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 |
SS&C Technologies
SSNC
|
+$220M |
| 2 |
Fresenius Medical Care
FMS
|
+$100M |
| 3 |
GE Aerospace
GE
|
+$86M |
| 4 |
Citigroup
C
|
+$54.5M |
| 5 |
GAP
The Gap Inc
GAP
|
+$50.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ford
F
|
+$430M |
| 2 |
Textron
TXT
|
+$111M |
| 3 |
Morgan Stanley
MS
|
+$73.3M |
| 4 |
Ryder
R
|
+$49.3M |
| 5 |
Oracle
ORCL
|
+$48.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.39% |
| 2 | Technology | 14.91% |
| 3 | Consumer Discretionary | 13.03% |
| 4 | Industrials | 12.37% |
| 5 | Energy | 10.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Ituran Location and Control
ITRN
$1.01B
| $667K | ﹤0.01% |
25,006
| – | – |
|
127
Vertex Pharmaceuticals
VRTX
$139B
| $638K | ﹤0.01% |
+2,905
| New | +$565K |
|
128
Cencora
COR
$60.7B
| $616K | ﹤0.01% |
4,633
-579
| -11% | -$71.2K |
|
|
ATVI
129
DELISTED
Activision Blizzard
ATVI
| $605K | ﹤0.01% |
+9,097
| New | +$622K |
|
130
Nokia
NOK
$57B
| $586K | ﹤0.01% |
94,266
+27,516
| +41% | +$160K |
|
131
Barclays
BCS
$90.2B
| $573K | ﹤0.01% |
+55,321
| New | +$580K |
|
132
Regeneron Pharmaceuticals
REGN
$85.9B
| $571K | ﹤0.01% |
904
-73
| -7% | -$44.9K |
|
133
United Therapeutics
UTHR
$22B
| $559K | ﹤0.01% |
2,587
-209
| -7% | -$41K |
|
|
VMW
134
DELISTED
VMware, Inc
VMW
| $559K | ﹤0.01% |
+4,822
| New | +$634K |
|
135
Check Point Software Technologies
CHKP
$13.3B
| $546K | ﹤0.01% |
4,681
-349
| -7% | -$40.5K |
|
136
Merck
MRK
$376B
| $528K | ﹤0.01% |
6,885
-734
| -10% | -$58.5K |
|
|
CTXS
137
DELISTED
Citrix Systems Inc
CTXS
| $484K | ﹤0.01% |
+5,117
| New | +$467K |
|
138
Lam Research
LRCX
$393B
| $480K | ﹤0.01% |
+6,670
| New | +$418K |
|
139
C.H. Robinson
CHRW
$16.5B
| $472K | ﹤0.01% |
4,388
-870
| -17% | -$84.5K |
|
140
T-Mobile US
TMUS
$196B
| $462K | ﹤0.01% |
3,983
-348
| -8% | -$41K |
|
141
Meta Platforms (Facebook)
META
$1.4T
| $450K | ﹤0.01% |
1,338
+5
| +0.4% | +$1.66K |
|
142
Dell
DELL
$286B
| $428K | ﹤0.01% |
+7,618
| New | +$425K |
|
143
Intel
INTC
$476B
| $408K | ﹤0.01% |
7,928
-1,115
| -12% | -$57K |
|
144
Dollar Tree
DLTR
$25.3B
| $400K | ﹤0.01% |
2,849
-327
| -10% | -$39.7K |
|
145
Humana
HUM
$45.5B
| $391K | ﹤0.01% |
844
-597
| -41% | -$264K |
|
146
Maximus
MMS
$3.05B
| $369K | ﹤0.01% |
4,633
-433
| -9% | -$35.4K |
|
147
iShares MSCI Taiwan ETF
EWT
$11.2B
| $320K | ﹤0.01% |
+4,800
| New | +$308K |
|
148
Honda
HMC
$43.3B
| $299K | ﹤0.01% |
10,511
| – | – |
|
149
Dover
DOV
$27.2B
| $252K | ﹤0.01% |
1,388
| – | – |
|
150
Qorvo
QRVO
$8.43B
| $248K | ﹤0.01% |
1,588
-24
| -1% | -$3.82K |
|
Similar funds
Richard Pzena's Q4 2021 Portfolio in Review
As of Q4 2021, Richard Pzena held 181 positions worth $26.5B, up 5% from $25.3B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena's Q4 2021 filing shows 13 new, 55 increased, 86 reduced and 7 closed positions. Its largest new stake was American Woodmark: 736,196 shares worth $48M. The largest sale was Ford, an estimated $430M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 29% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q4 2021 buy was American Woodmark: 736,196 shares worth $48M.
- Richard Pzena added most to SS&C Technologies in Q4 2021, an estimated $220M increase.
- Richard Pzena's biggest Q4 2021 reduction was Ford, cutting an estimated $430M.
- Richard Pzena fully exited UnitedHealth in Q4 2021, selling an estimated $612K.
- Richard Pzena's ten largest holdings make up 36% of its $26.5B portfolio in Q4 2021.
- Richard Pzena opened 13 new positions and closed 7 in Q4 2021.
- Richard Pzena's portfolio value rose 5% quarter-over-quarter to $26.5B.
Based on Pzena Investment Management's 13F filing for Q4 2021, filed 4 Feb 2022.