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 |
IPG
Interpublic Group of Companies
IPG
|
+$177M |
| 2 |
Hewlett Packard
HPE
|
+$99.3M |
| 3 |
Omnicom Group
OMC
|
+$94M |
| 4 |
Wells Fargo
WFC
|
+$74M |
| 5 |
Ryder
R
|
+$66.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hilton Worldwide
HLT
|
+$121M |
| 2 |
ON Semiconductor
ON
|
+$116M |
| 3 |
Cigna
CI
|
+$67.9M |
| 4 |
Terex
TEX
|
+$58.5M |
| 5 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$51M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 37.85% |
| 2 | Technology | 15.9% |
| 3 | Healthcare | 11.35% |
| 4 | Industrials | 9.76% |
| 5 | Energy | 9.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
POSCO
PKX
$17.3B
| $9.21M | 0.05% |
117,930
+24,435
| +26% | +$1.81M |
|
|
SCS
127
DELISTED
Steelcase
SCS
| $7.46M | 0.04% |
+491,144
| New | +$7.21M |
|
128
WSFS Financial
WSFS
$4.08B
| $7.13M | 0.04% |
149,043
-12,330
| -8% | -$608K |
|
|
ARC
129
DELISTED
ARC Document Solutions, Inc.
ARC
| $5.18M | 0.03% |
2,031,488
-1,342,268
| -40% | -$4.42M |
|
130
Shinhan Financial Group
SHG
$35B
| $4.34M | 0.02% |
93,568
+15,724
| +20% | +$705K |
|
131
News Corp Class B
NWS
$18.7B
| $3.23M | 0.02% |
194,536
-352,549
| -64% | -$5.38M |
|
|
132
ON Semiconductor
ON
$28.9B
| $2.4M | 0.01% |
114,610
-5,672,307
| -98% | -$116M |
|
|
VRTU
133
DELISTED
Virtusa Corporation
VRTU
| $2.23M | 0.01% |
50,636
-206,333
| -80% | -$8.75M |
|
|
CHL
134
DELISTED
China Mobile Limited
CHL
| $1.04M | 0.01% |
+20,500
| New | +$1.03M |
|
135
General Motors
GM
$77.2B
| $949K | ﹤0.01% |
+23,148
| New | +$1M |
|
136
Stoneridge
SRI
$205M
| $835K | ﹤0.01% |
36,516
-825,388
| -96% | -$18.4M |
|
137
iShares Russell 2000 Value ETF
IWN
$14.6B
| $728K | ﹤0.01% |
+5,788
| New | +$723K |
|
138
Ingredion
INGR
$6.74B
| $489K | ﹤0.01% |
3,495
+462
| +15% | +$61K |
|
139
Southern Company
SO
$102B
| $467K | ﹤0.01% |
9,701
+1,901
| +24% | +$96.9K |
|
140
Chubb
CB
$132B
| $462K | ﹤0.01% |
3,161
+610
| +24% | +$91.1K |
|
141
Brown & Brown
BRO
$24.4B
| $456K | ﹤0.01% |
17,718
+3,128
| +21% | +$78.5K |
|
142
Amdocs
DOX
$6.41B
| $443K | ﹤0.01% |
6,773
+1,036
| +18% | +$67.2K |
|
143
Vistra
VST
$45.7B
| $416K | ﹤0.01% |
22,686
+3,058
| +16% | +$57.3K |
|
144
Old Republic International
ORI
$10B
| $383K | ﹤0.01% |
+17,909
| New | +$366K |
|
|
Y
145
DELISTED
Alleghany Corp
Y
| $330K | ﹤0.01% |
554
+135
| +32% | +$77K |
|
146
Booking.com
BKNG
$158B
| $327K | ﹤0.01% |
+4,700
| New | +$341K |
|
147
Intel
INTC
$476B
| $324K | ﹤0.01% |
7,019
+867
| +14% | +$37.8K |
|
148
Zimmer Biomet
ZBH
$19.3B
| $319K | ﹤0.01% |
2,720
+636
| +31% | +$71.9K |
|
149
Cencora
COR
$60.7B
| $301K | ﹤0.01% |
3,278
+845
| +35% | +$69.9K |
|
150
Biogen
BIIB
$32B
| $297K | ﹤0.01% |
+931
| New | +$299K |
|
Similar funds
Richard Pzena's Q4 2017 Portfolio in Review
As of Q4 2017, Richard Pzena held 160 positions worth $20.4B, up 7.7% from $18.9B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Richard Pzena's Q4 2017 filing shows 9 new, 75 increased, 62 reduced and 4 closed positions. Its largest new stake was Pediatrix Medical: 962,030 shares worth $51.4M. The largest sale was Hilton Worldwide, an estimated $121M.
By sector, the portfolio is most concentrated in Financials at 38% of assets, down from 38% a quarter earlier, followed by Technology and Healthcare.
- Richard Pzena's largest Q4 2017 buy was Pediatrix Medical: 962,030 shares worth $51.4M.
- Richard Pzena added most to Interpublic Group of Companies in Q4 2017, an estimated $177M increase.
- Richard Pzena's biggest Q4 2017 reduction was Hilton Worldwide, cutting an estimated $121M.
- Richard Pzena fully exited Progressive in Q4 2017, selling an estimated $24M.
- Richard Pzena's ten largest holdings make up 30% of its $20.4B portfolio in Q4 2017.
- Richard Pzena opened 9 new positions and closed 4 in Q4 2017.
- Richard Pzena's portfolio value rose 7.7% quarter-over-quarter to $20.4B.
Based on Pzena Investment Management's 13F filing for Q4 2017, filed 9 Feb 2018.