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
|
+$352M |
| 2 |
Wells Fargo
WFC
|
+$213M |
| 3 |
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
|
+$140M |
| 4 |
Halliburton
HAL
|
+$138M |
| 5 |
Hewlett Packard
HPE
|
+$123M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Intel
INTC
|
+$302M |
| 2 |
SPLS
Staples Inc
SPLS
|
+$298M |
| 3 |
Regions Financial
RF
|
+$116M |
| 4 |
Abbott
ABT
|
+$112M |
| 5 |
Johnson & Johnson
JNJ
|
+$97.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 38.32% |
| 2 | Technology | 16.69% |
| 3 | Healthcare | 10.74% |
| 4 | Energy | 10.03% |
| 5 | Industrials | 9.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
State Street
STT
$51.4B
| $266M | 1.41% |
2,782,766
-30,698
| -1% | -$2.86M |
|
27
AXIS Capital
AXS
$7.2B
| $262M | 1.39% |
4,576,149
-6,557
| -0.1% | -$405K |
|
28
Murphy Oil
MUR
$5.36B
| $255M | 1.35% |
9,609,282
+98,500
| +1% | +$2.47M |
|
29
Cigna
CI
$73.3B
| $252M | 1.33% |
1,350,411
-432,766
| -24% | -$77.1M |
|
30
BP
BP
$115B
| $238M | 1.26% |
6,868,248
-114,403
| -2% | -$3.63M |
|
31
Cenovus Energy
CVE
$60.7B
| $235M | 1.24% |
23,437,925
+1,358,962
| +6% | +$11.1M |
|
|
ESRX
32
DELISTED
Express Scripts Holding Company
ESRX
| $222M | 1.17% |
3,509,800
+670,922
| +24% | +$41.7M |
|
33
Terex
TEX
$7.6B
| $204M | 1.08% |
4,522,248
-659,696
| -13% | -$26.1M |
|
|
XL
34
DELISTED
XL Group Ltd.
XL
| $203M | 1.07% |
5,135,631
-62,218
| -1% | -$2.66M |
|
35
Willis Towers Watson
WTW
$31.8B
| $195M | 1.03% |
1,263,039
-65,998
| -5% | -$9.86M |
|
36
UBS Group
UBS
$163B
| $190M | 1% |
11,073,595
-47,328
| -0.4% | -$809K |
|
|
37
Halliburton
HAL
$29.4B
| $187M | 0.99% |
4,052,148
+3,299,262
| +438% | +$138M |
|
|
IPG
38
DELISTED
Interpublic Group of Companies
IPG
| $186M | 0.99% |
8,964,724
+23,799
| +0.3% | +$518K |
|
|
39
Regions Financial
RF
$25.9B
| $180M | 0.95% |
11,817,778
-8,100,834
| -41% | -$116M |
|
40
Parker-Hannifin
PH
$126B
| $156M | 0.82% |
890,562
-392,706
| -31% | -$64.5M |
|
41
Pfizer
PFE
$160B
| $143M | 0.76% |
4,224,721
+1,766,504
| +72% | +$56.8M |
|
|
MFGP
42
DELISTED
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
| $140M | 0.74% |
+3,625,655
| New | +$140M |
|
43
JELD-WEN Holding
JELD
$200M
| $139M | 0.74% |
3,926,448
+763,166
| +24% | +$24.2M |
|
44
Edison International
EIX
$27.5B
| $138M | 0.73% |
1,782,467
-1,919
| -0.1% | -$152K |
|
45
Stanley Black & Decker
SWK
$15.1B
| $131M | 0.69% |
868,306
-367,280
| -30% | -$52.8M |
|
46
KeyCorp
KEY
$23.3B
| $129M | 0.68% |
6,846,555
-22,961
| -0.3% | -$415K |
|
47
Cardinal Health
CAH
$53.4B
| $121M | 0.64% |
1,806,522
+747,718
| +71% | +$52.9M |
|
48
Allstate
ALL
$64.2B
| $118M | 0.62% |
1,283,852
-166,726
| -11% | -$15.2M |
|
49
HP
HPQ
$27.2B
| $110M | 0.58% |
5,503,587
-608,463
| -10% | -$11.6M |
|
50
Lamar Advertising Co
LAMR
$15.3B
| $109M | 0.58% |
1,590,436
-1,989
| -0.1% | -$135K |
|
Similar funds
Richard Pzena's Q3 2017 Portfolio in Review
As of Q3 2017, Richard Pzena held 162 positions worth $18.9B, up 3.6% from $18.3B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Richard Pzena's Q3 2017 filing shows 10 new, 55 increased, 71 reduced and 11 closed positions. Its largest new stake was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 3,625,655 shares worth $140M. The largest sale was Intel, an estimated $302M.
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 Q3 2017 buy was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 3,625,655 shares worth $140M.
- Richard Pzena added most to Viatris in Q3 2017, an estimated $352M increase.
- Richard Pzena's biggest Q3 2017 reduction was Intel, cutting an estimated $302M.
- Richard Pzena fully exited Staples Inc in Q3 2017, selling an estimated $298M.
- Richard Pzena's ten largest holdings make up 28% of its $18.9B portfolio in Q3 2017.
- Richard Pzena opened 10 new positions and closed 11 in Q3 2017.
- Richard Pzena's portfolio value rose 3.6% quarter-over-quarter to $18.9B.
Based on Pzena Investment Management's 13F filing for Q3 2017, filed 3 Nov 2017.