Pzena Investment Management, Inc (NYSE:PZN) Q3 2019 Earnings Conference Call - Final Transcript
Oct 18, 2019 • 10:00 am ET
[Operator Instructions] Our first call -- question comes from Mac Sykes of Gabelli. Mac, please proceed.
Good morning, Rich.
Richard S. Pzena
Thanks for the interesting parallel from '98. Interesting. I just have one question. It's of op kind of the comments you made in the past, but I wanted to know maybe you could just comment on the competitive landscape for value investing mandates? And at a time when allocator interests may be shifting positively? And what that means for your platform? Thanks.
Richard S. Pzena
Sure. I mean one of the -- I'll say the good things about sticking to a discipline and having the world know that all you do is value investing is when they think about reallocating to value. We generally tend to be on the list. It doesn't mean that we'd win, but because the list shrinks in these kinds of periods, our pipeline winds up looking pretty good. So, when we look at the future, there's -- there is some fairly large opportunities that are on the horizon that we're competing for, I have to use that word, because we don't know that we're going to win them. But, it's pretty interesting to see how significant the interest level has become. And now when we go and travel to talk to existing clients and prospects, really, the only topic of conversation is, are we are we about to turn the value cycle? That is true whether they are prospects, whether they are existing clients, it's really not of a concern about what happened in the last 12 months, because it hasn't been good, what's happened in the last 12 months, so its, are we near the end? And of course we don't know the answer to that question. But, all I can say is the conversation is being had with a lot more frequency than it has over the past few years.
Great, thank you.
[Operator Closing Remarks]