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 |
Seagate
STX
|
+$138M |
| 2 |
Voya Financial
VOYA
|
+$110M |
| 3 |
Terex
TEX
|
+$54M |
| 4 |
AEL
American Equity Investment Life Holding Company
AEL
|
+$31.5M |
| 5 |
Merck
MRK
|
+$27.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$54.8M |
| 2 |
BXLT
BAXALTA INC COM STK (DE)
BXLT
|
+$51.6M |
| 3 |
Murphy Oil
MUR
|
+$49.2M |
| 4 |
APA Corp
APA
|
+$48.2M |
| 5 |
Baxter International
BAX
|
+$42.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.37% |
| 2 | Technology | 17.89% |
| 3 | Energy | 14.01% |
| 4 | Industrials | 11.01% |
| 5 | Communication Services | 6.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
51
Merck
MRK
$376B
| $81.5M | 0.51% |
1,483,329
+517,738
| +54% | +$27.6M |
|
|
K
52
DELISTED
Kellanova
K
| $79.5M | 0.5% |
1,036,437
-149,955
| -13% | -$10.8M |
|
53
KeyCorp
KEY
$23.3B
| $79.4M | 0.5% |
7,181,553
+116,000
| +2% | +$1.38M |
|
|
SPN
54
DELISTED
Superior Energy Services, Inc.
SPN
| $78.5M | 0.49% |
426,442
-85,205
| -17% | -$13.9M |
|
55
Pfizer
PFE
$160B
| $77M | 0.48% |
2,304,470
-738
| -0% | -$23.6K |
|
56
Flex
FLEX
$40.8B
| $75.2M | 0.47% |
8,456,179
+514
| +0% | +$4.79K |
|
57
Cisco
CSCO
$438B
| $74.7M | 0.47% |
2,602,784
-154,648
| -6% | -$4.34M |
|
58
Invesco
IVZ
$14.1B
| $73.8M | 0.46% |
2,891,452
+817,239
| +39% | +$24.3M |
|
59
Corning
GLW
$129B
| $73.1M | 0.46% |
3,568,545
-1,020,125
| -22% | -$20.4M |
|
|
WBS
60
DELISTED
Webster Financial
WBS
| $65.7M | 0.41% |
1,934,946
+192,849
| +11% | +$7.02M |
|
61
Telefônica Brasil
VIV
$18.3B
| $65.6M | 0.41% |
4,824,877
-97,400
| -2% | -$1.17M |
|
|
FITB
62
Fifth Third Bancorp
FITB
$49.7B
| $65.5M | 0.41% |
3,722,350
+3,750
| +0.1% | +$67.3K |
|
63
Entergy
ETR
$48.8B
| $65.1M | 0.41% |
1,599,688
+5,850
| +0.4% | +$224K |
|
64
KBR
KBR
$4.86B
| $64.7M | 0.4% |
4,888,123
+245,800
| +5% | +$3.55M |
|
65
Enerpac Tool Group
EPAC
$1.9B
| $62.6M | 0.39% |
2,769,506
-127,365
| -4% | -$3.27M |
|
|
BHI
66
DELISTED
Baker Hughes
BHI
| $62.5M | 0.39% |
1,384,985
-60,938
| -4% | -$2.76M |
|
67
Genpact
G
$6.24B
| $59.7M | 0.37% |
2,223,016
-9,704
| -0.4% | -$267K |
|
68
Dana Inc
DAN
$3.41B
| $56M | 0.35% |
5,299,270
-3,883
| -0.1% | -$47.9K |
|
|
ENH
69
DELISTED
Endurance Specialty Holdings Ltd
ENH
| $54M | 0.34% |
803,625
-3,991
| -0.5% | -$262K |
|
70
Globe Life
GL
$13.1B
| $52.5M | 0.33% |
849,491
-96,915
| -10% | -$5.66M |
|
|
71
APA Corp
APA
$15.2B
| $51.9M | 0.32% |
932,140
-886,499
| -49% | -$48.2M |
|
72
CVS Health
CVS
$119B
| $50.7M | 0.32% |
529,884
+1,225
| +0.2% | +$122K |
|
73
TE Connectivity
TEL
$58.9B
| $50.2M | 0.31% |
878,715
+3,156
| +0.4% | +$190K |
|
74
Wells Fargo
WFC
$254B
| $48.2M | 0.3% |
1,019,329
-573,541
| -36% | -$28M |
|
75
Qualcomm
QCOM
$169B
| $47.6M | 0.3% |
888,541
+1,350
| +0.2% | +$71.1K |
|
Similar funds
Richard Pzena's Q2 2016 Portfolio in Review
As of Q2 2016, Richard Pzena held 153 positions worth $16B, down 1.9% from $16.3B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Richard Pzena's Q2 2016 filing shows 1 new, 63 increased, 68 reduced and 9 closed positions. Its largest new stake was Truist Financial: 481,014 shares worth $17.1M. The largest sale was Royal Dutch Shell PLC ADS Class A, an estimated $54.8M.
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 2016 buy was Truist Financial: 481,014 shares worth $17.1M.
- Richard Pzena added most to Seagate in Q2 2016, an estimated $138M increase.
- Richard Pzena's biggest Q2 2016 reduction was Royal Dutch Shell PLC ADS Class A, cutting an estimated $54.8M.
- Richard Pzena fully exited BAXALTA INC COM STK (DE) in Q2 2016, selling an estimated $51.6M.
- Richard Pzena's ten largest holdings make up 26% of its $16B portfolio in Q2 2016.
- Richard Pzena opened 1 new position and closed 9 in Q2 2016.
- Richard Pzena's portfolio value fell 1.9% quarter-over-quarter to $16B.
Based on Pzena Investment Management's 13F filing for Q2 2016, filed 5 Aug 2016.