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 |
Magna International
MGA
|
+$230M |
| 2 |
Cognizant
CTSH
|
+$182M |
| 3 |
Fresenius Medical Care
FMS
|
+$166M |
| 4 |
Dow Inc
DOW
|
+$148M |
| 5 |
Newell Brands
NWL
|
+$115M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NRG Energy
NRG
|
+$326M |
| 2 |
McKesson
MCK
|
+$279M |
| 3 |
Halliburton
HAL
|
+$273M |
| 4 |
TechnipFMC
FTI
|
+$213M |
| 5 |
ExxonMobil
XOM
|
+$124M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.53% |
| 2 | Technology | 16.03% |
| 3 | Consumer Discretionary | 15.76% |
| 4 | Industrials | 12.22% |
| 5 | Healthcare | 8.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
SiriusXM
SIRI
$9.67B
| $316K | ﹤0.01% |
5,404
+3,332
| +161% | +$205K |
|
152
Markel Group
MKL
$22.2B
| $296K | ﹤0.01% |
+225
| New | +$278K |
|
153
NVR
NVR
$16.9B
| $291K | ﹤0.01% |
+63
| New | +$277K |
|
154
Skyworks Solutions
SWKS
$10.1B
| $272K | ﹤0.01% |
2,980
-362
| -11% | -$32.4K |
|
155
eBay
EBAY
$46.3B
| $257K | ﹤0.01% |
+6,207
| New | +$257K |
|
156
Omnicom Group
OMC
$24B
| $229K | ﹤0.01% |
+2,804
| New | +$208K |
|
157
Baker Hughes
BKR
$61.9B
| $225K | ﹤0.01% |
7,613
-46,641
| -86% | -$1.29M |
|
158
Houlihan Lokey
HLI
$9.02B
| $223K | ﹤0.01% |
+2,561
| New | +$230K |
|
159
Sumitomo Mitsui Financial
SMFG
$159B
| $218K | ﹤0.01% |
+27,154
| New | +$173K |
|
160
Dell
DELL
$286B
| $200K | ﹤0.01% |
4,979
-2,639
| -35% | -$104K |
|
161
Ford
F
$57.5B
| $174K | ﹤0.01% |
14,961
| – | – |
|
162
DaVita
DVA
$11.1B
| $172K | ﹤0.01% |
+2,298
| New | +$178K |
|
163
Honda
HMC
$43.3B
| $149K | ﹤0.01% |
+6,511
| New | +$151K |
|
164
Vodafone
VOD
$36.9B
| $132K | ﹤0.01% |
+13,056
| New | +$147K |
|
|
CS
165
DELISTED
Credit Suisse Group
CS
| $115K | ﹤0.01% |
+37,862
| New | +$147K |
|
166
Biogen
BIIB
$32B
| – | – |
-2,384
| Closed | -$637K |
|
167
Cencora
COR
$60.7B
| – | – |
-3,878
| Closed | -$525K |
|
168
Quest Diagnostics
DGX
$27B
| – | – |
-1,966
| Closed | -$241K |
|
169
Humana
HUM
$45.5B
| – | – |
-844
| Closed | -$410K |
|
170
Lam Research
LRCX
$393B
| – | – |
-8,790
| Closed | -$322K |
|
171
Medpace
MEDP
$17.3B
| – | – |
-3,870
| Closed | -$608K |
|
172
Merck
MRK
$376B
| – | – |
-6,425
| Closed | -$553K |
|
173
Playtika
PLTK
$904M
| – | – |
-23,178
| Closed | -$218K |
|
174
Ryder
R
$9.58B
| – | – |
-341,544
| Closed | -$25.8M |
|
175
Regeneron Pharmaceuticals
REGN
$85.9B
| – | – |
-794
| Closed | -$547K |
|
Similar funds
Richard Pzena's Q4 2022 Portfolio in Review
As of Q4 2022, Richard Pzena held 200 positions worth $22.6B, up 12% from $20.1B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Richard Pzena's Q4 2022 filing shows 25 new, 53 increased, 81 reduced and 20 closed positions. Its largest new stake was Magna International: 4,096,785 shares worth $230M. The largest sale was NRG Energy, an estimated $326M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, down from 28% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q4 2022 buy was Magna International: 4,096,785 shares worth $230M.
- Richard Pzena added most to Cognizant in Q4 2022, an estimated $182M increase.
- Richard Pzena's biggest Q4 2022 reduction was NRG Energy, cutting an estimated $326M.
- Richard Pzena fully exited Ryder in Q4 2022, selling an estimated $25.8M.
- Richard Pzena's ten largest holdings make up 35% of its $22.6B portfolio in Q4 2022.
- Richard Pzena opened 25 new positions and closed 20 in Q4 2022.
- Richard Pzena's portfolio value rose 12% quarter-over-quarter to $22.6B.
Based on Pzena Investment Management's 13F filing for Q4 2022, filed 3 Feb 2023.