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 |
Dollar General
DG
|
+$920M |
| 2 |
Delta Air Lines
DAL
|
+$241M |
| 3 |
Magna International
MGA
|
+$224M |
| 4 |
NOV
NOV
|
+$139M |
| 5 |
Advance Auto Parts
AAP
|
+$90M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Edison International
EIX
|
+$293M |
| 2 |
SS&C Technologies
SSNC
|
+$110M |
| 3 |
Equitable Holdings
EQH
|
+$90.7M |
| 4 |
AXIS Capital
AXS
|
+$69.4M |
| 5 |
Belden
BDC
|
+$65.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.59% |
| 2 | Healthcare | 17.76% |
| 3 | Technology | 16.41% |
| 4 | Consumer Discretionary | 12.05% |
| 5 | Consumer Staples | 7.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
LPL Financial
LPLA
$28.5B
| $276K | ﹤0.01% |
1,187
-354
| -23% | -$79.8K |
|
|
HOLX
152
DELISTED
Hologic
HOLX
| $247K | ﹤0.01% |
+3,030
| New | +$242K |
|
153
Sumitomo Mitsui Financial
SMFG
$159B
| $235K | ﹤0.01% |
18,615
-3,441
| -16% | -$45.4K |
|
154
Ulta Beauty
ULTA
$22.4B
| $230K | ﹤0.01% |
590
-249
| -30% | -$93.4K |
|
155
Dell
DELL
$286B
| $227K | ﹤0.01% |
1,917
-270
| -12% | -$31.5K |
|
156
Gilead Sciences
GILD
$181B
| $220K | ﹤0.01% |
2,624
-1,965
| -43% | -$150K |
|
157
Hartford Financial Services
HIG
$36.9B
| $207K | ﹤0.01% |
1,757
-313
| -15% | -$34.3K |
|
158
Atmos Energy
ATO
$28.2B
| – | – |
-2,709
| Closed | -$316K |
|
159
Acuity Brands
AYI
$10.3B
| – | – |
-1,460
| Closed | -$353K |
|
160
Cardinal Health
CAH
$53.4B
| – | – |
-664,657
| Closed | -$65.3M |
|
161
Comcast
CMCSA
$95.3B
| – | – |
-5,135
| Closed | -$201K |
|
162
Dollar Tree
DLTR
$25.3B
| – | – |
-2,727
| Closed | -$291K |
|
163
Equinor
EQNR
$102B
| – | – |
-18,747
| Closed | -$535K |
|
164
Intel
INTC
$476B
| – | – |
-12,789
| Closed | -$396K |
|
165
Trip.com Group
TCOM
$29B
| – | – |
-394,160
| Closed | -$18.5M |
|
166
United Therapeutics
UTHR
$22B
| – | – |
-1,599
| Closed | -$509K |
|
167
Vodafone
VOD
$36.9B
| – | – |
-12,737
| Closed | -$113K |
|
Similar funds
Richard Pzena's Q3 2024 Portfolio in Review
As of Q3 2024, Richard Pzena held 167 positions worth $31B, up 9.1% from $28.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Richard Pzena deployed $1.25B of net new capital in Q3 2024, opening 7 new positions and adding to 57 existing holdings. Its largest new stake was Delta Air Lines: 5,536,640 shares worth $281M.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Edison International, an estimated $293M trimmed.
- Richard Pzena's largest Q3 2024 buy was Delta Air Lines: 5,536,640 shares worth $281M.
- Richard Pzena added most to Dollar General in Q3 2024, an estimated $920M increase.
- Richard Pzena's biggest Q3 2024 reduction was Edison International, cutting an estimated $293M.
- Richard Pzena fully exited Cardinal Health in Q3 2024, selling an estimated $65.3M.
- Richard Pzena's ten largest holdings make up 35% of its $31B portfolio in Q3 2024.
- Richard Pzena opened 7 new positions and closed 10 in Q3 2024.
- Richard Pzena's portfolio value rose 9.1% quarter-over-quarter to $31B.
Based on Pzena Investment Management's 13F filing for Q3 2024, filed 8 Nov 2024.