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 |
TRW
TRW AUTOMOTIVE HOLDINGS CORP
TRW
|
+$210M |
| 2 |
Cigna
CI
|
+$198M |
| 3 |
Oracle
ORCL
|
+$102M |
| 4 |
Parker-Hannifin
PH
|
+$75.8M |
| 5 |
Johnson & Johnson
JNJ
|
+$75.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Northrop Grumman
NOC
|
+$275M |
| 2 |
Aptiv
APTV
|
+$238M |
| 3 |
TE Connectivity
TEL
|
+$152M |
| 4 |
AET
Aetna Inc
AET
|
+$82.2M |
| 5 |
State Street
STT
|
+$64.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.09% |
| 2 | Technology | 17.72% |
| 3 | Energy | 12.12% |
| 4 | Industrials | 7.93% |
| 5 | Healthcare | 7.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
HP
HPQ
$27.2B
| $650M | 4.2% |
68,224,923
-4,269,733
| -6% | -$47.2M |
|
|
2
Oracle
ORCL
$422B
| $572M | 3.69% |
17,238,143
+3,129,122
| +22% | +$102M |
|
|
BHI
3
DELISTED
Baker Hughes
BHI
| $521M | 3.36% |
10,606,614
+1,180,936
| +13% | +$56.9M |
|
4
American International
AIG
$39.8B
| $510M | 3.3% |
10,491,924
-71,051
| -0.7% | -$3.38M |
|
5
Microsoft
MSFT
$3.59T
| $485M | 3.13% |
14,552,334
+2,127,037
| +17% | +$70M |
|
|
SPLS
6
DELISTED
Staples Inc
SPLS
| $475M | 3.07% |
32,431,464
-2,537,825
| -7% | -$39.8M |
|
7
Omnicom Group
OMC
$24B
| $467M | 3.01% |
7,355,064
-307,055
| -4% | -$19.6M |
|
8
BP
BP
$115B
| $466M | 3.01% |
13,543,530
+1,211,146
| +10% | +$41.6M |
|
|
RDS.A
9
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $457M | 2.96% |
7,457,053
+911,466
| +14% | +$55.7M |
|
10
Citigroup
C
$221B
| $392M | 2.53% |
8,073,711
-349,222
| -4% | -$17.7M |
|
11
Bank of America
BAC
$431B
| $348M | 2.25% |
25,204,706
+297,761
| +1% | +$4.25M |
|
12
Morgan Stanley
MS
$336B
| $343M | 2.22% |
12,730,045
-541,295
| -4% | -$14.5M |
|
|
13
Parker-Hannifin
PH
$126B
| $340M | 2.2% |
3,131,648
+736,014
| +31% | +$75.8M |
|
14
MetLife
MET
$60B
| $321M | 2.07% |
7,665,721
-693,665
| -8% | -$29.9M |
|
15
Alphabet (Google) Class C
GOOG
$4.18T
| $316M | 2.04% |
14,505,487
+177,944
| +1% | +$3.93M |
|
16
JPMorgan Chase
JPM
$935B
| $314M | 2.03% |
6,071,408
+153,674
| +3% | +$8.24M |
|
|
17
TE Connectivity
TEL
$58.9B
| $309M | 1.99% |
5,961,910
-3,029,713
| -34% | -$152M |
|
18
ExxonMobil
XOM
$679B
| $294M | 1.9% |
3,419,336
+502,340
| +17% | +$45.3M |
|
19
Goldman Sachs
GS
$303B
| $286M | 1.85% |
1,809,681
+5,806
| +0.3% | +$935K |
|
20
Becton Dickinson
BDX
$52.3B
| $269M | 1.74% |
2,760,727
-81,710
| -3% | -$8M |
|
21
PNC Financial Services
PNC
$97B
| $258M | 1.67% |
3,565,214
-2,814
| -0.1% | -$210K |
|
|
LLL
22
DELISTED
L3 Technologies, Inc.
LLL
| $253M | 1.63% |
2,677,339
-448,140
| -14% | -$41.3M |
|
|
23
Cigna
CI
$73.3B
| $252M | 1.63% |
3,278,145
+2,534,757
| +341% | +$198M |
|
24
AXIS Capital
AXS
$7.2B
| $245M | 1.59% |
5,668,100
-61,702
| -1% | -$2.72M |
|
25
Invesco
IVZ
$14.1B
| $240M | 1.55% |
7,517,159
-94,943
| -1% | -$3.03M |
|
Similar funds
Richard Pzena's Q3 2013 Portfolio in Review
As of Q3 2013, Richard Pzena held 135 positions worth $15.5B, up 3% from $15B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Richard Pzena's Q3 2013 filing shows 13 new, 42 increased, 74 reduced and 5 closed positions. Its largest new stake was TRW AUTOMOTIVE HOLDINGS CORP: 2,985,869 shares worth $213M. The largest sale was Northrop Grumman, an estimated $275M.
By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 35% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q3 2013 buy was TRW AUTOMOTIVE HOLDINGS CORP: 2,985,869 shares worth $213M.
- Richard Pzena added most to Cigna in Q3 2013, an estimated $198M increase.
- Richard Pzena's biggest Q3 2013 reduction was Northrop Grumman, cutting an estimated $275M.
- Richard Pzena fully exited HOSPIRA INC in Q3 2013, selling an estimated $40.6M.
- Richard Pzena's ten largest holdings make up 32% of its $15.5B portfolio in Q3 2013.
- Richard Pzena opened 13 new positions and closed 5 in Q3 2013.
- Richard Pzena's portfolio value rose 3% quarter-over-quarter to $15.5B.
Based on Pzena Investment Management's 13F filing for Q3 2013, filed 8 Nov 2013.