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 |
SS&C Technologies
SSNC
|
+$220M |
| 2 |
Fresenius Medical Care
FMS
|
+$100M |
| 3 |
GE Aerospace
GE
|
+$86M |
| 4 |
Citigroup
C
|
+$54.5M |
| 5 |
GAP
The Gap Inc
GAP
|
+$50.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ford
F
|
+$430M |
| 2 |
Textron
TXT
|
+$111M |
| 3 |
Morgan Stanley
MS
|
+$73.3M |
| 4 |
Ryder
R
|
+$49.3M |
| 5 |
Oracle
ORCL
|
+$48.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.39% |
| 2 | Technology | 14.91% |
| 3 | Consumer Discretionary | 13.03% |
| 4 | Industrials | 12.37% |
| 5 | Energy | 10.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Booking.com
BKNG
$158B
| $119M | 0.45% |
1,244,775
+3,775
| +0.3% | +$358K |
|
52
UBS Group
UBS
$163B
| $118M | 0.45% |
6,606,486
-17,893
| -0.3% | -$315K |
|
53
Baidu
BIDU
$31.6B
| $115M | 0.43% |
774,485
-3,340
| -0.4% | -$522K |
|
54
Belden
BDC
$4.79B
| $111M | 0.42% |
1,683,316
-276,643
| -14% | -$17.4M |
|
55
Spectrum Brands
SPB
$2B
| $102M | 0.38% |
1,003,782
-3,759
| -0.4% | -$369K |
|
56
Cigna
CI
$73.3B
| $101M | 0.38% |
438,874
-617
| -0.1% | -$131K |
|
|
57
Morgan Stanley
MS
$336B
| $100M | 0.38% |
1,018,996
-735,560
| -42% | -$73.3M |
|
|
58
Ryder
R
$9.58B
| $91.6M | 0.35% |
1,111,434
-588,247
| -35% | -$49.3M |
|
59
Elevance Health
ELV
$86.9B
| $88.3M | 0.33% |
190,486
-1,454
| -0.8% | -$612K |
|
60
Celestica
CLS
$37.4B
| $84.5M | 0.32% |
7,593,324
-1,111,084
| -13% | -$11.5M |
|
|
SCS
61
DELISTED
Steelcase
SCS
| $82.2M | 0.31% |
7,010,227
+1,009,858
| +17% | +$12.2M |
|
|
AEL
62
DELISTED
American Equity Investment Life Holding Company
AEL
| $80.4M | 0.3% |
2,065,824
-5,135
| -0.2% | -$179K |
|
63
Enerpac Tool Group
EPAC
$1.9B
| $79.9M | 0.3% |
3,941,949
+29,102
| +0.7% | +$625K |
|
64
Regions Financial
RF
$25.9B
| $79.1M | 0.3% |
3,629,926
-135,707
| -4% | -$3.1M |
|
65
Associated Banc-Corp
ASB
$5.82B
| $79M | 0.3% |
3,498,138
+20,871
| +0.6% | +$472K |
|
66
Dana Inc
DAN
$3.41B
| $76.4M | 0.29% |
3,348,838
+270,195
| +9% | +$6.27M |
|
|
FMBI
67
DELISTED
First Midwest Bancorp Inc/IL
FMBI
| $75.5M | 0.28% |
3,688,549
+64,251
| +2% | +$1.29M |
|
68
Bristol-Myers Squibb
BMY
$137B
| $72.1M | 0.27% |
1,155,708
-22,235
| -2% | -$1.3M |
|
69
General Dynamics
GD
$104B
| $72M | 0.27% |
345,319
+548
| +0.2% | +$111K |
|
|
JNPR
70
DELISTED
Juniper Networks
JNPR
| $68.6M | 0.26% |
1,920,154
-32,566
| -2% | -$1.02M |
|
|
GAP
71
The Gap Inc
GAP
$7.13B
| $66.7M | 0.25% |
3,780,585
+2,422,939
| +178% | +$50.7M |
|
|
FITB
72
Fifth Third Bancorp
FITB
$49.7B
| $65.8M | 0.25% |
1,510,122
-9,833
| -0.6% | -$430K |
|
73
KeyCorp
KEY
$23.3B
| $65.3M | 0.25% |
2,823,949
-143,530
| -5% | -$3.33M |
|
74
TriMas Corp
TRS
$1.41B
| $63.8M | 0.24% |
1,723,779
+3,874
| +0.2% | +$134K |
|
75
Orion
OEC
$346M
| $62.3M | 0.24% |
3,395,766
+527,340
| +18% | +$9.82M |
|
Similar funds
Richard Pzena's Q4 2021 Portfolio in Review
As of Q4 2021, Richard Pzena held 181 positions worth $26.5B, up 5% from $25.3B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena's Q4 2021 filing shows 13 new, 55 increased, 86 reduced and 7 closed positions. Its largest new stake was American Woodmark: 736,196 shares worth $48M. The largest sale was Ford, an estimated $430M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 29% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q4 2021 buy was American Woodmark: 736,196 shares worth $48M.
- Richard Pzena added most to SS&C Technologies in Q4 2021, an estimated $220M increase.
- Richard Pzena's biggest Q4 2021 reduction was Ford, cutting an estimated $430M.
- Richard Pzena fully exited UnitedHealth in Q4 2021, selling an estimated $612K.
- Richard Pzena's ten largest holdings make up 36% of its $26.5B portfolio in Q4 2021.
- Richard Pzena opened 13 new positions and closed 7 in Q4 2021.
- Richard Pzena's portfolio value rose 5% quarter-over-quarter to $26.5B.
Based on Pzena Investment Management's 13F filing for Q4 2021, filed 4 Feb 2022.