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 |
Newell Brands
NWL
|
+$183M |
| 2 |
Lear
LEA
|
+$179M |
| 3 |
Shell
SHEL
|
+$175M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$166M |
| 5 |
SS&C Technologies
SSNC
|
+$156M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Halliburton
HAL
|
+$513M |
| 2 |
Baker Hughes
BKR
|
+$322M |
| 3 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$174M |
| 4 |
Cenovus Energy
CVE
|
+$123M |
| 5 |
Textron
TXT
|
+$115M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.39% |
| 2 | Technology | 15.36% |
| 3 | Consumer Discretionary | 11.7% |
| 4 | Industrials | 11.52% |
| 5 | Energy | 11.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
WSFS Financial
WSFS
$4.08B
| $34.5M | 0.13% |
740,256
+35,764
| +5% | +$1.85M |
|
102
Motorcar Parts of America
MPAA
$226M
| $33.4M | 0.13% |
1,875,779
+78,616
| +4% | +$1.33M |
|
103
Murphy Oil
MUR
$5.36B
| $33.2M | 0.13% |
821,727
-1,229,002
| -60% | -$42.1M |
|
104
Cisco
CSCO
$438B
| $32M | 0.12% |
573,896
+3,843
| +0.7% | +$217K |
|
105
Phibro Animal Health
PAHC
$1.47B
| $31.5M | 0.12% |
1,580,812
+173,137
| +12% | +$3.5M |
|
106
Ambev
ABEV
$44.4B
| $30.4M | 0.11% |
9,402,393
| – | – |
|
107
Varex Imaging
VREX
$780M
| $28M | 0.11% |
1,315,804
+116,547
| +10% | +$2.96M |
|
108
Arrow Electronics
ARW
$10.7B
| $27.7M | 0.1% |
233,538
| – | – |
|
109
Hooker Furnishings Corp
HOFT
$155M
| $26.7M | 0.1% |
1,411,338
+94,854
| +7% | +$2.02M |
|
110
Globe Life
GL
$13.1B
| $24.3M | 0.09% |
241,660
| – | – |
|
111
Shinhan Financial Group
SHG
$35B
| $24.2M | 0.09% |
722,806
+6,720
| +0.9% | +$217K |
|
112
MSC Industrial Direct
MSM
$6.69B
| $22.3M | 0.08% |
261,531
| – | – |
|
113
Entergy
ETR
$48.8B
| $22.3M | 0.08% |
381,158
| – | – |
|
114
Genpact
G
$6.24B
| $22M | 0.08% |
505,149
| – | – |
|
115
CBRE Group
CBRE
$44B
| $19.9M | 0.08% |
217,978
+71,489
| +49% | +$6.97M |
|
116
Vornado Realty Trust
VNO
$7.07B
| $15.5M | 0.06% |
342,964
+21,980
| +7% | +$962K |
|
117
Ford
F
$57.5B
| $11.8M | 0.04% |
699,131
-117,328
| -14% | -$2.23M |
|
118
Verizon
VZ
$205B
| $11.6M | 0.04% |
228,604
+1,491
| +0.7% | +$79K |
|
119
Snap-on
SNA
$20.3B
| $11.6M | 0.04% |
56,208
| – | – |
|
120
CEMIG Preferred Shares
CIG
$5.49B
| $5.24M | 0.02% |
2,749,233
-21,294
| -0.8% | -$32.3K |
|
121
Alibaba
BABA
$286B
| $3.42M | 0.01% |
31,401
+548
| +2% | +$63.1K |
|
122
Sasol
SSL
$8.01B
| $3.25M | 0.01% |
134,619
-18,424
| -12% | -$403K |
|
123
Itaú Unibanco
ITUB
$82.4B
| $1.92M | 0.01% |
380,231
+125,953
| +50% | +$531K |
|
124
KB Financial Group
KB
$41.4B
| $1.64M | 0.01% |
33,522
| – | – |
|
125
Sumitomo Mitsui Financial
SMFG
$159B
| $681K | ﹤0.01% |
108,562
| – | – |
|
Similar funds
Richard Pzena's Q1 2022 Portfolio in Review
As of Q1 2022, Richard Pzena held 192 positions worth $26.5B, down 0.29% from $26.5B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena's Q1 2022 filing shows 18 new, 78 increased, 54 reduced and 15 closed positions. Its largest new stake was Shell: 3,298,328 shares worth $181M. The largest sale was Halliburton, an estimated $513M.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q1 2022 buy was Shell: 3,298,328 shares worth $181M.
- Richard Pzena added most to Newell Brands in Q1 2022, an estimated $183M increase.
- Richard Pzena's biggest Q1 2022 reduction was Halliburton, cutting an estimated $513M.
- Richard Pzena fully exited Royal Dutch Shell PLC ADS Class A in Q1 2022, selling an estimated $174M.
- Richard Pzena's ten largest holdings make up 36% of its $26.5B portfolio in Q1 2022.
- Richard Pzena opened 18 new positions and closed 15 in Q1 2022.
- Richard Pzena's portfolio value fell 0.29% quarter-over-quarter to $26.5B.
Based on Pzena Investment Management's 13F filing for Q1 2022, filed 6 May 2022.