Richard Pzena Drilling Deep for Value

Richard Pzena's picks


Nice interview with Richard Pzena in this week’s Barron’s – a small except below

Richard Pzena isn’t afraid of taking risks. Since Its founding in 1996, his Pzena Investment Management, Inc. (NYSE:PZN) has pursued a deep-value, concentrated portfolio strategy that has sometimes led to volatile returns. The John Hancock Classic Value Fund Class A (MUTF:PZFVX), which is managed by the firm, had a great 2013, rising 40.5%, eight percentage points ahead of the Standard & Poor’s 500 index. But the fund was crunched in 2008, dropping 46.6%, nine percentage points worse than the index. Through the middle of last week, the fund was up 7.8% in 2014, two points behind the S&P 500.

The firm managed $26.4 billion for institutions and retail investors at the end of July. Shares of the company (PZN) have had a wild ride after its 2007 initial public offering at $18. The stock dropped below $2 in 2009 and has since rallied to $10. In addition to the Hancock fund, Pzena manages 30% of the $18 billion Vanguard Windsor fund (VWNDX), and this year started three funds, Pzena Mid Cap Focused Value Fund Investor Class (MUTF:PZVMX), Pzena Long/Short Value Fund Investor Class (MUTF:PZVLX), and Pzena Emerging Markets Focused Value Fund Investor Class (MUTF:PZVEX).

Pzena talked with Barron’s recently at his Manhattan office. He views big banks, such as Citigroup Inc (NYSE:C) and Bank of America Corp (NYSE:BAC), as among the best values in the stock market. He’s also bullish on international oil outfits, including BP plc (ADR) (NYSE:BP) and Royal Dutch Shell plc (ADR) (NYSE:RDS.A).

Barron’s: How would you describe your approach?

 

See full Richard Pzena Drilling Deep for Value by Barron’s

For exclusive info on hedge funds and the latest news from value investing world at only a few dollars a month check out ValueWalk Premium right here.

Multiple people interested? Check out our new corporate plan right here (We are currently offering a major discount)






About the Author

Sheeraz Raza
Sheeraz is our COO (Chief - Operations), his primary duty is curating and editing of ValueWalk. He is main reason behind the rapid growth of the business. Sheeraz previously ran a taxation firm. He is an expert in technology, he has over 5.5 years of design, development and roll-out experience for SEO and SEM. - Email: sraza(at)valuewalk.com

Be the first to comment on "Richard Pzena Drilling Deep for Value"

Leave a comment