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 |
Wabtec
WAB
|
+$154M |
| 2 |
Gildan
GIL
|
+$142M |
| 3 |
Halliburton
HAL
|
+$103M |
| 4 |
Avnet
AVT
|
+$78.7M |
| 5 |
TechnipFMC
FTI
|
+$71.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AXE
Anixter International Inc
AXE
|
+$141M |
| 2 |
Walmart Inc
WMT
|
+$76.5M |
| 3 |
Merck
MRK
|
+$61.2M |
| 4 |
Oracle
ORCL
|
+$52.1M |
| 5 |
JPMorgan Chase
JPM
|
+$40M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.47% |
| 2 | Industrials | 13.46% |
| 3 | Energy | 12.81% |
| 4 | Technology | 10.79% |
| 5 | Consumer Discretionary | 10.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CHL
126
DELISTED
China Mobile Limited
CHL
| $2.67M | 0.01% |
63,242
| – | – |
|
127
KB Financial Group
KB
$41.5B
| $2.22M | 0.01% |
53,582
+14,141
| +36% | +$541K |
|
128
Lamar Advertising Co
LAMR
$15.5B
| $960K | ﹤0.01% |
10,754
+1,302
| +14% | +$109K |
|
129
Amdocs
DOX
$6.44B
| $949K | ﹤0.01% |
13,152
| – | – |
|
130
UnitedHealth
UNH
$357B
| $915K | ﹤0.01% |
3,112
+79
| +3% | +$20.7K |
|
131
AES
AES
$10.5B
| $909K | ﹤0.01% |
45,692
-6,559
| -13% | -$117K |
|
132
Verizon
VZ
$208B
| $904K | ﹤0.01% |
14,726
+264
| +2% | +$15.9K |
|
133
Brixmor Property Group
BRX
$9.03B
| $899K | ﹤0.01% |
41,607
+9,702
| +30% | +$207K |
|
134
RenaissanceRe
RNR
$13.6B
| $869K | ﹤0.01% |
4,431
+74
| +2% | +$14K |
|
135
Starwood Property Trust
STWD
$6.02B
| $869K | ﹤0.01% |
34,936
+21,112
| +153% | +$517K |
|
136
Chubb
CB
$133B
| $866K | ﹤0.01% |
5,561
+90
| +2% | +$13.8K |
|
137
H&R Block
HRB
$6.66B
| $843K | ﹤0.01% |
35,906
+8,252
| +30% | +$198K |
|
138
Ventas
VTR
$47.8B
| $841K | ﹤0.01% |
+14,560
| New | +$914K |
|
139
Lennar Class A
LEN
$21.3B
| $809K | ﹤0.01% |
+14,975
| New | +$854K |
|
140
Humana
HUM
$46B
| $772K | ﹤0.01% |
+2,105
| New | +$668K |
|
141
Expedia Group
EXPE
$40.1B
| $767K | ﹤0.01% |
+7,096
| New | +$833K |
|
142
Booking.com
BKNG
$160B
| $748K | ﹤0.01% |
9,100
| – | – |
|
143
Elevance Health
ELV
$87.3B
| $736K | ﹤0.01% |
2,438
| – | – |
|
144
Ziff Davis
ZD
$1.92B
| $725K | ﹤0.01% |
8,898
+2,158
| +32% | +$178K |
|
145
Gilead Sciences
GILD
$181B
| $493K | ﹤0.01% |
7,581
| – | – |
|
146
C.H. Robinson
CHRW
$16.7B
| $485K | ﹤0.01% |
6,198
| – | – |
|
147
SLB Ltd
SLB
$78.9B
| $429K | ﹤0.01% |
10,668
-891,321
| -99% | -$31.8M |
|
148
AbbVie
ABBV
$469B
| $281K | ﹤0.01% |
3,179
| – | – |
|
149
Intel
INTC
$463B
| $247K | ﹤0.01% |
4,122
-2,317
| -36% | -$130K |
|
150
CBRE Group
CBRE
$43.6B
| $225K | ﹤0.01% |
3,665
-2,886
| -44% | -$160K |
|
Similar funds
Richard Pzena's Q4 2019 Portfolio in Review
As of Q4 2019, Richard Pzena held 186 positions worth $21.4B, up 17% from $18.4B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena deployed $1.14B of net new capital in Q4 2019, opening 11 new positions and adding to 101 existing holdings. Its largest new stake was Olin: 3,663,120 shares worth $63.2M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, down from 33% a quarter earlier, followed by Industrials and Energy.
On the sell side, the largest reduction was Anixter International Inc, an estimated $141M trimmed.
- Richard Pzena's largest Q4 2019 buy was Olin: 3,663,120 shares worth $63.2M.
- Richard Pzena added most to Wabtec in Q4 2019, an estimated $154M increase.
- Richard Pzena's biggest Q4 2019 reduction was Anixter International Inc, cutting an estimated $141M.
- Richard Pzena fully exited C&J Energy Services, Inc. in Q4 2019, selling an estimated $38.5M.
- Richard Pzena's ten largest holdings make up 29% of its $21.4B portfolio in Q4 2019.
- Richard Pzena opened 11 new positions and closed 12 in Q4 2019.
- Richard Pzena's portfolio value rose 17% quarter-over-quarter to $21.4B.
Based on Pzena Investment Management's 13F filing for Q4 2019, filed 7 Feb 2020.