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 | |
|---|---|---|---|---|---|---|
|
ESND
101
DELISTED
Essendant Inc.
ESND
| $21.2M | 0.14% |
487,107
-101,131
| -17% | -$4.12M |
|
102
Enviri
NVRI
$582M
| $20.6M | 0.13% |
826,799
-69,875
| -8% | -$1.74M |
|
|
ARO
103
DELISTED
Aeropostale Inc
ARO
| $20M | 0.13% |
2,125,083
-57,875
| -3% | -$687K |
|
104
Mueller Water Products
MWA
$3.89B
| $18.4M | 0.12% |
2,307,442
-981,004
| -30% | -$7.56M |
|
|
PL
105
DELISTED
PROTECTIVE LIFE CORP
PL
| $18.4M | 0.12% |
431,414
-51,850
| -11% | -$2.22M |
|
|
SNV
106
DELISTED
Synovus
SNV
| $17.1M | 0.11% |
738,974
-267,525
| -27% | -$6.09M |
|
107
Tetra Tech
TTEK
$9.47B
| $15.3M | 0.1% |
+2,953,320
| New | +$14.2M |
|
|
MWW
108
DELISTED
Monster Worldwide Inc
MWW
| $15.2M | 0.1% |
3,433,146
-327,142
| -9% | -$1.6M |
|
109
Piper Sandler
PIPR
$5.3B
| $14.9M | 0.1% |
+1,737,600
| New | +$14.6M |
|
110
RenaissanceRe
RNR
$13.4B
| $14.5M | 0.09% |
159,911
+37,900
| +31% | +$3.31M |
|
|
FMBI
111
DELISTED
First Midwest Bancorp Inc/IL
FMBI
| $13.7M | 0.09% |
904,521
+776,021
| +604% | +$11.8M |
|
112
WSFS Financial
WSFS
$4.08B
| $12.1M | 0.08% |
604,785
-446,148
| -42% | -$8.93M |
|
113
Aecom
ACM
$8.34B
| $11.4M | 0.07% |
365,075
+117,550
| +47% | +$3.68M |
|
|
ARC
114
DELISTED
ARC Document Solutions, Inc.
ARC
| $11.3M | 0.07% |
2,459,388
-143,477
| -6% | -$675K |
|
|
RDUS
115
DELISTED
Radius Recycling
RDUS
| $10.8M | 0.07% |
+393,751
| New | +$10.3M |
|
116
Curtiss-Wright
CW
$23.5B
| $10.5M | 0.07% |
223,731
-791,918
| -78% | -$33.7M |
|
117
Globe Life
GL
$13.1B
| $7.66M | 0.05% |
158,736
-532,875
| -77% | -$25M |
|
118
Huntington Ingalls Industries
HII
$11.8B
| $6.46M | 0.04% |
95,855
-131,305
| -58% | -$8.37M |
|
119
Procter & Gamble
PG
$336B
| $6.3M | 0.04% |
83,361
+72,800
| +689% | +$5.79M |
|
120
Flex
FLEX
$40.8B
| $5.82M | 0.04% |
+849,865
| New | +$5.6M |
|
|
VR
121
DELISTED
Validus Hold Ltd
VR
| $5.34M | 0.03% |
144,491
-9,546
| -6% | -$338K |
|
|
SKX
122
DELISTED
Skechers
SKX
| $2.68M | 0.02% |
258,243
-2,346,384
| -90% | -$22.3M |
|
123
TSMC
TSM
$2.17T
| $2.23M | 0.01% |
+131,379
| New | +$2.24M |
|
124
Popular Inc
BPOP
$10.8B
| $2.2M | 0.01% |
83,778
| – | – |
|
125
ASE Group
ASX
$95.1B
| $1.52M | 0.01% |
318,586
+231,386
| +265% | +$986K |
|
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.