PzenaPerspectives

Adrian Jackson hosts this lively discussion where Portfolio Manager John Flynn and ESG Research Analyst Luke Longinotti discuss Pzena’s approach to ESG. Pzena’s Opportunity List seeks to systematically identify opportunities in our portfolio where material ESG issues exist and engagement could have a positive impact. Recording Date: March 9, 2023 Disclosure For Professional Investors Only. This recording […]

CEO and Portfolio Manager Caroline Cai and President and Portfolio Manager Allison Fisch discuss the 2023 outlook for value in this special episode of the PzenaPerspectives podcast. Recording Date: January 25, 2023 Disclosure For Professional Investors Only. This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized. Past performance is not indicative of future results. All investments involve risk, including loss of principal. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in Emerging Markets. Investments in small-cap or mid-cap companies involve additional risks such as limited liquidity and greater volatility than larger companies. PIM’s strategies emphasize a “value” style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that returns on “value” securities may not move in tandem with the returns on other styles of investing or the stock market in general. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities or investment advisory services in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. Prospective investors are encouraged to consult their own professional advisers as to the implications of making an investment in any securities or investment advisory services. Please click on the following link for important information: https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2023. All rights reserved.

Founding partners Rich Pzena and Bill Lipsey discuss the process of succession and the next generation of leadership in this special episode of the PzenaPerspectives podcast. Recording Date: January 3, 2023 Disclosure This recording is for institutional investors. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance. These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized. Past performance is not indicative of future results. All investments involve risk, including risk of total loss. All investments involve risk, including loss of principal. Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in Emerging Markets. PIM’s strategies emphasize a “value” style of investing, which targets undervalued companies with characteristics for improved valuations. This style of investing is subject to the risk that the valuations never improve or that returns on “value” securities may not move in tandem with the returns on other styles of investing or the stock market in general. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. The information contained herein is general in nature and does not constitute legal, tax, or investment advice. PIM does not make any warranty, express or implied, as to the information’s accuracy or completeness. Prospective investors are encouraged to consult their own professional advisers as to the implications of making an investment in any securities or investment advisory services. Please click on the following link for important information: https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management,

Portfolio Manager Miklos Vasarhelyi and Co-Chief Investment Officer John Goetz discuss the current opportunity in Europe for value investors, including some specific companies they find most compelling on the latest episode of the PzenaPerspectives podcast. Recording Date: October 11, 2022 Disclosure This recording is for institutional investors. Any views and statements expressed in this recording […]

Much has changed since our 2022 outlook – a war, energy price shocks and broader inflation, Fed rate hikes, and recession concerns, to name a few. With equity markets under pressure, where do value stocks stand? Portfolio Manager Allison Fisch and Co-Chief Investment Officer John Goetz discuss their mid-year outlook. (Recorded in July 2022) Disclosure […]

Auto supplier Lear's profitability has been impacted by cost pressures and the supply chain, but its operating flexibility and product portfolio should help it thrive, as the industry normalizes and electrifies. Listen in on a real-life manager's meeting with Lear CEO Ray Scott, Lear CFO Jason Cardew, and Pzena Portfolio Manager's Ben Silver, Andrew Chung […]

Managing Principal and Co-Chief Investment Officer John Goetz touches on uncertainty — the quick, fearful response to geopolitical shocks and macro concerns — and the recovery of hope that typically sets the stage for strong value-stock returns. Recording Date: May 12, 2022   Disclosure This recording is for institutional investors, and in the UK for […]

As value investors, we look for good companies with temporary problems, and found one such opportunity in specialty vehicle manufacturer REV Group. Portfolio Manager Evan Fox is joined by REV Group CEO Rod Rushing on the latest episode of the PzenaPerspectives podcast. Recording Date: March 31, 2022 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance. These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized. Past performance is not indicative of future results. All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information: https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2021. All rights reserved.

Beer is big business for Ambev, the dominant producer and distributor of brew in Latin America and Canada. Near-term margin pressures provide a rare opportunity to invest in this market leader at a compelling valuation. Portfolio Manager Allison Fisch and Research Analyst Lawrence Paustian discuss Pzena’s investment in Ambev on the latest episode of the PzenaPerspectives podcast. Recording Date: January 25, 2022 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2021.  All rights reserved.

The impact of COVID-19 on Fresenius Medical Care is inherently transient. At the same time, favorable industry trends are emerging, the benefits of which should largely accrue to the world’s preeminent dialysis company. Senior Research Analyst Eric Hagemann and Portfolio Manager John Flynn discuss Pzena’s recent investment in Fresenius Medical Care on the latest episode of the PzenaPerspectives podcast. Recording Date: November 11, 2021 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2021.  All rights reserved.

ESG analyst Rachel Segal and Portfolio Manager Rakesh Bordia examine the relationship between ESG scores and investment performance, and observe that there is a significantly stronger relationship between investment performance and a company’s potential for ESG improvement, as compared to the company’s ESG score. Recording Date: May 14, 2021 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2021.  All rights reserved.

Michelin’s business franchise is, in many ways, second-to-none: technical leadership, brand loyalty, and premium pricing. A comprehensive restructuring plan is aimed at delivering structurally higher profitability. Research Analyst Akhil Subramanian and Co-CIO John Goetz discuss Pzena’s research process and our view of the opportunity. Recording Date: April 29, 2021 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2021.  All rights reserved.

Co-CIO John Goetz, energy analyst TVR Murti, and ESG analyst Rachel Segal discuss the opportunities presented by the upcoming transition for the energy sector. Recording Date: March 12, 2021 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2021.  All rights reserved.

Listen to a discussion on value investing by legendary investors and long-time friends Joel Greenblatt (Gotham Funds) and Rich Pzena (Pzena Investment Management), moderated by investment strategist Steve Galbraith. Recording Date: March 4, 2021 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

CEO/Co-CIO Rich Pzena and Portfolio Manager Allison Fisch talk about the turn in value’s favor and what’s in store in 2021. Recording Date: January 27, 2021 For slides accompanying this podcast, visit https://www.pzena.com/2021-outlook-for-value-podcast/ Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

Co-CIO John Goetz discusses the drivers of a potential rotation back to sensible valuations, then answers questions about the current state of value investing and what the future may hold. Recording Date: December 10, 2020 For slides accompanying this podcast, visit https://www.pzena.com/the-beginning-of-the-great-rotation-to-value-podcast Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

Portfolio Manager Rakesh Bordia and Senior Research Analyst Jason Doctor discuss the investment opportunity in emerging markets banks. Recording Date: November 30, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

Listen as our CEO/Co-CIO Rich Pzena and President Bill Lipsey discuss Pzena Investment Management's value investing discipline and explain why we're staying the course when others deviate. Recording Date: November 12, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. PIM is a registered investment adviser registered with the United States Securities and Exchange Commission. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this presentation are included for illustrative purposes only and were selected based on their ability to help you better understand our investment process. They were selected from securities in one or more of our strategies and were not selected based on performance. They do not represent all of the securities purchased or sold for our client accounts during any particular period, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell any securities. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

Value is not dead. Portfolio Managers Caroline Cai and Ben Silver discuss value’s underperformance and potential catalysts that may already be signaling a shift from growth to value. Recording Date: October 19, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process and not based on performance. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

The cheapest small cap stocks (based on our valuation) are trading at some of the lowest levels we've seen in almost a decade. Portfolio Manager Evan Fox and Senior Research Analyst Eric Hagemann discuss some of the opportunities we've uncovered. Recording Date: August 14, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance.  These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized.  Past performance is not indicative of future results.  All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information:  https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020.  All rights reserved.

We think average 10-year returns present a fair picture of investment skill. But how to measure risk? The Sharpe ratio compares long-term returns with short-term volatility (standard deviation of monthly returns); we see the standard deviation of our 10-year returns as a better measure. Rich Pzena and Bill Lipsey provide a deep value perspective on risk and return. Recording Date: July 8, 2020 Disclosure This podcast discusses the applicability of past performance, risk metrics and valuation methodologies when assessing the performance of an Investment Manager. The views that are stated on these subjects are the views of Pzena Investment Management and investors/potential investors should seek their own independent advice before considering investing in a related product. This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance. These materials are intended solely for informational purposes and reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof. Please click on the following link for important information: https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020. All rights reserved.

Against the volatile backdrop of today’s economic environment, bank stocks stand out. In our view, the banking system today can sustain a once-in-a-century level of loan losses without meaningful dilution to equity owners. Portfolio Manager John Flynn and Senior Research Analyst Eric Hagemann analyze today's value opportunity in global banks. Recording Date: June 16, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance. These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized. Past performance is not indicative of future results. All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information: https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020. All rights reserved.

Uncertainty is at exceptional levels. The halt in activity today is unlike slowdowns we’ve seen before, and it’s affecting companies in a variety of ways. Our co-CIO John Goetz and portfolio manager Allison Fisch discuss our efforts to understand what bad looks like, company by company, and the research necessary to evaluate if companies can survive a prolonged downturn. Recording Date: April 24, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance. These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized. Past performance is not indicative of future results. All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information: https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020. All rights reserved.

The next depression? A virus-driven recession? Cyclical recovery? How long? How deep? Our CEO discusses value investing during the COVID-19 crisis. Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance. These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized. Past performance is not indicative of future results. All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information: https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020. All rights reserved.

CEO and Co-CIO Rich Pzena talks with our President Bill Lipsey to explain how Pzena Investment Management is conducting business and managing portfolios during the COVID – 19 crisis. They discuss: The strength of our business Comparisons to previous crises during our 25-year history The extreme opportunities created by these volatile markets Recording Date: March 17, 2020 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance. These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized. Past performance is not indicative of future results. All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information: https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020. All rights reserved.

Co-CIO and Portfolio Manager John Goetz and Senior Research Analyst Daniel Babkes take a deep dive into our research process and recount how Pzena chose to make GE one of the largest positions in our US and Global value portfolios. John Goetz and Daniel Babkes discuss the following: The fundamental strength of GE's businesses and the problems that led it to become a value stock. How we analyzed these problems to determine that GE was still a strong, worthwhile investment. The decision process to add a new company to the portfolio. How position monitoring allows us to increase our position size to overreactions by the market. Recording Date: December 27, 2019 Disclosure This recording is for institutional investors, and in the UK for professional investors and eligible counterparties only. Any views and statements expressed in this recording are those of Pzena Investment Management, are based on internal research, and are subject to change. It does not constitute investment advice. Your capital is at risk and past performance is not an indicator of future performance. These materials are intended solely for informational purposes. The views expressed reflect the current views of Pzena Investment Management (“PIM”) as of the date hereof and are subject to change. Neither the speaker nor PIM undertake to advise you of any changes in the views expressed herein. There is no guarantee that any projection, forecast, or opinion in this material will be realized. Past performance is not indicative of future results. All investments involve risk, including risk of total loss. The specific portfolio securities discussed in this document were selected for inclusion based on their ability to help you better understand our investment process. They do not represent all of the securities purchased or sold during the quarter, and it should not be assumed that investments in such securities were or will be profitable. PIM is a discretionary investment manager and does not make “recommendations” to buy or sell securities. Holdings vary among client accounts as a result of different product strategies having been selected thereby. Holdings also may vary among client accounts as a result of opening dates, cash flows, tax strategies, etc. There is no assurance that any securities discussed herein remain in our portfolios at the time you receive this presentation or that securities sold have not been repurchased. This recording does not constitute a current or past recommendation, an offer, or solicitation of an offer to purchase any securities or provide investment advisory services and should not be construed as such. Please click on the following link for important information: https://www2.pzena.com/PodcastDisclosure © Pzena Investment Management, LLC, 2020. All rights reserved.