Value isn’t a factor.
It’s a philosophy.

The information on this website is intended for institutional investors and consultants to institutional investors.  It is published for informational purposes only and does not purport to address the financial objectives, situation, or specific needs of any investor.  It does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, or residence.  If you do not qualify as an institutional investor or consultant, the information shown on this site may not be relevant or appropriate for you.

This site is not intended for non-US persons.

The information on this website is intended for institutional investors and consultants to institutional investors.  It is published for informational purposes only and does not purport to address the financial objectives, situation, or specific needs of any investor.  It does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, or residence.  If you do not qualify as an institutional investor or consultant, the information shown on this site may not be relevant or appropriate for you.
 
This site is not intended for non-US persons.

The information on this website is published for informational purposes only and does not purport to address the financial objectives, situation, or specific needs of any investor. It does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, or residence.
 
This site is not intended for non-US persons.

Pzena Investment Management, LLC provides discretionary investment management services where legally permitted to do so. It is currently authorized to provide these services in Australia and New Zealand. The information on this website is for informational purposes only, does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, or residence.
 
For Australia and New Zealand Investors Only:
This website has been prepared and issued by Pzena Investment Management, LLC (ARBN 108 743 415), a limited liability company (“Pzena”). Pzena is regulated by the Securities and Exchange Commission (SEC) under U.S. laws, which differ from Australian laws. Pzena is exempt from the requirement to hold an Australian financial services license in Australia in accordance with ASIC Corporations (Repeal and Transitional) Instrument 2016/396. Pzena offers financial services in Australia to ‘wholesale clients’ only pursuant to that exemption. This document is not intended to be distributed or passed on, directly or indirectly, to any other class of persons in Australia.
 
In New Zealand, any offer is limited to ‘wholesale investors’ within the meaning of clause 3(2) of Schedule 1 of the Financial Markets Conduct Act 2013 (‘FMCA’). This website is not to be treated as an offer, and is not capable of acceptance by, any person in New Zealand who is not a Wholesale Investor.

For Singapore Investors Only:
The offer of shares of the Fund does not relate to a collective investment scheme which is authorised under Section 286 of the Securities and Futures Act, Ch. 289 of Singapore (“SFA”) or recognized under Section 287 of the SFA, and shares of the Fund are not allowed to be offered to the retail public. Pursuant to the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005, the Fund has been entered into the list of restricted schemes maintained by the Monetary Authority of Singapore for the purposes of the offer of shares in the Fund to be made to relevant persons (as defined in Section 305(5) of the SFA). These materials do not constitute an offer or solicitation by anyone in Singapore or any jurisdictions in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.

Pzena Investment Management, LLC provides discretionary investment management services where legally permitted to do so. It is currently authorized to provide these services in Australia and New Zealand. The information on this website is for informational purposes only, does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, or residence.
 
For Australia and New Zealand Investors Only:
This website has been prepared and issued by Pzena Investment Management, LLC (ARBN 108 743 415), a limited liability company (“Pzena”). Pzena is regulated by the Securities and Exchange Commission (SEC) under U.S. laws, which differ from Australian laws. Pzena is exempt from the requirement to hold an Australian financial services license in Australia in accordance with ASIC Corporations (Repeal and Transitional) Instrument 2016/396. Pzena offers financial services in Australia to ‘wholesale clients’ only pursuant to that exemption. This document is not intended to be distributed or passed on, directly or indirectly, to any other class of persons in Australia.
 
In New Zealand, any offer is limited to ‘wholesale investors’ within the meaning of clause 3(2) of Schedule 1 of the Financial Markets Conduct Act 2013 (‘FMCA’). This website is not to be treated as an offer, and is not capable of acceptance by, any person in New Zealand who is not a Wholesale Investor.

For Singapore Investors Only:
The offer of shares of the Fund does not relate to a collective investment scheme which is authorised under Section 286 of the Securities and Futures Act, Ch. 289 of Singapore (“SFA”) or recognized under Section 287 of the SFA, and shares of the Fund are not allowed to be offered to the retail public. Pursuant to the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005, the Fund has been entered into the list of restricted schemes maintained by the Monetary Authority of Singapore for the purposes of the offer of shares in the Fund to be made to relevant persons (as defined in Section 305(5) of the SFA). These materials do not constitute an offer or solicitation by anyone in Singapore or any jurisdictions in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.

Pzena Investment Management, LLC provides discretionary investment management services where legally permitted to do so. The information on this website is for informational purposes only, does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, or residence.

For European Investors:

Pzena Investment Management Europe Limited (“PIM Europe”) was incorporated in 2021 under the laws of Ireland. PIM Europe is authorized by the Central Bank of Ireland as a UCITS management company pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 as amended (UCITS Regulations). Pursuant to this authorization PIM Europe is authorized to carry out collective portfolio management and individual portfolio management. 

As may be permitted under local law, PIM Europe provides portfolio management services to clients in the following European countries: Austria, Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Sweden, Switzerland and Spain. PIM Europe makes no representations or warranties that the content of this website is applicable to or appropriate for use in locations outside of those jurisdictions where PIM Europe or its affiliates or its funds are licensed or registered. The information on this website is for informational purposes only, does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. Users should ensure that they are legally allowed access to this website in the country from which they connect.

For South Africa Investors:

Pzena Investment Management, LLC is an authorised financial services provider licensed by the South African Financial Sector Conduct Authority (licence nr: 49029).

Pzena Investment Management, LLC provides discretionary investment management services where legally permitted to do so. The information on this website is for informational purposes only, does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, or residence.
 
For European Investors:

Pzena Investment Management Europe Limited (“PIM Europe”) was incorporated in 2021 under the laws of Ireland. PIM Europe is authorized by the Central Bank of Ireland as a UCITS management company pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 as amended (UCITS Regulations). Pursuant to this authorization PIM Europe is authorized to carry out collective portfolio management and individual portfolio management. 
 
As may be permitted under local law, PIM Europe provides portfolio management services to clients in the following European countries: Austria, Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Sweden, Switzerland and Spain. PIM Europe makes no representations or warranties that the content of this website is applicable to or appropriate for use in locations outside of those jurisdictions where PIM Europe or its affiliates or its funds are licensed or registered. The information on this website is for informational purposes only, does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. Users should ensure that they are legally allowed access to this website in the country from which they connect.
 
For South Africa Investors:

Pzena Investment Management, LLC is an authorised financial services provider licensed by the South African Financial Sector Conduct Authority (licence nr: 49029).

The information on this website is for informational purposes only, does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, or residence.
 
For UK Investors Only:
The information on this website is intended only for professional clients and eligible counterparties as defined by the Financial Conduct Authority (FCA) and should not be relied upon by other persons, such as Retail Clients, as outlined under the FCA’s Rules. The definitions can be found on the FCA website at www.fca.org.uk . Pzena Investment Management, Ltd. (“PIM UK”) is a limited company registered in England and Wales with registered number 09380422, and its registered office is at 34-37 Liverpool Street, London EC2M 7PP, United Kingdom. PIM UK is an appointed representative of Vittoria & Partners LLP (FRN 709710), which is authorised and regulated by the FCA. Past performance is not indicative of future results. The value of your investment may go down as well as up, and you may not receive upon redemption the full amount of your original investment. The views and statements contained herein are those of Pzena Investment Management and are based on internal research.
 
For Jersey Investors Only:
Consent under the Control of Borrowing (Jersey) Order 1958 (the “COBO” Order) has not been obtained for the circulation of this document. Accordingly, the offer that is the subject of this document may only be made in Jersey where the offer is valid in the United Kingdom or Guernsey and is circulated in Jersey only to persons similar to those to whom, and in a manner similar to that in which, it is for the time being circulated in the United Kingdom, or Guernsey, as the case may be. The directors may, but are not obliged to, apply for such consent in the future. The services and/or products discussed herein are only suitable for sophisticated investors who understand the risks involved. Neither Pzena Investment Management, Ltd. nor Pzena Investment Management, LLC nor the activities of any functionary with regard to either Pzena Investment Management, Ltd. or Pzena Investment Management, LLC are subject to the provisions of the Financial Services (Jersey) Law 1998.

The information on this website is for informational purposes only, does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, or residence.
 
For UK Investors Only:
The information on this website is intended only for professional clients and eligible counterparties as defined by the Financial Conduct Authority (FCA) and should not be relied upon by other persons, such as Retail Clients, as outlined under the FCA’s Rules. The definitions can be found on the FCA website at www.fca.org.uk . Pzena Investment Management, Ltd. (“PIM UK”) is a limited company registered in England and Wales with registered number 09380422, and its registered office is at 34-37 Liverpool Street, London EC2M 7PP, United Kingdom. PIM UK is an appointed representative of Vittoria & Partners LLP (FRN 709710), which is authorised and regulated by the FCA. Past performance is not indicative of future results. The value of your investment may go down as well as up, and you may not receive upon redemption the full amount of your original investment. The views and statements contained herein are those of Pzena Investment Management and are based on internal research.
 
For Jersey Investors Only:
Consent under the Control of Borrowing (Jersey) Order 1958 (the “COBO” Order) has not been obtained for the circulation of this document. Accordingly, the offer that is the subject of this document may only be made in Jersey where the offer is valid in the United Kingdom or Guernsey and is circulated in Jersey only to persons similar to those to whom, and in a manner similar to that in which, it is for the time being circulated in the United Kingdom, or Guernsey, as the case may be. The directors may, but are not obliged to, apply for such consent in the future. The services and/or products discussed herein are only suitable for sophisticated investors who understand the risks involved. Neither Pzena Investment Management, Ltd. nor Pzena Investment Management, LLC nor the activities of any functionary with regard to either Pzena Investment Management, Ltd. or Pzena Investment Management, LLC are subject to the provisions of the Financial Services (Jersey) Law 1998.

Pzena Investment Management, LLC provides discretionary investment management services where legally permitted to do so. It is currently authorized to provide these services in Australia and New Zealand. The information on this website is for informational purposes only, does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, or residence.
 
For Australia and New Zealand Investors Only:
This website has been prepared and issued by Pzena Investment Management, LLC (ARBN 108 743 415), a limited liability company (“Pzena”). Pzena is regulated by the Securities and Exchange Commission (SEC) under U.S. laws, which differ from Australian laws. Pzena is exempt from the requirement to hold an Australian financial services license in Australia in accordance with ASIC Corporations (Repeal and Transitional) Instrument 2016/396. Pzena offers financial services in Australia to ‘wholesale clients’ only pursuant to that exemption. This document is not intended to be distributed or passed on, directly or indirectly, to any other class of persons in Australia.
 
In New Zealand, any offer is limited to ‘wholesale investors’ within the meaning of clause 3(2) of Schedule 1 of the Financial Markets Conduct Act 2013 (‘FMCA’). This website is not to be treated as an offer, and is not capable of acceptance by, any person in New Zealand who is not a Wholesale Investor.

For Singapore Investors Only:
The offer of shares of the Fund does not relate to a collective investment scheme which is authorised under Section 286 of the Securities and Futures Act, Ch. 289 of Singapore (“SFA”) or recognized under Section 287 of the SFA, and shares of the Fund are not allowed to be offered to the retail public. Pursuant to the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005, the Fund has been entered into the list of restricted schemes maintained by the Monetary Authority of Singapore for the purposes of the offer of shares in the Fund to be made to relevant persons (as defined in Section 305(5) of the SFA). These materials do not constitute an offer or solicitation by anyone in Singapore or any jurisdictions in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.

Pzena Investment Management, LLC provides discretionary investment management services where legally permitted to do so. The information on this website is for informational purposes only, does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile, or residence.

For European Investors:

Pzena Investment Management Europe Limited (“PIM Europe”) was incorporated in 2021 under the laws of Ireland. PIM Europe is authorized by the Central Bank of Ireland as a UCITS management company pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 as amended (UCITS Regulations). Pursuant to this authorization PIM Europe is authorized to carry out collective portfolio management and individual portfolio management.

As may be permitted under local law, PIM Europe provides portfolio management services to clients in the following European countries: Austria, Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Sweden, Switzerland and Spain. PIM Europe makes no representations or warranties that the content of this website is applicable to or appropriate for use in locations outside of those jurisdictions where PIM Europe or its affiliates or its funds are licensed or registered. The information on this website is for informational purposes only, does not constitute an offer for products or services and should not be construed as an offer to sell or a solicitation of an offer to buy to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. Users should ensure that they are legally allowed access to this website in the country from which they connect.

For South Africa Investors:

Pzena Investment Management, LLC is an authorised financial services provider licensed by the South African Financial Sector Conduct Authority (licence nr: 49029).