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 |
Dollar General
DG
|
+$920M |
| 2 |
Delta Air Lines
DAL
|
+$241M |
| 3 |
Magna International
MGA
|
+$224M |
| 4 |
NOV
NOV
|
+$139M |
| 5 |
Advance Auto Parts
AAP
|
+$90M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Edison International
EIX
|
+$293M |
| 2 |
SS&C Technologies
SSNC
|
+$110M |
| 3 |
Equitable Holdings
EQH
|
+$90.7M |
| 4 |
AXIS Capital
AXS
|
+$69.4M |
| 5 |
Belden
BDC
|
+$65.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.59% |
| 2 | Healthcare | 17.76% |
| 3 | Technology | 16.41% |
| 4 | Consumer Discretionary | 12.05% |
| 5 | Consumer Staples | 7.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Universal Health Services
UHS
$10.4B
| $93M | 0.3% |
405,949
-49,374
| -11% | -$10.6M |
|
52
Leidos
LDOS
$17.7B
| $82M | 0.26% |
502,880
+170
| +0% | +$25.7K |
|
53
General Dynamics
GD
$104B
| $81.7M | 0.26% |
270,507
+155
| +0.1% | +$45.5K |
|
|
WBS
54
DELISTED
Webster Financial
WBS
| $80.5M | 0.26% |
1,726,539
-16,634
| -1% | -$763K |
|
55
Diamondrock Hospitality Co
DRH
$2.62B
| $79.9M | 0.26% |
9,153,018
+317,901
| +4% | +$2.67M |
|
56
Morgan Stanley
MS
$336B
| $78.2M | 0.25% |
750,188
+365
| +0% | +$36.8K |
|
57
Korn Ferry
KFY
$4.37B
| $76.9M | 0.25% |
1,022,212
-22,676
| -2% | -$1.59M |
|
58
Concentrix
CNXC
$1.55B
| $75.3M | 0.24% |
1,468,639
-16,268
| -1% | -$1.09M |
|
|
MRC
59
DELISTED
MRC Global
MRC
| $73.5M | 0.24% |
5,770,791
+20,407
| +0.4% | +$264K |
|
60
Henry Schein
HSIC
$9.86B
| $71.9M | 0.23% |
986,467
-3,204
| -0.3% | -$222K |
|
|
SCS
61
DELISTED
Steelcase
SCS
| $70.7M | 0.23% |
5,239,449
-1,853,226
| -26% | -$24.8M |
|
62
ExxonMobil
XOM
$679B
| $69.7M | 0.22% |
594,716
| – | – |
|
63
Robert Half
RHI
$4.58B
| $69.3M | 0.22% |
1,027,683
+303,421
| +42% | +$19.2M |
|
64
Orion
OEC
$346M
| $65M | 0.21% |
3,647,985
+954,398
| +35% | +$18.4M |
|
65
Adient
ADNT
$1.54B
| $63.8M | 0.21% |
2,825,491
+877,142
| +45% | +$20.1M |
|
66
Resideo Technologies
REZI
$3.08B
| $60.9M | 0.2% |
3,022,371
-240,361
| -7% | -$4.77M |
|
67
Wabtec
WAB
$50.3B
| $60.4M | 0.19% |
332,298
-122,097
| -27% | -$20M |
|
68
Malibu Boats
MBUU
$579M
| $60.4M | 0.19% |
1,555,331
+77,015
| +5% | +$2.77M |
|
69
Columbia Banking Systems
COLB
$8.72B
| $58.1M | 0.19% |
2,225,764
-206,683
| -8% | -$4.92M |
|
70
Old National Bancorp
ONB
$9.87B
| $55.7M | 0.18% |
2,983,728
-159,745
| -5% | -$2.99M |
|
71
TriMas Corp
TRS
$1.41B
| $54.7M | 0.18% |
2,142,547
-117,955
| -5% | -$2.96M |
|
72
Associated Banc-Corp
ASB
$5.82B
| $53M | 0.17% |
2,461,851
-49,028
| -2% | -$1.06M |
|
73
MasterBrand
MBC
$1.85B
| $52.6M | 0.17% |
2,838,716
+35,497
| +1% | +$579K |
|
74
C.H. Robinson
CHRW
$16.5B
| $51.3M | 0.17% |
465,027
-412,700
| -47% | -$40.1M |
|
|
FITB
75
Fifth Third Bancorp
FITB
$49.7B
| $49.9M | 0.16% |
1,163,906
-5,439
| -0.5% | -$221K |
|
Similar funds
Richard Pzena's Q3 2024 Portfolio in Review
As of Q3 2024, Richard Pzena held 167 positions worth $31B, up 9.1% from $28.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Richard Pzena deployed $1.25B of net new capital in Q3 2024, opening 7 new positions and adding to 57 existing holdings. Its largest new stake was Delta Air Lines: 5,536,640 shares worth $281M.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Edison International, an estimated $293M trimmed.
- Richard Pzena's largest Q3 2024 buy was Delta Air Lines: 5,536,640 shares worth $281M.
- Richard Pzena added most to Dollar General in Q3 2024, an estimated $920M increase.
- Richard Pzena's biggest Q3 2024 reduction was Edison International, cutting an estimated $293M.
- Richard Pzena fully exited Cardinal Health in Q3 2024, selling an estimated $65.3M.
- Richard Pzena's ten largest holdings make up 35% of its $31B portfolio in Q3 2024.
- Richard Pzena opened 7 new positions and closed 10 in Q3 2024.
- Richard Pzena's portfolio value rose 9.1% quarter-over-quarter to $31B.
Based on Pzena Investment Management's 13F filing for Q3 2024, filed 8 Nov 2024.