Pzena Investment Management stays true to its roots, supporting an Above Average Parent rating.
Since its founding in 1995, Pzena has focused on a single deep-value investment philosophy across the firm, expanding over the years from US equities to global and emerging markets. The firm boasts a tight-knit investment team and takes care to retain strong investors by fostering a culture of shared ownership, taking sensible steps to increasingly get equity into the hands of nonfounders. The lion’s share of firm ownership still lies with founder Rich Pzena, but most of its roughly 30-member investment team, in addition to several dozen other employees, are equity owners. This follows the prudent transition of executive responsibility to the next generation of leadership. Seasoned investment leaders, including CEO Caroline Cai, lead the firm’s management committee.
Most of the firm’s USD 85 billion in assets under management as of December 2025 sits with institutional clients across a variety of mandates. While Vanguard remains one of Pzena’s largest clients through its subadvisory mandates, the firm has grown its fund business in recent years to include various iterations of its deep-value approach across different geographies. To further these efforts, the firm filed to launch exchange-traded fund versions of its US large-cap value and international value strategies in January 2026.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, Pzena Investment Management (Branding Name ID: BN000009SP), is covered by Morningstar Manager Research.
United States