Table of Contents

 Firm overview

0:50The case for value in emerging markets

2:04How Pzena finds value opportunities in emerging markets

5:17Example: cheap versus expensive stocks

6:43Review recent performance

7:30Contributors and detractors

10:04Portfolio activity



Table of Contents

 Firm overview

0:37The value cycle and the opportunity for deep value

3:18Are “safe,” or stable stocks, safe?

4:16Value opportunity: European banks

6:00Long-term outlook for value

7:47Value’s performance after wide valuation spreads

9:25Portfolio update

9:53Contributors and detractors

12:24Portfolio activity

13:42Cheap stocks are recovering

14:59Energy exposure

16:04Financials in a low rate environment

Table of Contents

 Firm overview

0:55The value environment

2:06Wide valuation dispersions – a look over time

3:20Expensive stocks driving multiple expansion

4:06Rising share of IPOs losing money

4:23Low volatility stocks trading like growth stocks

5:33Cheap or traps?

6:53MCFV review

7:20Contributors and detractors

11:07Portfolio activity and positioning

15:58Value in a dovish environment