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 |
Wabtec
WAB
|
+$154M |
| 2 |
Gildan
GIL
|
+$142M |
| 3 |
Halliburton
HAL
|
+$103M |
| 4 |
Avnet
AVT
|
+$78.7M |
| 5 |
TechnipFMC
FTI
|
+$71.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AXE
Anixter International Inc
AXE
|
+$141M |
| 2 |
Walmart Inc
WMT
|
+$76.5M |
| 3 |
Merck
MRK
|
+$61.2M |
| 4 |
Oracle
ORCL
|
+$52.1M |
| 5 |
JPMorgan Chase
JPM
|
+$40M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.47% |
| 2 | Industrials | 13.46% |
| 3 | Energy | 12.81% |
| 4 | Technology | 10.79% |
| 5 | Consumer Discretionary | 10.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
MetLife
MET
$60B
| $312M | 1.46% |
6,119,809
-66,134
| -1% | -$3.19M |
|
27
Ford
F
$57.5B
| $293M | 1.37% |
31,548,241
-161,717
| -0.5% | -$1.45M |
|
|
28
JPMorgan Chase
JPM
$935B
| $279M | 1.31% |
2,004,984
-311,988
| -13% | -$40M |
|
29
Mohawk Industries
MHK
$9.23B
| $278M | 1.3% |
2,034,926
+131,899
| +7% | +$17.9M |
|
30
Baker Hughes
BKR
$61.9B
| $258M | 1.21% |
10,073,242
+719,557
| +8% | +$16.4M |
|
|
31
Oracle
ORCL
$422B
| $254M | 1.19% |
4,803,641
-946,663
| -16% | -$52.1M |
|
|
32
Gildan
GIL
$10.4B
| $251M | 1.17% |
8,489,008
+4,841,393
| +133% | +$142M |
|
33
Goldman Sachs
GS
$303B
| $251M | 1.17% |
1,090,012
-14,283
| -1% | -$3.1M |
|
34
KKR & Co
KKR
$97.4B
| $243M | 1.13% |
8,315,733
-225,433
| -3% | -$6.42M |
|
|
35
TechnipFMC
FTI
$30.4B
| $241M | 1.12% |
15,083,787
+4,631,214
| +44% | +$71.8M |
|
36
Cenovus Energy
CVE
$60.7B
| $222M | 1.04% |
21,901,545
+2,813,542
| +15% | +$25.5M |
|
37
Cardinal Health
CAH
$53.4B
| $202M | 0.94% |
4,000,397
+332,713
| +9% | +$17.2M |
|
38
Omnicom Group
OMC
$24B
| $194M | 0.91% |
2,399,456
-208,269
| -8% | -$16.3M |
|
39
JELD-WEN Holding
JELD
$200M
| $187M | 0.87% |
7,976,393
+294,501
| +4% | +$6.06M |
|
|
RDS.A
40
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $182M | 0.85% |
3,094,075
-8,126
| -0.3% | -$474K |
|
41
Ryder
R
$9.58B
| $177M | 0.83% |
3,265,330
+608,085
| +23% | +$31.6M |
|
42
ExxonMobil
XOM
$679B
| $173M | 0.81% |
2,481,145
-11,965
| -0.5% | -$827K |
|
43
Bristol-Myers Squibb
BMY
$137B
| $163M | 0.76% |
2,537,875
-39,851
| -2% | -$2.28M |
|
|
FITB
44
Fifth Third Bancorp
FITB
$49.7B
| $162M | 0.76% |
5,274,335
+664,773
| +14% | +$19.5M |
|
45
KeyCorp
KEY
$23.3B
| $162M | 0.76% |
7,998,031
+1,058,908
| +15% | +$20M |
|
46
Avis
CAR
$5.18B
| $143M | 0.67% |
4,428,321
+1,143,553
| +35% | +$34.3M |
|
47
Flex
FLEX
$40.8B
| $138M | 0.65% |
14,531,466
+2,009,947
| +16% | +$17.3M |
|
48
Terex
TEX
$7.6B
| $134M | 0.63% |
4,511,045
+874,186
| +24% | +$24.6M |
|
|
AGR
49
DELISTED
Avangrid, Inc.
AGR
| $132M | 0.62% |
2,578,638
+387,138
| +18% | +$19.3M |
|
50
Pfizer
PFE
$160B
| $123M | 0.58% |
3,318,458
+330
| +0% | +$11.8K |
|
Similar funds
Richard Pzena's Q4 2019 Portfolio in Review
As of Q4 2019, Richard Pzena held 186 positions worth $21.4B, up 17% from $18.4B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena deployed $1.14B of net new capital in Q4 2019, opening 11 new positions and adding to 101 existing holdings. Its largest new stake was Olin: 3,663,120 shares worth $63.2M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, down from 33% a quarter earlier, followed by Industrials and Energy.
On the sell side, the largest reduction was Anixter International Inc, an estimated $141M trimmed.
- Richard Pzena's largest Q4 2019 buy was Olin: 3,663,120 shares worth $63.2M.
- Richard Pzena added most to Wabtec in Q4 2019, an estimated $154M increase.
- Richard Pzena's biggest Q4 2019 reduction was Anixter International Inc, cutting an estimated $141M.
- Richard Pzena fully exited C&J Energy Services, Inc. in Q4 2019, selling an estimated $38.5M.
- Richard Pzena's ten largest holdings make up 29% of its $21.4B portfolio in Q4 2019.
- Richard Pzena opened 11 new positions and closed 12 in Q4 2019.
- Richard Pzena's portfolio value rose 17% quarter-over-quarter to $21.4B.
Based on Pzena Investment Management's 13F filing for Q4 2019, filed 7 Feb 2020.