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 |
Baxter International
BAX
|
+$656M |
| 2 |
UBS Group
UBS
|
+$632M |
| 3 |
Skyworks Solutions
SWKS
|
+$263M |
| 4 |
Magna International
MGA
|
+$165M |
| 5 |
Medtronic
MDT
|
+$135M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$398M |
| 2 |
Wabtec
WAB
|
+$333M |
| 3 |
Booking.com
BKNG
|
+$211M |
| 4 |
SKX
Skechers
SKX
|
+$124M |
| 5 |
GAP
The Gap Inc
GAP
|
+$123M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.17% |
| 2 | Technology | 16.37% |
| 3 | Consumer Discretionary | 14.94% |
| 4 | Healthcare | 11.28% |
| 5 | Industrials | 6.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Univest Financial
UVSP
$1.15B
| $32.1M | 0.12% |
1,458,921
-77,202
| -5% | -$1.45M |
|
|
SNV
102
DELISTED
Synovus
SNV
| $30.7M | 0.12% |
815,313
-27,126
| -3% | -$829K |
|
103
Cisco
CSCO
$438B
| $29.5M | 0.11% |
583,559
+3,594
| +0.6% | +$184K |
|
|
SKX
104
DELISTED
Skechers
SKX
| $29.3M | 0.11% |
469,476
-2,295,729
| -83% | -$124M |
|
105
Baidu
BIDU
$31.6B
| $29.1M | 0.11% |
244,291
-22,669
| -8% | -$2.62M |
|
106
Arrow Electronics
ARW
$10.7B
| $29M | 0.11% |
236,971
| – | – |
|
107
Concentrix
CNXC
$1.55B
| $28.7M | 0.11% |
+292,592
| New | +$25.5M |
|
108
Flex
FLEX
$40.8B
| $28.7M | 0.11% |
1,248,886
-2,954,736
| -70% | -$59.1M |
|
|
AEL
109
DELISTED
American Equity Investment Life Holding Company
AEL
| $28.1M | 0.11% |
503,490
-304,905
| -38% | -$16.6M |
|
110
Koppers
KOP
$855M
| $27.3M | 0.1% |
532,573
-30,985
| -5% | -$1.3M |
|
111
Genesco
GCO
$390M
| $26.9M | 0.1% |
765,354
-41,377
| -5% | -$1.27M |
|
112
Bread Financial
BFH
$4.07B
| $26.6M | 0.1% |
807,557
+99,029
| +14% | +$2.96M |
|
113
Shinhan Financial Group
SHG
$35B
| $26.5M | 0.1% |
860,127
+830
| +0.1% | +$22.8K |
|
114
Robert Half
RHI
$4.58B
| $26.4M | 0.1% |
+300,486
| New | +$23.9M |
|
115
Fortune Brands Innovations
FBIN
$5.32B
| $25.6M | 0.1% |
335,735
-242,953
| -42% | -$16M |
|
116
KeyCorp
KEY
$23.3B
| $25.4M | 0.1% |
1,764,419
+34,433
| +2% | +$409K |
|
|
CMA
117
DELISTED
Comerica
CMA
| $24.2M | 0.09% |
433,997
| – | – |
|
118
ZTO Express
ZTO
$16.2B
| $23.3M | 0.09% |
1,094,972
+34,203
| +3% | +$776K |
|
119
Phibro Animal Health
PAHC
$1.47B
| $23M | 0.09% |
1,989,558
-79,428
| -4% | -$896K |
|
120
Varex Imaging
VREX
$780M
| $22.1M | 0.08% |
1,076,535
-37,523
| -3% | -$716K |
|
121
Invesco
IVZ
$14.1B
| $20M | 0.08% |
1,120,370
-36,201
| -3% | -$522K |
|
122
HDFC Bank
HDB
$121B
| $19M | 0.07% |
+567,166
| New | +$17.1M |
|
123
Genpact
G
$6.24B
| $17.5M | 0.07% |
505,310
| – | – |
|
124
MDU Resources
MDU
$4.2B
| $15.7M | 0.06% |
1,435,580
| – | – |
|
125
MasTec
MTZ
$21.4B
| $15.3M | 0.06% |
201,777
| – | – |
|
Similar funds
Richard Pzena's Q4 2023 Portfolio in Review
As of Q4 2023, Richard Pzena held 173 positions worth $26.6B, up 14% from $23.3B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
Richard Pzena's Q4 2023 filing shows 13 new, 43 increased, 92 reduced and 9 closed positions. Its largest new stake was Skyworks Solutions: 2,689,100 shares worth $302M. The largest sale was GE Aerospace, an estimated $398M.
By sector, the portfolio is most concentrated in Financials at 30% of assets, up from 27% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q4 2023 buy was Skyworks Solutions: 2,689,100 shares worth $302M.
- Richard Pzena added most to Baxter International in Q4 2023, an estimated $656M increase.
- Richard Pzena's biggest Q4 2023 reduction was GE Aerospace, cutting an estimated $398M.
- Richard Pzena fully exited Booking.com in Q4 2023, selling an estimated $211M.
- Richard Pzena's ten largest holdings make up 37% of its $26.6B portfolio in Q4 2023.
- Richard Pzena opened 13 new positions and closed 9 in Q4 2023.
- Richard Pzena's portfolio value rose 14% quarter-over-quarter to $26.6B.
Based on Pzena Investment Management's 13F filing for Q4 2023, filed 9 Feb 2024.