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
|
+$102M |
| 2 |
Dow Inc
DOW
|
+$62.6M |
| 3 |
Lear
LEA
|
+$55.4M |
| 4 |
Capital One
COF
|
+$54.6M |
| 5 |
GE Aerospace
GE
|
+$51.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
McKesson
MCK
|
+$247M |
| 2 |
ExxonMobil
XOM
|
+$96.7M |
| 3 |
Wabtec
WAB
|
+$62.6M |
| 4 |
Amdocs
DOX
|
+$61.5M |
| 5 |
Avnet
AVT
|
+$60.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.74% |
| 2 | Technology | 15.25% |
| 3 | Consumer Discretionary | 13.83% |
| 4 | Industrials | 11.26% |
| 5 | Healthcare | 9.28% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
KB Financial Group
KB
$41.4B
| $1.01M | 0.01% |
33,522
| – | – |
|
127
Biogen
BIIB
$32B
| $637K | ﹤0.01% |
2,384
| – | – |
|
128
Ituran Location and Control
ITRN
$1.01B
| $621K | ﹤0.01% |
26,625
| – | – |
|
129
Medpace
MEDP
$17.3B
| $608K | ﹤0.01% |
3,870
-408
| -10% | -$65.1K |
|
130
Merck
MRK
$376B
| $553K | ﹤0.01% |
6,425
-710
| -10% | -$63.4K |
|
131
Regeneron Pharmaceuticals
REGN
$85.9B
| $547K | ﹤0.01% |
794
-325
| -29% | -$205K |
|
132
Cencora
COR
$60.7B
| $525K | ﹤0.01% |
3,878
| – | – |
|
133
Nokia
NOK
$57B
| $487K | ﹤0.01% |
114,106
| – | – |
|
134
Meta Platforms (Facebook)
META
$1.4T
| $458K | ﹤0.01% |
3,378
| – | – |
|
135
LPL Financial
LPLA
$28.5B
| $453K | ﹤0.01% |
2,072
| – | – |
|
136
Humana
HUM
$45.5B
| $410K | ﹤0.01% |
844
| – | – |
|
|
PPLI
137
People Inc
PPLI
$2.86B
| $406K | ﹤0.01% |
+8,928
| New | +$503K |
|
138
Barclays
BCS
$90.2B
| $360K | ﹤0.01% |
56,305
+984
| +2% | +$7.58K |
|
139
IPG Photonics
IPGP
$3.12B
| $354K | ﹤0.01% |
4,192
| – | – |
|
140
Comcast
CMCSA
$95.3B
| $338K | ﹤0.01% |
11,510
| – | – |
|
141
Qorvo
QRVO
$8.43B
| $337K | ﹤0.01% |
4,245
| – | – |
|
142
Exelixis
EXEL
$13.4B
| $324K | ﹤0.01% |
20,669
| – | – |
|
143
Lam Research
LRCX
$393B
| $322K | ﹤0.01% |
8,790
| – | – |
|
144
Williams-Sonoma
WSM
$28B
| $320K | ﹤0.01% |
5,436
-1,218
| -18% | -$86.4K |
|
145
Skyworks Solutions
SWKS
$10.1B
| $285K | ﹤0.01% |
3,342
+133
| +4% | +$13.6K |
|
146
Intel
INTC
$476B
| $274K | ﹤0.01% |
10,632
| – | – |
|
147
Dell
DELL
$286B
| $260K | ﹤0.01% |
7,618
| – | – |
|
148
CACI
CACI
$14.3B
| $245K | ﹤0.01% |
940
+175
| +23% | +$49.3K |
|
149
Quest Diagnostics
DGX
$27B
| $241K | ﹤0.01% |
1,966
| – | – |
|
150
Landstar System
LSTR
$6.33B
| $224K | ﹤0.01% |
+1,549
| New | +$231K |
|
Similar funds
Richard Pzena's Q3 2022 Portfolio in Review
As of Q3 2022, Richard Pzena held 179 positions worth $20.1B, down 9.8% from $22.3B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Richard Pzena's Q3 2022 filing shows 11 new, 33 increased, 86 reduced and 4 closed positions. Its largest new stake was Credicorp: 363,705 shares worth $44.7M. The largest sale was McKesson, an estimated $247M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, up from 26% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q3 2022 buy was Credicorp: 363,705 shares worth $44.7M.
- Richard Pzena added most to SS&C Technologies in Q3 2022, an estimated $102M increase.
- Richard Pzena's biggest Q3 2022 reduction was McKesson, cutting an estimated $247M.
- Richard Pzena fully exited D.R. Horton in Q3 2022, selling an estimated $264K.
- Richard Pzena's ten largest holdings make up 35% of its $20.1B portfolio in Q3 2022.
- Richard Pzena opened 11 new positions and closed 4 in Q3 2022.
- Richard Pzena's portfolio value fell 9.8% quarter-over-quarter to $20.1B.
Based on Pzena Investment Management's 13F filing for Q3 2022, filed 4 Nov 2022.