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 |
Seagate
STX
|
+$138M |
| 2 |
Voya Financial
VOYA
|
+$110M |
| 3 |
Terex
TEX
|
+$54M |
| 4 |
AEL
American Equity Investment Life Holding Company
AEL
|
+$31.5M |
| 5 |
Merck
MRK
|
+$27.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$54.8M |
| 2 |
BXLT
BAXALTA INC COM STK (DE)
BXLT
|
+$51.6M |
| 3 |
Murphy Oil
MUR
|
+$49.2M |
| 4 |
APA Corp
APA
|
+$48.2M |
| 5 |
Baxter International
BAX
|
+$42.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.37% |
| 2 | Technology | 17.89% |
| 3 | Energy | 14.01% |
| 4 | Industrials | 11.01% |
| 5 | Communication Services | 6.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
TSMC
TSM
$2.17T
| $14.4M | 0.09% |
549,878
+80,600
| +17% | +$2.01M |
|
127
Hartford Financial Services
HIG
$36.9B
| $14M | 0.09% |
314,390
| – | – |
|
128
Kohl's
KSS
$2B
| $13.4M | 0.08% |
352,924
+3,150
| +0.9% | +$125K |
|
129
Jabil
JBL
$32.8B
| $13.2M | 0.08% |
713,963
-1,034
| -0.1% | -$18.8K |
|
130
Procter & Gamble
PG
$336B
| $11.4M | 0.07% |
135,169
+1,895
| +1% | +$156K |
|
131
Owens Corning
OC
$11.7B
| $10.5M | 0.07% |
203,330
-211,345
| -51% | -$10.5M |
|
132
KKR & Co
KKR
$97.4B
| $8.58M | 0.05% |
695,268
| – | – |
|
133
Diamondrock Hospitality Co
DRH
$2.62B
| $7.37M | 0.05% |
816,616
+881
| +0.1% | +$8.12K |
|
134
Primerica
PRI
$9.1B
| $7.17M | 0.04% |
125,265
-103,225
| -45% | -$5.36M |
|
135
Assurant
AIZ
$14B
| $6.93M | 0.04% |
80,260
-248
| -0.3% | -$20.8K |
|
136
CDW
CDW
$17.2B
| $5.86M | 0.04% |
146,082
| – | – |
|
137
Apollo Global Management
APO
$78.4B
| $5.78M | 0.04% |
381,650
+156,300
| +69% | +$2.57M |
|
138
Popular Inc
BPOP
$10.8B
| $5.53M | 0.03% |
188,830
| – | – |
|
139
Infosys
INFY
$48.4B
| $2.05M | 0.01% |
229,400
| – | – |
|
|
KEG
140
DELISTED
KEY ENERGY SERVICES INC
KEG
| $1.35M | 0.01% |
5,842,346
+16,718
| +0.3% | +$3.88K |
|
141
Shinhan Financial Group
SHG
$35B
| $1.1M | 0.01% |
33,600
+1,375
| +4% | +$47.2K |
|
142
POSCO
PKX
$17.3B
| $841K | 0.01% |
18,900
+1,600
| +9% | +$75.1K |
|
143
Petrobras
PBR
$123B
| $545K | ﹤0.01% |
76,100
| – | – |
|
144
Annaly Capital Management
NLY
$17.5B
| $137K | ﹤0.01% |
3,101
| – | – |
|
145
ICICI Bank
IBN
$107B
| – | – |
-304,755
| Closed | -$1.98M |
|
146
Matthews International
MATW
$664M
| – | – |
-128,197
| Closed | -$6.6M |
|
|
TPC
147
Tutor Perini Cor
TPC
$4.8B
| – | – |
-60,200
| Closed | -$936K |
|
|
MRO
148
DELISTED
Marathon Oil Corporation
MRO
| – | – |
-2,261,047
| Closed | -$25.2M |
|
|
TECD
149
DELISTED
Tech Data Corp
TECD
| – | – |
-238,205
| Closed | -$18.3M |
|
|
PHH
150
DELISTED
PHH Corporation
PHH
| – | – |
-928,249
| Closed | -$11.6M |
|
Similar funds
Richard Pzena's Q2 2016 Portfolio in Review
As of Q2 2016, Richard Pzena held 153 positions worth $16B, down 1.9% from $16.3B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Richard Pzena's Q2 2016 filing shows 1 new, 63 increased, 68 reduced and 9 closed positions. Its largest new stake was Truist Financial: 481,014 shares worth $17.1M. The largest sale was Royal Dutch Shell PLC ADS Class A, an estimated $54.8M.
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 2016 buy was Truist Financial: 481,014 shares worth $17.1M.
- Richard Pzena added most to Seagate in Q2 2016, an estimated $138M increase.
- Richard Pzena's biggest Q2 2016 reduction was Royal Dutch Shell PLC ADS Class A, cutting an estimated $54.8M.
- Richard Pzena fully exited BAXALTA INC COM STK (DE) in Q2 2016, selling an estimated $51.6M.
- Richard Pzena's ten largest holdings make up 26% of its $16B portfolio in Q2 2016.
- Richard Pzena opened 1 new position and closed 9 in Q2 2016.
- Richard Pzena's portfolio value fell 1.9% quarter-over-quarter to $16B.
Based on Pzena Investment Management's 13F filing for Q2 2016, filed 5 Aug 2016.