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 |
SS&C Technologies
SSNC
|
+$220M |
| 2 |
Fresenius Medical Care
FMS
|
+$100M |
| 3 |
GE Aerospace
GE
|
+$86M |
| 4 |
Citigroup
C
|
+$54.5M |
| 5 |
GAP
The Gap Inc
GAP
|
+$50.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ford
F
|
+$430M |
| 2 |
Textron
TXT
|
+$111M |
| 3 |
Morgan Stanley
MS
|
+$73.3M |
| 4 |
Ryder
R
|
+$49.3M |
| 5 |
Oracle
ORCL
|
+$48.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.39% |
| 2 | Technology | 14.91% |
| 3 | Consumer Discretionary | 13.03% |
| 4 | Industrials | 12.37% |
| 5 | Energy | 10.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
MetLife
MET
$60B
| $331M | 1.25% |
5,293,024
-23,793
| -0.4% | -$1.49M |
|
27
Voya Financial
VOYA
$8.86B
| $322M | 1.21% |
4,851,903
+41,814
| +0.9% | +$2.75M |
|
|
28
Fresenius Medical Care
FMS
$12.5B
| $307M | 1.16% |
9,459,446
+3,051,672
| +48% | +$100M |
|
29
Pfizer
PFE
$160B
| $295M | 1.11% |
4,993,118
-28,776
| -0.6% | -$1.43M |
|
30
Mohawk Industries
MHK
$9.23B
| $291M | 1.1% |
1,599,051
+8,976
| +0.6% | +$1.6M |
|
|
31
Textron
TXT
$14.3B
| $277M | 1.05% |
3,593,922
-1,501,390
| -29% | -$111M |
|
32
JPMorgan Chase
JPM
$935B
| $276M | 1.04% |
1,744,422
+28,183
| +2% | +$4.63M |
|
33
Goldman Sachs
GS
$303B
| $241M | 0.91% |
630,348
-7,073
| -1% | -$2.8M |
|
|
34
SS&C Technologies
SSNC
$19.5B
| $235M | 0.89% |
2,865,734
+2,858,922
| +41,969% | +$220M |
|
|
35
Oracle
ORCL
$422B
| $212M | 0.8% |
2,431,550
-515,284
| -17% | -$48.4M |
|
|
SKX
36
DELISTED
Skechers
SKX
| $210M | 0.79% |
4,833,399
+179,641
| +4% | +$8.05M |
|
37
JELD-WEN Holding
JELD
$200M
| $195M | 0.74% |
7,396,840
-4,405
| -0.1% | -$114K |
|
38
Stanley Black & Decker
SWK
$15.1B
| $191M | 0.72% |
1,011,410
-1,082
| -0.1% | -$200K |
|
39
Trip.com Group
TCOM
$29B
| $188M | 0.71% |
7,623,896
+577,307
| +8% | +$16.4M |
|
40
Olin
OLN
$2.1B
| $185M | 0.7% |
3,215,822
-177,532
| -5% | -$9.95M |
|
|
RDS.A
41
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $174M | 0.66% |
4,009,803
-21,077
| -0.5% | -$952K |
|
42
CNO Financial Group
CNO
$4.95B
| $158M | 0.6% |
6,634,014
-154,847
| -2% | -$3.8M |
|
43
Cardinal Health
CAH
$53.4B
| $154M | 0.58% |
2,984,361
+27,925
| +0.9% | +$1.37M |
|
44
Flex
FLEX
$40.8B
| $151M | 0.57% |
10,923,751
+674,231
| +7% | +$9.12M |
|
45
Johnson & Johnson
JNJ
$651B
| $151M | 0.57% |
881,404
-4,513
| -0.5% | -$739K |
|
46
Terex
TEX
$7.6B
| $142M | 0.54% |
3,235,079
-16,781
| -0.5% | -$753K |
|
|
WBS
47
DELISTED
Webster Financial
WBS
| $127M | 0.48% |
2,267,687
-3,183
| -0.1% | -$179K |
|
48
Cenovus Energy
CVE
$60.7B
| $126M | 0.47% |
10,249,274
-2,445,749
| -19% | -$29.3M |
|
49
TechnipFMC
FTI
$30.4B
| $125M | 0.47% |
21,050,079
+105,864
| +0.5% | +$727K |
|
50
Amgen
AMGN
$238B
| $120M | 0.45% |
534,870
+1,598
| +0.3% | +$337K |
|
Similar funds
Richard Pzena's Q4 2021 Portfolio in Review
As of Q4 2021, Richard Pzena held 181 positions worth $26.5B, up 5% from $25.3B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena's Q4 2021 filing shows 13 new, 55 increased, 86 reduced and 7 closed positions. Its largest new stake was American Woodmark: 736,196 shares worth $48M. The largest sale was Ford, an estimated $430M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 29% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q4 2021 buy was American Woodmark: 736,196 shares worth $48M.
- Richard Pzena added most to SS&C Technologies in Q4 2021, an estimated $220M increase.
- Richard Pzena's biggest Q4 2021 reduction was Ford, cutting an estimated $430M.
- Richard Pzena fully exited UnitedHealth in Q4 2021, selling an estimated $612K.
- Richard Pzena's ten largest holdings make up 36% of its $26.5B portfolio in Q4 2021.
- Richard Pzena opened 13 new positions and closed 7 in Q4 2021.
- Richard Pzena's portfolio value rose 5% quarter-over-quarter to $26.5B.
Based on Pzena Investment Management's 13F filing for Q4 2021, filed 4 Feb 2022.