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 |
News Corp Class A
NWSA
|
+$276M |
| 2 |
General Motors
GM
|
+$193M |
| 3 |
Intel
INTC
|
+$179M |
| 4 |
CMA
Comerica
CMA
|
+$84.1M |
| 5 |
Cigna
CI
|
+$71M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$288M |
| 2 |
DELL
DELL INC
DELL
|
+$172M |
| 3 |
Microsoft
MSFT
|
+$131M |
| 4 |
Northrop Grumman
NOC
|
+$93.3M |
| 5 |
LLL
L3 Technologies, Inc.
LLL
|
+$91.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.39% |
| 2 | Technology | 18.34% |
| 3 | Energy | 12.13% |
| 4 | Consumer Discretionary | 7.99% |
| 5 | Healthcare | 7.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Harte-Hanks
HHS
$27.4M
| $22.8M | 0.13% |
291,456
-31,919
| -10% | -$2.6M |
|
102
Flex
FLEX
$40.8B
| $22.6M | 0.13% |
3,860,177
+3,010,312
| +354% | +$18.3M |
|
103
Eli Lilly
LLY
$1.12T
| $22M | 0.13% |
432,150
-1,100
| -0.3% | -$55.1K |
|
104
Mueller Water Products
MWA
$3.89B
| $21.6M | 0.13% |
2,306,217
-1,225
| -0.1% | -$10.4K |
|
|
ARC
105
DELISTED
ARC Document Solutions, Inc.
ARC
| $21M | 0.12% |
2,554,462
+95,074
| +4% | +$680K |
|
|
ARO
106
DELISTED
Aeropostale Inc
ARO
| $19.5M | 0.11% |
2,143,973
+18,890
| +0.9% | +$173K |
|
107
Columbus McKinnon
CMCO
$509M
| $19.1M | 0.11% |
+701,904
| New | +$18.3M |
|
108
MillerKnoll
MLKN
$1.57B
| $18.9M | 0.11% |
640,720
-88,875
| -12% | -$2.66M |
|
|
SNV
109
DELISTED
Synovus
SNV
| $18.8M | 0.11% |
744,509
+5,535
| +0.7% | +$130K |
|
|
FMBI
110
DELISTED
First Midwest Bancorp Inc/IL
FMBI
| $18.6M | 0.11% |
1,058,209
+153,688
| +17% | +$2.6M |
|
111
ON Semiconductor
ON
$28.9B
| $17.1M | 0.1% |
+2,072,956
| New | +$15.1M |
|
112
WSFS Financial
WSFS
$4.08B
| $15.5M | 0.09% |
601,635
-3,150
| -0.5% | -$73.6K |
|
113
RenaissanceRe
RNR
$13.4B
| $13.9M | 0.08% |
143,036
-16,875
| -11% | -$1.57M |
|
114
Aecom
ACM
$8.34B
| $11.3M | 0.07% |
384,425
+19,350
| +5% | +$585K |
|
115
Procter & Gamble
PG
$336B
| $8.96M | 0.05% |
110,062
+26,701
| +32% | +$2.18M |
|
116
Globe Life
GL
$13.1B
| $8.27M | 0.05% |
158,736
| – | – |
|
|
PL
117
DELISTED
PROTECTIVE LIFE CORP
PL
| $7.8M | 0.05% |
153,948
-277,466
| -64% | -$13.1M |
|
118
TSMC
TSM
$2.17T
| $6.73M | 0.04% |
385,844
+254,465
| +194% | +$4.52M |
|
|
ESND
119
DELISTED
Essendant Inc.
ESND
| $6.41M | 0.04% |
139,595
-347,512
| -71% | -$15.3M |
|
|
VR
120
DELISTED
Validus Hold Ltd
VR
| $5.97M | 0.03% |
148,216
+3,725
| +3% | +$146K |
|
121
ASE Group
ASX
$95.1B
| $5.7M | 0.03% |
1,188,100
+869,514
| +273% | +$4.27M |
|
122
Terex
TEX
$7.6B
| $5.3M | 0.03% |
+126,294
| New | +$4.58M |
|
123
Stoneridge
SRI
$205M
| $4.4M | 0.03% |
+345,018
| New | +$4.28M |
|
124
Shinhan Financial Group
SHG
$35B
| $3.79M | 0.02% |
+83,025
| New | +$3.55M |
|
125
Popular Inc
BPOP
$10.8B
| $3.2M | 0.02% |
111,303
+27,525
| +33% | +$744K |
|
Similar funds
Richard Pzena's Q4 2013 Portfolio in Review
As of Q4 2013, Richard Pzena held 138 positions worth $17.1B, up 11% from $15.5B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Richard Pzena's Q4 2013 filing shows 8 new, 57 increased, 62 reduced and 8 closed positions. Its largest new stake was News Corp Class A: 15,993,890 shares worth $288M. The largest sale was Alphabet (Google) Class C, an estimated $288M.
By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 34% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q4 2013 buy was News Corp Class A: 15,993,890 shares worth $288M.
- Richard Pzena added most to General Motors in Q4 2013, an estimated $193M increase.
- Richard Pzena's biggest Q4 2013 reduction was Alphabet (Google) Class C, cutting an estimated $288M.
- Richard Pzena fully exited DELL INC in Q4 2013, selling an estimated $172M.
- Richard Pzena's ten largest holdings make up 32% of its $17.1B portfolio in Q4 2013.
- Richard Pzena opened 8 new positions and closed 8 in Q4 2013.
- Richard Pzena's portfolio value rose 11% quarter-over-quarter to $17.1B.
Based on Pzena Investment Management's 13F filing for Q4 2013, filed 7 Feb 2014.