Rich Pzena’s disciplined value approach remains firmly intact heading into late 2025. According to the latest 13F filing for the quarter ended September 30 2025, Pzena Investment Management LLC reported a total portfolio value of $30.94 billion. The fund’s top 10 positions account for 39.2 % of total assets, underscoring a tightly focused deep-value strategy emphasizing cyclical recoveries and normalized earnings power.Top 5 HoldingsMagna International Inc. (MGA) now leads the portfolio at $1.92 billion (6. ...

Core Insights - The article discusses the investment strategy of identifying undervalued Real Estate Investment Trusts (REITs) during market downturns, particularly in the context of the COVID-19 pandemic [1] Group 1: Investment Strategy - The focus is on long-term income investing, utilizing fundamental economic insights to determine the intrinsic value of stocks [1] - The strategy is characterized as contrarian and deep-value, aiming to capitalize on temporary market disfavor [1] Group 2: Analyst Position - The analyst holds a beneficial long position in the shares of BDN and plans to expand this position by 33% within the year [2]