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 |
PVH
PVH
|
+$213M |
| 2 |
Halliburton
HAL
|
+$183M |
| 3 |
Mohawk Industries
MHK
|
+$178M |
| 4 |
Stanley Black & Decker
SWK
|
+$155M |
| 5 |
Baker Hughes
BKR
|
+$129M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dover
DOV
|
+$206M |
| 2 |
Merck
MRK
|
+$139M |
| 3 |
BP
BP
|
+$132M |
| 4 |
ExxonMobil
XOM
|
+$128M |
| 5 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$103M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.18% |
| 2 | Technology | 12.9% |
| 3 | Industrials | 12.37% |
| 4 | Healthcare | 10.12% |
| 5 | Energy | 9.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AXE
51
DELISTED
Anixter International Inc
AXE
| $105M | 0.57% |
1,871,017
-49,435
| -3% | -$2.89M |
|
52
Enerpac Tool Group
EPAC
$1.9B
| $105M | 0.57% |
4,305,588
-37,903
| -0.9% | -$887K |
|
|
FITB
53
Fifth Third Bancorp
FITB
$49.9B
| $104M | 0.57% |
4,129,273
-60,297
| -1% | -$1.61M |
|
54
Terex
TEX
$7.52B
| $104M | 0.56% |
3,222,716
-29,466
| -0.9% | -$934K |
|
55
Avis
CAR
$5.22B
| $99.9M | 0.54% |
2,866,895
-100,862
| -3% | -$3.02M |
|
|
56
Dover
DOV
$27B
| $99.4M | 0.54% |
1,059,685
-2,385,516
| -69% | -$206M |
|
57
UBS Group
UBS
$165B
| $96.7M | 0.53% |
7,988,546
+158,933
| +2% | +$2.01M |
|
58
Flex
FLEX
$39.6B
| $94.5M | 0.51% |
12,545,438
+644,432
| +5% | +$4.61M |
|
59
KBR
KBR
$4.78B
| $93.8M | 0.51% |
4,913,275
+184,696
| +4% | +$3.34M |
|
60
Aecom
ACM
$8.3B
| $79.5M | 0.43% |
2,678,166
-561,911
| -17% | -$16.8M |
|
61
Cigna
CI
$73.5B
| $74.3M | 0.4% |
462,050
-271,318
| -37% | -$49.6M |
|
|
JNPR
62
DELISTED
Juniper Networks
JNPR
| $69M | 0.38% |
2,607,739
-752
| -0% | -$20.2K |
|
63
Regions Financial
RF
$26.1B
| $68M | 0.37% |
4,802,529
-100,698
| -2% | -$1.54M |
|
64
Wabtec
WAB
$50.3B
| $67.8M | 0.37% |
+919,252
| New | +$66.3M |
|
65
Pediatrix Medical
MD
$2.17B
| $62.2M | 0.34% |
2,288,341
-1,057,294
| -32% | -$35.5M |
|
66
Carlisle Companies
CSL
$14.4B
| $59.2M | 0.32% |
482,521
-135,863
| -22% | -$15.7M |
|
|
WBS
67
DELISTED
Webster Financial
WBS
| $57.2M | 0.31% |
1,129,220
-21,378
| -2% | -$1.16M |
|
|
K
68
DELISTED
Kellanova
K
| $57M | 0.31% |
1,058,248
-170
| -0% | -$9.08K |
|
69
Parker-Hannifin
PH
$127B
| $56.4M | 0.31% |
328,373
-1,673
| -0.5% | -$277K |
|
70
AT&T
T
$176B
| $54.1M | 0.29% |
2,284,905
+1,162,217
| +104% | +$26.7M |
|
71
TriMas Corp
TRS
$1.41B
| $54M | 0.29% |
1,786,935
-107,043
| -6% | -$3.18M |
|
72
Invesco
IVZ
$14.3B
| $51.1M | 0.28% |
2,645,891
+15,349
| +0.6% | +$287K |
|
|
DOOR
73
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $49.4M | 0.27% |
990,426
-30,482
| -3% | -$1.62M |
|
74
Murphy Oil
MUR
$5.12B
| $45.9M | 0.25% |
1,566,073
-385,146
| -20% | -$10.9M |
|
75
Genpact
G
$6.34B
| $45.6M | 0.25% |
1,295,181
-475,316
| -27% | -$15M |
|
Similar funds
Richard Pzena's Q1 2019 Portfolio in Review
As of Q1 2019, Richard Pzena held 194 positions worth $18.4B, up 7.4% from $17.1B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Richard Pzena's Q1 2019 filing shows 11 new, 50 increased, 86 reduced and 23 closed positions. Its largest new stake was PVH: 1,945,755 shares worth $237M. The largest sale was Dover, an estimated $206M.
By sector, the portfolio is most concentrated in Financials at 33% of assets, down from 35% a quarter earlier, followed by Technology and Industrials.
- Richard Pzena's largest Q1 2019 buy was PVH: 1,945,755 shares worth $237M.
- Richard Pzena added most to Halliburton in Q1 2019, an estimated $183M increase.
- Richard Pzena's biggest Q1 2019 reduction was Dover, cutting an estimated $206M.
- Richard Pzena fully exited BP in Q1 2019, selling an estimated $132M.
- Richard Pzena's ten largest holdings make up 28% of its $18.4B portfolio in Q1 2019.
- Richard Pzena opened 11 new positions and closed 23 in Q1 2019.
- Richard Pzena's portfolio value rose 7.4% quarter-over-quarter to $18.4B.
Based on Pzena Investment Management's 13F filing for Q1 2019, filed 3 May 2019.