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 |
Fresenius Medical Care
FMS
|
+$250M |
| 2 |
Johnson & Johnson
JNJ
|
+$151M |
| 3 |
Cognizant
CTSH
|
+$151M |
| 4 |
NRG Energy
NRG
|
+$96.3M |
| 5 |
Pfizer
PFE
|
+$88.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Textron
TXT
|
+$187M |
| 2 |
Capital One
COF
|
+$116M |
| 3 |
CVS Health
CVS
|
+$103M |
| 4 |
American International
AIG
|
+$74.7M |
| 5 |
Morgan Stanley
MS
|
+$64.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 28.55% |
| 2 | Consumer Discretionary | 13.6% |
| 3 | Technology | 13.41% |
| 4 | Industrials | 13.17% |
| 5 | Energy | 11.59% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
151
CVS Health
CVS
$119B
| – | – |
-1,235,580
| Closed | -$103M |
|
152
Hartford Financial Services
HIG
$36.9B
| – | – |
-499,303
| Closed | -$30.9M |
|
|
K
153
DELISTED
Kellanova
K
| – | – |
-584,419
| Closed | -$35.3M |
|
154
Kroger
KR
$35.5B
| – | – |
-7,506
| Closed | -$288K |
|
|
P
155
Everpure Inc
P
$36.1B
| – | – |
-23,003
| Closed | -$449K |
|
156
Revvity
RVTY
$13.9B
| – | – |
-3,235
| Closed | -$500K |
|
157
Hanover Insurance
THG
$7.77B
| – | – |
-97,804
| Closed | -$13.3M |
|
|
SWI
158
DELISTED
SolarWinds Corporation Common Stock
SWI
| – | – |
-23,841
| Closed | -$425K |
|
|
ALXN
159
DELISTED
Alexion Pharmaceuticals
ALXN
| – | – |
-3,430
| Closed | -$630K |
|
|
PRAH
160
DELISTED
PRA Health Sciences, Inc.
PRAH
| – | – |
-3,378
| Closed | -$558K |
|
Similar funds
Richard Pzena's Q3 2021 Portfolio in Review
As of Q3 2021, Richard Pzena held 180 positions worth $25.3B, down 1.7% from $25.7B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Richard Pzena's Q3 2021 filing shows 15 new, 62 increased, 64 reduced and 12 closed positions. Its largest new stake was Fresenius Medical Care: 6,407,774 shares worth $224M. The largest sale was Textron, an estimated $187M.
By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 28% a quarter earlier, followed by Consumer Discretionary and Technology.
- Richard Pzena's largest Q3 2021 buy was Fresenius Medical Care: 6,407,774 shares worth $224M.
- Richard Pzena added most to Cognizant in Q3 2021, an estimated $151M increase.
- Richard Pzena's biggest Q3 2021 reduction was Textron, cutting an estimated $187M.
- Richard Pzena fully exited CVS Health in Q3 2021, selling an estimated $103M.
- Richard Pzena's ten largest holdings make up 35% of its $25.3B portfolio in Q3 2021.
- Richard Pzena opened 15 new positions and closed 12 in Q3 2021.
- Richard Pzena's portfolio value fell 1.7% quarter-over-quarter to $25.3B.
Based on Pzena Investment Management's 13F filing for Q3 2021, filed 5 Nov 2021.