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 |
PVH
PVH
|
+$213M |
| 2 |
Halliburton
HAL
|
+$183M |
| 3 |
Mohawk Industries
MHK
|
+$178M |
| 4 |
Stanley Black & Decker
SWK
|
+$155M |
| 5 |
Baker Hughes
BKR
|
+$129M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dover
DOV
|
+$206M |
| 2 |
Merck
MRK
|
+$139M |
| 3 |
BP
BP
|
+$132M |
| 4 |
ExxonMobil
XOM
|
+$128M |
| 5 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$103M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.18% |
| 2 | Technology | 12.9% |
| 3 | Industrials | 12.37% |
| 4 | Healthcare | 10.12% |
| 5 | Energy | 9.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
AXIS Capital
AXS
$7.2B
| $303M | 1.65% |
5,523,338
-1,292,811
| -19% | -$71.6M |
|
27
JPMorgan Chase
JPM
$935B
| $293M | 1.6% |
2,898,845
-210,031
| -7% | -$21.6M |
|
28
Franklin Templeton, Inc.
BEN
$17.4B
| $286M | 1.56% |
8,641,808
-754,831
| -8% | -$23.8M |
|
29
News Corp Class A
NWSA
$16.4B
| $274M | 1.49% |
22,033,613
-705,149
| -3% | -$8.88M |
|
|
30
ExxonMobil
XOM
$679B
| $239M | 1.3% |
2,952,786
-1,682,261
| -36% | -$128M |
|
|
31
PVH
PVH
$3.62B
| $237M | 1.29% |
+1,945,755
| New | +$213M |
|
|
RDS.A
32
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $227M | 1.23% |
3,622,973
-1,670,620
| -32% | -$103M |
|
33
Goldman Sachs
GS
$303B
| $217M | 1.18% |
1,130,041
-90,050
| -7% | -$17.4M |
|
34
KKR & Co
KKR
$97.4B
| $205M | 1.11% |
8,712,832
-588,440
| -6% | -$13.4M |
|
35
Cenovus Energy
CVE
$60.7B
| $181M | 0.99% |
20,900,424
-191,411
| -0.9% | -$1.59M |
|
36
Amgen
AMGN
$238B
| $180M | 0.98% |
950,019
-257,449
| -21% | -$49.2M |
|
|
37
Mohawk Industries
MHK
$9.23B
| $172M | 0.94% |
+1,364,708
| New | +$178M |
|
38
Walmart Inc
WMT
$825B
| $162M | 0.88% |
4,969,449
+316,614
| +7% | +$10.3M |
|
|
39
Merck
MRK
$376B
| $159M | 0.86% |
2,002,787
-1,854,866
| -48% | -$139M |
|
|
40
Baker Hughes
BKR
$61.9B
| $154M | 0.84% |
5,540,588
+5,102,148
| +1,164% | +$129M |
|
41
Cardinal Health
CAH
$53.4B
| $146M | 0.79% |
3,023,563
-43,340
| -1% | -$2.17M |
|
42
JELD-WEN Holding
JELD
$200M
| $136M | 0.74% |
7,680,921
-664,520
| -8% | -$12M |
|
43
Pfizer
PFE
$160B
| $136M | 0.74% |
3,365,639
-529,984
| -14% | -$21.2M |
|
44
Ryder
R
$9.58B
| $135M | 0.73% |
2,171,807
-499,805
| -19% | -$29.2M |
|
45
Gildan
GIL
$10.4B
| $134M | 0.73% |
3,718,142
+1,732,215
| +87% | +$59.3M |
|
46
Baidu
BIDU
$31.6B
| $118M | 0.64% |
717,245
+288,007
| +67% | +$48.2M |
|
47
Willis Towers Watson
WTW
$31.8B
| $117M | 0.64% |
667,887
-289,867
| -30% | -$48.1M |
|
48
TechnipFMC
FTI
$30.4B
| $117M | 0.64% |
6,689,458
+3,917,492
| +141% | +$66.2M |
|
49
KeyCorp
KEY
$23.3B
| $110M | 0.6% |
6,982,487
-69,771
| -1% | -$1.16M |
|
|
AGR
50
DELISTED
Avangrid, Inc.
AGR
| $107M | 0.58% |
2,123,879
-17,903
| -0.8% | -$883K |
|
Similar funds
Richard Pzena's Q1 2019 Portfolio in Review
As of Q1 2019, Richard Pzena held 194 positions worth $18.4B, up 7.4% from $17.1B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Richard Pzena's Q1 2019 filing shows 11 new, 50 increased, 86 reduced and 23 closed positions. Its largest new stake was PVH: 1,945,755 shares worth $237M. The largest sale was Dover, an estimated $206M.
By sector, the portfolio is most concentrated in Financials at 33% of assets, down from 35% a quarter earlier, followed by Technology and Industrials.
- Richard Pzena's largest Q1 2019 buy was PVH: 1,945,755 shares worth $237M.
- Richard Pzena added most to Halliburton in Q1 2019, an estimated $183M increase.
- Richard Pzena's biggest Q1 2019 reduction was Dover, cutting an estimated $206M.
- Richard Pzena fully exited BP in Q1 2019, selling an estimated $132M.
- Richard Pzena's ten largest holdings make up 28% of its $18.4B portfolio in Q1 2019.
- Richard Pzena opened 11 new positions and closed 23 in Q1 2019.
- Richard Pzena's portfolio value rose 7.4% quarter-over-quarter to $18.4B.
Based on Pzena Investment Management's 13F filing for Q1 2019, filed 3 May 2019.