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
|
+$352M |
| 2 |
Wells Fargo
WFC
|
+$213M |
| 3 |
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
|
+$140M |
| 4 |
Halliburton
HAL
|
+$138M |
| 5 |
Hewlett Packard
HPE
|
+$123M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Intel
INTC
|
+$302M |
| 2 |
SPLS
Staples Inc
SPLS
|
+$298M |
| 3 |
Regions Financial
RF
|
+$116M |
| 4 |
Abbott
ABT
|
+$112M |
| 5 |
Johnson & Johnson
JNJ
|
+$97.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 38.32% |
| 2 | Technology | 16.69% |
| 3 | Healthcare | 10.74% |
| 4 | Energy | 10.03% |
| 5 | Industrials | 9.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
ON Semiconductor
ON
$28.9B
| $107M | 0.56% |
5,786,917
-3,133,781
| -35% | -$50.4M |
|
52
Seagate
STX
$193B
| $104M | 0.55% |
3,138,486
-8,036
| -0.3% | -$273K |
|
53
Baidu
BIDU
$31.6B
| $104M | 0.55% |
418,814
-13,048
| -3% | -$2.85M |
|
54
Enerpac Tool Group
EPAC
$1.9B
| $100M | 0.53% |
3,917,524
+605,973
| +18% | +$14.8M |
|
55
Merck
MRK
$376B
| $97.3M | 0.51% |
1,592,917
+728,380
| +84% | +$44.2M |
|
56
Microsoft
MSFT
$3.59T
| $95M | 0.5% |
1,274,898
-72,035
| -5% | -$5.26M |
|
|
FITB
57
Fifth Third Bancorp
FITB
$49.7B
| $88.6M | 0.47% |
3,165,147
-3,184
| -0.1% | -$84.5K |
|
58
Invesco
IVZ
$14.1B
| $88M | 0.47% |
2,511,163
-1,563
| -0.1% | -$53.4K |
|
59
Cisco
CSCO
$438B
| $84.6M | 0.45% |
2,517,046
+10,265
| +0.4% | +$327K |
|
60
Aecom
ACM
$8.34B
| $82M | 0.43% |
2,227,773
+195
| +0% | +$6.41K |
|
|
AGR
61
DELISTED
Avangrid, Inc.
AGR
| $81.6M | 0.43% |
1,721,190
+726
| +0% | +$33.7K |
|
|
WBS
62
DELISTED
Webster Financial
WBS
| $81.1M | 0.43% |
1,543,338
+30,216
| +2% | +$1.51M |
|
63
Genpact
G
$6.24B
| $75.9M | 0.4% |
2,639,134
-30,930
| -1% | -$881K |
|
64
Flex
FLEX
$40.8B
| $73.4M | 0.39% |
5,875,949
-164,897
| -3% | -$2.03M |
|
65
Hanover Insurance
THG
$7.77B
| $72.4M | 0.38% |
+746,426
| New | +$71M |
|
66
ConocoPhillips
COP
$162B
| $72.2M | 0.38% |
1,442,900
-1,058,275
| -42% | -$47.5M |
|
67
KBR
KBR
$4.86B
| $71.3M | 0.38% |
3,988,595
-780,667
| -16% | -$12.6M |
|
|
AHL
68
DELISTED
ASPEN Insurance Holding Limited
AHL
| $68.2M | 0.36% |
1,687,551
+593,268
| +54% | +$27.4M |
|
69
TriMas Corp
TRS
$1.41B
| $66.7M | 0.35% |
2,469,675
-219,332
| -8% | -$5.26M |
|
70
Telefônica Brasil
VIV
$18.3B
| $60.8M | 0.32% |
3,837,652
-6,868
| -0.2% | -$104K |
|
71
TE Connectivity
TEL
$58.9B
| $60.6M | 0.32% |
729,627
+129
| +0% | +$10.4K |
|
|
K
72
DELISTED
Kellanova
K
| $60.6M | 0.32% |
1,034,121
+167
| +0% | +$10.5K |
|
|
DOOR
73
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $59.4M | 0.31% |
858,682
+71,864
| +9% | +$4.96M |
|
74
Citizens Financial Group
CFG
$29.4B
| $59.1M | 0.31% |
1,560,442
| – | – |
|
75
Associated Banc-Corp
ASB
$5.82B
| $59M | 0.31% |
2,433,590
+68,380
| +3% | +$1.59M |
|
Similar funds
Richard Pzena's Q3 2017 Portfolio in Review
As of Q3 2017, Richard Pzena held 162 positions worth $18.9B, up 3.6% from $18.3B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Richard Pzena's Q3 2017 filing shows 10 new, 55 increased, 71 reduced and 11 closed positions. Its largest new stake was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 3,625,655 shares worth $140M. The largest sale was Intel, an estimated $302M.
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 Q3 2017 buy was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 3,625,655 shares worth $140M.
- Richard Pzena added most to Viatris in Q3 2017, an estimated $352M increase.
- Richard Pzena's biggest Q3 2017 reduction was Intel, cutting an estimated $302M.
- Richard Pzena fully exited Staples Inc in Q3 2017, selling an estimated $298M.
- Richard Pzena's ten largest holdings make up 28% of its $18.9B portfolio in Q3 2017.
- Richard Pzena opened 10 new positions and closed 11 in Q3 2017.
- Richard Pzena's portfolio value rose 3.6% quarter-over-quarter to $18.9B.
Based on Pzena Investment Management's 13F filing for Q3 2017, filed 3 Nov 2017.