- The fund manages value equity portfolios for leading endowments/foundations and pension plans, and for individual investors from around the world.
- Value’s powerful fourth quarter rally was driven in roughly equal parts by EPS growth and multiple expansion, the later accelerating after the announcement of successful vaccines.
- Visibility to recovery helped value shares outperform by a wide margin. Better growth prospects for the next two years at a fraction of the price could be the impetus for a long and sustained value rally.
For further details see:
Pzena Investment Management Q4 2020 Commentary