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 |
Walmart Inc
WMT
|
+$294M |
| 2 |
Edison International
EIX
|
+$86M |
| 3 |
Microsoft
MSFT
|
+$64.2M |
| 4 |
Dover
DOV
|
+$61.5M |
| 5 |
News Corp Class A
NWSA
|
+$57.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$278M |
| 2 |
TRW
TRW AUTOMOTIVE HOLDINGS CORP
TRW
|
+$259M |
| 3 |
State Street
STT
|
+$67.8M |
| 4 |
UBS Group
UBS
|
+$57.4M |
| 5 |
BHI
Baker Hughes
BHI
|
+$51.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 39.17% |
| 2 | Technology | 16.2% |
| 3 | Energy | 10.45% |
| 4 | Industrials | 9.01% |
| 5 | Healthcare | 8.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
PNC Financial Services
PNC
$97B
| $286M | 1.61% |
2,984,856
-412,167
| -12% | -$39M |
|
|
27
UBS Group
UBS
$163B
| $271M | 1.53% |
12,760,935
-2,745,833
| -18% | -$57.4M |
|
|
IPG
28
DELISTED
Interpublic Group of Companies
IPG
| $268M | 1.51% |
13,901,251
-93,962
| -0.7% | -$1.95M |
|
29
Ford
F
$57.5B
| $266M | 1.5% |
17,719,859
+82,926
| +0.5% | +$1.29M |
|
|
BHI
30
DELISTED
Baker Hughes
BHI
| $261M | 1.47% |
4,232,667
-787,242
| -16% | -$51.5M |
|
31
Franklin Templeton, Inc.
BEN
$17.4B
| $260M | 1.47% |
5,306,059
+464,060
| +10% | +$23.8M |
|
|
32
State Street
STT
$51.4B
| $252M | 1.42% |
3,270,591
-871,125
| -21% | -$67.8M |
|
33
Avnet
AVT
$7.27B
| $248M | 1.4% |
6,035,442
+56,346
| +0.9% | +$2.48M |
|
|
XL
34
DELISTED
XL Group Ltd.
XL
| $227M | 1.28% |
6,102,592
-116,376
| -2% | -$4.36M |
|
35
Murphy Oil
MUR
$5.36B
| $194M | 1.1% |
4,674,915
-12,131
| -0.3% | -$552K |
|
36
Willis Towers Watson
WTW
$31.8B
| $192M | 1.09% |
1,548,259
-146,733
| -9% | -$18.7M |
|
37
Regions Financial
RF
$25.9B
| $177M | 1% |
17,063,917
+4,858,926
| +40% | +$48.9M |
|
38
Lamar Advertising Co
LAMR
$15.3B
| $152M | 0.86% |
2,652,136
-63,352
| -2% | -$3.77M |
|
|
CMA
39
DELISTED
Comerica
CMA
| $152M | 0.86% |
2,957,942
-170,081
| -5% | -$8.28M |
|
40
Corning
GLW
$129B
| $152M | 0.86% |
7,683,393
-41,465
| -0.5% | -$887K |
|
41
Progressive
PGR
$127B
| $126M | 0.71% |
4,533,665
-31,729
| -0.7% | -$865K |
|
42
Masco
MAS
$14.5B
| $126M | 0.71% |
5,373,207
-1,294,350
| -19% | -$30.6M |
|
43
Wells Fargo
WFC
$254B
| $125M | 0.71% |
2,222,313
-79,982
| -3% | -$4.46M |
|
44
ON Semiconductor
ON
$28.9B
| $120M | 0.68% |
10,237,702
-1,441,818
| -12% | -$17.7M |
|
45
Johnson & Johnson
JNJ
$651B
| $114M | 0.65% |
1,174,169
+153
| +0% | +$15.3K |
|
|
AET
46
DELISTED
Aetna Inc
AET
| $105M | 0.59% |
824,734
-42,875
| -5% | -$4.9M |
|
|
SPN
47
DELISTED
Superior Energy Services, Inc.
SPN
| $99.6M | 0.56% |
473,301
+27,617
| +6% | +$6.46M |
|
48
Terex
TEX
$7.6B
| $92.9M | 0.52% |
3,996,888
+306,302
| +8% | +$8.08M |
|
49
Aecom
ACM
$8.34B
| $92.5M | 0.52% |
2,797,271
-22,194
| -0.8% | -$733K |
|
|
50
Edison International
EIX
$27.5B
| $88.8M | 0.5% |
1,597,509
+1,431,900
| +865% | +$86M |
|
Similar funds
Richard Pzena's Q2 2015 Portfolio in Review
As of Q2 2015, Richard Pzena held 159 positions worth $17.7B, down 1.5% from $18B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Richard Pzena's Q2 2015 filing shows 8 new, 67 increased, 58 reduced and 8 closed positions. Its largest new stake was Dover: 1,032,825 shares worth $58.5M. The largest sale was Cigna, an estimated $278M.
By sector, the portfolio is most concentrated in Financials at 39% of assets, up from 38% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q2 2015 buy was Dover: 1,032,825 shares worth $58.5M.
- Richard Pzena added most to Walmart Inc in Q2 2015, an estimated $294M increase.
- Richard Pzena's biggest Q2 2015 reduction was Cigna, cutting an estimated $278M.
- Richard Pzena fully exited TRW AUTOMOTIVE HOLDINGS CORP in Q2 2015, selling an estimated $259M.
- Richard Pzena's ten largest holdings make up 27% of its $17.7B portfolio in Q2 2015.
- Richard Pzena opened 8 new positions and closed 8 in Q2 2015.
- Richard Pzena's portfolio value fell 1.5% quarter-over-quarter to $17.7B.
Based on Pzena Investment Management's 13F filing for Q2 2015, filed 7 Aug 2015.