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 |
Corning
GLW
|
+$153M |
| 2 |
News Corp Class A
NWSA
|
+$97.3M |
| 3 |
Citigroup
C
|
+$96.9M |
| 4 |
State Street
STT
|
+$94.6M |
| 5 |
Intel
INTC
|
+$93.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
LLL
L3 Technologies, Inc.
LLL
|
+$154M |
| 2 |
HP
HPQ
|
+$106M |
| 3 |
Aptiv
APTV
|
+$104M |
| 4 |
TE Connectivity
TEL
|
+$92.7M |
| 5 |
Oracle
ORCL
|
+$89.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.82% |
| 2 | Technology | 19.13% |
| 3 | Energy | 12.45% |
| 4 | Healthcare | 8.16% |
| 5 | Communication Services | 6.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Abbott
ABT
$202B
| $267M | 1.53% |
6,934,282
+507,718
| +8% | +$19.6M |
|
27
General Motors
GM
$77.2B
| $258M | 1.48% |
7,506,631
+437,655
| +6% | +$16.1M |
|
28
AXIS Capital
AXS
$7.2B
| $256M | 1.47% |
5,577,515
+30,993
| +0.6% | +$1.39M |
|
29
Invesco
IVZ
$14.1B
| $241M | 1.38% |
6,508,696
-641,743
| -9% | -$22.2M |
|
30
Entergy
ETR
$48.8B
| $239M | 1.37% |
7,159,844
-326,310
| -4% | -$10.3M |
|
|
31
Corning
GLW
$129B
| $231M | 1.33% |
11,113,952
+8,142,139
| +274% | +$153M |
|
32
Avnet
AVT
$7.27B
| $227M | 1.3% |
4,874,652
+151,058
| +3% | +$6.47M |
|
|
IPG
33
DELISTED
Interpublic Group of Companies
IPG
| $224M | 1.29% |
13,095,449
+1,703,283
| +15% | +$29.1M |
|
34
Labcorp
LH
$27.3B
| $222M | 1.27% |
2,627,043
-172,471
| -6% | -$13.8M |
|
35
Willis Towers Watson
WTW
$31.8B
| $217M | 1.24% |
1,854,053
+90,556
| +5% | +$10.3M |
|
36
Masco
MAS
$14.5B
| $197M | 1.13% |
10,080,369
-102,936
| -1% | -$2.03M |
|
|
CMA
37
DELISTED
Comerica
CMA
| $193M | 1.11% |
3,730,059
-131,751
| -3% | -$6.34M |
|
38
Wells Fargo
WFC
$254B
| $177M | 1.01% |
3,554,823
-426,194
| -11% | -$19.9M |
|
|
39
TE Connectivity
TEL
$58.9B
| $173M | 0.99% |
2,880,432
-1,615,564
| -36% | -$92.7M |
|
40
Franklin Templeton, Inc.
BEN
$17.4B
| $170M | 0.97% |
3,138,724
-91,005
| -3% | -$4.9M |
|
|
PRE
41
DELISTED
PARTNERRE LTD
PRE
| $160M | 0.92% |
1,546,777
+31,175
| +2% | +$3.11M |
|
42
News Corp Class B
NWS
$18.7B
| $105M | 0.6% |
6,291,920
-152,778
| -2% | -$2.6M |
|
43
Walmart Inc
WMT
$825B
| $98.5M | 0.56% |
3,866,139
+791,835
| +26% | +$19.9M |
|
|
SPN
44
DELISTED
Superior Energy Services, Inc.
SPN
| $97.3M | 0.56% |
316,158
+22,641
| +8% | +$6.09M |
|
45
APA Corp
APA
$15.2B
| $92.4M | 0.53% |
1,113,734
+167,141
| +18% | +$13.7M |
|
46
ON Semiconductor
ON
$28.9B
| $88.3M | 0.51% |
9,392,052
+7,319,096
| +353% | +$65.7M |
|
47
Cisco
CSCO
$438B
| $85.7M | 0.49% |
3,825,300
-3,975
| -0.1% | -$87.8K |
|
48
Johnson & Johnson
JNJ
$651B
| $85.3M | 0.49% |
868,139
+1,681
| +0.2% | +$156K |
|
49
Kohl's
KSS
$2B
| $79M | 0.45% |
1,391,675
+43,360
| +3% | +$2.32M |
|
|
LM
50
DELISTED
Legg Mason, Inc.
LM
| $75.3M | 0.43% |
1,535,849
-156,981
| -9% | -$6.99M |
|
Similar funds
Richard Pzena's Q1 2014 Portfolio in Review
As of Q1 2014, Richard Pzena held 150 positions worth $17.4B, up 1.8% from $17.1B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Richard Pzena's Q1 2014 filing shows 20 new, 57 increased, 66 reduced and 4 closed positions. Its largest new stake was Associated Banc-Corp: 1,687,823 shares worth $30.5M. The largest sale was L3 Technologies, Inc., an estimated $154M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 34% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q1 2014 buy was Associated Banc-Corp: 1,687,823 shares worth $30.5M.
- Richard Pzena added most to Corning in Q1 2014, an estimated $153M increase.
- Richard Pzena's biggest Q1 2014 reduction was L3 Technologies, Inc., cutting an estimated $154M.
- Richard Pzena fully exited Alphabet (Google) Class C in Q1 2014, selling an estimated $87.4M.
- Richard Pzena's ten largest holdings make up 31% of its $17.4B portfolio in Q1 2014.
- Richard Pzena opened 20 new positions and closed 4 in Q1 2014.
- Richard Pzena's portfolio value rose 1.8% quarter-over-quarter to $17.4B.
Based on Pzena Investment Management's 13F filing for Q1 2014, filed 9 May 2014.