Key Takeaways:
Pzena Investment Management, a global investment manager with $52.7 billion in assets under management, announced its entry into the active exchange-traded fund (ETF) market with the launch of two new funds. The move signals a significant strategic shift for the firm, which has specialized in classic value investing for over three decades, and reflects the growing investor demand for actively managed products in an ETF wrapper.
"We are bringing our disciplined, value-oriented investment approach to a broader audience through the accessibility and efficiency of the ETF structure," said Richard Pzena, Founder and Co-Chief Investment Officer of Pzena Investment Management, in a statement. "These funds will allow investors to access our proven strategies for identifying undervalued companies with the potential for long-term appreciation."
The two new funds, the Pzena Value ETF (NYSE: PZVL) and the Pzena International Value ETF (NYSE: PZVI), began trading on the New York Stock Exchange on April 7, 2026. PZVL will focus on a portfolio of large-cap U.S. companies that Pzena's research team believes are trading at a significant discount to their intrinsic value. PZVI will apply the same value-investing philosophy to a portfolio of international companies in developed and emerging markets. Both funds will have a net expense ratio of 0.55 percent.
Pzena's launch comes as assets in actively managed ETFs have swelled to over $500 billion globally, according to data from Morningstar. The firm is betting that its long-standing reputation and consistent investment process will attract a share of these flows, even as it enters a competitive field with established players like J.P. Morgan Asset Management and Capital Group. The success of these initial offerings could pave the way for a broader suite of ETF products from Pzena, further diversifying its business model beyond traditional mutual funds and separate accounts.
This article is for informational purposes only and does not constitute investment advice.
