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 |
Bank of America
BAC
|
+$95.4M |
| 2 |
Murphy Oil
MUR
|
+$92.4M |
| 3 |
K
Kellanova
K
|
+$89.5M |
| 4 |
Intel
INTC
|
+$86.7M |
| 5 |
XL
XL Group Ltd.
XL
|
+$82.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHI
Baker Hughes
BHI
|
+$263M |
| 2 |
Invesco
IVZ
|
+$184M |
| 3 |
Entergy
ETR
|
+$144M |
| 4 |
Oracle
ORCL
|
+$101M |
| 5 |
HP
HPQ
|
+$89.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.3% |
| 2 | Technology | 18.29% |
| 3 | Energy | 12.58% |
| 4 | Healthcare | 8.25% |
| 5 | Communication Services | 7.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
TSMC
TSM
$2.17T
| $8.27M | 0.05% |
386,375
-2,275
| -0.6% | -$46.9K |
|
|
BRSL
127
Brightstar Lottery PLC
BRSL
$2.21B
| $8.06M | 0.04% |
506,350
+337,550
| +200% | +$4.58M |
|
128
Ashland
ASH
$3.33B
| $7.79M | 0.04% |
146,504
+94,178
| +180% | +$4.7M |
|
129
Exelon
EXC
$45.1B
| $7.79M | 0.04% |
299,526
+90,092
| +43% | +$2.3M |
|
130
EPR Properties
EPR
$4.62B
| $7.73M | 0.04% |
138,325
+91,125
| +193% | +$4.94M |
|
131
Western Digital
WDC
$166B
| $7.67M | 0.04% |
109,974
+72,401
| +193% | +$4.85M |
|
132
Regal Rexnord
RRX
$11.1B
| $7.55M | 0.04% |
96,125
+61,725
| +179% | +$4.68M |
|
133
Everest Group
EG
$14.2B
| $7.53M | 0.04% |
46,925
+29,125
| +164% | +$4.61M |
|
134
Chubb
CB
$132B
| $5.82M | 0.03% |
56,109
+52,767
| +1,579% | +$5.4M |
|
135
Shinhan Financial Group
SHG
$35B
| $4.73M | 0.03% |
103,075
+2,600
| +3% | +$116K |
|
136
ASE Group
ASX
$95.1B
| $4.59M | 0.03% |
706,068
-491,307
| -41% | -$2.97M |
|
137
Popular Inc
BPOP
$10.8B
| $3.79M | 0.02% |
110,730
-573
| -0.5% | -$17.7K |
|
138
Petrobras
PBR
$123B
| $1.13M | 0.01% |
+77,100
| New | +$1.12M |
|
139
Aptiv
APTV
$10B
| – | – |
-829,678
| Closed | -$56.3M |
|
140
Brady Corp
BRC
$4.3B
| – | – |
-1,515,363
| Closed | -$41.1M |
|
|
CADE
141
DELISTED
Cadence Bank
CADE
| – | – |
-269,735
| Closed | -$6.73M |
|
142
ENI
E
$81.5B
| – | – |
-27,500
| Closed | -$1.38M |
|
143
Halliburton
HAL
$29.4B
| – | – |
-5,050
| Closed | -$297K |
|
144
Harte-Hanks
HHS
$27.4M
| – | – |
-3,612
| Closed | -$319K |
|
145
Northrop Grumman
NOC
$78.3B
| – | – |
-19,184
| Closed | -$2.37M |
|
146
Molson Coors Class B
TAP
$8.01B
| – | – |
-789,850
| Closed | -$46.5M |
|
147
T-Mobile US
TMUS
$196B
| – | – |
-17,600
| Closed | -$581K |
|
|
EGL
148
DELISTED
Engility Holdings, Inc.
EGL
| – | – |
-251,366
| Closed | -$11.3M |
|
|
PL
149
DELISTED
PROTECTIVE LIFE CORP
PL
| – | – |
-9,275
| Closed | -$488K |
|
Similar funds
Richard Pzena's Q2 2014 Portfolio in Review
As of Q2 2014, Richard Pzena held 152 positions worth $18B, up 3.3% from $17.4B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Richard Pzena's Q2 2014 filing shows 6 new, 74 increased, 60 reduced and 12 closed positions. Its largest new stake was XL Group Ltd.: 2,584,925 shares worth $84.6M. The largest sale was Baker Hughes, an estimated $263M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 35% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q2 2014 buy was XL Group Ltd.: 2,584,925 shares worth $84.6M.
- Richard Pzena added most to Bank of America in Q2 2014, an estimated $95.4M increase.
- Richard Pzena's biggest Q2 2014 reduction was Baker Hughes, cutting an estimated $263M.
- Richard Pzena fully exited Aptiv in Q2 2014, selling an estimated $56.3M.
- Richard Pzena's ten largest holdings make up 30% of its $18B portfolio in Q2 2014.
- Richard Pzena opened 6 new positions and closed 12 in Q2 2014.
- Richard Pzena's portfolio value rose 3.3% quarter-over-quarter to $18B.
Based on Pzena Investment Management's 13F filing for Q2 2014, filed 8 Aug 2014.