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 |
Newell Brands
NWL
|
+$183M |
| 2 |
Lear
LEA
|
+$179M |
| 3 |
Shell
SHEL
|
+$175M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$166M |
| 5 |
SS&C Technologies
SSNC
|
+$156M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Halliburton
HAL
|
+$513M |
| 2 |
Baker Hughes
BKR
|
+$322M |
| 3 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$174M |
| 4 |
Cenovus Energy
CVE
|
+$123M |
| 5 |
Textron
TXT
|
+$115M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.39% |
| 2 | Technology | 15.36% |
| 3 | Consumer Discretionary | 11.7% |
| 4 | Industrials | 11.52% |
| 5 | Energy | 11.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Johnson & Johnson
JNJ
$651B
| $127M | 0.48% |
716,695
-164,709
| -19% | -$28M |
|
52
Terex
TEX
$7.6B
| $121M | 0.46% |
3,390,746
+155,667
| +5% | +$6.44M |
|
53
Cigna
CI
$73.3B
| $105M | 0.4% |
438,788
-86
| -0% | -$20.1K |
|
54
Belden
BDC
$4.79B
| $103M | 0.39% |
1,867,145
+183,829
| +11% | +$10.6M |
|
55
Baidu
BIDU
$31.6B
| $101M | 0.38% |
759,705
-14,780
| -2% | -$2.23M |
|
56
Spectrum Brands
SPB
$2B
| $95.3M | 0.36% |
1,074,660
+70,878
| +7% | +$6.52M |
|
|
SCS
57
DELISTED
Steelcase
SCS
| $94.9M | 0.36% |
7,938,793
+928,566
| +13% | +$11.2M |
|
58
Elevance Health
ELV
$86.9B
| $93.7M | 0.35% |
190,746
+260
| +0.1% | +$119K |
|
59
Enerpac Tool Group
EPAC
$1.9B
| $87.4M | 0.33% |
3,990,912
+48,963
| +1% | +$926K |
|
60
Celestica
CLS
$37.4B
| $86.1M | 0.33% |
7,228,795
-364,529
| -5% | -$4.3M |
|
61
Associated Banc-Corp
ASB
$5.82B
| $86M | 0.33% |
3,778,402
+280,264
| +8% | +$6.78M |
|
62
Dana Inc
DAN
$3.41B
| $85.5M | 0.32% |
4,865,525
+1,516,687
| +45% | +$31M |
|
63
General Dynamics
GD
$104B
| $83.3M | 0.31% |
345,373
+54
| +0% | +$12K |
|
64
Ryder
R
$9.58B
| $83.1M | 0.31% |
1,048,052
-63,382
| -6% | -$4.93M |
|
65
Regions Financial
RF
$25.9B
| $80M | 0.3% |
3,593,698
-36,228
| -1% | -$852K |
|
66
Axalta
AXTA
$7.75B
| $78.6M | 0.3% |
+3,198,398
| New | +$89.4M |
|
67
Old National Bancorp
ONB
$9.87B
| $72.9M | 0.28% |
+4,450,553
| New | +$81M |
|
68
Morgan Stanley
MS
$336B
| $72.8M | 0.28% |
832,994
-186,002
| -18% | -$17.9M |
|
|
AEL
69
DELISTED
American Equity Investment Life Holding Company
AEL
| $72.7M | 0.27% |
1,821,373
-244,451
| -12% | -$9.84M |
|
|
GAP
70
The Gap Inc
GAP
$7.13B
| $68.1M | 0.26% |
4,834,805
+1,054,220
| +28% | +$16.8M |
|
71
Diamondrock Hospitality Co
DRH
$2.62B
| $66.3M | 0.25% |
6,565,872
+1,174,806
| +22% | +$11.4M |
|
72
KeyCorp
KEY
$23.3B
| $62.4M | 0.24% |
2,789,049
-34,900
| -1% | -$868K |
|
73
Invesco
IVZ
$14.1B
| $61.8M | 0.23% |
2,678,478
-6,806
| -0.3% | -$151K |
|
74
MasTec
MTZ
$21.4B
| $61.7M | 0.23% |
708,903
+40,529
| +6% | +$3.54M |
|
|
JNPR
75
DELISTED
Juniper Networks
JNPR
| $60.4M | 0.23% |
1,625,824
-294,330
| -15% | -$10.1M |
|
Similar funds
Richard Pzena's Q1 2022 Portfolio in Review
As of Q1 2022, Richard Pzena held 192 positions worth $26.5B, down 0.29% from $26.5B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena's Q1 2022 filing shows 18 new, 78 increased, 54 reduced and 15 closed positions. Its largest new stake was Shell: 3,298,328 shares worth $181M. The largest sale was Halliburton, an estimated $513M.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q1 2022 buy was Shell: 3,298,328 shares worth $181M.
- Richard Pzena added most to Newell Brands in Q1 2022, an estimated $183M increase.
- Richard Pzena's biggest Q1 2022 reduction was Halliburton, cutting an estimated $513M.
- Richard Pzena fully exited Royal Dutch Shell PLC ADS Class A in Q1 2022, selling an estimated $174M.
- Richard Pzena's ten largest holdings make up 36% of its $26.5B portfolio in Q1 2022.
- Richard Pzena opened 18 new positions and closed 15 in Q1 2022.
- Richard Pzena's portfolio value fell 0.29% quarter-over-quarter to $26.5B.
Based on Pzena Investment Management's 13F filing for Q1 2022, filed 6 May 2022.