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 |
Viatris
VTRS
|
+$293M |
| 2 |
McKesson
MCK
|
+$277M |
| 3 |
Cognizant
CTSH
|
+$114M |
| 4 |
ExxonMobil
XOM
|
+$113M |
| 5 |
Cardinal Health
CAH
|
+$83.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Seagate
STX
|
+$216M |
| 2 |
Parker-Hannifin
PH
|
+$181M |
| 3 |
HP
HPQ
|
+$97.7M |
| 4 |
Abbott
ABT
|
+$92M |
| 5 |
Halliburton
HAL
|
+$90.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 37.77% |
| 2 | Technology | 17.4% |
| 3 | Energy | 10.26% |
| 4 | Industrials | 9.7% |
| 5 | Healthcare | 8.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Capital One
COF
$134B
| $273M | 1.54% |
3,155,712
+95,565
| +3% | +$8.51M |
|
|
27
Parker-Hannifin
PH
$126B
| $273M | 1.54% |
1,701,815
-1,190,898
| -41% | -$181M |
|
28
Murphy Oil
MUR
$5.36B
| $261M | 1.47% |
9,114,773
+504,058
| +6% | +$14.5M |
|
29
Avnet
AVT
$7.27B
| $249M | 1.41% |
5,450,045
+341,284
| +7% | +$15.8M |
|
30
Hilton Worldwide
HLT
$73.5B
| $249M | 1.4% |
4,256,903
+142,772
| +3% | +$8.29M |
|
31
Stanley Black & Decker
SWK
$15.1B
| $228M | 1.28% |
1,713,256
-67,621
| -4% | -$8.48M |
|
32
State Street
STT
$51.4B
| $226M | 1.27% |
2,832,878
-13,881
| -0.5% | -$1.1M |
|
|
IPG
33
DELISTED
Interpublic Group of Companies
IPG
| $225M | 1.27% |
9,161,457
-1,489,324
| -14% | -$35.7M |
|
34
Cenovus Energy
CVE
$60.7B
| $215M | 1.21% |
19,032,719
+5,494,952
| +41% | +$73.8M |
|
35
BP
BP
$115B
| $215M | 1.21% |
7,136,495
-343,141
| -5% | -$10.4M |
|
|
XL
36
DELISTED
XL Group Ltd.
XL
| $204M | 1.15% |
5,111,936
-99,351
| -2% | -$3.9M |
|
37
Ford
F
$57.5B
| $200M | 1.13% |
17,201,293
-426,869
| -2% | -$5.3M |
|
38
Terex
TEX
$7.6B
| $180M | 1.02% |
5,743,227
-154,061
| -3% | -$4.84M |
|
39
UBS Group
UBS
$163B
| $178M | 1.01% |
11,174,816
-328,039
| -3% | -$5.28M |
|
40
ON Semiconductor
ON
$28.9B
| $172M | 0.97% |
11,088,675
-1,210,743
| -10% | -$17.6M |
|
41
Willis Towers Watson
WTW
$31.8B
| $162M | 0.91% |
1,238,446
+23,208
| +2% | +$2.95M |
|
|
42
Seagate
STX
$193B
| $158M | 0.89% |
3,443,251
-4,862,425
| -59% | -$216M |
|
43
Edison International
EIX
$27.5B
| $143M | 0.8% |
1,790,588
+10,465
| +0.6% | +$794K |
|
44
Lamar Advertising Co
LAMR
$15.3B
| $131M | 0.74% |
1,754,122
-12,221
| -0.7% | -$917K |
|
|
45
Abbott
ABT
$202B
| $130M | 0.73% |
2,922,096
-2,127,592
| -42% | -$92M |
|
46
ConocoPhillips
COP
$162B
| $125M | 0.7% |
2,502,552
-16,294
| -0.6% | -$787K |
|
47
KeyCorp
KEY
$23.3B
| $123M | 0.69% |
6,912,571
-118,047
| -2% | -$2.16M |
|
48
Allstate
ALL
$64.2B
| $119M | 0.67% |
1,464,140
-3,919
| -0.3% | -$308K |
|
49
Johnson & Johnson
JNJ
$651B
| $114M | 0.64% |
914,439
-84,525
| -8% | -$10.1M |
|
|
50
HP
HPQ
$27.2B
| $112M | 0.63% |
6,263,058
-6,039,528
| -49% | -$97.7M |
|
Similar funds
Richard Pzena's Q1 2017 Portfolio in Review
As of Q1 2017, Richard Pzena held 171 positions worth $17.7B, up 1.1% from $17.5B the previous quarter. Its ten largest holdings account for 25% of the portfolio.
Richard Pzena's Q1 2017 filing shows 14 new, 43 increased, 82 reduced and 16 closed positions. Its largest new stake was Viatris: 7,262,316 shares worth $283M. The largest sale was Seagate, an estimated $216M.
By sector, the portfolio is most concentrated in Financials at 38% of assets, down from 40% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q1 2017 buy was Viatris: 7,262,316 shares worth $283M.
- Richard Pzena added most to McKesson in Q1 2017, an estimated $277M increase.
- Richard Pzena's biggest Q1 2017 reduction was Seagate, cutting an estimated $216M.
- Richard Pzena fully exited Endurance Specialty Holdings Ltd in Q1 2017, selling an estimated $63.1M.
- Richard Pzena's ten largest holdings make up 25% of its $17.7B portfolio in Q1 2017.
- Richard Pzena opened 14 new positions and closed 16 in Q1 2017.
- Richard Pzena's portfolio value rose 1.1% quarter-over-quarter to $17.7B.
Based on Pzena Investment Management's 13F filing for Q1 2017, filed 5 May 2017.