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 |
Fresenius Medical Care
FMS
|
+$250M |
| 2 |
Johnson & Johnson
JNJ
|
+$151M |
| 3 |
Cognizant
CTSH
|
+$151M |
| 4 |
NRG Energy
NRG
|
+$96.3M |
| 5 |
Pfizer
PFE
|
+$88.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Textron
TXT
|
+$187M |
| 2 |
Capital One
COF
|
+$116M |
| 3 |
CVS Health
CVS
|
+$103M |
| 4 |
American International
AIG
|
+$74.7M |
| 5 |
Morgan Stanley
MS
|
+$64.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 28.55% |
| 2 | Consumer Discretionary | 13.6% |
| 3 | Technology | 13.41% |
| 4 | Industrials | 13.17% |
| 5 | Energy | 11.59% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Regeneron Pharmaceuticals
REGN
$85.9B
| $591K | ﹤0.01% |
977
-137
| -12% | -$85.1K |
|
127
Merck
MRK
$376B
| $572K | ﹤0.01% |
7,619
| – | – |
|
128
Check Point Software Technologies
CHKP
$13.3B
| $569K | ﹤0.01% |
5,030
| – | – |
|
129
Gilead Sciences
GILD
$181B
| $567K | ﹤0.01% |
8,124
+3,700
| +84% | +$260K |
|
130
Humana
HUM
$45.5B
| $561K | ﹤0.01% |
+1,441
| New | +$612K |
|
131
T-Mobile US
TMUS
$196B
| $553K | ﹤0.01% |
4,331
+103
| +2% | +$14.3K |
|
132
AutoZone
AZO
$48.3B
| $535K | ﹤0.01% |
+315
| New | +$505K |
|
133
United Therapeutics
UTHR
$22B
| $516K | ﹤0.01% |
2,796
+500
| +22% | +$98.5K |
|
134
Intel
INTC
$476B
| $482K | ﹤0.01% |
9,043
+336
| +4% | +$18.2K |
|
135
SS&C Technologies
SSNC
$19.5B
| $473K | ﹤0.01% |
6,812
+240
| +4% | +$17.8K |
|
136
C.H. Robinson
CHRW
$16.5B
| $457K | ﹤0.01% |
5,258
+14
| +0.3% | +$1.27K |
|
137
Ziff Davis
ZD
$1.92B
| $457K | ﹤0.01% |
3,843
-467
| -11% | -$56.1K |
|
138
Meta Platforms (Facebook)
META
$1.4T
| $452K | ﹤0.01% |
1,333
-130
| -9% | -$46.8K |
|
139
Maximus
MMS
$3.05B
| $421K | ﹤0.01% |
5,066
| – | – |
|
140
N-able
NABL
$686M
| $368K | ﹤0.01% |
+29,690
| New | +$407K |
|
141
Nokia
NOK
$57B
| $364K | ﹤0.01% |
66,750
+50,495
| +311% | +$293K |
|
142
Honda
HMC
$43.3B
| $322K | ﹤0.01% |
+10,511
| New | +$331K |
|
143
Dollar Tree
DLTR
$25.3B
| $304K | ﹤0.01% |
3,176
| – | – |
|
144
Qorvo
QRVO
$8.43B
| $270K | ﹤0.01% |
1,612
-656
| -29% | -$122K |
|
145
Ingredion
INGR
$6.74B
| $255K | ﹤0.01% |
2,864
+157
| +6% | +$13.8K |
|
146
CACI
CACI
$14.3B
| $248K | ﹤0.01% |
+947
| New | +$245K |
|
147
Dover
DOV
$27.2B
| $216K | ﹤0.01% |
1,388
-222,379
| -99% | -$36.8M |
|
148
Jazz Pharmaceuticals
JAZZ
$16.5B
| $203K | ﹤0.01% |
1,562
+16
| +1% | +$2.42K |
|
149
HP
HPQ
$27.2B
| $170K | ﹤0.01% |
+6,225
| New | +$179K |
|
150
Sumitomo Mitsui Financial
SMFG
$159B
| $127K | ﹤0.01% |
+18,154
| New | +$126K |
|
Similar funds
Richard Pzena's Q3 2021 Portfolio in Review
As of Q3 2021, Richard Pzena held 180 positions worth $25.3B, down 1.7% from $25.7B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Richard Pzena's Q3 2021 filing shows 15 new, 62 increased, 64 reduced and 12 closed positions. Its largest new stake was Fresenius Medical Care: 6,407,774 shares worth $224M. The largest sale was Textron, an estimated $187M.
By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 28% a quarter earlier, followed by Consumer Discretionary and Technology.
- Richard Pzena's largest Q3 2021 buy was Fresenius Medical Care: 6,407,774 shares worth $224M.
- Richard Pzena added most to Cognizant in Q3 2021, an estimated $151M increase.
- Richard Pzena's biggest Q3 2021 reduction was Textron, cutting an estimated $187M.
- Richard Pzena fully exited CVS Health in Q3 2021, selling an estimated $103M.
- Richard Pzena's ten largest holdings make up 35% of its $25.3B portfolio in Q3 2021.
- Richard Pzena opened 15 new positions and closed 12 in Q3 2021.
- Richard Pzena's portfolio value fell 1.7% quarter-over-quarter to $25.3B.
Based on Pzena Investment Management's 13F filing for Q3 2021, filed 5 Nov 2021.