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 |
Halliburton
HAL
|
+$263M |
| 2 |
American International
AIG
|
+$222M |
| 3 |
Dow Inc
DOW
|
+$194M |
| 4 |
Ford
F
|
+$147M |
| 5 |
Gildan
GIL
|
+$127M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
KKR & Co
KKR
|
+$81.6M |
| 2 |
Willis Towers Watson
WTW
|
+$76.9M |
| 3 |
Walmart Inc
WMT
|
+$67.2M |
| 4 |
Edison International
EIX
|
+$59.9M |
| 5 |
Omnicom Group
OMC
|
+$57.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.29% |
| 2 | Industrials | 12.97% |
| 3 | Technology | 12.23% |
| 4 | Healthcare | 11.58% |
| 5 | Consumer Discretionary | 10.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Dana Inc
DAN
$3.41B
| $30.8M | 0.23% |
3,939,421
+2,506,592
| +175% | +$34.6M |
|
77
Varex Imaging
VREX
$780M
| $29.9M | 0.23% |
1,314,747
-192,980
| -13% | -$4.97M |
|
78
TriMas Corp
TRS
$1.41B
| $29.6M | 0.22% |
1,282,939
-479,407
| -27% | -$13.2M |
|
|
DOOR
79
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $29.1M | 0.22% |
613,672
-472,032
| -43% | -$33.4M |
|
80
TSMC
TSM
$2.17T
| $28.8M | 0.22% |
602,887
-116,760
| -16% | -$6.39M |
|
81
KBR
KBR
$4.86B
| $26.9M | 0.2% |
1,301,401
-308,045
| -19% | -$7.96M |
|
82
Hope Bancorp
HOPE
$1.78B
| $26.3M | 0.2% |
3,194,431
-230,887
| -7% | -$2.88M |
|
83
Universal Corp
UVV
$1.12B
| $26M | 0.2% |
589,185
-287,570
| -33% | -$14.4M |
|
84
Hooker Furnishings Corp
HOFT
$155M
| $25.3M | 0.19% |
1,620,521
+146,364
| +10% | +$3.01M |
|
|
FMBI
85
DELISTED
First Midwest Bancorp Inc/IL
FMBI
| $25M | 0.19% |
1,885,910
+38,691
| +2% | +$729K |
|
86
Genpact
G
$6.24B
| $24.9M | 0.19% |
853,557
-155,390
| -15% | -$6.08M |
|
87
Dover
DOV
$27.2B
| $24.5M | 0.19% |
292,377
-39
| -0% | -$4.13K |
|
88
ICICI Bank
IBN
$107B
| $24.1M | 0.18% |
2,834,658
-348,694
| -11% | -$4.62M |
|
89
Univest Financial
UVSP
$1.15B
| $24M | 0.18% |
+1,470,802
| New | +$33.7M |
|
|
TCF
90
DELISTED
TCF Financial Corporation Common Stock
TCF
| $23.5M | 0.18% |
1,037,341
+272,447
| +36% | +$10.2M |
|
91
MSC Industrial Direct
MSM
$6.69B
| $23.2M | 0.18% |
422,399
+12,343
| +3% | +$813K |
|
92
Celestica
CLS
$37.4B
| $23M | 0.17% |
6,581,077
+1,275,432
| +24% | +$8.79M |
|
93
Motorcar Parts of America
MPAA
$226M
| $22.9M | 0.17% |
1,823,664
+242,401
| +15% | +$4.44M |
|
94
Cisco
CSCO
$438B
| $22.6M | 0.17% |
576,079
+3
| +0% | +$132 |
|
95
Allstate
ALL
$64.2B
| $22.3M | 0.17% |
243,501
-40,029
| -14% | -$4.35M |
|
96
Globe Life
GL
$13.1B
| $21.9M | 0.17% |
303,871
| – | – |
|
97
Murphy Oil
MUR
$5.36B
| $21.2M | 0.16% |
3,462,504
+936,946
| +37% | +$17.2M |
|
98
WSFS Financial
WSFS
$4.08B
| $19.8M | 0.15% |
796,091
+35,717
| +5% | +$1.29M |
|
99
Arrow Electronics
ARW
$10.7B
| $19.5M | 0.15% |
376,101
| – | – |
|
100
Hartford Financial Services
HIG
$36.9B
| $17.9M | 0.14% |
506,950
| – | – |
|
Similar funds
Richard Pzena's Q1 2020 Portfolio in Review
As of Q1 2020, Richard Pzena held 189 positions worth $13.2B, down 38% from $21.4B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena deployed $910M of net new capital in Q1 2020, opening 15 new positions and adding to 69 existing holdings. Its largest new stake was Dow Inc: 4,570,427 shares worth $134M.
By sector, the portfolio is most concentrated in Financials at 31% of assets, down from 32% a quarter earlier, followed by Industrials and Technology.
On the sell side, the largest reduction was KKR & Co, an estimated $81.6M trimmed.
- Richard Pzena's largest Q1 2020 buy was Dow Inc: 4,570,427 shares worth $134M.
- Richard Pzena added most to Halliburton in Q1 2020, an estimated $263M increase.
- Richard Pzena's biggest Q1 2020 reduction was KKR & Co, cutting an estimated $81.6M.
- Richard Pzena fully exited Carlisle Companies in Q1 2020, selling an estimated $36.5M.
- Richard Pzena's ten largest holdings make up 29% of its $13.2B portfolio in Q1 2020.
- Richard Pzena opened 15 new positions and closed 24 in Q1 2020.
- Richard Pzena's portfolio value fell 38% quarter-over-quarter to $13.2B.
Based on Pzena Investment Management's 13F filing for Q1 2020, filed 1 May 2020.