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
|
+$195M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$178M |
| 3 |
Omnicom Group
OMC
|
+$87.5M |
| 4 |
Avnet
AVT
|
+$84.5M |
| 5 |
Ford
F
|
+$73.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$76M |
| 2 |
Parker-Hannifin
PH
|
+$66.3M |
| 3 |
Stanley Black & Decker
SWK
|
+$65.5M |
| 4 |
ON Semiconductor
ON
|
+$32.6M |
| 5 |
Abbott
ABT
|
+$28.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 37.92% |
| 2 | Technology | 16.85% |
| 3 | Healthcare | 10.05% |
| 4 | Energy | 9.33% |
| 5 | Industrials | 8.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Regions Financial
RF
$25.9B
| $292M | 1.6% |
19,918,612
-46,490
| -0.2% | -$654K |
|
27
Intel
INTC
$476B
| $286M | 1.57% |
8,490,243
+94,533
| +1% | +$3.38M |
|
|
28
Ford
F
$57.5B
| $266M | 1.46% |
23,812,718
+6,611,425
| +38% | +$73.8M |
|
29
Hilton Worldwide
HLT
$73.5B
| $257M | 1.41% |
4,152,880
-104,023
| -2% | -$6.47M |
|
30
State Street
STT
$51.4B
| $252M | 1.38% |
2,813,464
-19,414
| -0.7% | -$1.61M |
|
31
Murphy Oil
MUR
$5.36B
| $244M | 1.33% |
9,510,782
+396,009
| +4% | +$10.3M |
|
|
XL
32
DELISTED
XL Group Ltd.
XL
| $228M | 1.25% |
5,197,849
+85,913
| +2% | +$3.62M |
|
|
IPG
33
DELISTED
Interpublic Group of Companies
IPG
| $220M | 1.2% |
8,940,925
-220,532
| -2% | -$5.39M |
|
34
BP
BP
$115B
| $215M | 1.17% |
6,982,651
-153,844
| -2% | -$4.79M |
|
|
35
Parker-Hannifin
PH
$126B
| $205M | 1.12% |
1,283,268
-418,547
| -25% | -$66.3M |
|
36
Terex
TEX
$7.6B
| $194M | 1.06% |
5,181,944
-561,283
| -10% | -$19M |
|
37
Willis Towers Watson
WTW
$31.8B
| $193M | 1.06% |
1,329,037
+90,591
| +7% | +$12.7M |
|
38
UBS Group
UBS
$163B
| $189M | 1.03% |
11,120,923
-53,893
| -0.5% | -$876K |
|
|
ESRX
39
DELISTED
Express Scripts Holding Company
ESRX
| $181M | 0.99% |
+2,838,878
| New | +$178M |
|
|
40
Stanley Black & Decker
SWK
$15.1B
| $174M | 0.95% |
1,235,586
-477,670
| -28% | -$65.5M |
|
41
Cenovus Energy
CVE
$60.7B
| $163M | 0.89% |
22,078,963
+3,046,244
| +16% | +$28.3M |
|
42
Edison International
EIX
$27.5B
| $140M | 0.76% |
1,784,386
-6,202
| -0.3% | -$497K |
|
43
KeyCorp
KEY
$23.3B
| $129M | 0.71% |
6,869,516
-43,055
| -0.6% | -$779K |
|
44
Allstate
ALL
$64.2B
| $128M | 0.7% |
1,450,578
-13,562
| -0.9% | -$1.15M |
|
|
45
ON Semiconductor
ON
$28.9B
| $125M | 0.69% |
8,920,698
-2,167,977
| -20% | -$32.6M |
|
46
Seagate
STX
$193B
| $122M | 0.67% |
3,146,522
-296,729
| -9% | -$12.9M |
|
47
Lamar Advertising Co
LAMR
$15.3B
| $117M | 0.64% |
1,592,425
-161,697
| -9% | -$11.6M |
|
|
48
Abbott
ABT
$202B
| $112M | 0.61% |
2,298,718
-623,378
| -21% | -$28.2M |
|
49
ConocoPhillips
COP
$162B
| $110M | 0.6% |
2,501,175
-1,377
| -0.1% | -$64.2K |
|
50
HP
HPQ
$27.2B
| $107M | 0.59% |
6,112,050
-151,008
| -2% | -$2.77M |
|
Similar funds
Richard Pzena's Q2 2017 Portfolio in Review
As of Q2 2017, Richard Pzena held 160 positions worth $18.3B, up 3% from $17.7B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Richard Pzena's Q2 2017 filing shows 5 new, 47 increased, 86 reduced and 8 closed positions. Its largest new stake was Express Scripts Holding Company: 2,838,878 shares worth $181M. The largest sale was Cigna, an estimated $76M.
By sector, the portfolio is most concentrated in Financials at 38% of assets, up from 38% a quarter earlier, followed by Technology and Healthcare.
- Richard Pzena's largest Q2 2017 buy was Express Scripts Holding Company: 2,838,878 shares worth $181M.
- Richard Pzena added most to Viatris in Q2 2017, an estimated $195M increase.
- Richard Pzena's biggest Q2 2017 reduction was Cigna, cutting an estimated $76M.
- Richard Pzena fully exited CDW in Q2 2017, selling an estimated $9.27M.
- Richard Pzena's ten largest holdings make up 26% of its $18.3B portfolio in Q2 2017.
- Richard Pzena opened 5 new positions and closed 8 in Q2 2017.
- Richard Pzena's portfolio value rose 3% quarter-over-quarter to $18.3B.
Based on Pzena Investment Management's 13F filing for Q2 2017, filed 4 Aug 2017.