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 |
CVS Health
CVS
|
+$363M |
| 2 |
Humana
HUM
|
+$296M |
| 3 |
Global Payments
GPN
|
+$182M |
| 4 |
Skyworks Solutions
SWKS
|
+$140M |
| 5 |
Dollar General
DG
|
+$120M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Equitable Holdings
EQH
|
+$381M |
| 2 |
Edison International
EIX
|
+$325M |
| 3 |
Goldman Sachs
GS
|
+$150M |
| 4 |
Capital One
COF
|
+$134M |
| 5 |
Bank of America
BAC
|
+$126M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.57% |
| 2 | Healthcare | 17.81% |
| 3 | Technology | 16.52% |
| 4 | Consumer Discretionary | 12.59% |
| 5 | Consumer Staples | 7.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Vale
VALE
$62.1B
| $2.54M | 0.01% |
285,881
+32,483
| +13% | +$331K |
|
127
Petrobras Class A
PBR.A
$111B
| $2.28M | 0.01% |
192,762
+24,628
| +15% | +$316K |
|
128
ICICI Bank
IBN
$107B
| $2.23M | 0.01% |
74,827
-13,638
| -15% | -$412K |
|
129
KB Financial Group
KB
$41.4B
| $2.22M | 0.01% |
38,941
| – | – |
|
130
Itaú Unibanco
ITUB
$82.4B
| $1.84M | 0.01% |
421,164
| – | – |
|
131
Sasol
SSL
$8.01B
| $1.61M | 0.01% |
352,561
| – | – |
|
132
Barclays
BCS
$90.2B
| $1.15M | ﹤0.01% |
86,226
+924
| +1% | +$12K |
|
133
HSBC
HSBC
$357B
| $903K | ﹤0.01% |
18,250
+1,802
| +11% | +$83.6K |
|
134
ING
ING
$99.5B
| $855K | ﹤0.01% |
54,540
+4,608
| +9% | +$74.9K |
|
135
ArcelorMittal
MT
$54.4B
| $834K | ﹤0.01% |
36,046
+2,848
| +9% | +$70.2K |
|
136
Walt Disney
DIS
$186B
| $724K | ﹤0.01% |
6,506
-264,045
| -98% | -$27.7M |
|
137
NatWest
NWG
$74B
| $545K | ﹤0.01% |
53,582
-13,463
| -20% | -$133K |
|
138
Dollar Tree
DLTR
$25.3B
| $520K | ﹤0.01% |
+6,939
| New | +$476K |
|
139
Belden
BDC
$4.79B
| $493K | ﹤0.01% |
4,378
-82,598
| -95% | -$9.86M |
|
140
Philips
PHG
$26.8B
| $346K | ﹤0.01% |
14,791
+724
| +5% | +$18.7K |
|
141
Gilead Sciences
GILD
$181B
| $298K | ﹤0.01% |
3,223
+599
| +23% | +$53.9K |
|
142
AbbVie
ABBV
$468B
| $297K | ﹤0.01% |
+1,670
| New | +$307K |
|
143
LPL Financial
LPLA
$28.5B
| $294K | ﹤0.01% |
900
-287
| -24% | -$84.9K |
|
144
Dropbox
DBX
$7.5B
| $292K | ﹤0.01% |
9,718
-4,235
| -30% | -$117K |
|
145
Merck
MRK
$376B
| $288K | ﹤0.01% |
+2,898
| New | +$299K |
|
146
Sumitomo Mitsui Financial
SMFG
$159B
| $284K | ﹤0.01% |
19,619
+1,004
| +5% | +$13.8K |
|
147
Entergy
ETR
$48.8B
| $274K | ﹤0.01% |
3,615
-217,573
| -98% | -$15.7M |
|
148
Cencora
COR
$60.7B
| $271K | ﹤0.01% |
+1,204
| New | +$283K |
|
149
Interface
TILE
$2.25B
| $269K | ﹤0.01% |
11,049
-306,250
| -97% | -$7.04M |
|
150
Ulta Beauty
ULTA
$22.4B
| $228K | ﹤0.01% |
525
-65
| -11% | -$25.2K |
|
Similar funds
Richard Pzena's Q4 2024 Portfolio in Review
As of Q4 2024, Richard Pzena held 164 positions worth $29.4B, down 5.3% from $31B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena withdrew a net $1.01B in Q4 2024, closing 12 positions and reducing 82 holdings. Its most notable exit was Gildan, an estimated $30M position sold in full.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 26% a quarter earlier, followed by Healthcare and Technology.
Against the trend, Richard Pzena opened a new position in Envista worth $17M.
- Richard Pzena's largest Q4 2024 buy was Envista: 880,177 shares worth $17M.
- Richard Pzena added most to CVS Health in Q4 2024, an estimated $363M increase.
- Richard Pzena's biggest Q4 2024 reduction was Equitable Holdings, cutting an estimated $381M.
- Richard Pzena fully exited Gildan in Q4 2024, selling an estimated $30M.
- Richard Pzena's ten largest holdings make up 36% of its $29.4B portfolio in Q4 2024.
- Richard Pzena opened 7 new positions and closed 12 in Q4 2024.
- Richard Pzena's portfolio value fell 5.3% quarter-over-quarter to $29.4B.
Based on Pzena Investment Management's 13F filing for Q4 2024, filed 7 Feb 2025.