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 |
Bank of America
BAC
|
+$95.4M |
| 2 |
Murphy Oil
MUR
|
+$92.4M |
| 3 |
K
Kellanova
K
|
+$89.5M |
| 4 |
Intel
INTC
|
+$86.7M |
| 5 |
XL
XL Group Ltd.
XL
|
+$82.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHI
Baker Hughes
BHI
|
+$263M |
| 2 |
Invesco
IVZ
|
+$184M |
| 3 |
Entergy
ETR
|
+$144M |
| 4 |
Oracle
ORCL
|
+$101M |
| 5 |
HP
HPQ
|
+$89.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.3% |
| 2 | Technology | 18.29% |
| 3 | Energy | 12.58% |
| 4 | Healthcare | 8.25% |
| 5 | Communication Services | 7.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Progressive
PGR
$127B
| $74.3M | 0.41% |
2,928,498
+2,792,298
| +2,050% | +$69.2M |
|
52
KeyCorp
KEY
$23.3B
| $70.8M | 0.39% |
4,938,275
+401,300
| +9% | +$5.54M |
|
53
Lamar Advertising Co
LAMR
$15.3B
| $68.4M | 0.38% |
+1,290,161
| New | +$65.2M |
|
|
LM
54
DELISTED
Legg Mason, Inc.
LM
| $66.9M | 0.37% |
1,304,475
-231,374
| -15% | -$11.2M |
|
|
AET
55
DELISTED
Aetna Inc
AET
| $66.9M | 0.37% |
824,931
+48,500
| +6% | +$3.67M |
|
56
Regions Financial
RF
$25.9B
| $66.6M | 0.37% |
6,266,836
+496,475
| +9% | +$5.18M |
|
|
URS
57
DELISTED
URS CORP
URS
| $63.9M | 0.35% |
1,392,973
+147,880
| +12% | +$6.83M |
|
58
Cisco
CSCO
$438B
| $63.2M | 0.35% |
2,543,609
-1,281,691
| -34% | -$30.5M |
|
|
CNW
59
DELISTED
CON-WAY INC.
CNW
| $60.1M | 0.33% |
1,191,924
+2,480
| +0.2% | +$111K |
|
60
Hartford Financial Services
HIG
$36.9B
| $58.7M | 0.33% |
1,640,026
+142,657
| +10% | +$5.02M |
|
61
Terex
TEX
$7.6B
| $58.2M | 0.32% |
1,415,040
+184,474
| +15% | +$7.5M |
|
|
FITB
62
Fifth Third Bancorp
FITB
$49.7B
| $57.9M | 0.32% |
2,713,900
+244,650
| +10% | +$5.18M |
|
|
SVC
63
Service Properties Trust
SVC
$1.05B
| $56.4M | 0.31% |
373,641
+29,921
| +9% | +$4.37M |
|
64
Flex
FLEX
$40.8B
| $54.2M | 0.3% |
6,492,746
+1,397,000
| +27% | +$10.5M |
|
|
65
Invesco
IVZ
$14.1B
| $53.6M | 0.3% |
1,419,341
-5,089,355
| -78% | -$184M |
|
|
DOOR
66
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $53.3M | 0.3% |
946,782
-26,913
| -3% | -$1.46M |
|
67
Owens Corning
OC
$11.7B
| $52.3M | 0.29% |
1,351,852
+149,747
| +12% | +$6.16M |
|
68
Dana Inc
DAN
$3.41B
| $51.4M | 0.29% |
2,103,116
-146,479
| -7% | -$3.28M |
|
69
Genworth Financial
GNW
$3.73B
| $51M | 0.28% |
+2,933,175
| New | +$51.3M |
|
70
Assurant
AIZ
$14B
| $48.6M | 0.27% |
741,256
-379,978
| -34% | -$25.4M |
|
|
TECD
71
DELISTED
Tech Data Corp
TECD
| $47.1M | 0.26% |
752,605
+716,230
| +1,969% | +$44.4M |
|
72
Primerica
PRI
$9.1B
| $44.3M | 0.25% |
926,192
+81,447
| +10% | +$3.74M |
|
73
Piper Sandler
PIPR
$5.3B
| $41.7M | 0.23% |
3,221,916
-537,936
| -14% | -$6.05M |
|
|
ESND
74
DELISTED
Essendant Inc.
ESND
| $39.8M | 0.22% |
959,091
+552,888
| +136% | +$21.7M |
|
75
Tetra Tech
TTEK
$9.47B
| $39.7M | 0.22% |
7,211,630
+669,345
| +10% | +$3.66M |
|
Similar funds
Richard Pzena's Q2 2014 Portfolio in Review
As of Q2 2014, Richard Pzena held 152 positions worth $18B, up 3.3% from $17.4B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Richard Pzena's Q2 2014 filing shows 6 new, 74 increased, 60 reduced and 12 closed positions. Its largest new stake was XL Group Ltd.: 2,584,925 shares worth $84.6M. The largest sale was Baker Hughes, an estimated $263M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 35% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q2 2014 buy was XL Group Ltd.: 2,584,925 shares worth $84.6M.
- Richard Pzena added most to Bank of America in Q2 2014, an estimated $95.4M increase.
- Richard Pzena's biggest Q2 2014 reduction was Baker Hughes, cutting an estimated $263M.
- Richard Pzena fully exited Aptiv in Q2 2014, selling an estimated $56.3M.
- Richard Pzena's ten largest holdings make up 30% of its $18B portfolio in Q2 2014.
- Richard Pzena opened 6 new positions and closed 12 in Q2 2014.
- Richard Pzena's portfolio value rose 3.3% quarter-over-quarter to $18B.
Based on Pzena Investment Management's 13F filing for Q2 2014, filed 8 Aug 2014.