Pzena Investment Management: Value Discipline, Historically Low Valuation

Sam Sheldon of Punch & Associates Investment Management presented his in-depth investment thesis on Pzena Investment Management (US: PZN) at Best Ideas 2020.

Thesis summary:

Pzena Investment Management is a focused deep value manager led by an aligned team with a strong investment track record. Shares of Pzena recently traded near their lowest historic valuations after a trying decade for both value investors and active management left Pzena’s underlying opportunity largely ignored. 

Despite these headwinds, the firm has launched new strategies, invested into sales and marketing, and maintained net client flows better than a group of their public peers. Sam attributes the superior performance in part to maintaining a strong and unwavering commitment to value investing. Shareholders of Pzena are paid an attractive 6.5% dividend yield, rewarding those who wait for the “growth versus value” cycle to eventually shift.

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About the instructor:

Sam Sheldon joined Punch & Associates as an intern in June of 2016, while attending the University of St. Thomas. After graduating in May of 2018 with a BA in Financial Management, he joined the team full-time as an investment research analyst.

During his time at St. Thomas, Sam led the University’s Investment Club and is now studying for the CFA exams. In his free time, Sam enjoys boating on White Bear Lake, cheering for the Green Bay Packers and playing an occasional round of golf.