I will touch on our investment outlook a bit more in a minute, but first I want to update you on our business. I am very happy to report that as of today the trailing three-year returns for many of our investment strategies are now in positive territory relative to their respective benchmarks and the others are rapidly approaching parity. We are hopeful that as the significant underperformance we experienced in the fourth quarter of 2007 rolls off by year end, these records will look even better.The business implications of this improvement are clear. Managers trailing three-year relative returns are weighed heavily by consultants in their manager selection process along with the managers’ long-term track record. Although, our long-term track record has been excellent, our US value and small cap value products have nearly 15 years of history and have generated 270 and 450 basis points of extra return for annum since inception.
Pzena Investment Management CEO Discusses Q3 2010 Results – Earnings Call Transcript
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