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 |
Textron
TXT
|
+$245M |
| 2 |
Wells Fargo
WFC
|
+$117M |
| 3 |
Trip.com Group
TCOM
|
+$110M |
| 4 |
GE Aerospace
GE
|
+$93M |
| 5 |
Booking.com
BKNG
|
+$78.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Stanley Black & Decker
SWK
|
+$161M |
| 2 |
IPG
Interpublic Group of Companies
IPG
|
+$83.7M |
| 3 |
AGR
Avangrid, Inc.
AGR
|
+$70.1M |
| 4 |
Morgan Stanley
MS
|
+$60.8M |
| 5 |
JELD-WEN Holding
JELD
|
+$58.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 29.37% |
| 2 | Consumer Discretionary | 14.37% |
| 3 | Industrials | 13.89% |
| 4 | Technology | 12.67% |
| 5 | Energy | 10.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Enerpac Tool Group
EPAC
$1.9B
| $76.3M | 0.48% |
4,058,570
+83,309
| +2% | +$1.66M |
|
52
Cigna
CI
$73.3B
| $75.8M | 0.47% |
447,139
-233
| -0.1% | -$41K |
|
|
WBS
53
DELISTED
Webster Financial
WBS
| $72.8M | 0.45% |
2,756,786
+461,109
| +20% | +$12.5M |
|
54
Cenovus Energy
CVE
$60.7B
| $71.7M | 0.45% |
18,444,378
-1,226,818
| -6% | -$5.63M |
|
55
CVS Health
CVS
$119B
| $67.7M | 0.42% |
1,158,394
+43,418
| +4% | +$2.7M |
|
56
UBS Group
UBS
$163B
| $67.3M | 0.42% |
6,034,314
-1,194,404
| -17% | -$14.3M |
|
57
Parker-Hannifin
PH
$126B
| $65.9M | 0.41% |
325,683
-856
| -0.3% | -$168K |
|
58
Regions Financial
RF
$25.9B
| $63.1M | 0.39% |
5,475,054
-208,831
| -4% | -$2.33M |
|
|
JNPR
59
DELISTED
Juniper Networks
JNPR
| $62.4M | 0.39% |
2,903,439
+175,125
| +6% | +$4.15M |
|
|
FITB
60
Fifth Third Bancorp
FITB
$49.7B
| $56.1M | 0.35% |
2,630,097
-793,456
| -23% | -$16M |
|
61
Avis
CAR
$5.18B
| $55.5M | 0.35% |
2,108,864
-731,497
| -26% | -$22M |
|
62
KeyCorp
KEY
$23.3B
| $55.5M | 0.35% |
4,650,133
-941,164
| -17% | -$11.5M |
|
63
Spectrum Brands
SPB
$2B
| $51.7M | 0.32% |
903,936
-489,443
| -35% | -$26.8M |
|
64
Invesco
IVZ
$14.1B
| $51.6M | 0.32% |
4,520,066
+342,305
| +8% | +$3.63M |
|
65
Celestica
CLS
$37.4B
| $47.4M | 0.3% |
6,866,416
-166,897
| -2% | -$1.25M |
|
66
Reinsurance Group of America
RGA
$15.9B
| $45.5M | 0.28% |
+478,447
| New | +$43.1M |
|
67
Entergy
ETR
$48.8B
| $44.1M | 0.28% |
895,836
-1,274
| -0.1% | -$63.1K |
|
68
Belden
BDC
$4.79B
| $43.6M | 0.27% |
1,402,059
+223,154
| +19% | +$7.35M |
|
69
POSCO
PKX
$17.3B
| $43.6M | 0.27% |
1,041,825
+731,830
| +236% | +$29.6M |
|
70
Dana Inc
DAN
$3.41B
| $42.4M | 0.26% |
3,444,296
+244,432
| +8% | +$3.18M |
|
71
TSMC
TSM
$2.17T
| $41.7M | 0.26% |
514,260
-78,227
| -13% | -$5.94M |
|
72
Hooker Furnishings Corp
HOFT
$155M
| $41.7M | 0.26% |
1,612,868
-18,621
| -1% | -$437K |
|
|
GAP
73
The Gap Inc
GAP
$7.13B
| $41.4M | 0.26% |
+2,428,428
| New | +$36.2M |
|
74
Associated Banc-Corp
ASB
$5.82B
| $41M | 0.26% |
3,248,510
+209,595
| +7% | +$2.78M |
|
|
GTS
75
DELISTED
Triple-S Management Corporation
GTS
| $38.8M | 0.24% |
2,170,135
+32,861
| +2% | +$618K |
|
Similar funds
Richard Pzena's Q3 2020 Portfolio in Review
As of Q3 2020, Richard Pzena held 181 positions worth $16B, up 4.5% from $15.3B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Richard Pzena deployed $662M of net new capital in Q3 2020, opening 12 new positions and adding to 66 existing holdings. Its largest new stake was Textron: 6,761,973 shares worth $244M.
By sector, the portfolio is most concentrated in Financials at 29% of assets, down from 31% a quarter earlier, followed by Consumer Discretionary and Industrials.
On the sell side, the largest reduction was Stanley Black & Decker, an estimated $161M trimmed.
- Richard Pzena's largest Q3 2020 buy was Textron: 6,761,973 shares worth $244M.
- Richard Pzena added most to Wells Fargo in Q3 2020, an estimated $117M increase.
- Richard Pzena's biggest Q3 2020 reduction was Stanley Black & Decker, cutting an estimated $161M.
- Richard Pzena fully exited Avangrid, Inc. in Q3 2020, selling an estimated $70.1M.
- Richard Pzena's ten largest holdings make up 31% of its $16B portfolio in Q3 2020.
- Richard Pzena opened 12 new positions and closed 14 in Q3 2020.
- Richard Pzena's portfolio value rose 4.5% quarter-over-quarter to $16B.
Based on Pzena Investment Management's 13F filing for Q3 2020, filed 30 Oct 2020.