Investor Menu
Selected Strategies
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Selected Strategies
Each of our strategies follows essentially the same classic value investment approach. We offer multiple services within each region; the central differences lie in the market capitalization considered for investment and the level of portfolio concentration.
Focused Value
Focused Value
Universe:
1,000 largest
U.S. companies
U.S. companies
Portfolio
Managers:
Managers:
John Flynn
Rich Pzena
Ben Silver
Rich Pzena
Ben Silver
No. of Positions:
Generally 30-40
Sector
Constraints:
Constraints:
25%
(45% Financials)
(45% Financials)
Inception Date:
Jan. 1, 1996
Small Cap
Focused Value
Small Cap Focused Value
Universe:
2,000 U.S. companies
(ranked 1,001-3,000)
(ranked 1,001-3,000)
Portfolio
Managers:
Managers:
John Flynn
Evan Fox
Ben Silver
Evan Fox
Ben Silver
No. of Positions:
Generally 40-50
Sector
Constraints:
Constraints:
+/-15%
Inception Date:
Jan. 1, 1996
International
Value
International Value
Universe:
1,500 largest
non-U.S. companies
non-U.S. companies
Portfolio
Managers:
Managers:
Caroline Cai
Allison Fisch
John Goetz
Allison Fisch
John Goetz
No. of Positions:
Generally 60-80
Sector
Constraints:
Constraints:
+/-7.5%
Emerging
Market Limit:
Market Limit:
10%
Inception Date:
Nov 1, 2008
Large Cap
Focused Value
Large Cap Focused Value
Universe:
500 largest
U.S. companies
U.S. companies
Portfolio
Managers:
Managers:
John Flynn
Rich Pzena
Ben Silver
Rich Pzena
Ben Silver
No. of Positions:
Generally 30-40
Sector
Constraints:
Constraints:
+/-15%
Inception Date:
Oct. 1, 2000
U.S. Best Ideas
U.S. Best Ideas
Universe:
3,000 largest
U.S. companies
U.S. companies
Portfolio
Manager:
Manager:
Rich Pzena
No. of Positions:
Generally 15-25
Sector
Constraints:
Constraints:
None
Inception Date:
May 1, 2001
International Value
All Country (ex-U.S.)
International Value
All Country (ex-U.S.)
Universe:
1,500 largest
non-U.S. companies
non-U.S. companies
Portfolio
Managers:
Managers:
Caroline Cai
Allison Fisch
John Goetz
Allison Fisch
John Goetz
No of Positions:
Generally 60-80
Sector
Constraints:
+/-7.5%
Emerging Market
Limit:
Limit:
+/-7.5%
Inception Date:
April 1, 2014
Large Cap Value
Large Cap Value
Universe:
500 largest
U.S. companies
U.S. companies
Portfolio
Managers:
Managers:
John Flynn
Rich Pzena
Ben Silver
Rich Pzena
Ben Silver
No. of Positions:
Generally 50-80
Sector
Constraints:
Constraints:
+/-7.5%
Inception Date:
July 1, 2012
Global Focused Value
Global Focused Value
Universe:
2,000 largest
companies worldwide
companies worldwide
Portfolio
Managers:
Managers:
Caroline Cai
John Goetz
Benjamin Silver
John Goetz
Benjamin Silver
No. of Positions:
Generally 40-60
Sector Constraints:
25% (45% Financials)
Emerging Market Limit:
25%
Inception Date:
Jan. 1, 2004
European
Focused Value
European Focused Value
Universe:
750 largest
European companies
European companies
Portfolio
Managers:
Managers:
Caroline Cai
John Goetz
Miklos Vasarhelyi
John Goetz
Miklos Vasarhelyi
No. of Positions:
Generally 40-50
Sector
Constraints:
Constraints:
25%
(45% Financials)
(45% Financials)
Emerging
Market Limit:
Market Limit:
20%
Inception Date:
August 1, 2008
Mid Cap Focused Value
Mid Cap Focused Value
Universe:
1,000 U.S. companies
(Ranked 201-1,200)
(Ranked 201-1,200)
Portfolio
Managers:
Managers:
John Flynn
Rich Pzena
Ben Silver
Rich Pzena
Ben Silver
No. of Positions:
Generally 30-40
Sector
Constraints:
Constraints:
25%
(45% Financials)
(45% Financials)
Inception Date:
Sept. 1, 1998
Global Value
Global Value
Universe:
2,000 largest
companies worldwide
companies worldwide
Portfolio
Managers:
Managers:
Caroline Cai
John Goetz
Benjamin Silver
John Goetz
Benjamin Silver
No. of Positions:
Generally 60-95
Sector Constraints:
+/-7.5%
Emerging Market Limit:
10%
Inception Date:
Jan 1, 2010
Emerging Markets
Focused Value
Emerging Markets Focused
Value
Universe:
1,500 largest companies
from non-developed markets
from non-developed markets
Portfolio
Managers:
Managers:
Rakesh Bordia
Caroline Cai
Allison Fisch
John Goetz
Caroline Cai
Allison Fisch
John Goetz
No. of Positions:
Generally 40-80
Sector
Constraints:
Constraints:
Not to exceed greater of
(a) 20% of total portfolio or (b) 150% of sector's weight
in the MSCI Emerging Markets Index
Country
Limit:
Limit:
Not to exceed the greater
of (a) 20% of total portfolio or (b) 150% of country's
weight in the MSCI Emerging Market Index or MSCI Frontier
Market Index
Inception Date:
Jan. 1, 2008
Mid Cap Value
Mid Cap Value
Universe:
1,000 U.S. companies
(ranked 201-1,200)
(ranked 201-1,200)
Portfolio
Managers:
Managers:
John Flynn
Rich Pzena
Ben Silver
Rich Pzena
Ben Silver
No. of Positions:
Generally 50-80
Sector
Constraints:
Constraints:
+/-7.5%
Inception Date:
April 1, 2014
International Focused Value
International
Focused Value
Universe:
1,500 largest
non-U.S. companies
non-U.S. companies
Portfolio
Managers:
Managers:
Caroline Cai
Allison Fisch
John Goetz
Allison Fisch
John Goetz
No. of Positions:
Generally 30-50
Sector
Constraints:
Constraints:
25%
(45% Financials)
(45% Financials)
Emerging
Market Limit:
Market Limit:
35%
Inception Date:
Jan. 1, 2004
Long/Short Value
Long/Short Value
Universe:
1,000 largest
U.S. companies
U.S. companies
Portfolio
Manager:
Manager:
TVR Murti
Long Positions:
Generally 50-90
Short Positions:
Generally 60-100
Long Exposure:
Generally 110%
Short Exposure:
Generally 60%
Inception Date:
April 1, 2014
*While our investment process includes ongoing review of the companies in the listed universes, our ultimate investment decisions may include companies outside of these ranges at the time of purchase. For the purposes of defining our initial universes, companies are ranked in size by market capitalization.