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Richard Pzena Pzena Investment Management
AUM
$34.1B
Turnover
11.76%
1-Year Est. Return
26.62%
Richard Pzena is the founder of Pzena Investment Management, a firm specializing in deep-value equities worldwide. The process systematically seeks companies trading at large discounts to normalized earnings power, often when sentiment is poor. Pzena’s research-driven value approach is widely followed by institutional allocators and value-focused individuals.
This Fund
S&P 500
This Quarter Est. Return
+6.29%
1 Year Est. Return
+26.62%
3 Year Est. Return
+62.37%
5 Year Est. Return
+85.94%
10 Year Est. Return
+231.96%
AUM
$34.1B
AUM Growth
+$31.6M
(+0.09%)
Cap. Flow
-$1.16B
Cap. Flow % of AUM
Cap. Flow %
-3.39%
Top 10 Holdings %
Top 10 Hldgs %
37.58%
Holding
170
New
9
Increased
51
Reduced
91
Closed
11
Avg Time Held
4.8
years
Top 10 Avg Time Held
1.5
years
Top 20 Avg Time Held
3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Globe Life
GL
|
+$374M |
| 2 |
LKQ Corp
LKQ
|
+$184M |
| 3 |
SS&C Technologies
SSNC
|
+$158M |
| 4 |
Accenture
ACN
|
+$154M |
| 5 |
Microsoft
MSFT
|
+$111M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
UBS Group
UBS
|
+$383M |
| 2 |
Humana
HUM
|
+$293M |
| 3 |
Magna International
MGA
|
+$176M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$175M |
| 5 |
Skyworks Solutions
SWKS
|
+$155M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.19% |
| 2 | Financials | 22.06% |
| 3 | Healthcare | 19.16% |
| 4 | Consumer Discretionary | 13.5% |
| 5 | Consumer Staples | 8.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
PVH
PVH
$4.29B
| $432M | 1.27% |
5,829,334
-157,343
| -3% | -$12.3M |
2019 Q1
30 quarters
|
|
27
CDW
CDW
$21.6B
| $430M | 1.26% |
3,353,465
+714,565
| +27% | +$101M |
2026 Q1
2 quarters
|
|
28
Fresenius Medical Care
FMS
$11.7B
| $372M | 1.09% |
16,617,575
+1,625,494
| +11% | +$38.2M |
2021 Q3
20 quarters
|
|
29
Workday
WDAY
$45.7B
| $330M | 0.97% |
1,733,006
-238,264
| -12% | -$41.5M |
2026 Q2
1 quarter
|
|
30
Dow Inc
DOW
$23.7B
| $328M | 0.96% |
11,904,775
-602,236
| -5% | -$17.9M |
2020 Q1
26 quarters
|
|
31
Voya Financial
VOYA
$9.29B
| $324M | 0.95% |
3,428,602
-101,044
| -3% | -$10M |
2013 Q2
53 quarters
|
|
32
Equitable Holdings
EQH
$14.8B
| $288M | 0.84% |
5,618,993
+57,189
| +1% | +$2.88M |
2018 Q2
33 quarters
|
|
33
Bank of America
BAC
$350B
| $275M | 0.81% |
5,057,710
-1,252,653
| -20% | -$76.3M |
2013 Q2
53 quarters
|
|
34
Medtronic
MDT
$129B
| $266M | 0.78% |
3,078,785
-69,214
| -2% | -$6.1M |
2023 Q1
14 quarters
|
|
35
Kaspi.kz JSC
KSPI
$17.1B
| $262M | 0.77% |
2,788,694
-283,194
| -9% | -$27.1M |
2024 Q2
9 quarters
|
|
36
Credicorp
BAP
$28.9B
| $253M | 0.74% |
665,785
-170,784
| -20% | -$65.6M |
2022 Q3
16 quarters
|
|
37
Newell Brands
NWL
$2.48B
| $247M | 0.72% |
46,720,744
-1,269,920
| -3% | -$7.23M |
2018 Q2
33 quarters
|
|
38
Shell
SHEL
$277B
| $239M | 0.7% |
2,513,507
-67,737
| -3% | -$6.11M |
2022 Q1
18 quarters
|
|
39
The Magnum Ice Cream Company N.V.
MICC
$11.9B
| $220M | 0.65% |
14,014,899
+815,283
| +6% | +$15.5M |
2026 Q1
2 quarters
|
|
40
Robert Half
RHI
$4.37B
| $199M | 0.58% |
5,405,276
-817,029
| -13% | -$32.3M |
2023 Q4
11 quarters
|
|
41
Advance Auto Parts
AAP
$2.68B
| $194M | 0.57% |
4,986,453
+596,952
| +14% | +$29.9M |
2023 Q3
12 quarters
|
|
42
Delta Air Lines
DAL
$60.1B
| $188M | 0.55% |
2,248,190
-370,517
| -14% | -$31.4M |
2024 Q3
8 quarters
|
|
43
Spectrum Brands
SPB
$2.02B
| $178M | 0.52% |
2,244,718
-176,090
| -7% | -$15.3M |
2019 Q1
30 quarters
|
|
44
KE Holdings
BEKE
$19.6B
| $175M | 0.51% |
10,395,865
+1,518,222
| +17% | +$25.4M |
2026 Q2
1 quarter
|
|
45
Pfizer
PFE
$166B
| $173M | 0.51% |
6,050,227
+91,305
| +2% | +$2.43M |
2014 Q4
47 quarters
|
|
46
Avnet
AVT
$7.17B
| $172M | 0.5% |
1,721,142
-1,399,253
| -45% | -$128M |
2013 Q2
53 quarters
|
|
47
Globant
GLOB
$2.02B
| $171M | 0.5% |
4,929,099
+1,069,381
| +28% | +$38.5M |
2026 Q1
2 quarters
|
|
48
KT
KT
$8.88B
| $144M | 0.42% |
7,605,620
+319,120
| +4% | +$6M |
2026 Q1
2 quarters
|
|
49
Cigna
CI
$77.8B
| $143M | 0.42% |
527,459
-34,577
| -6% | -$9.7M |
2013 Q2
53 quarters
|
|
50
Mohawk Industries
MHK
$8.78B
| $138M | 0.4% |
1,105,087
-37,754
| -3% | -$4.69M |
2019 Q1
30 quarters
|
|
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Richard Pzena's Q3 2026 Portfolio in Review
As of Q3 2026, Richard Pzena held 170 positions worth $34.1B, up 0.09% from $34.1B the previous quarter. Its ten largest holdings account for 38% of the portfolio.
Richard Pzena withdrew a net $1.16B in Q3 2026, closing 11 positions and reducing 91 holdings. Its most notable exit was Cisco, an estimated $151M position sold in full.
By sector, the portfolio is most concentrated in Technology at 22% of assets, up from 18% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Richard Pzena opened a new position in GE HealthCare worth $82.1M.
- Richard Pzena's largest Q3 2026 buy was GE HealthCare: 1,255,691 shares worth $82.1M.
- Richard Pzena added most to Globe Life in Q3 2026, an estimated $374M increase.
- Richard Pzena's biggest Q3 2026 reduction was UBS Group, cutting an estimated $383M.
- Richard Pzena fully exited Cisco in Q3 2026, selling an estimated $151M.
- Richard Pzena's ten largest holdings make up 38% of its $34.1B portfolio in Q3 2026.
- Richard Pzena opened 9 new positions and closed 11 in Q3 2026.
- Richard Pzena's portfolio value rose 0.09% quarter-over-quarter to $34.1B.
Based on Pzena Investment Management's 13F filing for Q3 2026, filed 30 Oct 2026.