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 |
Baxter International
BAX
|
+$458M |
| 2 |
Universal Health Services
UHS
|
+$219M |
| 3 |
Corebridge Financial
CRBG
|
+$123M |
| 4 |
Accenture
ACN
|
+$88.1M |
| 5 |
PPG Industries
PPG
|
+$81.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Charter Communications
CHTR
|
+$678M |
| 2 |
Medtronic
MDT
|
+$269M |
| 3 |
TE Connectivity
TEL
|
+$106M |
| 4 |
Citigroup
C
|
+$98.9M |
| 5 |
Capital One
COF
|
+$80.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.93% |
| 2 | Healthcare | 20.13% |
| 3 | Technology | 17.5% |
| 4 | Consumer Discretionary | 14.08% |
| 5 | Consumer Staples | 7.94% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Nokia
NOK
$55.7B
| $386M | 1.25% |
80,329,917
+11,667,677
| +17% | +$52.7M |
|
27
Avnet
AVT
$7.1B
| $373M | 1.21% |
7,143,346
-197,953
| -3% | -$10.6M |
|
28
Bank of America
BAC
$436B
| $336M | 1.08% |
6,503,771
-72,972
| -1% | -$3.56M |
|
|
29
Universal Health Services
UHS
$10.4B
| $329M | 1.06% |
1,607,029
+1,215,286
| +310% | +$219M |
|
30
Credicorp
BAP
$30.2B
| $280M | 0.91% |
1,053,056
+25,339
| +2% | +$6.27M |
|
31
Voya Financial
VOYA
$8.92B
| $273M | 0.88% |
3,645,695
-15,562
| -0.4% | -$1.15M |
|
32
Newell Brands
NWL
$2.6B
| $250M | 0.81% |
47,643,771
-730,684
| -2% | -$4.14M |
|
33
Advance Auto Parts
AAP
$2.65B
| $245M | 0.79% |
3,995,052
-399,912
| -9% | -$23.6M |
|
34
Shell
SHEL
$256B
| $241M | 0.78% |
3,370,332
-294,783
| -8% | -$21.2M |
|
35
Delta Air Lines
DAL
$54.6B
| $240M | 0.78% |
4,230,418
-81,999
| -2% | -$4.68M |
|
36
Equitable Holdings
EQH
$13.4B
| $218M | 0.71% |
4,297,008
+55,798
| +1% | +$2.96M |
|
|
37
PPG Industries
PPG
$25.2B
| $184M | 0.59% |
1,747,664
+733,660
| +72% | +$81.5M |
|
38
Pfizer
PFE
$159B
| $169M | 0.54% |
6,615,598
+56,484
| +0.9% | +$1.39M |
|
39
ZTO Express
ZTO
$16.1B
| $154M | 0.5% |
7,999,407
+376,179
| +5% | +$7.2M |
|
40
Cigna
CI
$73.5B
| $153M | 0.49% |
529,841
+6,241
| +1% | +$1.85M |
|
41
Mohawk Industries
MHK
$9.18B
| $152M | 0.49% |
1,179,068
+3,293
| +0.3% | +$408K |
|
42
Globe Life
GL
$13.3B
| $143M | 0.46% |
998,506
+52,523
| +6% | +$7.12M |
|
43
Kaspi.kz JSC
KSPI
$20.1B
| $141M | 0.46% |
1,732,148
+51,502
| +3% | +$4.51M |
|
44
Halliburton
HAL
$28.6B
| $132M | 0.43% |
5,346,596
+1,612,527
| +43% | +$35.7M |
|
45
Spectrum Brands
SPB
$2.02B
| $129M | 0.42% |
2,459,485
+985,034
| +67% | +$54.6M |
|
46
Morgan Stanley
MS
$338B
| $125M | 0.4% |
785,597
-5,570
| -0.7% | -$822K |
|
|
47
Charter Communications
CHTR
$18.3B
| $111M | 0.36% |
405,081
-2,244,951
| -85% | -$678M |
|
48
Robert Half
RHI
$4.67B
| $108M | 0.35% |
3,179,968
+802,691
| +34% | +$30.1M |
|
49
JPMorgan Chase
JPM
$948B
| $107M | 0.35% |
340,025
-2,291
| -0.7% | -$681K |
|
50
Cisco
CSCO
$437B
| $106M | 0.34% |
1,544,377
-55,576
| -3% | -$3.79M |
|
Similar funds
Richard Pzena's Q3 2025 Portfolio in Review
As of Q3 2025, Richard Pzena held 160 positions worth $30.9B, up 0.62% from $30.8B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Richard Pzena's Q3 2025 filing shows 8 new, 66 increased, 71 reduced and 6 closed positions. Its largest new stake was Accenture: 337,930 shares worth $83.3M. The largest sale was Charter Communications, an estimated $678M.
By sector, the portfolio is most concentrated in Financials at 26% of assets, up from 25% a quarter earlier, followed by Healthcare and Technology.
- Richard Pzena's largest Q3 2025 buy was Accenture: 337,930 shares worth $83.3M.
- Richard Pzena added most to Baxter International in Q3 2025, an estimated $458M increase.
- Richard Pzena's biggest Q3 2025 reduction was Charter Communications, cutting an estimated $678M.
- Richard Pzena fully exited The Shyft Group in Q3 2025, selling an estimated $44.9M.
- Richard Pzena's ten largest holdings make up 39% of its $30.9B portfolio in Q3 2025.
- Richard Pzena opened 8 new positions and closed 6 in Q3 2025.
- Richard Pzena's portfolio value rose 0.62% quarter-over-quarter to $30.9B.
Based on Pzena Investment Management's 13F filing for Q3 2025, filed 7 Nov 2025.