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 |
Seagate
STX
|
+$138M |
| 2 |
Voya Financial
VOYA
|
+$110M |
| 3 |
Terex
TEX
|
+$54M |
| 4 |
AEL
American Equity Investment Life Holding Company
AEL
|
+$31.5M |
| 5 |
Merck
MRK
|
+$27.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$54.8M |
| 2 |
BXLT
BAXALTA INC COM STK (DE)
BXLT
|
+$51.6M |
| 3 |
Murphy Oil
MUR
|
+$49.2M |
| 4 |
APA Corp
APA
|
+$48.2M |
| 5 |
Baxter International
BAX
|
+$42.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.37% |
| 2 | Technology | 17.89% |
| 3 | Energy | 14.01% |
| 4 | Industrials | 11.01% |
| 5 | Communication Services | 6.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
News Corp Class B
NWS
$18.7B
| $26.3M | 0.16% |
2,253,975
-2,356,243
| -51% | -$29.4M |
|
102
Masco
MAS
$14.5B
| $26.2M | 0.16% |
846,154
-517
| -0.1% | -$16.3K |
|
103
TechnipFMC
FTI
$30.4B
| $25.4M | 0.16% |
1,281,996
+424,861
| +50% | +$8.79M |
|
104
EPR Properties
EPR
$4.62B
| $23.3M | 0.15% |
288,275
| – | – |
|
105
Exelon
EXC
$45.1B
| $22.2M | 0.14% |
856,588
-111
| -0% | -$2.75K |
|
106
Upbound Group
UPBD
$1.1B
| $21.8M | 0.14% |
1,777,408
-5,848
| -0.3% | -$78.7K |
|
107
Columbus McKinnon
CMCO
$509M
| $21.6M | 0.13% |
1,523,044
-7,851
| -0.5% | -$121K |
|
|
BGC
108
DELISTED
General Cable Corporation
BGC
| $21.3M | 0.13% |
1,674,245
-798
| -0% | -$11K |
|
109
PG&E
PCG
$38.8B
| $20M | 0.13% |
312,569
+8
| +0% | +$479 |
|
|
TCF
110
DELISTED
TCF Financial Corporation
TCF
| $19.5M | 0.12% |
1,542,538
+1,951
| +0.1% | +$25.8K |
|
|
AET
111
DELISTED
Aetna Inc
AET
| $18.9M | 0.12% |
155,102
-91
| -0.1% | -$10.4K |
|
|
LM
112
DELISTED
Legg Mason, Inc.
LM
| $18.9M | 0.12% |
639,775
-66,825
| -9% | -$2.17M |
|
113
Arrow Electronics
ARW
$10.7B
| $18.9M | 0.12% |
304,670
| – | – |
|
114
WSFS Financial
WSFS
$4.08B
| $18.6M | 0.12% |
578,654
-8,684
| -1% | -$295K |
|
115
TriMas Corp
TRS
$1.41B
| $17.9M | 0.11% |
996,886
+454,318
| +84% | +$7.88M |
|
|
RDUS
116
DELISTED
Radius Recycling
RDUS
| $17.9M | 0.11% |
1,016,166
-5,565
| -0.5% | -$98.4K |
|
117
Chubb
CB
$132B
| $17.8M | 0.11% |
135,979
-5,834
| -4% | -$719K |
|
118
Genworth Financial
GNW
$3.73B
| $17.7M | 0.11% |
6,851,300
-21,993
| -0.3% | -$71.1K |
|
|
RDC
119
DELISTED
Rowan Companies Plc
RDC
| $17.6M | 0.11% |
996,725
| – | – |
|
120
Truist Financial
TFC
$61.6B
| $17.1M | 0.11% |
+481,014
| New | +$16.8M |
|
|
SVC
121
Service Properties Trust
SVC
$1.05B
| $16.9M | 0.11% |
117,592
| – | – |
|
|
ACH
122
Accendra Health
ACH
$92.3M
| $16.8M | 0.11% |
449,443
+29
| +0% | +$1.09K |
|
123
Everest Group
EG
$14.2B
| $16.7M | 0.1% |
91,689
+53
| +0.1% | +$9.74K |
|
124
Progressive
PGR
$127B
| $16.6M | 0.1% |
496,260
| – | – |
|
|
ARC
125
DELISTED
ARC Document Solutions, Inc.
ARC
| $15.2M | 0.1% |
3,916,110
+10,784
| +0.3% | +$44K |
|
Similar funds
Richard Pzena's Q2 2016 Portfolio in Review
As of Q2 2016, Richard Pzena held 153 positions worth $16B, down 1.9% from $16.3B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Richard Pzena's Q2 2016 filing shows 1 new, 63 increased, 68 reduced and 9 closed positions. Its largest new stake was Truist Financial: 481,014 shares worth $17.1M. The largest sale was Royal Dutch Shell PLC ADS Class A, an estimated $54.8M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 35% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q2 2016 buy was Truist Financial: 481,014 shares worth $17.1M.
- Richard Pzena added most to Seagate in Q2 2016, an estimated $138M increase.
- Richard Pzena's biggest Q2 2016 reduction was Royal Dutch Shell PLC ADS Class A, cutting an estimated $54.8M.
- Richard Pzena fully exited BAXALTA INC COM STK (DE) in Q2 2016, selling an estimated $51.6M.
- Richard Pzena's ten largest holdings make up 26% of its $16B portfolio in Q2 2016.
- Richard Pzena opened 1 new position and closed 9 in Q2 2016.
- Richard Pzena's portfolio value fell 1.9% quarter-over-quarter to $16B.
Based on Pzena Investment Management's 13F filing for Q2 2016, filed 5 Aug 2016.