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 |
Corebridge Financial
CRBG
|
+$332M |
| 2 |
Skyworks Solutions
SWKS
|
+$297M |
| 3 |
Global Payments
GPN
|
+$215M |
| 4 |
WNS
WNS Holdings
WNS
|
+$99.6M |
| 5 |
Baxter International
BAX
|
+$77.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dollar General
DG
|
+$91.5M |
| 2 |
Equitable Holdings
EQH
|
+$85.4M |
| 3 |
JELD-WEN Holding
JELD
|
+$61.6M |
| 4 |
CVS Health
CVS
|
+$61.3M |
| 5 |
Nokia
NOK
|
+$60.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.69% |
| 2 | Healthcare | 19.45% |
| 3 | Technology | 17.94% |
| 4 | Consumer Discretionary | 12.3% |
| 5 | Consumer Staples | 8.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
TE Connectivity
TEL
$58.9B
| $408M | 1.33% |
2,418,553
-50,033
| -2% | -$7.6M |
|
27
Avnet
AVT
$7.27B
| $390M | 1.27% |
7,341,299
+209,003
| +3% | +$10.4M |
|
|
28
Nokia
NOK
$57B
| $356M | 1.16% |
68,662,240
-11,799,730
| -15% | -$60.8M |
|
29
Bank of America
BAC
$431B
| $311M | 1.01% |
6,576,743
+223,798
| +4% | +$9.42M |
|
30
Newell Brands
NWL
$2.59B
| $261M | 0.85% |
48,374,455
-364,156
| -0.7% | -$1.93M |
|
31
Voya Financial
VOYA
$8.86B
| $260M | 0.85% |
3,661,257
+62,093
| +2% | +$3.98M |
|
32
Shell
SHEL
$257B
| $258M | 0.84% |
3,665,115
+72,897
| +2% | +$4.89M |
|
|
33
Equitable Holdings
EQH
$13.3B
| $238M | 0.77% |
4,241,210
-1,661,147
| -28% | -$85.4M |
|
34
Credicorp
BAP
$30.1B
| $230M | 0.75% |
1,027,717
-17,657
| -2% | -$3.58M |
|
35
Delta Air Lines
DAL
$54.2B
| $212M | 0.69% |
4,312,417
+80,805
| +2% | +$3.71M |
|
36
Advance Auto Parts
AAP
$2.57B
| $204M | 0.66% |
4,394,964
+82,456
| +2% | +$3.3M |
|
37
Cigna
CI
$73.3B
| $173M | 0.56% |
523,600
+46,140
| +10% | +$14.9M |
|
38
Pfizer
PFE
$160B
| $159M | 0.52% |
6,559,114
-499,867
| -7% | -$11.7M |
|
39
Kaspi.kz JSC
KSPI
$20.1B
| $143M | 0.46% |
1,680,646
+247,665
| +17% | +$21.1M |
|
40
ZTO Express
ZTO
$16.2B
| $135M | 0.44% |
7,623,228
-105,374
| -1% | -$1.91M |
|
41
Mohawk Industries
MHK
$9.23B
| $123M | 0.4% |
1,175,775
+59,831
| +5% | +$6.24M |
|
42
Concentrix
CNXC
$1.55B
| $120M | 0.39% |
2,276,780
-10,084
| -0.4% | -$533K |
|
43
Globe Life
GL
$13.1B
| $118M | 0.38% |
945,983
+5,103
| +0.5% | +$620K |
|
44
PPG Industries
PPG
$25.3B
| $115M | 0.38% |
1,014,004
+50,592
| +5% | +$5.47M |
|
45
Morgan Stanley
MS
$336B
| $111M | 0.36% |
791,167
+27,993
| +4% | +$3.44M |
|
46
Cisco
CSCO
$438B
| $111M | 0.36% |
1,599,953
-229,467
| -13% | -$14.1M |
|
|
WNS
47
DELISTED
WNS Holdings
WNS
| $105M | 0.34% |
+1,662,463
| New | +$99.6M |
|
48
LKQ Corp
LKQ
$6.52B
| $103M | 0.34% |
2,785,203
+1,779,315
| +177% | +$71M |
|
49
JPMorgan Chase
JPM
$935B
| $99.2M | 0.32% |
342,316
+30,083
| +10% | +$7.68M |
|
50
CNO Financial Group
CNO
$4.95B
| $98.5M | 0.32% |
2,552,298
-12,495
| -0.5% | -$476K |
|
Similar funds
Richard Pzena's Q2 2025 Portfolio in Review
As of Q2 2025, Richard Pzena held 158 positions worth $30.8B, up 7.4% from $28.6B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Richard Pzena deployed $1.53B of net new capital in Q2 2025, opening 12 new positions and adding to 92 existing holdings. Its largest new stake was WNS Holdings: 1,662,463 shares worth $105M.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 23% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Dollar General, an estimated $91.5M trimmed.
- Richard Pzena's largest Q2 2025 buy was WNS Holdings: 1,662,463 shares worth $105M.
- Richard Pzena added most to Corebridge Financial in Q2 2025, an estimated $332M increase.
- Richard Pzena's biggest Q2 2025 reduction was Dollar General, cutting an estimated $91.5M.
- Richard Pzena fully exited JELD-WEN Holding in Q2 2025, selling an estimated $61.6M.
- Richard Pzena's ten largest holdings make up 39% of its $30.8B portfolio in Q2 2025.
- Richard Pzena opened 12 new positions and closed 6 in Q2 2025.
- Richard Pzena's portfolio value rose 7.4% quarter-over-quarter to $30.8B.
Based on Pzena Investment Management's 13F filing for Q2 2025, filed 25 Jul 2025.