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 |
Wabtec
WAB
|
+$154M |
| 2 |
Gildan
GIL
|
+$142M |
| 3 |
Halliburton
HAL
|
+$103M |
| 4 |
Avnet
AVT
|
+$78.7M |
| 5 |
TechnipFMC
FTI
|
+$71.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AXE
Anixter International Inc
AXE
|
+$141M |
| 2 |
Walmart Inc
WMT
|
+$76.5M |
| 3 |
Merck
MRK
|
+$61.2M |
| 4 |
Oracle
ORCL
|
+$52.1M |
| 5 |
JPMorgan Chase
JPM
|
+$40M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.47% |
| 2 | Industrials | 13.46% |
| 3 | Energy | 12.81% |
| 4 | Technology | 10.79% |
| 5 | Consumer Discretionary | 10.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Globe Life
GL
$13.3B
| $32M | 0.15% |
303,871
+67,801
| +29% | +$6.76M |
|
102
Hanover Insurance
THG
$7.93B
| $32M | 0.15% |
233,828
+65,904
| +39% | +$8.87M |
|
103
Allstate
ALL
$65.7B
| $31.9M | 0.15% |
283,530
+71,907
| +34% | +$7.85M |
|
104
Arrow Electronics
ARW
$10.4B
| $31.9M | 0.15% |
376,101
+71,325
| +23% | +$5.67M |
|
105
Hartford Financial Services
HIG
$37.7B
| $30.8M | 0.14% |
506,950
+82,247
| +19% | +$4.94M |
|
106
Entergy
ETR
$48.9B
| $29.7M | 0.14% |
495,810
-257,930
| -34% | -$15.2M |
|
|
LM
107
DELISTED
Legg Mason, Inc.
LM
| $29.4M | 0.14% |
818,431
+178,385
| +28% | +$6.62M |
|
|
VAL
108
DELISTED
Valaris plc Class A Ordinary Share
VAL
| $28M | 0.13% |
+4,264,044
| New | +$20.8M |
|
109
Cisco
CSCO
$437B
| $27.6M | 0.13% |
576,076
-72
| -0% | -$3.35K |
|
110
Dana Inc
DAN
$3.28B
| $26.1M | 0.12% |
+1,432,829
| New | +$23.9M |
|
111
Jabil
JBL
$31.8B
| $23.8M | 0.11% |
575,308
-275,066
| -32% | -$10.6M |
|
|
ARGO
112
DELISTED
Argo Group International Holdings, Ltd.
ARGO
| $22.7M | 0.11% |
345,612
+66,181
| +24% | +$4.33M |
|
113
Insight Enterprises
NSIT
$4.33B
| $20.5M | 0.1% |
292,026
+19,084
| +7% | +$1.2M |
|
114
Diamondrock Hospitality Co
DRH
$2.61B
| $16.7M | 0.08% |
1,508,971
+185,141
| +14% | +$1.91M |
|
|
SCS
115
DELISTED
Steelcase
SCS
| $16.7M | 0.08% |
814,433
-21,605
| -3% | -$401K |
|
116
Biogen
BIIB
$31.8B
| $14.7M | 0.07% |
49,670
+46,477
| +1,456% | +$12.9M |
|
117
News Corp Class A
NWSA
$16.5B
| $11.3M | 0.05% |
800,870
-327,341
| -29% | -$4.4M |
|
118
Gibraltar Industries
ROCK
$1.39B
| $11M | 0.05% |
217,340
-587,703
| -73% | -$29.5M |
|
119
Apollo Global Management
APO
$78.5B
| $10M | 0.05% |
210,609
-22,971
| -10% | -$980K |
|
120
POSCO
PKX
$17.8B
| $9.6M | 0.04% |
189,700
-68
| -0% | -$3.28K |
|
|
CMA
121
DELISTED
Comerica
CMA
| $8.69M | 0.04% |
121,055
| – | – |
|
|
AXE
122
DELISTED
Anixter International Inc
AXE
| $8.34M | 0.04% |
90,574
-1,740,202
| -95% | -$141M |
|
123
Shinhan Financial Group
SHG
$35.1B
| $6.62M | 0.03% |
173,807
-797
| -0.5% | -$29.5K |
|
|
124
Merck
MRK
$373B
| $5.35M | 0.03% |
61,634
-744,720
| -92% | -$61.2M |
|
125
Sasol
SSL
$7.88B
| $3.23M | 0.02% |
149,694
+21,058
| +16% | +$403K |
|
Similar funds
Richard Pzena's Q4 2019 Portfolio in Review
As of Q4 2019, Richard Pzena held 186 positions worth $21.4B, up 17% from $18.4B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena deployed $1.14B of net new capital in Q4 2019, opening 11 new positions and adding to 101 existing holdings. Its largest new stake was Olin: 3,663,120 shares worth $63.2M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, down from 33% a quarter earlier, followed by Industrials and Energy.
On the sell side, the largest reduction was Anixter International Inc, an estimated $141M trimmed.
- Richard Pzena's largest Q4 2019 buy was Olin: 3,663,120 shares worth $63.2M.
- Richard Pzena added most to Wabtec in Q4 2019, an estimated $154M increase.
- Richard Pzena's biggest Q4 2019 reduction was Anixter International Inc, cutting an estimated $141M.
- Richard Pzena fully exited C&J Energy Services, Inc. in Q4 2019, selling an estimated $38.5M.
- Richard Pzena's ten largest holdings make up 29% of its $21.4B portfolio in Q4 2019.
- Richard Pzena opened 11 new positions and closed 12 in Q4 2019.
- Richard Pzena's portfolio value rose 17% quarter-over-quarter to $21.4B.
Based on Pzena Investment Management's 13F filing for Q4 2019, filed 7 Feb 2020.