Pzena Investment Management LLC

Background

Pzena Investment Management is a New York-based value-oriented asset manager founded in 1995 by Richard Pzena, a former analyst at Sanford Bernstein. The firm has built its reputation around a systematic approach to deep-value investing — targeting companies trading at significant discounts to what Pzena considers their normal earnings power. That focus has historically skewed the portfolio toward unloved cyclicals, financials, and consumer staples rather than the high-multiple growth names that dominate most benchmarks. Pzena is not a mega manager, which means its disclosed positions tend to reflect genuine conviction rather than index-hugging at scale. The firm manages money across multiple strategies, and its 13F filings offer a consistent lens into how a committed value house reads the market at any given moment.

Current Portfolio Signal

Pzena's top holding is Enterprise Financial Services Corp (EFSC) at a striking 9.1% — a regional bank that would barely register in any market-cap-weighted index. That single position signals genuine conviction in overlooked financials, consistent with the firm's stated bias. From there, the portfolio broadens into large-cap names: Apple (AAPL) at 6.2%, PepsiCo (PEP) at 5.3%, and Microsoft (MSFT) at 5.1%. The presence of Alphabet (GOOGL, 3.7%), Nvidia (NVDA, 3.4%), and…