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 |
PVH
PVH
|
+$179M |
| 2 |
Bristol-Myers Squibb
BMY
|
+$121M |
| 3 |
Wabtec
WAB
|
+$89.8M |
| 4 |
Baker Hughes
BKR
|
+$71.2M |
| 5 |
NOV
NOV
|
+$69.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Omnicom Group
OMC
|
+$130M |
| 2 |
Edison International
EIX
|
+$124M |
| 3 |
Oracle
ORCL
|
+$119M |
| 4 |
Franklin Templeton, Inc.
BEN
|
+$74.2M |
| 5 |
Voya Financial
VOYA
|
+$71.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.14% |
| 2 | Industrials | 12.95% |
| 3 | Energy | 11.68% |
| 4 | Technology | 11.3% |
| 5 | Healthcare | 9.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
United Airlines
UAL
$36.7B
| $223K | ﹤0.01% |
2,526
| – | – |
|
152
Cencora
COR
$60.7B
| $214K | ﹤0.01% |
2,599
| – | – |
|
153
Annaly Capital Management
NLY
$17.5B
| $129K | ﹤0.01% |
3,654
+382
| +12% | +$13.8K |
|
154
Apple
AAPL
$4.51T
| – | – |
-8,680
| Closed | -$429K |
|
|
155
Franklin Templeton, Inc.
BEN
$17.4B
| – | – |
-2,131,018
| Closed | -$74.2M |
|
156
Exelixis
EXEL
$13.4B
| – | – |
-14,803
| Closed | -$316K |
|
157
Expedia Group
EXPE
$38.6B
| – | – |
-4,020
| Closed | -$535K |
|
158
Jones Lang LaSalle
JLL
$17.8B
| – | – |
-3,020
| Closed | -$425K |
|
159
Leidos
LDOS
$17.7B
| – | – |
-6,335
| Closed | -$506K |
|
160
Microsoft
MSFT
$3.59T
| – | – |
-318,833
| Closed | -$42.7M |
|
161
Omega Healthcare
OHI
$14.1B
| – | – |
-22,915
| Closed | -$842K |
|
162
Park Hotels & Resorts
PK
$3.18B
| – | – |
-9,553
| Closed | -$263K |
|
163
Qorvo
QRVO
$8.43B
| – | – |
-4,890
| Closed | -$326K |
|
|
NCI
164
DELISTED
Navigant Consulting, Inc.
NCI
| – | – |
-549,721
| Closed | -$12.7M |
|
|
LLL
165
DELISTED
L3 Technologies, Inc.
LLL
| – | – |
-88,164
| Closed | -$21.6M |
|
|
TCF
166
DELISTED
TCF Financial Corporation
TCF
| – | – |
-1,288,869
| Closed | -$26.8M |
|
Similar funds
Richard Pzena's Q3 2019 Portfolio in Review
As of Q3 2019, Richard Pzena held 189 positions worth $18.4B, down 3% from $19B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena's Q3 2019 filing shows 17 new, 57 increased, 69 reduced and 14 closed positions. Its largest new stake was Bristol-Myers Squibb: 2,577,726 shares worth $131M. The largest sale was Omnicom Group, an estimated $130M.
By sector, the portfolio is most concentrated in Financials at 33% of assets, up from 33% a quarter earlier, followed by Industrials and Energy.
- Richard Pzena's largest Q3 2019 buy was Bristol-Myers Squibb: 2,577,726 shares worth $131M.
- Richard Pzena added most to PVH in Q3 2019, an estimated $179M increase.
- Richard Pzena's biggest Q3 2019 reduction was Omnicom Group, cutting an estimated $130M.
- Richard Pzena fully exited Franklin Templeton, Inc. in Q3 2019, selling an estimated $74.2M.
- Richard Pzena's ten largest holdings make up 29% of its $18.4B portfolio in Q3 2019.
- Richard Pzena opened 17 new positions and closed 14 in Q3 2019.
- Richard Pzena's portfolio value fell 3% quarter-over-quarter to $18.4B.
Based on Pzena Investment Management's 13F filing for Q3 2019, filed 1 Nov 2019.