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 |
GE HealthCare
GEHC
|
+$259M |
| 2 |
Dow Inc
DOW
|
+$246M |
| 3 |
TE Connectivity
TEL
|
+$232M |
| 4 |
Charter Communications
CHTR
|
+$220M |
| 5 |
Capital One
COF
|
+$107M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$404M |
| 2 |
NRG Energy
NRG
|
+$266M |
| 3 |
Hewlett Packard
HPE
|
+$256M |
| 4 |
McKesson
MCK
|
+$119M |
| 5 |
TechnipFMC
FTI
|
+$86.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.52% |
| 2 | Consumer Discretionary | 16.79% |
| 3 | Technology | 16.68% |
| 4 | Industrials | 12% |
| 5 | Healthcare | 9.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
ExxonMobil
XOM
$679B
| $99.3M | 0.43% |
905,095
+35
| +0% | +$3.87K |
|
52
Johnson & Johnson
JNJ
$651B
| $98.3M | 0.42% |
634,294
+290
| +0% | +$46.8K |
|
53
Medtronic
MDT
$119B
| $94.6M | 0.41% |
+1,173,455
| New | +$95.6M |
|
54
Orion
OEC
$346M
| $93.1M | 0.4% |
3,569,412
-774,145
| -18% | -$17.5M |
|
55
Elevance Health
ELV
$86.9B
| $88.2M | 0.38% |
191,863
+163
| +0.1% | +$77.6K |
|
|
SCS
56
DELISTED
Steelcase
SCS
| $84.8M | 0.37% |
10,070,911
-536,607
| -5% | -$4.12M |
|
|
WBS
57
DELISTED
Webster Financial
WBS
| $83.1M | 0.36% |
2,109,012
-87,047
| -4% | -$4.18M |
|
58
UBS Group
UBS
$163B
| $80.9M | 0.35% |
3,788,665
-568,332
| -13% | -$11.9M |
|
59
General Dynamics
GD
$104B
| $78.7M | 0.34% |
344,778
-721
| -0.2% | -$167K |
|
60
Dana Inc
DAN
$3.41B
| $75.7M | 0.33% |
5,032,608
-174,508
| -3% | -$2.86M |
|
|
DOOR
61
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $75.7M | 0.33% |
834,224
+3,712
| +0.4% | +$327K |
|
62
Celestica
CLS
$37.4B
| $75.2M | 0.32% |
5,826,294
-362,250
| -6% | -$4.63M |
|
63
TSMC
TSM
$2.17T
| $74.3M | 0.32% |
799,096
+44,088
| +6% | +$3.96M |
|
64
Flex
FLEX
$40.8B
| $73.4M | 0.32% |
4,234,725
-2,473,720
| -37% | -$42.8M |
|
65
Belden
BDC
$4.79B
| $72.4M | 0.31% |
834,678
-272,939
| -25% | -$22.6M |
|
66
TriMas Corp
TRS
$1.41B
| $69.3M | 0.3% |
2,488,324
+553,910
| +29% | +$16.2M |
|
67
Morgan Stanley
MS
$336B
| $66.2M | 0.29% |
754,456
-4,202
| -0.6% | -$392K |
|
68
Enerpac Tool Group
EPAC
$1.9B
| $63M | 0.27% |
2,471,978
-926,081
| -27% | -$24.4M |
|
69
Spectrum Brands
SPB
$2B
| $62.3M | 0.27% |
941,517
-44,618
| -5% | -$2.82M |
|
70
Old National Bancorp
ONB
$9.87B
| $56.9M | 0.25% |
3,946,230
-161,871
| -4% | -$2.74M |
|
|
MRC
71
DELISTED
MRC Global
MRC
| $56.8M | 0.25% |
5,845,400
+423,058
| +8% | +$4.8M |
|
|
JNPR
72
DELISTED
Juniper Networks
JNPR
| $55.9M | 0.24% |
1,624,538
| – | – |
|
|
GMS
73
DELISTED
GMS Inc
GMS
| $54.7M | 0.24% |
945,421
-64,007
| -6% | -$3.63M |
|
74
Associated Banc-Corp
ASB
$5.82B
| $53.5M | 0.23% |
2,977,850
-132,301
| -4% | -$2.9M |
|
75
Scansource
SCSC
$1.1B
| $52.8M | 0.23% |
1,734,030
+192,775
| +13% | +$5.99M |
|
Similar funds
Richard Pzena's Q1 2023 Portfolio in Review
As of Q1 2023, Richard Pzena held 194 positions worth $23.2B, up 2.5% from $22.6B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
Richard Pzena's Q1 2023 filing shows 14 new, 47 increased, 96 reduced and 31 closed positions. Its largest new stake was GE HealthCare: 3,625,855 shares worth $297M. The largest sale was GE Aerospace, an estimated $404M.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 28% a quarter earlier, followed by Consumer Discretionary and Technology.
- Richard Pzena's largest Q1 2023 buy was GE HealthCare: 3,625,855 shares worth $297M.
- Richard Pzena added most to Dow Inc in Q1 2023, an estimated $246M increase.
- Richard Pzena's biggest Q1 2023 reduction was GE Aerospace, cutting an estimated $404M.
- Richard Pzena fully exited NRG Energy in Q1 2023, selling an estimated $266M.
- Richard Pzena's ten largest holdings make up 37% of its $23.2B portfolio in Q1 2023.
- Richard Pzena opened 14 new positions and closed 31 in Q1 2023.
- Richard Pzena's portfolio value rose 2.5% quarter-over-quarter to $23.2B.
Based on Pzena Investment Management's 13F filing for Q1 2023, filed 12 May 2023.