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 |
MetLife
MET
|
+$341M |
| 2 |
Tyson Foods
TSN
|
+$290M |
| 3 |
Medtronic
MDT
|
+$254M |
| 4 |
Baxter International
BAX
|
+$244M |
| 5 |
Magna International
MGA
|
+$210M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American International
AIG
|
+$289M |
| 2 |
GE Aerospace
GE
|
+$225M |
| 3 |
McKesson
MCK
|
+$219M |
| 4 |
GE HealthCare
GEHC
|
+$209M |
| 5 |
AXIS Capital
AXS
|
+$153M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.99% |
| 2 | Technology | 16.37% |
| 3 | Consumer Discretionary | 15.25% |
| 4 | Industrials | 9.45% |
| 5 | Healthcare | 8.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Ulta Beauty
ULTA
$22.4B
| $360K | ﹤0.01% |
+900
| New | +$393K |
|
152
LPL Financial
LPLA
$28.5B
| $303K | ﹤0.01% |
1,277
-218
| -15% | -$50.6K |
|
153
Seaboard Corp
SEB
$4.08B
| $293K | ﹤0.01% |
78
+5
| +7% | +$18.2K |
|
154
NatWest
NWG
$74B
| $285K | ﹤0.01% |
48,908
-1,705
| -3% | -$10.3K |
|
155
Arch Capital
ACGL
$33.9B
| $249K | ﹤0.01% |
+3,122
| New | +$243K |
|
156
Qorvo
QRVO
$8.43B
| $242K | ﹤0.01% |
2,533
-499
| -16% | -$51K |
|
157
Comcast
CMCSA
$95.3B
| $238K | ﹤0.01% |
5,361
-1,433
| -21% | -$64K |
|
158
Sumitomo Mitsui Financial
SMFG
$159B
| $228K | ﹤0.01% |
23,154
-500
| -2% | -$4.63K |
|
159
Markel Group
MKL
$22.2B
| $225K | ﹤0.01% |
153
| – | – |
|
160
Vodafone
VOD
$36.9B
| $117K | ﹤0.01% |
12,387
| – | – |
|
161
Bunge Global
BG
$21.7B
| – | – |
-3,699
| Closed | -$349K |
|
162
Biogen
BIIB
$32B
| – | – |
-1,618
| Closed | -$461K |
|
163
Enerpac Tool Group
EPAC
$1.9B
| – | – |
-1,175,581
| Closed | -$31.7M |
|
|
164
GE HealthCare
GEHC
$33.8B
| – | – |
-2,573,162
| Closed | -$209M |
|
165
Hope Bancorp
HOPE
$1.78B
| – | – |
-2,021,803
| Closed | -$17M |
|
166
Icon
ICLR
$13.3B
| – | – |
-826
| Closed | -$207K |
|
167
Jones Lang LaSalle
JLL
$17.8B
| – | – |
-4,630
| Closed | -$721K |
|
168
Knife River
KNF
$3.76B
| – | – |
-198,832
| Closed | -$8.65M |
|
169
Labcorp
LH
$27.3B
| – | – |
-1,350
| Closed | -$280K |
|
170
POSCO
PKX
$17.3B
| – | – |
-37,667
| Closed | -$2.79M |
|
171
SiriusXM
SIRI
$9.67B
| – | – |
-3,381
| Closed | -$153K |
|
172
Snap-on
SNA
$20.3B
| – | – |
-56,187
| Closed | -$16.2M |
|
Similar funds
Richard Pzena's Q3 2023 Portfolio in Review
As of Q3 2023, Richard Pzena held 174 positions worth $23.3B, down 0.73% from $23.4B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena's Q3 2023 filing shows 13 new, 48 increased, 79 reduced and 14 closed positions. Its largest new stake was Tyson Foods: 5,440,820 shares worth $275M. The largest sale was American International, an estimated $289M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 27% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q3 2023 buy was Tyson Foods: 5,440,820 shares worth $275M.
- Richard Pzena added most to MetLife in Q3 2023, an estimated $341M increase.
- Richard Pzena's biggest Q3 2023 reduction was American International, cutting an estimated $289M.
- Richard Pzena fully exited GE HealthCare in Q3 2023, selling an estimated $209M.
- Richard Pzena's ten largest holdings make up 36% of its $23.3B portfolio in Q3 2023.
- Richard Pzena opened 13 new positions and closed 14 in Q3 2023.
- Richard Pzena's portfolio value fell 0.73% quarter-over-quarter to $23.3B.
Based on Pzena Investment Management's 13F filing for Q3 2023, filed 9 Nov 2023.