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 |
Bank of America
BAC
|
+$95.4M |
| 2 |
Murphy Oil
MUR
|
+$92.4M |
| 3 |
K
Kellanova
K
|
+$89.5M |
| 4 |
Intel
INTC
|
+$86.7M |
| 5 |
XL
XL Group Ltd.
XL
|
+$82.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHI
Baker Hughes
BHI
|
+$263M |
| 2 |
Invesco
IVZ
|
+$184M |
| 3 |
Entergy
ETR
|
+$144M |
| 4 |
Oracle
ORCL
|
+$101M |
| 5 |
HP
HPQ
|
+$89.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.3% |
| 2 | Technology | 18.29% |
| 3 | Energy | 12.58% |
| 4 | Healthcare | 8.25% |
| 5 | Communication Services | 7.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Abbott
ABT
$202B
| $294M | 1.63% |
7,197,691
+263,409
| +4% | +$10.3M |
|
27
PNC Financial Services
PNC
$97B
| $273M | 1.52% |
3,068,684
-408,960
| -12% | -$34.9M |
|
28
General Motors
GM
$77.2B
| $271M | 1.51% |
7,475,961
-30,670
| -0.4% | -$1.07M |
|
29
AXIS Capital
AXS
$7.2B
| $271M | 1.5% |
6,116,467
+538,952
| +10% | +$24.6M |
|
30
Willis Towers Watson
WTW
$31.8B
| $241M | 1.34% |
2,105,350
+251,297
| +14% | +$28.3M |
|
31
Masco
MAS
$14.5B
| $240M | 1.33% |
12,306,527
+2,226,158
| +22% | +$42M |
|
32
Corning
GLW
$129B
| $223M | 1.24% |
10,149,295
-964,657
| -9% | -$20.5M |
|
33
Avnet
AVT
$7.27B
| $215M | 1.19% |
4,849,354
-25,298
| -0.5% | -$1.11M |
|
34
Franklin Templeton, Inc.
BEN
$17.4B
| $182M | 1.01% |
3,150,471
+11,747
| +0.4% | +$643K |
|
|
CMA
35
DELISTED
Comerica
CMA
| $176M | 0.98% |
3,518,311
-211,748
| -6% | -$10.3M |
|
36
Wells Fargo
WFC
$254B
| $172M | 0.95% |
3,267,447
-287,376
| -8% | -$14.4M |
|
37
Labcorp
LH
$27.3B
| $169M | 0.94% |
1,925,872
-701,171
| -27% | -$60.7M |
|
|
PRE
38
DELISTED
PARTNERRE LTD
PRE
| $167M | 0.93% |
1,533,562
-13,215
| -0.9% | -$1.4M |
|
|
39
Entergy
ETR
$48.8B
| $135M | 0.75% |
3,289,188
-3,870,656
| -54% | -$144M |
|
40
TE Connectivity
TEL
$58.9B
| $134M | 0.74% |
2,164,740
-715,692
| -25% | -$42.9M |
|
41
Johnson & Johnson
JNJ
$651B
| $121M | 0.67% |
1,155,666
+287,527
| +33% | +$29.1M |
|
|
SPN
42
DELISTED
Superior Energy Services, Inc.
SPN
| $107M | 0.6% |
296,976
-19,182
| -6% | -$6.35M |
|
43
ON Semiconductor
ON
$28.9B
| $107M | 0.59% |
11,653,082
+2,261,030
| +24% | +$20.6M |
|
|
44
Murphy Oil
MUR
$5.36B
| $104M | 0.58% |
1,571,830
+1,473,335
| +1,496% | +$92.4M |
|
45
Walmart Inc
WMT
$825B
| $103M | 0.57% |
4,097,289
+231,150
| +6% | +$5.94M |
|
46
News Corp Class B
NWS
$18.7B
| $102M | 0.57% |
5,870,845
-421,075
| -7% | -$7.09M |
|
47
APA Corp
APA
$15.2B
| $101M | 0.56% |
1,000,631
-113,103
| -10% | -$10.2M |
|
|
K
48
DELISTED
Kellanova
K
| $90.9M | 0.5% |
1,473,777
+1,429,536
| +3,231% | +$89.5M |
|
|
XL
49
DELISTED
XL Group Ltd.
XL
| $84.6M | 0.47% |
+2,584,925
| New | +$82.9M |
|
50
Kohl's
KSS
$2B
| $78.7M | 0.44% |
1,494,500
+102,825
| +7% | +$5.57M |
|
Similar funds
Richard Pzena's Q2 2014 Portfolio in Review
As of Q2 2014, Richard Pzena held 152 positions worth $18B, up 3.3% from $17.4B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Richard Pzena's Q2 2014 filing shows 6 new, 74 increased, 60 reduced and 12 closed positions. Its largest new stake was XL Group Ltd.: 2,584,925 shares worth $84.6M. The largest sale was Baker Hughes, an estimated $263M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 35% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q2 2014 buy was XL Group Ltd.: 2,584,925 shares worth $84.6M.
- Richard Pzena added most to Bank of America in Q2 2014, an estimated $95.4M increase.
- Richard Pzena's biggest Q2 2014 reduction was Baker Hughes, cutting an estimated $263M.
- Richard Pzena fully exited Aptiv in Q2 2014, selling an estimated $56.3M.
- Richard Pzena's ten largest holdings make up 30% of its $18B portfolio in Q2 2014.
- Richard Pzena opened 6 new positions and closed 12 in Q2 2014.
- Richard Pzena's portfolio value rose 3.3% quarter-over-quarter to $18B.
Based on Pzena Investment Management's 13F filing for Q2 2014, filed 8 Aug 2014.