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 |
Walmart Inc
WMT
|
+$294M |
| 2 |
Edison International
EIX
|
+$86M |
| 3 |
Microsoft
MSFT
|
+$64.2M |
| 4 |
Dover
DOV
|
+$61.5M |
| 5 |
News Corp Class A
NWSA
|
+$57.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$278M |
| 2 |
TRW
TRW AUTOMOTIVE HOLDINGS CORP
TRW
|
+$259M |
| 3 |
State Street
STT
|
+$67.8M |
| 4 |
UBS Group
UBS
|
+$57.4M |
| 5 |
BHI
Baker Hughes
BHI
|
+$51.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 39.17% |
| 2 | Technology | 16.2% |
| 3 | Energy | 10.45% |
| 4 | Industrials | 9.01% |
| 5 | Healthcare | 8.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Labcorp
LH
$27.3B
| $87.2M | 0.49% |
837,354
-10,129
| -1% | -$1.05M |
|
52
Cisco
CSCO
$438B
| $83.2M | 0.47% |
3,031,377
+14,412
| +0.5% | +$413K |
|
|
K
53
DELISTED
Kellanova
K
| $81.3M | 0.46% |
1,380,378
-406,404
| -23% | -$24.3M |
|
54
KeyCorp
KEY
$23.3B
| $80.1M | 0.45% |
5,329,700
-43,125
| -0.8% | -$635K |
|
55
News Corp Class B
NWS
$18.7B
| $78.1M | 0.44% |
5,483,700
-15,530
| -0.3% | -$235K |
|
|
FITB
56
Fifth Third Bancorp
FITB
$49.7B
| $72.7M | 0.41% |
3,493,200
| – | – |
|
57
Dana Inc
DAN
$3.41B
| $72.6M | 0.41% |
3,529,729
+10,225
| +0.3% | +$221K |
|
58
Pfizer
PFE
$160B
| $72.4M | 0.41% |
2,276,448
+211
| +0% | +$6.88K |
|
|
WBS
59
DELISTED
Webster Financial
WBS
| $69.4M | 0.39% |
1,754,838
+99,775
| +6% | +$3.76M |
|
60
Citizens Financial Group
CFG
$29.4B
| $68.3M | 0.39% |
2,501,841
+1,841
| +0.1% | +$48.8K |
|
|
SNV
61
DELISTED
Synovus
SNV
| $67.8M | 0.38% |
2,200,121
+35,475
| +2% | +$1.03M |
|
62
Flex
FLEX
$40.8B
| $64.7M | 0.37% |
7,593,634
+244,964
| +3% | +$2.25M |
|
63
Invesco
IVZ
$14.1B
| $61.2M | 0.35% |
1,631,500
-1,650
| -0.1% | -$66.1K |
|
|
64
Dover
DOV
$27.2B
| $58.5M | 0.33% |
+1,032,825
| New | +$61.5M |
|
65
Genworth Financial
GNW
$3.73B
| $58.4M | 0.33% |
7,717,118
+1,204,393
| +18% | +$9.61M |
|
66
Entergy
ETR
$48.8B
| $56.1M | 0.32% |
1,592,822
-872,422
| -35% | -$32.8M |
|
67
TE Connectivity
TEL
$58.9B
| $56.1M | 0.32% |
872,578
-87,650
| -9% | -$6.06M |
|
68
CVS Health
CVS
$119B
| $55.3M | 0.31% |
527,265
+100
| +0% | +$10.2K |
|
69
Enerpac Tool Group
EPAC
$1.9B
| $54.9M | 0.31% |
2,377,118
+361,786
| +18% | +$8.66M |
|
70
Globe Life
GL
$13.1B
| $53.1M | 0.3% |
912,243
+212,807
| +30% | +$12.1M |
|
71
Becton Dickinson
BDX
$52.3B
| $53M | 0.3% |
383,170
| – | – |
|
|
TECD
72
DELISTED
Tech Data Corp
TECD
| $50.3M | 0.28% |
874,442
+58,273
| +7% | +$3.51M |
|
73
Owens Corning
OC
$11.7B
| $48.3M | 0.27% |
1,169,813
-446,808
| -28% | -$18.3M |
|
74
KBR
KBR
$4.86B
| $46.6M | 0.26% |
2,394,550
| – | – |
|
75
Gibraltar Industries
ROCK
$1.38B
| $44.6M | 0.25% |
2,189,654
+342,081
| +19% | +$6.21M |
|
Similar funds
Richard Pzena's Q2 2015 Portfolio in Review
As of Q2 2015, Richard Pzena held 159 positions worth $17.7B, down 1.5% from $18B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Richard Pzena's Q2 2015 filing shows 8 new, 67 increased, 58 reduced and 8 closed positions. Its largest new stake was Dover: 1,032,825 shares worth $58.5M. The largest sale was Cigna, an estimated $278M.
By sector, the portfolio is most concentrated in Financials at 39% of assets, up from 38% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q2 2015 buy was Dover: 1,032,825 shares worth $58.5M.
- Richard Pzena added most to Walmart Inc in Q2 2015, an estimated $294M increase.
- Richard Pzena's biggest Q2 2015 reduction was Cigna, cutting an estimated $278M.
- Richard Pzena fully exited TRW AUTOMOTIVE HOLDINGS CORP in Q2 2015, selling an estimated $259M.
- Richard Pzena's ten largest holdings make up 27% of its $17.7B portfolio in Q2 2015.
- Richard Pzena opened 8 new positions and closed 8 in Q2 2015.
- Richard Pzena's portfolio value fell 1.5% quarter-over-quarter to $17.7B.
Based on Pzena Investment Management's 13F filing for Q2 2015, filed 7 Aug 2015.