Pzena Investment Management, Inc. Announces September 30, 2020 Assets Under Management and Flows for the Third Quarter of 2020
Pzena Investment Management, Inc. (PZN) reported preliminary assets under management (AUM) of $33.3 billion as of September 30, 2020, down from $35.2 billion in August 2020 and $35.8 billion a year ago. The decline in AUM is attributed to outflows and market depreciation. Separately Managed Accounts decreased to $13.3 billion, while Sub-Advised Accounts fell to $18 billion. Total inflows for the third quarter were $2.8 billion, overshadowed by $1.7 billion in outflows. Notably, U.S. Value Strategies decreased to $11.5 billion from $12.1 billion month-over-month.
- Total inflows for Q3 2020 were $2.8 billion.
- Global Value AUM increased to $8.4 billion from $8.9 billion in the prior month.
- Total assets under management decreased from $35.2 billion in August to $33.3 billion in September.
- Significant outflows of $1.7 billion during the third quarter.
- U.S. Value Strategies saw a decline from $12.1 billion to $11.5 billion.
NEW YORK, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Pzena Investment Management, Inc. (NYSE: PZN) today reported its preliminary assets under management as of September 30, 2020 and preliminary flows for the third quarter of 2020.
AUM for month-end September 2020, month-end August 2020, and month-end September 2019 are listed below:
Pzena Investment Management, Inc.
Assets Under Management1
($ billions)
| As of | As of | As of | ||||||||||
| September 30, 2020 | August 31, 2020 | September 30, 2019 | ||||||||||
| Account Type | ||||||||||||
| Separately Managed Accounts | $ | 13.3 | $ | 14.0 | $ | 13.7 | ||||||
| Sub-Advised Accounts | 18.0 | 19.0 | 19.8 | |||||||||
| Pzena Funds | 2.0 | 2.2 | 2.3 | |||||||||
| Total | $ | 33.3 | $ | 35.2 | $ | 35.8 | ||||||
| Investment Strategy | ||||||||||||
| U.S. Value Strategies | ||||||||||||
| Large Cap Value | $ | 7.2 | $ | 7.5 | $ | 9.4 | ||||||
| Mid Cap Value | 2.3 | 2.5 | 2.6 | |||||||||
| Small Cap Value | 1.4 | 1.4 | 1.3 | |||||||||
| Value | 0.4 | 0.5 | 0.9 | |||||||||
| Other U.S. Strategies | 0.2 | 0.2 | 0.2 | |||||||||
| Total U.S. Value Strategies | 11.5 | 12.1 | 14.4 | |||||||||
| Global & Non-U.S. Value Strategies | ||||||||||||
| Global Value | 8.4 | 8.9 | 7.7 | |||||||||
| International Value | 5.9 | 6.4 | 6.2 | |||||||||
| Emerging Markets Value | 5.1 | 5.2 | 4.5 | |||||||||
| European Value | 2.1 | 2.2 | 2.6 | |||||||||
| Other Global & Non-U.S. Value Strategies | 0.3 | 0.4 | 0.4 | |||||||||
| Total Global & Non-U.S. Value Strategies | 21.8 | 23.1 | 21.4 | |||||||||
| Total | $ | 33.3 | $ | 35.2 | $ | 35.8 | ||||||
| Account Domicile | ||||||||||||
| U.S. | $ | 21.1 | $ | 22.4 | $ | 23.6 | ||||||
| Non-U.S. | 12.2 | 12.8 | 12.2 | |||||||||
| Total | $ | 33.3 | $ | 35.2 | $ | 35.8 | ||||||
1 Numbers may be subject to rounding.
Flows and investment performance for the third quarter of 2020 are listed below1:
| As of | Market | As of | ||||||||||||||||||
| June | Appreciation | September | ||||||||||||||||||
| 30, 2020 | Inflows | (Outflows) | (Depreciation) | 30, 2020 | ||||||||||||||||
| Account Type | ||||||||||||||||||||
| Separately Managed Accounts | $ | 13.0 | $ | 0.2 | $ | (0.3 | ) | $ | 0.4 | $ | 13.3 | |||||||||
| Sub-Advised Accounts | 16.4 | 2.5 | (1.2 | ) | 0.3 | 18.0 | ||||||||||||||
| Pzena Funds | 2.1 | 0.1 | (0.2 | ) | - | 2.0 | ||||||||||||||
| Total | $ | 31.5 | $ | 2.8 | $ | (1.7 | ) | $ | 0.7 | $ | 33.3 | |||||||||
1 Numbers may be subject to rounding.
About Pzena
Pzena Investment Management, LLC, the firm's operating company, is a value-oriented investment management firm. Founded in 1995, Pzena Investment Management has built a diverse, global client base. More firm and stock information is posted at www.pzena.com.
Forward-Looking Statements
This press release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements provide the Company’s current views, expectations, or forecasts of future events and performance, and include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,” “continue,” “ongoing,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking.
Among the factors that could cause actual results to differ from those expressed or implied by a forward-looking statement are those described in the sections entitled “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the Company's Annual Report on Form 10-K, as filed with the SEC on March 10, 2020 and in the Company's Quarterly Reports on Form 10-Q as filed with the SEC. In light of these risks, uncertainties, assumptions, and factors, actual results could differ materially from those expressed or implied in the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this release.
The Company is not under any obligation and does not intend to make publicly available any update or other revisions to any forward-looking statements to reflect circumstances existing after the date of this release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.
Contact: Jessica Doran, 212-355-1600 or doran@pzena.com.
FAQ
What is the status of PZN's assets under management as of September 30, 2020?
How much did PZN's assets under management decrease from August to September 2020?
What were the inflow and outflow figures for PZN in Q3 2020?
Which investment strategy experienced a decline in assets for PZN in September 2020?
