This essay is the 2nd installment in Pzena's series, Why We Are Active Value Investors and discusses the importance of a long-time horizon. The first half of 2024 witnessed a significant performance disparity in the global stock market, driven primarily by US trends and characterized by several key factors. Richard Pzena, the founder and Co-Chief Investment Officer of Pzena Investment Management, LLC, has made notable changes to his investment strategy over the years. Fund manager Richard Pzena has made some tricky decisions during his career. But one he is particularly proud of is to act early on. Vanguard removed Oaktree Fund Advisors as one of the investment advisers of the $785 million Vanguard Emerging Markets Select Stock Fund. It's been one of the most disappointing regions in the world in terms of performance, but Pzena Investment Management thinks China's market has potential. This week we'll take a look at CVS Health Corp (NYSE:CVS) CVS Health offers a diverse set of healthcare services. Its roots are in its retail pharmacy operations. MD Financial Management Inc. announced sub-advisory changes, to be effective on or about August 12. David Pyle is leaving the fund as co-manager on September 1, 2024, according to a filing with the Securities and Exchange Commission (SEC).