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 |
Wabtec
WAB
|
+$154M |
| 2 |
Gildan
GIL
|
+$142M |
| 3 |
Halliburton
HAL
|
+$103M |
| 4 |
Avnet
AVT
|
+$78.7M |
| 5 |
TechnipFMC
FTI
|
+$71.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AXE
Anixter International Inc
AXE
|
+$141M |
| 2 |
Walmart Inc
WMT
|
+$76.5M |
| 3 |
Merck
MRK
|
+$61.2M |
| 4 |
Oracle
ORCL
|
+$52.1M |
| 5 |
JPMorgan Chase
JPM
|
+$40M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.47% |
| 2 | Industrials | 13.46% |
| 3 | Energy | 12.81% |
| 4 | Technology | 10.79% |
| 5 | Consumer Discretionary | 10.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Cencora
COR
$61.8B
| $221K | ﹤0.01% |
2,599
| – | – |
|
152
Maximus
MMS
$3.06B
| $211K | ﹤0.01% |
+2,833
| New | +$213K |
|
153
iShares MSCI ACWI ETF
ACWI
$33.1B
| – | – |
-91,726
| Closed | -$6.76M |
|
|
FL
154
DELISTED
Foot Locker
FL
| – | – |
-233,396
| Closed | -$10.1M |
|
155
Annaly Capital Management
NLY
$17.5B
| – | – |
-3,654
| Closed | -$129K |
|
156
United Airlines
UAL
$36.9B
| – | – |
-2,526
| Closed | -$223K |
|
157
Telefônica Brasil
VIV
$18.4B
| – | – |
-80,651
| Closed | -$1.06M |
|
158
Western Union
WU
$2.32B
| – | – |
-37,791
| Closed | -$876K |
|
|
CS
159
DELISTED
Credit Suisse Group
CS
| – | – |
-588,542
| Closed | -$7.19M |
|
|
VER
160
DELISTED
VEREIT, Inc.
VER
| – | – |
-18,358
| Closed | -$898K |
|
|
WAIR
161
DELISTED
WESCO Aircraft Holdings Inc.
WAIR
| – | – |
-164,155
| Closed | -$1.81M |
|
|
CJ
162
DELISTED
C&J Energy Services, Inc.
CJ
| – | – |
-3,585,863
| Closed | -$38.5M |
|
|
ARC
163
DELISTED
ARC Document Solutions, Inc.
ARC
| – | – |
-1,848,713
| Closed | -$2.51M |
|
Similar funds
Richard Pzena's Q4 2019 Portfolio in Review
As of Q4 2019, Richard Pzena held 186 positions worth $21.4B, up 17% from $18.4B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena deployed $1.14B of net new capital in Q4 2019, opening 11 new positions and adding to 101 existing holdings. Its largest new stake was Olin: 3,663,120 shares worth $63.2M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, down from 33% a quarter earlier, followed by Industrials and Energy.
On the sell side, the largest reduction was Anixter International Inc, an estimated $141M trimmed.
- Richard Pzena's largest Q4 2019 buy was Olin: 3,663,120 shares worth $63.2M.
- Richard Pzena added most to Wabtec in Q4 2019, an estimated $154M increase.
- Richard Pzena's biggest Q4 2019 reduction was Anixter International Inc, cutting an estimated $141M.
- Richard Pzena fully exited C&J Energy Services, Inc. in Q4 2019, selling an estimated $38.5M.
- Richard Pzena's ten largest holdings make up 29% of its $21.4B portfolio in Q4 2019.
- Richard Pzena opened 11 new positions and closed 12 in Q4 2019.
- Richard Pzena's portfolio value rose 17% quarter-over-quarter to $21.4B.
Based on Pzena Investment Management's 13F filing for Q4 2019, filed 7 Feb 2020.