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 |
CVS Health
CVS
|
+$363M |
| 2 |
Humana
HUM
|
+$296M |
| 3 |
Global Payments
GPN
|
+$182M |
| 4 |
Skyworks Solutions
SWKS
|
+$140M |
| 5 |
Dollar General
DG
|
+$120M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Equitable Holdings
EQH
|
+$381M |
| 2 |
Edison International
EIX
|
+$325M |
| 3 |
Goldman Sachs
GS
|
+$150M |
| 4 |
Capital One
COF
|
+$134M |
| 5 |
Bank of America
BAC
|
+$126M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.57% |
| 2 | Healthcare | 17.81% |
| 3 | Technology | 16.52% |
| 4 | Consumer Discretionary | 12.59% |
| 5 | Consumer Staples | 7.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
HDFC Bank
HDB
$121B
| $32.5M | 0.11% |
1,019,328
+397,856
| +64% | +$12.7M |
|
102
Leidos
LDOS
$17.7B
| $32.3M | 0.11% |
223,876
-279,004
| -55% | -$46.4M |
|
103
C.H. Robinson
CHRW
$16.5B
| $31.5M | 0.11% |
305,333
-159,694
| -34% | -$17.2M |
|
104
Koppers
KOP
$855M
| $29.4M | 0.1% |
908,772
+138,603
| +18% | +$4.95M |
|
105
KeyCorp
KEY
$23.3B
| $29M | 0.1% |
1,689,212
-56,774
| -3% | -$1.02M |
|
106
FMC
FMC
$1.38B
| $28.1M | 0.1% |
577,962
+2,668
| +0.5% | +$156K |
|
107
Phibro Animal Health
PAHC
$1.47B
| $27.4M | 0.09% |
1,302,780
-158,020
| -11% | -$3.66M |
|
108
Baidu
BIDU
$31.6B
| $27M | 0.09% |
319,787
-10,344
| -3% | -$944K |
|
|
CMA
109
DELISTED
Comerica
CMA
| $26.8M | 0.09% |
433,892
| – | – |
|
110
Ambev
ABEV
$44.4B
| $25.6M | 0.09% |
13,835,615
-4,515,474
| -25% | -$9.99M |
|
111
Arrow Electronics
ARW
$10.7B
| $25M | 0.09% |
221,239
| – | – |
|
|
TBI
112
Trueblue
TBI
$323M
| $23.4M | 0.08% |
2,788,628
+8,511
| +0.3% | +$65.7K |
|
113
Marcus & Millichap
MMI
$1.22B
| $22.1M | 0.08% |
576,377
-7,320
| -1% | -$287K |
|
114
Haverty Furniture Companies
HVT
$427M
| $21.4M | 0.07% |
962,102
+242,465
| +34% | +$5.74M |
|
115
ManpowerGroup
MAN
$2.86B
| $20.3M | 0.07% |
351,121
| – | – |
|
116
AXIS Capital
AXS
$7.2B
| $20M | 0.07% |
225,236
-368,016
| -62% | -$31.5M |
|
117
Scansource
SCSC
$1.1B
| $19.2M | 0.07% |
404,710
-109,793
| -21% | -$5.37M |
|
118
Tapestry
TPR
$26B
| $18.7M | 0.06% |
+286,799
| New | +$15.7M |
|
119
Hooker Furnishings Corp
HOFT
$155M
| $18.7M | 0.06% |
1,335,593
+49,212
| +4% | +$828K |
|
120
Envista
NVST
$4.37B
| $17M | 0.06% |
+880,177
| New | +$17.4M |
|
121
Invesco
IVZ
$14.1B
| $15.5M | 0.05% |
886,851
| – | – |
|
122
Fidelity National Financial
FNF
$12.7B
| $14.8M | 0.05% |
263,976
-319,714
| -55% | -$19.3M |
|
123
TSMC
TSM
$2.17T
| $10.9M | 0.04% |
55,060
-2,522
| -4% | -$488K |
|
124
Alibaba
BABA
$286B
| $4.61M | 0.02% |
54,425
-10,885
| -17% | -$1.03M |
|
125
CEMIG Preferred Shares
CIG
$5.49B
| $2.8M | 0.01% |
1,583,394
| – | – |
|
Similar funds
Richard Pzena's Q4 2024 Portfolio in Review
As of Q4 2024, Richard Pzena held 164 positions worth $29.4B, down 5.3% from $31B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena withdrew a net $1.01B in Q4 2024, closing 12 positions and reducing 82 holdings. Its most notable exit was Gildan, an estimated $30M position sold in full.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 26% a quarter earlier, followed by Healthcare and Technology.
Against the trend, Richard Pzena opened a new position in Envista worth $17M.
- Richard Pzena's largest Q4 2024 buy was Envista: 880,177 shares worth $17M.
- Richard Pzena added most to CVS Health in Q4 2024, an estimated $363M increase.
- Richard Pzena's biggest Q4 2024 reduction was Equitable Holdings, cutting an estimated $381M.
- Richard Pzena fully exited Gildan in Q4 2024, selling an estimated $30M.
- Richard Pzena's ten largest holdings make up 36% of its $29.4B portfolio in Q4 2024.
- Richard Pzena opened 7 new positions and closed 12 in Q4 2024.
- Richard Pzena's portfolio value fell 5.3% quarter-over-quarter to $29.4B.
Based on Pzena Investment Management's 13F filing for Q4 2024, filed 7 Feb 2025.