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 |
Fresenius Medical Care
FMS
|
+$250M |
| 2 |
Johnson & Johnson
JNJ
|
+$151M |
| 3 |
Cognizant
CTSH
|
+$151M |
| 4 |
NRG Energy
NRG
|
+$96.3M |
| 5 |
Pfizer
PFE
|
+$88.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Textron
TXT
|
+$187M |
| 2 |
Capital One
COF
|
+$116M |
| 3 |
CVS Health
CVS
|
+$103M |
| 4 |
American International
AIG
|
+$74.7M |
| 5 |
Morgan Stanley
MS
|
+$64.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 28.55% |
| 2 | Consumer Discretionary | 13.6% |
| 3 | Technology | 13.41% |
| 4 | Industrials | 13.17% |
| 5 | Energy | 11.59% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
WBS
51
DELISTED
Webster Financial
WBS
| $124M | 0.49% |
2,270,870
+8,649
| +0.4% | +$430K |
|
52
Baidu
BIDU
$31.6B
| $120M | 0.47% |
777,825
-27,430
| -3% | -$4.51M |
|
53
Booking.com
BKNG
$158B
| $118M | 0.47% |
1,241,000
+45,850
| +4% | +$4.11M |
|
54
Belden
BDC
$4.79B
| $114M | 0.45% |
1,959,959
-81,527
| -4% | -$4.37M |
|
55
Amgen
AMGN
$238B
| $113M | 0.45% |
533,272
-67,648
| -11% | -$15.6M |
|
56
UBS Group
UBS
$163B
| $106M | 0.42% |
6,624,379
+114,718
| +2% | +$1.86M |
|
57
Spectrum Brands
SPB
$2B
| $96.4M | 0.38% |
1,007,541
+172,938
| +21% | +$14.7M |
|
58
Cigna
CI
$73.3B
| $88M | 0.35% |
439,491
-6,699
| -2% | -$1.46M |
|
59
Enerpac Tool Group
EPAC
$1.9B
| $81.1M | 0.32% |
3,912,847
+414
| +0% | +$10.3K |
|
60
Regions Financial
RF
$25.9B
| $80.2M | 0.32% |
3,765,633
-67,013
| -2% | -$1.33M |
|
61
Celestica
CLS
$37.4B
| $77.3M | 0.31% |
8,704,408
-67,808
| -0.8% | -$581K |
|
|
SCS
62
DELISTED
Steelcase
SCS
| $76.1M | 0.3% |
6,000,369
+137,326
| +2% | +$1.89M |
|
63
Associated Banc-Corp
ASB
$5.82B
| $74.5M | 0.29% |
3,477,267
+37,856
| +1% | +$769K |
|
64
Elevance Health
ELV
$86.9B
| $71.6M | 0.28% |
+191,940
| New | +$72.9M |
|
65
Bristol-Myers Squibb
BMY
$137B
| $69.7M | 0.28% |
1,177,943
-281,980
| -19% | -$18.6M |
|
|
FMBI
66
DELISTED
First Midwest Bancorp Inc/IL
FMBI
| $68.9M | 0.27% |
3,624,298
+58,399
| +2% | +$1.08M |
|
67
Dana Inc
DAN
$3.41B
| $68.5M | 0.27% |
3,078,643
+44,807
| +1% | +$1.03M |
|
68
Murphy Oil
MUR
$5.36B
| $68M | 0.27% |
2,724,072
-114,270
| -4% | -$2.46M |
|
69
General Dynamics
GD
$104B
| $67.6M | 0.27% |
+344,771
| New | +$67.5M |
|
70
POSCO
PKX
$17.3B
| $66.1M | 0.26% |
957,976
-34,668
| -3% | -$2.55M |
|
71
Invesco
IVZ
$14.1B
| $64.9M | 0.26% |
2,690,315
-44,655
| -2% | -$1.12M |
|
|
FITB
72
Fifth Third Bancorp
FITB
$49.7B
| $64.5M | 0.26% |
1,519,955
-196,728
| -11% | -$7.53M |
|
73
KeyCorp
KEY
$23.3B
| $64.2M | 0.25% |
2,967,479
-568,084
| -16% | -$11.5M |
|
|
REVG
74
DELISTED
REV Group
REVG
| $62.2M | 0.25% |
3,626,812
-99,164
| -3% | -$1.58M |
|
|
AEL
75
DELISTED
American Equity Investment Life Holding Company
AEL
| $61.2M | 0.24% |
2,070,959
-571
| -0% | -$17.8K |
|
Similar funds
Richard Pzena's Q3 2021 Portfolio in Review
As of Q3 2021, Richard Pzena held 180 positions worth $25.3B, down 1.7% from $25.7B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Richard Pzena's Q3 2021 filing shows 15 new, 62 increased, 64 reduced and 12 closed positions. Its largest new stake was Fresenius Medical Care: 6,407,774 shares worth $224M. The largest sale was Textron, an estimated $187M.
By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 28% a quarter earlier, followed by Consumer Discretionary and Technology.
- Richard Pzena's largest Q3 2021 buy was Fresenius Medical Care: 6,407,774 shares worth $224M.
- Richard Pzena added most to Cognizant in Q3 2021, an estimated $151M increase.
- Richard Pzena's biggest Q3 2021 reduction was Textron, cutting an estimated $187M.
- Richard Pzena fully exited CVS Health in Q3 2021, selling an estimated $103M.
- Richard Pzena's ten largest holdings make up 35% of its $25.3B portfolio in Q3 2021.
- Richard Pzena opened 15 new positions and closed 12 in Q3 2021.
- Richard Pzena's portfolio value fell 1.7% quarter-over-quarter to $25.3B.
Based on Pzena Investment Management's 13F filing for Q3 2021, filed 5 Nov 2021.