The Pzena International Value ADR strategy is managed by a four-person portfolio management team led by Allison Fisch, who serves as Managing Principal and President and has been with the firm since 2001. She helped launch the Emerging Markets strategies in 2008 and joined the International portfolio management team in 2016, holding a B.A. summa cum laude in Psychology from Dartmouth College. John Goetz, Managing Principal and Co-Chief Investment Officer, joined in 1996 and serves on the Executive Committee. Caroline Cai, Managing Principal and Chief Executive Officer, became CEO in 2023, joined the firm in 2004, and holds the Chartered Financial Analyst designation with a B.A. summa cum laude in Math and Economics from Bryn Mawr College. Rakesh Bordia, Principal and Portfolio Manager since January 2023, co-manages the Emerging Markets strategies, joined in 2007, and holds degrees from Indian Institute of Technology, Kanpur and Indian Institute of Management, Ahmedabad. The team applies the same philosophy, process, and systematic approach used across all of Pzena's strategies, with unanimous agreement required for investment decisions and extensive proprietary research driving security selection.

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Pzena follows a classic value investment approach, constructing concentrated portfolios of securities that are undervalued relative to their long-term earnings power. The firm's investment decision-making is disciplined and systematic, based on comprehensive earnings forecasts and resulting company valuations. The investment team approaches each situation with the fundamental question: 'Would we buy the entire business at the current price?' The strategy seeks to generate significant excess return by applying a disciplined, research-based process to build concentrated portfolios of companies drawn from the most undervalued segment of the public-equity market. The philosophy centers on identifying companies that are underperforming their historically demonstrated earnings power, with intensive proprietary research and a long-term investment horizon. For stock purchases, all five criteria must be met: current valuation is low compared to normalized earnings power, current earnings are below historic norms, management has a viable plan for earnings recovery, the business is sound with sustainable advantages, and significant downside protection exists through real asset value.

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