier Lear Corp’s profitability has been impacted by cost pressures and the supply chain, but its operating flexibility and product portfolio should help it...

Carbon Footprint Reporting: Challenges and Alternatives Consistent and comparable reporting of a company’s carbon footprint is important if regulators are to set...

Severe underperformance by specific emerging market countries has historically created a fertile hunting ground to find alpha-generating stocks. Pzena is finding good...

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...

Using carbon pricing as a research input is an illustration of our integrated approach to evaluating ESG considerations in our normal investment due diligence process....

A hallmark of emerging markets is growth. Some, therefore, suggest that these markets are not a natural habitat for valuation based investing. In fact, our own...

We examine the relationship between ESG scores and investment performance and observe that there is a significantly stronger relationship between investment...

Pro-value cycles have historically been long and durable. The evidence suggests we are in the early stages of what may be a powerful period of value outperformance....

The energy sector is controversial. It faces a perfect storm due to the short-term demand shock caused by the COVID-19 pandemic and the longer-term risk from the...

Visibility to recovery helped value shares outperform by a wide margin. Better growth prospects for the next two years at a fraction of the price could be the impetus...

How do you spot the coming shift from growth to value? Ride the winners. That’s the obvious investment strategy favoured at the end of a cycle. It’s easy, really. Just...