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 |
Textron
TXT
|
+$245M |
| 2 |
Wells Fargo
WFC
|
+$117M |
| 3 |
Trip.com Group
TCOM
|
+$110M |
| 4 |
GE Aerospace
GE
|
+$93M |
| 5 |
Booking.com
BKNG
|
+$78.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Stanley Black & Decker
SWK
|
+$161M |
| 2 |
IPG
Interpublic Group of Companies
IPG
|
+$83.7M |
| 3 |
AGR
Avangrid, Inc.
AGR
|
+$70.1M |
| 4 |
Morgan Stanley
MS
|
+$60.8M |
| 5 |
JELD-WEN Holding
JELD
|
+$58.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 29.37% |
| 2 | Consumer Discretionary | 14.37% |
| 3 | Industrials | 13.89% |
| 4 | Technology | 12.67% |
| 5 | Energy | 10.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Stanley Black & Decker
SWK
$15.1B
| $246M | 1.54% |
1,517,404
-1,033,574
| -41% | -$161M |
|
|
27
Textron
TXT
$14.3B
| $244M | 1.52% |
+6,761,973
| New | +$245M |
|
28
Voya Financial
VOYA
$8.86B
| $226M | 1.41% |
4,713,176
-385,687
| -8% | -$19M |
|
29
NRG Energy
NRG
$23.8B
| $219M | 1.37% |
7,122,136
+265,947
| +4% | +$8.79M |
|
30
Mohawk Industries
MHK
$9.23B
| $213M | 1.33% |
2,182,745
+205,803
| +10% | +$18.5M |
|
31
MetLife
MET
$60B
| $203M | 1.26% |
5,450,213
-492,708
| -8% | -$18.7M |
|
32
Flex
FLEX
$40.8B
| $197M | 1.23% |
23,413,983
+92,676
| +0.4% | +$756K |
|
33
Goldman Sachs
GS
$303B
| $183M | 1.14% |
911,076
-101,665
| -10% | -$20.7M |
|
34
JPMorgan Chase
JPM
$935B
| $177M | 1.1% |
1,835,506
-218,550
| -11% | -$21.5M |
|
35
Oracle
ORCL
$422B
| $165M | 1.03% |
2,762,420
-278,461
| -9% | -$15.8M |
|
|
36
Trip.com Group
TCOM
$29B
| $158M | 0.98% |
5,065,455
+3,868,598
| +323% | +$110M |
|
37
TechnipFMC
FTI
$30.4B
| $154M | 0.96% |
32,845,985
+8,154,413
| +33% | +$45.8M |
|
38
Cardinal Health
CAH
$53.4B
| $146M | 0.91% |
3,105,881
+101,472
| +3% | +$5.21M |
|
39
Ryder
R
$9.58B
| $134M | 0.84% |
3,183,692
-244,334
| -7% | -$9.88M |
|
40
CNO Financial Group
CNO
$4.95B
| $132M | 0.82% |
8,203,397
-315,467
| -4% | -$5.06M |
|
41
Amgen
AMGN
$238B
| $128M | 0.8% |
501,877
-33,694
| -6% | -$8.35M |
|
|
42
JELD-WEN Holding
JELD
$200M
| $122M | 0.76% |
5,397,291
-2,846,150
| -35% | -$58.2M |
|
43
ExxonMobil
XOM
$679B
| $118M | 0.74% |
3,433,114
+710,250
| +26% | +$29M |
|
44
Terex
TEX
$7.6B
| $116M | 0.73% |
6,009,149
+122,938
| +2% | +$2.4M |
|
45
Baidu
BIDU
$31.6B
| $108M | 0.67% |
849,784
-17,805
| -2% | -$2.21M |
|
|
RDS.A
46
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $104M | 0.65% |
4,140,863
+473,259
| +13% | +$14.3M |
|
47
Pfizer
PFE
$160B
| $100M | 0.63% |
2,883,675
+327,179
| +13% | +$11.5M |
|
48
Bristol-Myers Squibb
BMY
$137B
| $87.8M | 0.55% |
1,456,064
-6,644
| -0.5% | -$400K |
|
49
Olin
OLN
$2.1B
| $77.6M | 0.48% |
6,265,566
+438,264
| +8% | +$5.07M |
|
|
50
Booking.com
BKNG
$158B
| $76.5M | 0.48% |
+1,118,525
| New | +$78.6M |
|
Similar funds
Richard Pzena's Q3 2020 Portfolio in Review
As of Q3 2020, Richard Pzena held 181 positions worth $16B, up 4.5% from $15.3B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Richard Pzena deployed $662M of net new capital in Q3 2020, opening 12 new positions and adding to 66 existing holdings. Its largest new stake was Textron: 6,761,973 shares worth $244M.
By sector, the portfolio is most concentrated in Financials at 29% of assets, down from 31% a quarter earlier, followed by Consumer Discretionary and Industrials.
On the sell side, the largest reduction was Stanley Black & Decker, an estimated $161M trimmed.
- Richard Pzena's largest Q3 2020 buy was Textron: 6,761,973 shares worth $244M.
- Richard Pzena added most to Wells Fargo in Q3 2020, an estimated $117M increase.
- Richard Pzena's biggest Q3 2020 reduction was Stanley Black & Decker, cutting an estimated $161M.
- Richard Pzena fully exited Avangrid, Inc. in Q3 2020, selling an estimated $70.1M.
- Richard Pzena's ten largest holdings make up 31% of its $16B portfolio in Q3 2020.
- Richard Pzena opened 12 new positions and closed 14 in Q3 2020.
- Richard Pzena's portfolio value rose 4.5% quarter-over-quarter to $16B.
Based on Pzena Investment Management's 13F filing for Q3 2020, filed 30 Oct 2020.