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 |
Magna International
MGA
|
+$230M |
| 2 |
Cognizant
CTSH
|
+$182M |
| 3 |
Fresenius Medical Care
FMS
|
+$166M |
| 4 |
Dow Inc
DOW
|
+$148M |
| 5 |
Newell Brands
NWL
|
+$115M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NRG Energy
NRG
|
+$326M |
| 2 |
McKesson
MCK
|
+$279M |
| 3 |
Halliburton
HAL
|
+$273M |
| 4 |
TechnipFMC
FTI
|
+$213M |
| 5 |
ExxonMobil
XOM
|
+$124M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.53% |
| 2 | Technology | 16.03% |
| 3 | Consumer Discretionary | 15.76% |
| 4 | Industrials | 12.22% |
| 5 | Healthcare | 8.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
KB Financial Group
KB
$41.4B
| $1.3M | 0.01% |
33,522
| – | – |
|
127
Halozyme
HALO
$12.3B
| $825K | ﹤0.01% |
+14,507
| New | +$743K |
|
128
T-Mobile US
TMUS
$196B
| $824K | ﹤0.01% |
+5,885
| New | +$846K |
|
129
Ingredion
INGR
$6.74B
| $820K | ﹤0.01% |
+8,378
| New | +$773K |
|
130
Travelers Companies
TRV
$75.8B
| $816K | ﹤0.01% |
+4,354
| New | +$783K |
|
131
Exelixis
EXEL
$13.4B
| $812K | ﹤0.01% |
50,647
+29,978
| +145% | +$489K |
|
132
ING
ING
$99.5B
| $777K | ﹤0.01% |
+63,834
| New | +$693K |
|
133
Landstar System
LSTR
$6.33B
| $760K | ﹤0.01% |
4,665
+3,116
| +201% | +$500K |
|
134
Meta Platforms (Facebook)
META
$1.4T
| $754K | ﹤0.01% |
6,268
+2,890
| +86% | +$339K |
|
135
Barclays
BCS
$90.2B
| $753K | ﹤0.01% |
96,588
+40,283
| +72% | +$294K |
|
136
CACI
CACI
$14.3B
| $751K | ﹤0.01% |
2,497
+1,557
| +166% | +$454K |
|
137
LPL Financial
LPLA
$28.5B
| $742K | ﹤0.01% |
3,434
+1,362
| +66% | +$318K |
|
138
ArcelorMittal
MT
$54.4B
| $679K | ﹤0.01% |
+25,891
| New | +$635K |
|
139
HSBC
HSBC
$357B
| $675K | ﹤0.01% |
+21,662
| New | +$615K |
|
140
Bunge Global
BG
$21.7B
| $576K | ﹤0.01% |
+5,774
| New | +$554K |
|
141
Ituran Location and Control
ITRN
$1.01B
| $563K | ﹤0.01% |
26,625
| – | – |
|
142
Comcast
CMCSA
$95.3B
| $551K | ﹤0.01% |
15,764
+4,254
| +37% | +$141K |
|
143
Seaboard Corp
SEB
$4.08B
| $536K | ﹤0.01% |
+142
| New | +$535K |
|
144
Qorvo
QRVO
$8.43B
| $521K | ﹤0.01% |
5,751
+1,506
| +35% | +$136K |
|
|
PPLI
145
People Inc
PPLI
$2.86B
| $498K | ﹤0.01% |
13,661
+4,733
| +53% | +$187K |
|
146
Labcorp
LH
$27.3B
| $419K | ﹤0.01% |
+2,071
| New | +$405K |
|
147
Icon
ICLR
$13.3B
| $403K | ﹤0.01% |
+2,077
| New | +$412K |
|
148
Intel
INTC
$476B
| $383K | ﹤0.01% |
14,478
+3,846
| +36% | +$107K |
|
149
NatWest
NWG
$74B
| $377K | ﹤0.01% |
+58,431
| New | +$342K |
|
150
IPG Photonics
IPGP
$3.12B
| $362K | ﹤0.01% |
3,825
-367
| -9% | -$32.9K |
|
Similar funds
Richard Pzena's Q4 2022 Portfolio in Review
As of Q4 2022, Richard Pzena held 200 positions worth $22.6B, up 12% from $20.1B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Richard Pzena's Q4 2022 filing shows 25 new, 53 increased, 81 reduced and 20 closed positions. Its largest new stake was Magna International: 4,096,785 shares worth $230M. The largest sale was NRG Energy, an estimated $326M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, down from 28% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q4 2022 buy was Magna International: 4,096,785 shares worth $230M.
- Richard Pzena added most to Cognizant in Q4 2022, an estimated $182M increase.
- Richard Pzena's biggest Q4 2022 reduction was NRG Energy, cutting an estimated $326M.
- Richard Pzena fully exited Ryder in Q4 2022, selling an estimated $25.8M.
- Richard Pzena's ten largest holdings make up 35% of its $22.6B portfolio in Q4 2022.
- Richard Pzena opened 25 new positions and closed 20 in Q4 2022.
- Richard Pzena's portfolio value rose 12% quarter-over-quarter to $22.6B.
Based on Pzena Investment Management's 13F filing for Q4 2022, filed 3 Feb 2023.