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 |
Lear
LEA
|
+$370M |
| 2 |
GE Aerospace
GE
|
+$283M |
| 3 |
American International
AIG
|
+$139M |
| 4 |
NOV
NOV
|
+$120M |
| 5 |
Stanley Black & Decker
SWK
|
+$106M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ESRX
Express Scripts Holding Company
ESRX
|
+$290M |
| 2 |
Dover
DOV
|
+$149M |
| 3 |
Murphy Oil
MUR
|
+$130M |
| 4 |
Walmart Inc
WMT
|
+$110M |
| 5 |
Merck
MRK
|
+$84.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.69% |
| 2 | Technology | 12.86% |
| 3 | Healthcare | 12.03% |
| 4 | Industrials | 11.53% |
| 5 | Energy | 8.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
UBS Group
UBS
$163B
| $96.9M | 0.57% |
7,829,613
-92,837
| -1% | -$1.26M |
|
52
Enerpac Tool Group
EPAC
$1.9B
| $91.2M | 0.53% |
4,343,491
+8,803
| +0.2% | +$214K |
|
53
Terex
TEX
$7.6B
| $89.7M | 0.52% |
3,252,182
+234
| +0% | +$7.48K |
|
54
Aecom
ACM
$8.34B
| $85.9M | 0.5% |
3,240,077
+815,398
| +34% | +$24.8M |
|
55
KBR
KBR
$4.86B
| $71.8M | 0.42% |
4,728,579
+971,969
| +26% | +$18.2M |
|
|
JNPR
56
DELISTED
Juniper Networks
JNPR
| $70.2M | 0.41% |
+2,608,491
| New | +$73.8M |
|
57
Telefônica Brasil
VIV
$18.3B
| $69.3M | 0.41% |
5,811,558
-136,151
| -2% | -$1.55M |
|
58
Flex
FLEX
$40.8B
| $68.2M | 0.4% |
11,901,006
+3,441,455
| +41% | +$24M |
|
59
Baidu
BIDU
$31.6B
| $68.1M | 0.4% |
429,238
+38,419
| +10% | +$7.17M |
|
60
Avis
CAR
$5.18B
| $66.7M | 0.39% |
2,967,757
+389,731
| +15% | +$11.3M |
|
61
Regions Financial
RF
$25.9B
| $65.6M | 0.38% |
4,903,227
+72,693
| +2% | +$1.17M |
|
62
Carlisle Companies
CSL
$14.6B
| $62.2M | 0.36% |
618,384
+34,083
| +6% | +$3.51M |
|
63
Gildan
GIL
$10.4B
| $60.3M | 0.35% |
+1,985,927
| New | +$61.3M |
|
|
WBS
64
DELISTED
Webster Financial
WBS
| $56.7M | 0.33% |
1,150,598
-14,364
| -1% | -$820K |
|
|
K
65
DELISTED
Kellanova
K
| $56.7M | 0.33% |
1,058,418
+56
| +0% | +$3.38K |
|
66
Hanover Insurance
THG
$7.77B
| $55.8M | 0.33% |
478,184
-88,020
| -16% | -$9.88M |
|
67
TriMas Corp
TRS
$1.41B
| $51.7M | 0.3% |
1,893,978
-393,088
| -17% | -$11.2M |
|
68
Parker-Hannifin
PH
$126B
| $49.2M | 0.29% |
330,046
-697
| -0.2% | -$113K |
|
|
AHL
69
DELISTED
ASPEN Insurance Holding Limited
AHL
| $48M | 0.28% |
1,144,206
-565,883
| -33% | -$23.6M |
|
70
Genpact
G
$6.24B
| $47.8M | 0.28% |
1,770,497
-1,046,466
| -37% | -$29.8M |
|
71
Allstate
ALL
$64.2B
| $47.2M | 0.28% |
571,110
-58,281
| -9% | -$5.23M |
|
72
CVS Health
CVS
$119B
| $47.1M | 0.28% |
718,382
-698
| -0.1% | -$52.1K |
|
|
HOUS
73
DELISTED
Anywhere Real Estate
HOUS
| $45.8M | 0.27% |
3,119,081
+2,109
| +0.1% | +$38.4K |
|
|
DOOR
74
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $45.8M | 0.27% |
1,020,908
-378
| -0% | -$20.4K |
|
75
Jabil
JBL
$32.8B
| $45.8M | 0.27% |
1,845,653
+1,132,895
| +159% | +$27.7M |
|
Similar funds
Richard Pzena's Q4 2018 Portfolio in Review
As of Q4 2018, Richard Pzena held 204 positions worth $17.1B, down 17% from $20.6B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Richard Pzena's Q4 2018 filing shows 21 new, 66 increased, 66 reduced and 21 closed positions. Its largest new stake was Lear: 2,766,250 shares worth $340M. The largest sale was Express Scripts Holding Company, an estimated $290M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 34% a quarter earlier, followed by Technology and Healthcare.
- Richard Pzena's largest Q4 2018 buy was Lear: 2,766,250 shares worth $340M.
- Richard Pzena added most to GE Aerospace in Q4 2018, an estimated $283M increase.
- Richard Pzena's biggest Q4 2018 reduction was Dover, cutting an estimated $149M.
- Richard Pzena fully exited Express Scripts Holding Company in Q4 2018, selling an estimated $290M.
- Richard Pzena's ten largest holdings make up 28% of its $17.1B portfolio in Q4 2018.
- Richard Pzena opened 21 new positions and closed 21 in Q4 2018.
- Richard Pzena's portfolio value fell 17% quarter-over-quarter to $17.1B.
Based on Pzena Investment Management's 13F filing for Q4 2018, filed 8 Feb 2019.