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 |
Halliburton
HAL
|
+$263M |
| 2 |
American International
AIG
|
+$222M |
| 3 |
Dow Inc
DOW
|
+$194M |
| 4 |
Ford
F
|
+$147M |
| 5 |
Gildan
GIL
|
+$127M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
KKR & Co
KKR
|
+$81.6M |
| 2 |
Willis Towers Watson
WTW
|
+$76.9M |
| 3 |
Walmart Inc
WMT
|
+$67.2M |
| 4 |
Edison International
EIX
|
+$59.9M |
| 5 |
Omnicom Group
OMC
|
+$57.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.29% |
| 2 | Industrials | 12.97% |
| 3 | Technology | 12.23% |
| 4 | Healthcare | 11.58% |
| 5 | Consumer Discretionary | 10.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Everest Group
EG
$14.2B
| – | – |
-116,954
| Closed | -$32.4M |
|
152
Elevance Health
ELV
$86.9B
| – | – |
-2,438
| Closed | -$736K |
|
153
Expedia Group
EXPE
$38.6B
| – | – |
-7,096
| Closed | -$767K |
|
154
Gilead Sciences
GILD
$181B
| – | – |
-7,581
| Closed | -$493K |
|
155
H&R Block
HRB
$6.62B
| – | – |
-35,906
| Closed | -$843K |
|
156
Humana
HUM
$45.5B
| – | – |
-2,105
| Closed | -$772K |
|
157
Intel
INTC
$476B
| – | – |
-4,122
| Closed | -$247K |
|
158
Lamar Advertising Co
LAMR
$15.3B
| – | – |
-10,754
| Closed | -$960K |
|
159
Lennar Class A
LEN
$21B
| – | – |
-14,975
| Closed | -$809K |
|
160
Gibraltar Industries
ROCK
$1.38B
| – | – |
-217,340
| Closed | -$11M |
|
161
SLB Ltd
SLB
$79.9B
| – | – |
-10,668
| Closed | -$429K |
|
162
Starwood Property Trust
STWD
$6.06B
| – | – |
-34,936
| Closed | -$869K |
|
163
UnitedHealth
UNH
$350B
| – | – |
-3,112
| Closed | -$915K |
|
164
Ventas
VTR
$47.7B
| – | – |
-14,560
| Closed | -$841K |
|
165
Ziff Davis
ZD
$1.92B
| – | – |
-8,898
| Closed | -$725K |
|
|
LM
166
DELISTED
Legg Mason, Inc.
LM
| – | – |
-818,431
| Closed | -$29.4M |
|
|
AXE
167
DELISTED
Anixter International Inc
AXE
| – | – |
-90,574
| Closed | -$8.34M |
|
Similar funds
Richard Pzena's Q1 2020 Portfolio in Review
As of Q1 2020, Richard Pzena held 189 positions worth $13.2B, down 38% from $21.4B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena deployed $910M of net new capital in Q1 2020, opening 15 new positions and adding to 69 existing holdings. Its largest new stake was Dow Inc: 4,570,427 shares worth $134M.
By sector, the portfolio is most concentrated in Financials at 31% of assets, down from 32% a quarter earlier, followed by Industrials and Technology.
On the sell side, the largest reduction was KKR & Co, an estimated $81.6M trimmed.
- Richard Pzena's largest Q1 2020 buy was Dow Inc: 4,570,427 shares worth $134M.
- Richard Pzena added most to Halliburton in Q1 2020, an estimated $263M increase.
- Richard Pzena's biggest Q1 2020 reduction was KKR & Co, cutting an estimated $81.6M.
- Richard Pzena fully exited Carlisle Companies in Q1 2020, selling an estimated $36.5M.
- Richard Pzena's ten largest holdings make up 29% of its $13.2B portfolio in Q1 2020.
- Richard Pzena opened 15 new positions and closed 24 in Q1 2020.
- Richard Pzena's portfolio value fell 38% quarter-over-quarter to $13.2B.
Based on Pzena Investment Management's 13F filing for Q1 2020, filed 1 May 2020.