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 |
Wabtec
WAB
|
+$154M |
| 2 |
Gildan
GIL
|
+$142M |
| 3 |
Halliburton
HAL
|
+$103M |
| 4 |
Avnet
AVT
|
+$78.7M |
| 5 |
TechnipFMC
FTI
|
+$71.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AXE
Anixter International Inc
AXE
|
+$141M |
| 2 |
Walmart Inc
WMT
|
+$76.5M |
| 3 |
Merck
MRK
|
+$61.2M |
| 4 |
Oracle
ORCL
|
+$52.1M |
| 5 |
JPMorgan Chase
JPM
|
+$40M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.47% |
| 2 | Industrials | 13.46% |
| 3 | Energy | 12.81% |
| 4 | Technology | 10.79% |
| 5 | Consumer Discretionary | 10.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
CNO Financial Group
CNO
$5.01B
| $123M | 0.57% |
6,770,866
+1,724,970
| +34% | +$29.3M |
|
52
Aecom
ACM
$8.3B
| $113M | 0.53% |
2,623,898
+119,613
| +5% | +$4.96M |
|
53
Baidu
BIDU
$31.4B
| $111M | 0.52% |
877,651
+57,804
| +7% | +$6.57M |
|
|
WBS
54
DELISTED
Webster Financial
WBS
| $107M | 0.5% |
1,998,320
+771,273
| +63% | +$37.1M |
|
55
Enerpac Tool Group
EPAC
$1.9B
| $104M | 0.49% |
3,989,841
-355,257
| -8% | -$8.67M |
|
56
UBS Group
UBS
$165B
| $96.2M | 0.45% |
7,645,713
+615,007
| +9% | +$7.31M |
|
57
Regions Financial
RF
$26.1B
| $94.3M | 0.44% |
5,495,558
+626,014
| +13% | +$10.3M |
|
58
Cigna
CI
$73.5B
| $94.2M | 0.44% |
460,428
-313
| -0.1% | -$57.4K |
|
59
Spectrum Brands
SPB
$2.02B
| $92.2M | 0.43% |
1,434,888
+356,921
| +33% | +$20.2M |
|
60
Willis Towers Watson
WTW
$32.4B
| $88.4M | 0.41% |
437,541
+21,930
| +5% | +$4.2M |
|
|
61
Walmart Inc
WMT
$835B
| $87.5M | 0.41% |
2,210,103
-1,925,340
| -47% | -$76.5M |
|
|
DOOR
62
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $78.4M | 0.37% |
1,085,704
+75,026
| +7% | +$4.93M |
|
|
JNPR
63
DELISTED
Juniper Networks
JNPR
| $77.2M | 0.36% |
3,134,452
+526,472
| +20% | +$13M |
|
64
CVS Health
CVS
$119B
| $70.7M | 0.33% |
951,790
-132
| -0% | -$9.27K |
|
65
Invesco
IVZ
$14.3B
| $70.7M | 0.33% |
3,930,976
+1,296,170
| +49% | +$22.1M |
|
66
Murphy Oil
MUR
$5.12B
| $67.7M | 0.32% |
2,525,558
+303,660
| +14% | +$6.96M |
|
67
Parker-Hannifin
PH
$127B
| $67.6M | 0.32% |
328,272
-86
| -0% | -$16.7K |
|
68
AT&T
T
$176B
| $67.4M | 0.31% |
2,282,832
-606
| -0% | -$17.5K |
|
|
K
69
DELISTED
Kellanova
K
| $64M | 0.3% |
985,254
+154,200
| +19% | +$9.34M |
|
70
Olin
OLN
$2.03B
| $63.2M | 0.3% |
+3,663,120
| New | +$65.6M |
|
71
Snap-on
SNA
$20.4B
| $58.7M | 0.27% |
346,284
+97,484
| +39% | +$15.9M |
|
72
Associated Banc-Corp
ASB
$5.85B
| $57.7M | 0.27% |
2,619,005
+422,630
| +19% | +$8.92M |
|
73
TriMas Corp
TRS
$1.41B
| $55.4M | 0.26% |
1,762,346
+199,604
| +13% | +$6.16M |
|
74
Scansource
SCSC
$1.11B
| $54.1M | 0.25% |
1,464,078
+208,461
| +17% | +$7.08M |
|
|
NEX
75
DELISTED
NexTier Oilfield Solutions Inc.
NEX
| $52.8M | 0.25% |
+7,886,281
| New | +$42.5M |
|
Similar funds
Richard Pzena's Q4 2019 Portfolio in Review
As of Q4 2019, Richard Pzena held 186 positions worth $21.4B, up 17% from $18.4B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena deployed $1.14B of net new capital in Q4 2019, opening 11 new positions and adding to 101 existing holdings. Its largest new stake was Olin: 3,663,120 shares worth $63.2M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, down from 33% a quarter earlier, followed by Industrials and Energy.
On the sell side, the largest reduction was Anixter International Inc, an estimated $141M trimmed.
- Richard Pzena's largest Q4 2019 buy was Olin: 3,663,120 shares worth $63.2M.
- Richard Pzena added most to Wabtec in Q4 2019, an estimated $154M increase.
- Richard Pzena's biggest Q4 2019 reduction was Anixter International Inc, cutting an estimated $141M.
- Richard Pzena fully exited C&J Energy Services, Inc. in Q4 2019, selling an estimated $38.5M.
- Richard Pzena's ten largest holdings make up 29% of its $21.4B portfolio in Q4 2019.
- Richard Pzena opened 11 new positions and closed 12 in Q4 2019.
- Richard Pzena's portfolio value rose 17% quarter-over-quarter to $21.4B.
Based on Pzena Investment Management's 13F filing for Q4 2019, filed 7 Feb 2020.