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 |
Hilton Worldwide
HLT
|
+$231M |
| 2 |
Capital One
COF
|
+$219M |
| 3 |
Voya Financial
VOYA
|
+$52M |
| 4 |
ConocoPhillips
COP
|
+$27.6M |
| 5 |
Cognizant
CTSH
|
+$22.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Seagate
STX
|
+$144M |
| 2 |
PNC Financial Services
PNC
|
+$142M |
| 3 |
Baxter International
BAX
|
+$96.9M |
| 4 |
ExxonMobil
XOM
|
+$81.7M |
| 5 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$79.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 37.22% |
| 2 | Technology | 18.58% |
| 3 | Energy | 11.61% |
| 4 | Industrials | 10.68% |
| 5 | Communication Services | 6.74% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
MSC Industrial Direct
MSM
$6.69B
| $200K | ﹤0.01% |
+2,730
| New | +$198K |
|
152
Capitol Federal Financial
CFFN
$1.05B
| $160K | ﹤0.01% |
+11,400
| New | +$161K |
|
153
EPR Properties
EPR
$4.62B
| – | – |
-288,275
| Closed | -$23.3M |
|
154
Masco
MAS
$14.5B
| – | – |
-846,154
| Closed | -$26.2M |
|
155
Primerica
PRI
$9.1B
| – | – |
-125,265
| Closed | -$7.17M |
|
|
KEG
156
DELISTED
KEY ENERGY SERVICES INC
KEG
| – | – |
-5,842,346
| Closed | -$1.35M |
|
Similar funds
Richard Pzena's Q3 2016 Portfolio in Review
As of Q3 2016, Richard Pzena held 156 positions worth $16.4B, up 2.4% from $16B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Richard Pzena withdrew a net $972M in Q3 2016, closing 4 positions and reducing 84 holdings. Its most notable exit was Masco, an estimated $26.2M position sold in full.
By sector, the portfolio is most concentrated in Financials at 37% of assets, up from 35% a quarter earlier, followed by Technology and Energy.
Against the trend, Richard Pzena opened a new position in Hilton Worldwide worth $225M.
- Richard Pzena's largest Q3 2016 buy was Hilton Worldwide: 3,268,140 shares worth $225M.
- Richard Pzena added most to Voya Financial in Q3 2016, an estimated $52M increase.
- Richard Pzena's biggest Q3 2016 reduction was Seagate, cutting an estimated $144M.
- Richard Pzena fully exited Masco in Q3 2016, selling an estimated $26.2M.
- Richard Pzena's ten largest holdings make up 26% of its $16.4B portfolio in Q3 2016.
- Richard Pzena opened 12 new positions and closed 4 in Q3 2016.
- Richard Pzena's portfolio value rose 2.4% quarter-over-quarter to $16.4B.
Based on Pzena Investment Management's 13F filing for Q3 2016, filed 4 Nov 2016.