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 |
TRW
TRW AUTOMOTIVE HOLDINGS CORP
TRW
|
+$210M |
| 2 |
Cigna
CI
|
+$198M |
| 3 |
Oracle
ORCL
|
+$102M |
| 4 |
Parker-Hannifin
PH
|
+$75.8M |
| 5 |
Johnson & Johnson
JNJ
|
+$75.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Northrop Grumman
NOC
|
+$275M |
| 2 |
Aptiv
APTV
|
+$238M |
| 3 |
TE Connectivity
TEL
|
+$152M |
| 4 |
AET
Aetna Inc
AET
|
+$82.2M |
| 5 |
State Street
STT
|
+$64.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.09% |
| 2 | Technology | 17.72% |
| 3 | Energy | 12.12% |
| 4 | Industrials | 7.93% |
| 5 | Healthcare | 7.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AHL
76
DELISTED
ASPEN Insurance Holding Limited
AHL
| $35.1M | 0.23% |
966,874
+120,041
| +14% | +$4.41M |
|
|
AEL
77
DELISTED
American Equity Investment Life Holding Company
AEL
| $33.4M | 0.22% |
1,573,857
-386,390
| -20% | -$7.38M |
|
78
Enerpac Tool Group
EPAC
$1.9B
| $33.4M | 0.22% |
859,336
-281,653
| -25% | -$10.2M |
|
79
Primerica
PRI
$9.1B
| $32.6M | 0.21% |
808,044
-119,257
| -13% | -$4.72M |
|
|
CADE
80
DELISTED
Cadence Bank
CADE
| $32.5M | 0.21% |
1,629,393
-191,562
| -11% | -$3.76M |
|
81
Diodes
DIOD
$4.33B
| $30.4M | 0.2% |
1,239,191
-267,304
| -18% | -$6.95M |
|
|
WOOF
82
DELISTED
VCA Inc.
WOOF
| $29.1M | 0.19% |
1,061,169
-128,871
| -11% | -$3.6M |
|
83
Hope Bancorp
HOPE
$1.78B
| $28.6M | 0.18% |
2,077,851
-319,987
| -13% | -$4.61M |
|
84
Harte-Hanks
HHS
$27.4M
| $28.6M | 0.18% |
323,375
-70,225
| -18% | -$6.43M |
|
|
TCF
85
DELISTED
TCF Financial Corporation
TCF
| $28.3M | 0.18% |
1,984,540
-212,725
| -10% | -$3.17M |
|
|
JNY
86
DELISTED
JONES GROUP INC COM STK (PA)
JNY
| $27.6M | 0.18% |
1,840,933
-689,749
| -27% | -$10.8M |
|
87
T-Mobile US
TMUS
$196B
| $27.5M | 0.18% |
1,058,200
+24,950
| +2% | +$610K |
|
|
TPC
88
Tutor Perini Cor
TPC
$4.8B
| $26.6M | 0.17% |
1,249,744
-118,706
| -9% | -$2.29M |
|
89
Chemed
CHE
$7.07B
| $25.8M | 0.17% |
+360,943
| New | +$25.7M |
|
|
PHH
90
DELISTED
PHH Corporation
PHH
| $25.8M | 0.17% |
1,085,413
-135,400
| -11% | -$3M |
|
|
WBS
91
DELISTED
Webster Financial
WBS
| $25.7M | 0.17% |
1,006,739
-149,875
| -13% | -$3.99M |
|
|
NPBC
92
DELISTED
NATL PENN BANCSHARES INC
NPBC
| $24.6M | 0.16% |
2,445,173
-259,150
| -10% | -$2.74M |
|
93
Griffon
GFF
$4.55B
| $24.4M | 0.16% |
1,947,137
-199,950
| -9% | -$2.37M |
|
|
EGL
94
DELISTED
Engility Holdings, Inc.
EGL
| $24.3M | 0.16% |
767,056
-215,204
| -22% | -$6.99M |
|
95
Insight Enterprises
NSIT
$4.33B
| $24.3M | 0.16% |
1,286,037
-284,211
| -18% | -$5.72M |
|
96
Diamondrock Hospitality Co
DRH
$2.62B
| $22.7M | 0.15% |
2,129,994
-204,448
| -9% | -$2.05M |
|
|
APOL
97
DELISTED
Apollo Education Group Inc Class A
APOL
| $22.7M | 0.15% |
1,089,335
+7,150
| +0.7% | +$138K |
|
98
Matthews International
MATW
$664M
| $22.3M | 0.14% |
586,065
-59,601
| -9% | -$2.3M |
|
99
Eli Lilly
LLY
$1.12T
| $21.8M | 0.14% |
+433,250
| New | +$22.7M |
|
100
MillerKnoll
MLKN
$1.57B
| $21.3M | 0.14% |
729,595
-141,202
| -16% | -$3.92M |
|
Similar funds
Richard Pzena's Q3 2013 Portfolio in Review
As of Q3 2013, Richard Pzena held 135 positions worth $15.5B, up 3% from $15B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Richard Pzena's Q3 2013 filing shows 13 new, 42 increased, 74 reduced and 5 closed positions. Its largest new stake was TRW AUTOMOTIVE HOLDINGS CORP: 2,985,869 shares worth $213M. The largest sale was Northrop Grumman, an estimated $275M.
By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 35% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q3 2013 buy was TRW AUTOMOTIVE HOLDINGS CORP: 2,985,869 shares worth $213M.
- Richard Pzena added most to Cigna in Q3 2013, an estimated $198M increase.
- Richard Pzena's biggest Q3 2013 reduction was Northrop Grumman, cutting an estimated $275M.
- Richard Pzena fully exited HOSPIRA INC in Q3 2013, selling an estimated $40.6M.
- Richard Pzena's ten largest holdings make up 32% of its $15.5B portfolio in Q3 2013.
- Richard Pzena opened 13 new positions and closed 5 in Q3 2013.
- Richard Pzena's portfolio value rose 3% quarter-over-quarter to $15.5B.
Based on Pzena Investment Management's 13F filing for Q3 2013, filed 8 Nov 2013.