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 |
IPG
Interpublic Group of Companies
IPG
|
+$177M |
| 2 |
Hewlett Packard
HPE
|
+$99.3M |
| 3 |
Omnicom Group
OMC
|
+$94M |
| 4 |
Wells Fargo
WFC
|
+$74M |
| 5 |
Ryder
R
|
+$66.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hilton Worldwide
HLT
|
+$121M |
| 2 |
ON Semiconductor
ON
|
+$116M |
| 3 |
Cigna
CI
|
+$67.9M |
| 4 |
Terex
TEX
|
+$58.5M |
| 5 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$51M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 37.85% |
| 2 | Technology | 15.9% |
| 3 | Healthcare | 11.35% |
| 4 | Industrials | 9.76% |
| 5 | Energy | 9.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Cisco
CSCO
$438B
| $110M | 0.54% |
2,868,976
+351,930
| +14% | +$12.6M |
|
52
Enerpac Tool Group
EPAC
$1.9B
| $108M | 0.53% |
4,274,245
+356,721
| +9% | +$9.19M |
|
53
Stanley Black & Decker
SWK
$15.1B
| $99.3M | 0.49% |
584,934
-283,372
| -33% | -$46.4M |
|
54
HP
HPQ
$27.2B
| $96.3M | 0.47% |
4,581,722
-921,865
| -17% | -$19.6M |
|
|
FITB
55
Fifth Third Bancorp
FITB
$49.7B
| $96M | 0.47% |
3,165,147
| – | – |
|
56
Baidu
BIDU
$31.6B
| $95.9M | 0.47% |
409,468
-9,346
| -2% | -$2.29M |
|
57
Merck
MRK
$376B
| $92.3M | 0.45% |
1,719,269
+126,352
| +8% | +$7M |
|
58
Invesco
IVZ
$14.1B
| $92M | 0.45% |
2,518,196
+7,033
| +0.3% | +$254K |
|
59
Microsoft
MSFT
$3.59T
| $91.5M | 0.45% |
1,069,794
-205,104
| -16% | -$16.8M |
|
60
Genpact
G
$6.24B
| $90.2M | 0.44% |
2,843,211
+204,077
| +8% | +$6.32M |
|
|
AGR
61
DELISTED
Avangrid, Inc.
AGR
| $87.1M | 0.43% |
1,721,190
| – | – |
|
|
WBS
62
DELISTED
Webster Financial
WBS
| $83.9M | 0.41% |
1,493,462
-49,876
| -3% | -$2.73M |
|
63
Flex
FLEX
$40.8B
| $83.6M | 0.41% |
6,168,911
+292,962
| +5% | +$3.96M |
|
64
Aecom
ACM
$8.34B
| $82.7M | 0.41% |
2,226,022
-1,751
| -0.1% | -$63.7K |
|
65
Hanover Insurance
THG
$7.77B
| $81.4M | 0.4% |
752,763
+6,337
| +0.8% | +$654K |
|
66
ConocoPhillips
COP
$162B
| $80.4M | 0.39% |
1,465,160
+22,260
| +2% | +$1.14M |
|
67
Avis
CAR
$5.18B
| $72.9M | 0.36% |
1,660,313
+669,678
| +68% | +$26.6M |
|
|
DOOR
68
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $70.6M | 0.35% |
952,166
+93,484
| +11% | +$6.53M |
|
69
KBR
KBR
$4.86B
| $70M | 0.34% |
3,528,822
-459,773
| -12% | -$8.7M |
|
70
TE Connectivity
TEL
$58.9B
| $69.3M | 0.34% |
729,627
| – | – |
|
|
K
71
DELISTED
Kellanova
K
| $66.2M | 0.32% |
1,036,580
+2,459
| +0.2% | +$148K |
|
72
Telefônica Brasil
VIV
$18.3B
| $65.8M | 0.32% |
4,439,830
+602,178
| +16% | +$9.27M |
|
|
AHL
73
DELISTED
ASPEN Insurance Holding Limited
AHL
| $65.6M | 0.32% |
1,616,063
-71,488
| -4% | -$2.96M |
|
|
AXE
74
DELISTED
Anixter International Inc
AXE
| $65.4M | 0.32% |
860,348
+376,316
| +78% | +$27.7M |
|
75
PG&E
PCG
$38.8B
| $64.7M | 0.32% |
1,442,561
+1,129,551
| +361% | +$63.3M |
|
Similar funds
Richard Pzena's Q4 2017 Portfolio in Review
As of Q4 2017, Richard Pzena held 160 positions worth $20.4B, up 7.7% from $18.9B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Richard Pzena's Q4 2017 filing shows 9 new, 75 increased, 62 reduced and 4 closed positions. Its largest new stake was Pediatrix Medical: 962,030 shares worth $51.4M. The largest sale was Hilton Worldwide, an estimated $121M.
By sector, the portfolio is most concentrated in Financials at 38% of assets, down from 38% a quarter earlier, followed by Technology and Healthcare.
- Richard Pzena's largest Q4 2017 buy was Pediatrix Medical: 962,030 shares worth $51.4M.
- Richard Pzena added most to Interpublic Group of Companies in Q4 2017, an estimated $177M increase.
- Richard Pzena's biggest Q4 2017 reduction was Hilton Worldwide, cutting an estimated $121M.
- Richard Pzena fully exited Progressive in Q4 2017, selling an estimated $24M.
- Richard Pzena's ten largest holdings make up 30% of its $20.4B portfolio in Q4 2017.
- Richard Pzena opened 9 new positions and closed 4 in Q4 2017.
- Richard Pzena's portfolio value rose 7.7% quarter-over-quarter to $20.4B.
Based on Pzena Investment Management's 13F filing for Q4 2017, filed 9 Feb 2018.