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 |
Accenture
ACN
|
+$475M |
| 2 |
Dollar General
DG
|
+$378M |
| 3 |
Cognizant
CTSH
|
+$330M |
| 4 |
Workday
WDAY
|
+$250M |
| 5 |
LKQ Corp
LKQ
|
+$248M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Nokia
NOK
|
+$752M |
| 2 |
Citigroup
C
|
+$342M |
| 3 |
Humana
HUM
|
+$304M |
| 4 |
Dow Inc
DOW
|
+$234M |
| 5 |
Avnet
AVT
|
+$210M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.64% |
| 2 | Healthcare | 20.26% |
| 3 | Technology | 17.99% |
| 4 | Consumer Discretionary | 15.06% |
| 5 | Consumer Staples | 8.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
ING
ING
$99.5B
| $2.98M | 0.01% |
94,897
+14,199
| +18% | +$420K |
|
127
Alibaba
BABA
$286B
| $2.57M | 0.01% |
26,761
-1,674
| -6% | -$210K |
|
128
HSBC
HSBC
$357B
| $2.24M | 0.01% |
23,555
-395
| -2% | -$36K |
|
129
TSMC
TSM
$2.17T
| $1.94M | 0.01% |
4,054
-14,932
| -79% | -$6.06M |
|
130
TotalEnergies
TTE
$199B
| $1.51M | ﹤0.01% |
22,131
-2
| -0% | -$177 |
|
131
Philips
PHG
$26.8B
| $1.31M | ﹤0.01% |
48,243
+5,054
| +12% | +$134K |
|
132
GSK
GSK
$105B
| $1.28M | ﹤0.01% |
24,507
+5,684
| +30% | +$301K |
|
133
Equinor
EQNR
$102B
| $1.2M | ﹤0.01% |
38,188
-2,328
| -6% | -$87K |
|
134
Sanofi
SNY
$110B
| $1.08M | ﹤0.01% |
25,302
+6,214
| +33% | +$278K |
|
135
SAP
SAP
$252B
| $1.01M | ﹤0.01% |
+6,554
| New | +$1.12M |
|
136
CEMIG Preferred Shares
CIG
$5.49B
| $953K | ﹤0.01% |
453,957
-626,827
| -58% | -$1.46M |
|
137
Vale
VALE
$62.1B
| $889K | ﹤0.01% |
59,077
-129,642
| -69% | -$2.11M |
|
138
Sumitomo Mitsui Financial
SMFG
$159B
| $880K | ﹤0.01% |
37,322
+4,774
| +15% | +$106K |
|
139
KB Financial Group
KB
$41.4B
| $802K | ﹤0.01% |
7,640
-11,383
| -60% | -$1.2M |
|
140
Petrobras Class A
PBR.A
$111B
| $778K | ﹤0.01% |
53,138
-143,832
| -73% | -$2.54M |
|
141
Itaú Unibanco
ITUB
$82.4B
| $656K | ﹤0.01% |
80,241
-144,916
| -64% | -$1.2M |
|
142
Takeda Pharmaceutical
TAK
$58.1B
| $606K | ﹤0.01% |
37,820
+9,460
| +33% | +$157K |
|
143
Barclays
BCS
$90.2B
| $551K | ﹤0.01% |
20,525
+2,637
| +15% | +$63.6K |
|
144
ArcelorMittal
MT
$54.4B
| $493K | ﹤0.01% |
8,180
-10,229
| -56% | -$640K |
|
145
Zebra Technologies
ZBRA
$17.4B
| $358K | ﹤0.01% |
+1,359
| New | +$320K |
|
146
Merck
MRK
$376B
| $323K | ﹤0.01% |
2,511
| – | – |
|
147
Halozyme
HALO
$12.3B
| $317K | ﹤0.01% |
4,049
| – | – |
|
148
Toast
TOST
$21.2B
| $304K | ﹤0.01% |
+10,945
| New | +$285K |
|
149
Oracle
ORCL
$422B
| $304K | ﹤0.01% |
+2,076
| New | +$376K |
|
150
Autodesk
ADSK
$53.6B
| $293K | ﹤0.01% |
1,506
+488
| +48% | +$111K |
|
Similar funds
Richard Pzena's Q2 2026 Portfolio in Review
As of Q2 2026, Richard Pzena held 170 positions worth $34.1B, up 11% from $30.8B the previous quarter. Its ten largest holdings account for 38% of the portfolio.
Richard Pzena's Q2 2026 filing shows 12 new, 71 increased, 70 reduced and 9 closed positions. Its largest new stake was Workday: 1,971,270 shares worth $241M. The largest sale was Nokia, an estimated $752M.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 22% a quarter earlier, followed by Healthcare and Technology.
- Richard Pzena's largest Q2 2026 buy was Workday: 1,971,270 shares worth $241M.
- Richard Pzena added most to Accenture in Q2 2026, an estimated $475M increase.
- Richard Pzena's biggest Q2 2026 reduction was Nokia, cutting an estimated $752M.
- Richard Pzena fully exited Wabtec in Q2 2026, selling an estimated $91.9M.
- Richard Pzena's ten largest holdings make up 38% of its $34.1B portfolio in Q2 2026.
- Richard Pzena opened 12 new positions and closed 9 in Q2 2026.
- Richard Pzena's portfolio value rose 11% quarter-over-quarter to $34.1B.
Based on Pzena Investment Management's 13F filing for Q2 2026, filed 7 Aug 2026.