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 |
Viatris
VTRS
|
+$195M |
| 2 |
ESRX
Express Scripts Holding Company
ESRX
|
+$178M |
| 3 |
Omnicom Group
OMC
|
+$87.5M |
| 4 |
Avnet
AVT
|
+$84.5M |
| 5 |
Ford
F
|
+$73.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$76M |
| 2 |
Parker-Hannifin
PH
|
+$66.3M |
| 3 |
Stanley Black & Decker
SWK
|
+$65.5M |
| 4 |
ON Semiconductor
ON
|
+$32.6M |
| 5 |
Abbott
ABT
|
+$28.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 37.92% |
| 2 | Technology | 16.85% |
| 3 | Healthcare | 10.05% |
| 4 | Energy | 9.33% |
| 5 | Industrials | 8.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
JELD-WEN Holding
JELD
$200M
| $103M | 0.56% |
3,163,282
+656,231
| +26% | +$21.3M |
|
52
Johnson & Johnson
JNJ
$651B
| $97.6M | 0.53% |
737,844
-176,595
| -19% | -$22.5M |
|
53
Microsoft
MSFT
$3.59T
| $92.8M | 0.51% |
1,346,933
-31,031
| -2% | -$2.13M |
|
54
Invesco
IVZ
$14.1B
| $88.4M | 0.48% |
2,512,726
+607
| +0% | +$19.8K |
|
55
Wells Fargo
WFC
$254B
| $83.3M | 0.46% |
1,503,167
+485,833
| +48% | +$26M |
|
56
Cardinal Health
CAH
$53.4B
| $82.5M | 0.45% |
1,058,804
-499
| -0% | -$37.7K |
|
|
FITB
57
Fifth Third Bancorp
FITB
$49.7B
| $82.3M | 0.45% |
3,168,331
-423,666
| -12% | -$10.5M |
|
58
Enerpac Tool Group
EPAC
$1.9B
| $81.5M | 0.45% |
3,311,551
+11,227
| +0.3% | +$288K |
|
|
WBS
59
DELISTED
Webster Financial
WBS
| $79M | 0.43% |
1,513,122
-150,014
| -9% | -$7.58M |
|
60
Cisco
CSCO
$438B
| $78.5M | 0.43% |
2,506,781
-574
| -0% | -$18.7K |
|
61
Pfizer
PFE
$160B
| $78.3M | 0.43% |
2,458,217
+120,963
| +5% | +$3.81M |
|
62
Baidu
BIDU
$31.6B
| $77.2M | 0.42% |
431,862
+6,702
| +2% | +$1.21M |
|
|
AGR
63
DELISTED
Avangrid, Inc.
AGR
| $76M | 0.42% |
1,720,464
-513
| -0% | -$22.8K |
|
64
Genpact
G
$6.24B
| $74.3M | 0.41% |
2,670,064
+38,353
| +1% | +$995K |
|
65
Flex
FLEX
$40.8B
| $74.2M | 0.41% |
6,040,846
-1,549,193
| -20% | -$19.2M |
|
66
KBR
KBR
$4.86B
| $72.6M | 0.4% |
4,769,262
-172,897
| -3% | -$2.56M |
|
67
Aecom
ACM
$8.34B
| $72M | 0.39% |
2,227,578
+1,883
| +0.1% | +$62.4K |
|
|
K
68
DELISTED
Kellanova
K
| $67.4M | 0.37% |
1,033,954
| – | – |
|
69
Dana Inc
DAN
$3.41B
| $67.4M | 0.37% |
3,017,256
-144,958
| -5% | -$2.94M |
|
|
AEL
70
DELISTED
American Equity Investment Life Holding Company
AEL
| $64M | 0.35% |
2,437,159
+9,196
| +0.4% | +$224K |
|
71
Associated Banc-Corp
ASB
$5.82B
| $59.6M | 0.33% |
2,365,210
-13,744
| -0.6% | -$338K |
|
|
DOOR
72
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $59.4M | 0.33% |
786,818
-122,462
| -13% | -$9.41M |
|
73
TE Connectivity
TEL
$58.9B
| $57.4M | 0.31% |
729,498
-1,474
| -0.2% | -$113K |
|
|
CMA
74
DELISTED
Comerica
CMA
| $56.7M | 0.31% |
774,101
-388,224
| -33% | -$27.2M |
|
75
CVS Health
CVS
$119B
| $56.3M | 0.31% |
700,074
+166,039
| +31% | +$13.1M |
|
Similar funds
Richard Pzena's Q2 2017 Portfolio in Review
As of Q2 2017, Richard Pzena held 160 positions worth $18.3B, up 3% from $17.7B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Richard Pzena's Q2 2017 filing shows 5 new, 47 increased, 86 reduced and 8 closed positions. Its largest new stake was Express Scripts Holding Company: 2,838,878 shares worth $181M. The largest sale was Cigna, an estimated $76M.
By sector, the portfolio is most concentrated in Financials at 38% of assets, up from 38% a quarter earlier, followed by Technology and Healthcare.
- Richard Pzena's largest Q2 2017 buy was Express Scripts Holding Company: 2,838,878 shares worth $181M.
- Richard Pzena added most to Viatris in Q2 2017, an estimated $195M increase.
- Richard Pzena's biggest Q2 2017 reduction was Cigna, cutting an estimated $76M.
- Richard Pzena fully exited CDW in Q2 2017, selling an estimated $9.27M.
- Richard Pzena's ten largest holdings make up 26% of its $18.3B portfolio in Q2 2017.
- Richard Pzena opened 5 new positions and closed 8 in Q2 2017.
- Richard Pzena's portfolio value rose 3% quarter-over-quarter to $18.3B.
Based on Pzena Investment Management's 13F filing for Q2 2017, filed 4 Aug 2017.