Richard Pzena Pzena Investment Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TRW
TRW AUTOMOTIVE HOLDINGS CORP
TRW
|
+$210M |
| 2 |
Cigna
CI
|
+$198M |
| 3 |
Oracle
ORCL
|
+$102M |
| 4 |
Parker-Hannifin
PH
|
+$75.8M |
| 5 |
Johnson & Johnson
JNJ
|
+$75.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Northrop Grumman
NOC
|
+$275M |
| 2 |
Aptiv
APTV
|
+$238M |
| 3 |
TE Connectivity
TEL
|
+$152M |
| 4 |
AET
Aetna Inc
AET
|
+$82.2M |
| 5 |
State Street
STT
|
+$64.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.09% |
| 2 | Technology | 17.72% |
| 3 | Energy | 12.12% |
| 4 | Industrials | 7.93% |
| 5 | Healthcare | 7.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Entergy
ETR
$48.8B
| $234M | 1.51% |
7,396,290
-657,816
| -8% | -$21.8M |
|
27
Labcorp
LH
$27.3B
| $229M | 1.48% |
2,688,378
+47,810
| +2% | +$4.03M |
|
|
28
State Street
STT
$51.4B
| $218M | 1.41% |
3,318,282
-948,397
| -22% | -$64.9M |
|
29
Masco
MAS
$14.5B
| $215M | 1.39% |
11,514,715
-264,585
| -2% | -$4.71M |
|
30
Abbott
ABT
$202B
| $214M | 1.38% |
6,449,283
+2,127,242
| +49% | +$74.6M |
|
|
TRW
31
DELISTED
TRW AUTOMOTIVE HOLDINGS CORP
TRW
| $213M | 1.38% |
+2,985,869
| New | +$210M |
|
32
Willis Towers Watson
WTW
$31.8B
| $206M | 1.33% |
1,796,490
-46,228
| -3% | -$5.22M |
|
33
Avnet
AVT
$7.27B
| $200M | 1.29% |
4,786,186
+819,136
| +21% | +$31.6M |
|
34
Voya Financial
VOYA
$8.86B
| $197M | 1.27% |
6,735,793
-150,434
| -2% | -$4.5M |
|
|
IPG
35
DELISTED
Interpublic Group of Companies
IPG
| $195M | 1.26% |
11,355,616
+435,832
| +4% | +$7.03M |
|
|
36
Aptiv
APTV
$10B
| $174M | 1.12% |
2,971,364
-4,289,988
| -59% | -$238M |
|
|
DELL
37
DELISTED
DELL INC
DELL
| $172M | 1.11% |
12,458,816
-1,308,307
| -10% | -$17.7M |
|
38
Franklin Templeton, Inc.
BEN
$17.4B
| $170M | 1.1% |
3,372,322
+18,868
| +0.6% | +$911K |
|
39
Wells Fargo
WFC
$254B
| $161M | 1.04% |
3,907,126
+842,050
| +27% | +$35.9M |
|
|
PRE
40
DELISTED
PARTNERRE LTD
PRE
| $142M | 0.92% |
1,554,912
+196,027
| +14% | +$17.6M |
|
|
41
Northrop Grumman
NOC
$78.3B
| $84.8M | 0.55% |
890,221
-2,973,384
| -77% | -$275M |
|
42
Allstate
ALL
$64.2B
| $81.2M | 0.52% |
1,607,196
-1,108,144
| -41% | -$55.7M |
|
43
APA Corp
APA
$15.2B
| $78.4M | 0.51% |
920,495
+94,725
| +11% | +$7.87M |
|
44
KeyCorp
KEY
$23.3B
| $77.9M | 0.5% |
6,832,375
-41,975
| -0.6% | -$502K |
|
|
CMA
45
DELISTED
Comerica
CMA
| $76.6M | 0.49% |
1,947,376
+5,650
| +0.3% | +$235K |
|
46
Cisco
CSCO
$438B
| $75.5M | 0.49% |
3,221,900
+239,950
| +8% | +$5.96M |
|
47
News Corp Class B
NWS
$18.7B
| $75.1M | 0.49% |
+4,568,753
| New | +$73.8M |
|
|
48
Johnson & Johnson
JNJ
$651B
| $73.5M | 0.47% |
847,758
+837,357
| +8,051% | +$75.1M |
|
49
General Motors
GM
$77.2B
| $70.5M | 0.46% |
1,960,975
-305,150
| -13% | -$10.9M |
|
50
Assurant
AIZ
$14B
| $66.9M | 0.43% |
1,236,297
-42,975
| -3% | -$2.32M |
|
Similar funds
Richard Pzena's Q3 2013 Portfolio in Review
As of Q3 2013, Richard Pzena held 135 positions worth $15.5B, up 3% from $15B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Richard Pzena's Q3 2013 filing shows 13 new, 42 increased, 74 reduced and 5 closed positions. Its largest new stake was TRW AUTOMOTIVE HOLDINGS CORP: 2,985,869 shares worth $213M. The largest sale was Northrop Grumman, an estimated $275M.
By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 35% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q3 2013 buy was TRW AUTOMOTIVE HOLDINGS CORP: 2,985,869 shares worth $213M.
- Richard Pzena added most to Cigna in Q3 2013, an estimated $198M increase.
- Richard Pzena's biggest Q3 2013 reduction was Northrop Grumman, cutting an estimated $275M.
- Richard Pzena fully exited HOSPIRA INC in Q3 2013, selling an estimated $40.6M.
- Richard Pzena's ten largest holdings make up 32% of its $15.5B portfolio in Q3 2013.
- Richard Pzena opened 13 new positions and closed 5 in Q3 2013.
- Richard Pzena's portfolio value rose 3% quarter-over-quarter to $15.5B.
Based on Pzena Investment Management's 13F filing for Q3 2013, filed 8 Nov 2013.