Long4901.TJun 2026
FUJIFILM Holdings Corporation
Pzena initiated FUJIFILM because cash flow is temporarily depressed by investment in expanded Bio CDMO facilities. The firm expects free cash flow to improve materially as…
Pzena Investment Management, LLC — International Value Composite
International value equities using normalized mid-cycle earnings and bottom-up valuation across large non-U.S. companies.4 published ideas
Pzena International Value applies Pzena's normalized-earnings framework to identify non-U.S. companies trading below sustainable mid-cycle earnings power. The strategy typically holds 60-80 companies and uses the MSCI EAFE Index as its primary benchmark.
Ideas from Pzena Investment Management, LLC — International Value Composite
LongSAPJun 2026
SAP SE
Pzena bought SAP because the migration of its large legacy on-premise customer base to the cloud should produce significant revenue uplift per customer. The company is deeply…
LongO39.SIJun 2026
Oversea-Chinese Banking Corporation Limited
Pzena purchased OCBC because the Singaporean lender operates within a structurally attractive banking oligopoly. The fund also sees expanding fee income and a growing…
LongACNJun 2026
Accenture plc
Pzena believes fears that AI will structurally impair Accenture are excessive because the company is concentrated in consulting-led transformation work that combines engineering…
Letters covered
- Quarterly Report to Clients — Second Quarter 2026June 30, 2026
Source PDFs are not republished here; only extracted ideas and quotes.