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 |
ExxonMobil
XOM
|
+$148M |
| 2 |
BXLT
BAXALTA INC COM STK (DE)
BXLT
|
+$141M |
| 3 |
Franklin Templeton, Inc.
BEN
|
+$105M |
| 4 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$95.4M |
| 5 |
Dover
DOV
|
+$89.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baxter International
BAX
|
+$166M |
| 2 |
Cigna
CI
|
+$119M |
| 3 |
BHI
Baker Hughes
BHI
|
+$85.2M |
| 4 |
BP
BP
|
+$56.9M |
| 5 |
Abbott
ABT
|
+$54.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 38.95% |
| 2 | Technology | 16.98% |
| 3 | Energy | 10.62% |
| 4 | Industrials | 8.88% |
| 5 | Communication Services | 7.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Aecom
ACM
$8.34B
| $76.9M | 0.49% |
2,793,606
-3,665
| -0.1% | -$106K |
|
|
CMA
52
DELISTED
Comerica
CMA
| $74.7M | 0.48% |
1,818,056
-1,139,886
| -39% | -$51.9M |
|
53
APA Corp
APA
$15.2B
| $73.6M | 0.47% |
1,878,425
+1,331,275
| +243% | +$60.5M |
|
54
KeyCorp
KEY
$23.3B
| $68.1M | 0.43% |
5,237,925
-91,775
| -2% | -$1.3M |
|
55
Pfizer
PFE
$160B
| $67.8M | 0.43% |
2,276,448
| – | – |
|
|
FITB
56
Fifth Third Bancorp
FITB
$49.7B
| $66.1M | 0.42% |
3,493,200
| – | – |
|
57
Dana Inc
DAN
$3.41B
| $65.5M | 0.42% |
4,122,754
+593,025
| +17% | +$10.7M |
|
|
AET
58
DELISTED
Aetna Inc
AET
| $64.4M | 0.41% |
588,309
-236,425
| -29% | -$27.3M |
|
59
News Corp Class B
NWS
$18.7B
| $63.6M | 0.4% |
4,960,905
-522,795
| -10% | -$7.2M |
|
|
SPN
60
DELISTED
Superior Energy Services, Inc.
SPN
| $62.8M | 0.4% |
497,564
+24,263
| +5% | +$3.96M |
|
61
Flex
FLEX
$40.8B
| $61.6M | 0.39% |
7,754,699
+161,065
| +2% | +$1.31M |
|
|
WBS
62
DELISTED
Webster Financial
WBS
| $60.8M | 0.39% |
1,707,613
-47,225
| -3% | -$1.76M |
|
63
Allstate
ALL
$64.2B
| $59.8M | 0.38% |
1,027,087
+925,072
| +907% | +$57.8M |
|
64
Citizens Financial Group
CFG
$29.4B
| $59.7M | 0.38% |
2,501,841
| – | – |
|
65
Cenovus Energy
CVE
$60.7B
| $59.7M | 0.38% |
+3,937,345
| New | +$55.5M |
|
|
SNV
66
DELISTED
Synovus
SNV
| $53.4M | 0.34% |
1,805,094
-395,027
| -18% | -$12.1M |
|
67
TE Connectivity
TEL
$58.9B
| $52.3M | 0.33% |
872,578
| – | – |
|
68
Entergy
ETR
$48.8B
| $51.8M | 0.33% |
1,592,822
| – | – |
|
69
Globe Life
GL
$13.1B
| $51.2M | 0.33% |
908,218
-4,025
| -0.4% | -$239K |
|
70
CVS Health
CVS
$119B
| $50.9M | 0.32% |
527,265
| – | – |
|
71
Enerpac Tool Group
EPAC
$1.9B
| $50.3M | 0.32% |
2,734,071
+356,953
| +15% | +$7.62M |
|
72
Becton Dickinson
BDX
$52.3B
| $49.6M | 0.32% |
383,170
| – | – |
|
73
Qualcomm
QCOM
$169B
| $47.2M | 0.3% |
+879,185
| New | +$52.2M |
|
|
ENH
74
DELISTED
Endurance Specialty Holdings Ltd
ENH
| $44.8M | 0.29% |
733,721
+57,493
| +9% | +$3.75M |
|
75
Genpact
G
$6.24B
| $42.9M | 0.27% |
1,817,984
+1,537,784
| +549% | +$34.5M |
|
Similar funds
Richard Pzena's Q3 2015 Portfolio in Review
As of Q3 2015, Richard Pzena held 155 positions worth $15.7B, down 11% from $17.7B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Richard Pzena's Q3 2015 filing shows 4 new, 39 increased, 83 reduced and 7 closed positions. Its largest new stake was BAXALTA INC COM STK (DE): 4,094,765 shares worth $129M. The largest sale was Baxter International, an estimated $166M.
By sector, the portfolio is most concentrated in Financials at 39% of assets, down from 39% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q3 2015 buy was BAXALTA INC COM STK (DE): 4,094,765 shares worth $129M.
- Richard Pzena added most to ExxonMobil in Q3 2015, an estimated $148M increase.
- Richard Pzena's biggest Q3 2015 reduction was Baxter International, cutting an estimated $166M.
- Richard Pzena fully exited Regal Rexnord in Q3 2015, selling an estimated $13.5M.
- Richard Pzena's ten largest holdings make up 28% of its $15.7B portfolio in Q3 2015.
- Richard Pzena opened 4 new positions and closed 7 in Q3 2015.
- Richard Pzena's portfolio value fell 11% quarter-over-quarter to $15.7B.
Based on Pzena Investment Management's 13F filing for Q3 2015, filed 6 Nov 2015.