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 |
News Corp Class A
NWSA
|
+$276M |
| 2 |
General Motors
GM
|
+$193M |
| 3 |
Intel
INTC
|
+$179M |
| 4 |
CMA
Comerica
CMA
|
+$84.1M |
| 5 |
Cigna
CI
|
+$71M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$288M |
| 2 |
DELL
DELL INC
DELL
|
+$172M |
| 3 |
Microsoft
MSFT
|
+$131M |
| 4 |
Northrop Grumman
NOC
|
+$93.3M |
| 5 |
LLL
L3 Technologies, Inc.
LLL
|
+$91.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.39% |
| 2 | Technology | 18.34% |
| 3 | Energy | 12.13% |
| 4 | Consumer Discretionary | 7.99% |
| 5 | Healthcare | 7.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
126
Northrop Grumman
NOC
$78.3B
| $2.2M | 0.01% |
19,216
-871,005
| -98% | -$93.3M |
|
127
ENI
E
$81.5B
| $1.33M | 0.01% |
27,500
+2,825
| +11% | +$135K |
|
128
Halliburton
HAL
$29.4B
| $256K | ﹤0.01% |
5,050
| – | – |
|
129
Curtiss-Wright
CW
$23.5B
| – | – |
-223,731
| Closed | -$10.5M |
|
130
Huntington Ingalls Industries
HII
$11.8B
| – | – |
-95,855
| Closed | -$6.46M |
|
131
Enviri
NVRI
$582M
| – | – |
-826,799
| Closed | -$20.6M |
|
|
SKX
132
DELISTED
Skechers
SKX
| – | – |
-258,243
| Closed | -$2.68M |
|
|
APOL
133
DELISTED
Apollo Education Group Inc Class A
APOL
| – | – |
-1,089,335
| Closed | -$22.7M |
|
|
FRX
134
DELISTED
FOREST LABORATORIES INC
FRX
| – | – |
-13,075
| Closed | -$559K |
|
|
VCI
135
DELISTED
VALASSIS COMMUNICATIONS INC
VCI
| – | – |
-1,480,861
| Closed | -$42.8M |
|
|
DELL
136
DELISTED
DELL INC
DELL
| – | – |
-12,458,816
| Closed | -$172M |
|
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Richard Pzena's Q4 2013 Portfolio in Review
As of Q4 2013, Richard Pzena held 138 positions worth $17.1B, up 11% from $15.5B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Richard Pzena's Q4 2013 filing shows 8 new, 57 increased, 62 reduced and 8 closed positions. Its largest new stake was News Corp Class A: 15,993,890 shares worth $288M. The largest sale was Alphabet (Google) Class C, an estimated $288M.
By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 34% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q4 2013 buy was News Corp Class A: 15,993,890 shares worth $288M.
- Richard Pzena added most to General Motors in Q4 2013, an estimated $193M increase.
- Richard Pzena's biggest Q4 2013 reduction was Alphabet (Google) Class C, cutting an estimated $288M.
- Richard Pzena fully exited DELL INC in Q4 2013, selling an estimated $172M.
- Richard Pzena's ten largest holdings make up 32% of its $17.1B portfolio in Q4 2013.
- Richard Pzena opened 8 new positions and closed 8 in Q4 2013.
- Richard Pzena's portfolio value rose 11% quarter-over-quarter to $17.1B.
Based on Pzena Investment Management's 13F filing for Q4 2013, filed 7 Feb 2014.