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
|
+$179M |
| 2 |
Bristol-Myers Squibb
BMY
|
+$121M |
| 3 |
Wabtec
WAB
|
+$89.8M |
| 4 |
Baker Hughes
BKR
|
+$71.2M |
| 5 |
NOV
NOV
|
+$69.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Omnicom Group
OMC
|
+$130M |
| 2 |
Edison International
EIX
|
+$124M |
| 3 |
Oracle
ORCL
|
+$119M |
| 4 |
Franklin Templeton, Inc.
BEN
|
+$74.2M |
| 5 |
Voya Financial
VOYA
|
+$71.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.14% |
| 2 | Industrials | 12.95% |
| 3 | Energy | 11.68% |
| 4 | Technology | 11.3% |
| 5 | Healthcare | 9.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Enerpac Tool Group
EPAC
$1.9B
| $95.3M | 0.52% |
4,345,098
+33,392
| +0.8% | +$764K |
|
52
Terex
TEX
$7.6B
| $94.4M | 0.51% |
3,636,859
+165,543
| +5% | +$4.55M |
|
53
Aecom
ACM
$8.34B
| $94.1M | 0.51% |
2,504,285
-248,498
| -9% | -$8.95M |
|
54
Avis
CAR
$5.18B
| $92.8M | 0.51% |
3,284,768
+383,379
| +13% | +$11.8M |
|
55
Baidu
BIDU
$31.6B
| $84.2M | 0.46% |
819,847
+20,736
| +3% | +$2.23M |
|
56
Willis Towers Watson
WTW
$31.8B
| $80.2M | 0.44% |
415,611
-107,663
| -21% | -$21M |
|
57
CNO Financial Group
CNO
$4.95B
| $79.9M | 0.43% |
5,045,896
+1,190,672
| +31% | +$18.8M |
|
58
UBS Group
UBS
$163B
| $79.5M | 0.43% |
7,030,706
-652,057
| -8% | -$7.34M |
|
59
Regions Financial
RF
$25.9B
| $77M | 0.42% |
4,869,544
+15,297
| +0.3% | +$231K |
|
60
KBR
KBR
$4.86B
| $73.3M | 0.4% |
2,986,264
-942,911
| -24% | -$23.9M |
|
61
Cigna
CI
$73.3B
| $69.9M | 0.38% |
460,741
+998
| +0.2% | +$162K |
|
62
AT&T
T
$173B
| $65.3M | 0.36% |
2,283,438
| – | – |
|
63
Merck
MRK
$376B
| $64.8M | 0.35% |
806,354
-517,515
| -39% | -$41.5M |
|
|
JNPR
64
DELISTED
Juniper Networks
JNPR
| $64.5M | 0.35% |
2,607,980
+530
| +0% | +$13.3K |
|
65
CVS Health
CVS
$119B
| $60M | 0.33% |
951,922
+236,189
| +33% | +$14M |
|
66
Parker-Hannifin
PH
$126B
| $59.3M | 0.32% |
328,358
+53
| +0% | +$9.01K |
|
|
DOOR
67
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $58.6M | 0.32% |
1,010,678
-11,637
| -1% | -$618K |
|
|
WBS
68
DELISTED
Webster Financial
WBS
| $57.5M | 0.31% |
1,227,047
+551
| +0% | +$26.1K |
|
69
Spectrum Brands
SPB
$2B
| $56.8M | 0.31% |
1,077,967
+105,995
| +11% | +$5.53M |
|
|
K
70
DELISTED
Kellanova
K
| $50.2M | 0.27% |
831,054
-227,371
| -21% | -$13M |
|
71
Murphy Oil
MUR
$5.36B
| $49.1M | 0.27% |
2,221,898
+654,047
| +42% | +$14.1M |
|
72
TriMas Corp
TRS
$1.41B
| $47.9M | 0.26% |
1,562,742
+10,764
| +0.7% | +$325K |
|
73
Carlisle Companies
CSL
$14.6B
| $45.5M | 0.25% |
312,731
-66,079
| -17% | -$9.28M |
|
74
Invesco
IVZ
$14.1B
| $44.6M | 0.24% |
2,634,806
-17,972
| -0.7% | -$317K |
|
75
Associated Banc-Corp
ASB
$5.82B
| $44.5M | 0.24% |
2,196,375
+63,241
| +3% | +$1.28M |
|
Similar funds
Richard Pzena's Q3 2019 Portfolio in Review
As of Q3 2019, Richard Pzena held 189 positions worth $18.4B, down 3% from $19B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena's Q3 2019 filing shows 17 new, 57 increased, 69 reduced and 14 closed positions. Its largest new stake was Bristol-Myers Squibb: 2,577,726 shares worth $131M. The largest sale was Omnicom Group, an estimated $130M.
By sector, the portfolio is most concentrated in Financials at 33% of assets, up from 33% a quarter earlier, followed by Industrials and Energy.
- Richard Pzena's largest Q3 2019 buy was Bristol-Myers Squibb: 2,577,726 shares worth $131M.
- Richard Pzena added most to PVH in Q3 2019, an estimated $179M increase.
- Richard Pzena's biggest Q3 2019 reduction was Omnicom Group, cutting an estimated $130M.
- Richard Pzena fully exited Franklin Templeton, Inc. in Q3 2019, selling an estimated $74.2M.
- Richard Pzena's ten largest holdings make up 29% of its $18.4B portfolio in Q3 2019.
- Richard Pzena opened 17 new positions and closed 14 in Q3 2019.
- Richard Pzena's portfolio value fell 3% quarter-over-quarter to $18.4B.
Based on Pzena Investment Management's 13F filing for Q3 2019, filed 1 Nov 2019.