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 |
MetLife
MET
|
+$341M |
| 2 |
Tyson Foods
TSN
|
+$290M |
| 3 |
Medtronic
MDT
|
+$254M |
| 4 |
Baxter International
BAX
|
+$244M |
| 5 |
Magna International
MGA
|
+$210M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American International
AIG
|
+$289M |
| 2 |
GE Aerospace
GE
|
+$225M |
| 3 |
McKesson
MCK
|
+$219M |
| 4 |
GE HealthCare
GEHC
|
+$209M |
| 5 |
AXIS Capital
AXS
|
+$153M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.99% |
| 2 | Technology | 16.37% |
| 3 | Consumer Discretionary | 15.25% |
| 4 | Industrials | 9.45% |
| 5 | Healthcare | 8.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Tyson Foods
TSN
$20.6B
| $275M | 1.18% |
+5,440,820
| New | +$290M |
|
27
JPMorgan Chase
JPM
$935B
| $259M | 1.11% |
1,782,605
-16,107
| -0.9% | -$2.41M |
|
28
Shell
SHEL
$257B
| $254M | 1.09% |
3,939,739
+61,583
| +2% | +$3.83M |
|
29
Voya Financial
VOYA
$8.86B
| $253M | 1.09% |
3,812,473
-3,934
| -0.1% | -$280K |
|
|
30
Baxter International
BAX
$13.6B
| $216M | 0.93% |
+5,721,656
| New | +$244M |
|
31
Booking.com
BKNG
$158B
| $211M | 0.9% |
1,707,225
-1,189,500
| -41% | -$144M |
|
32
Global Payments
GPN
$24.7B
| $198M | 0.85% |
+1,714,837
| New | +$204M |
|
33
CNO Financial Group
CNO
$4.95B
| $172M | 0.74% |
7,254,590
-31,920
| -0.4% | -$768K |
|
|
34
American International
AIG
$39.8B
| $166M | 0.71% |
2,733,212
-4,834,549
| -64% | -$289M |
|
35
Cigna
CI
$73.3B
| $160M | 0.69% |
560,199
+356
| +0.1% | +$102K |
|
36
Nokia
NOK
$57B
| $160M | 0.69% |
42,791,256
+42,477,173
| +13,524% | +$168M |
|
37
Goldman Sachs
GS
$303B
| $154M | 0.66% |
474,930
-24,189
| -5% | -$8.08M |
|
38
UBS Group
UBS
$163B
| $151M | 0.65% |
6,117,608
-23,346
| -0.4% | -$545K |
|
39
Cardinal Health
CAH
$53.4B
| $149M | 0.64% |
1,718,672
-167,817
| -9% | -$15.2M |
|
40
Olin
OLN
$2.1B
| $147M | 0.63% |
2,940,658
+397,050
| +16% | +$21.4M |
|
41
Halliburton
HAL
$29.4B
| $144M | 0.62% |
3,567,846
-3,839,276
| -52% | -$150M |
|
42
Trip.com Group
TCOM
$29B
| $141M | 0.61% |
4,042,319
-2,530,990
| -39% | -$95.2M |
|
|
GAP
43
The Gap Inc
GAP
$7.13B
| $140M | 0.6% |
13,193,826
+3,028,591
| +30% | +$30.9M |
|
|
SKX
44
DELISTED
Skechers
SKX
| $135M | 0.58% |
2,765,205
-1,217,172
| -31% | -$62.2M |
|
45
Credicorp
BAP
$30.1B
| $133M | 0.57% |
1,036,755
+117,102
| +13% | +$17M |
|
46
Mohawk Industries
MHK
$9.23B
| $129M | 0.56% |
1,508,716
-504,818
| -25% | -$50.8M |
|
47
Leidos
LDOS
$17.7B
| $115M | 0.49% |
1,246,768
+949,955
| +320% | +$89.4M |
|
|
SCS
48
DELISTED
Steelcase
SCS
| $110M | 0.47% |
9,870,043
-55,817
| -0.6% | -$488K |
|
|
49
AXIS Capital
AXS
$7.2B
| $109M | 0.47% |
1,932,990
-2,770,838
| -59% | -$153M |
|
50
ExxonMobil
XOM
$679B
| $106M | 0.46% |
902,649
-2,446
| -0.3% | -$268K |
|
Similar funds
Richard Pzena's Q3 2023 Portfolio in Review
As of Q3 2023, Richard Pzena held 174 positions worth $23.3B, down 0.73% from $23.4B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena's Q3 2023 filing shows 13 new, 48 increased, 79 reduced and 14 closed positions. Its largest new stake was Tyson Foods: 5,440,820 shares worth $275M. The largest sale was American International, an estimated $289M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 27% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q3 2023 buy was Tyson Foods: 5,440,820 shares worth $275M.
- Richard Pzena added most to MetLife in Q3 2023, an estimated $341M increase.
- Richard Pzena's biggest Q3 2023 reduction was American International, cutting an estimated $289M.
- Richard Pzena fully exited GE HealthCare in Q3 2023, selling an estimated $209M.
- Richard Pzena's ten largest holdings make up 36% of its $23.3B portfolio in Q3 2023.
- Richard Pzena opened 13 new positions and closed 14 in Q3 2023.
- Richard Pzena's portfolio value fell 0.73% quarter-over-quarter to $23.3B.
Based on Pzena Investment Management's 13F filing for Q3 2023, filed 9 Nov 2023.