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Table of Contents

 Firm overview

01:552019 review

06:25What caused the turn in the fourth quarter?

10:422020 Outlook

12:20Will 2020 be a good environment for value investing?

20:50Can’t I get exposure to value through a factor?

28:18What will the US election mean for value equities?

31:33Why is Pzena overweight financials, and what is expected from them in 2020?

35:08Where else is Pzena finding value across the US portfolios?

39:18Are there any additional sectors to highlight?

40:38What is Rich concerned about for 2020?

Table of Contents

 Firm overview

01:452019 review

05:072020 Outlook and where valuation dispersions stand

08:28Geographically, where is there opportunity?

09:31Is value investing dead and what metric does Pzena focus on?

11:00What will the US election mean for non-US value equities?

11:57How has the trade war been affecting the portfolio?

13:00How will Brexit play out in 2020?

14:13What caused the turn in the fourth quarter of 2019?

15:28Why is Pzena overweight financials, and what is expected from them in 2020?

19:07Where else is Pzena finding value across the portfolios?

19:52Dichotomy of investments we make in financials, autos, and staples

25:10Pzena’s thesis on energy

27:04What is John concerned about in 2020?

Table of Contents

 Firm overview

0:37The value cycle and the opportunity for deep value

3:18Are “safe,” or stable stocks, safe?

4:16Value opportunity: European banks

6:00Long-term outlook for value

7:47Value’s performance after wide valuation spreads

9:25Portfolio update

9:53Contributors and detractors

12:24Portfolio activity

13:42Cheap stocks are recovering

14:59Energy exposure

16:04Financials in a low rate environment