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 |
News Corp Class A
NWSA
|
+$276M |
| 2 |
General Motors
GM
|
+$193M |
| 3 |
Intel
INTC
|
+$179M |
| 4 |
CMA
Comerica
CMA
|
+$84.1M |
| 5 |
Cigna
CI
|
+$71M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$288M |
| 2 |
DELL
DELL INC
DELL
|
+$172M |
| 3 |
Microsoft
MSFT
|
+$131M |
| 4 |
Northrop Grumman
NOC
|
+$93.3M |
| 5 |
LLL
L3 Technologies, Inc.
LLL
|
+$91.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.39% |
| 2 | Technology | 18.34% |
| 3 | Energy | 12.13% |
| 4 | Consumer Discretionary | 7.99% |
| 5 | Healthcare | 7.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
HP
HPQ
$27.2B
| $857M | 5% |
67,406,144
-818,779
| -1% | -$9.4M |
|
2
Oracle
ORCL
$422B
| $654M | 3.82% |
17,097,751
-140,392
| -0.8% | -$4.83M |
|
|
BHI
3
DELISTED
Baker Hughes
BHI
| $536M | 3.13% |
9,699,551
-907,063
| -9% | -$49.7M |
|
4
BP
BP
$115B
| $528M | 3.08% |
13,285,027
-258,503
| -2% | -$9.62M |
|
5
American International
AIG
$39.8B
| $526M | 3.07% |
10,302,937
-188,987
| -2% | -$9.42M |
|
6
Omnicom Group
OMC
$24B
| $515M | 3% |
6,920,672
-434,392
| -6% | -$29.9M |
|
|
RDS.A
7
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $499M | 2.91% |
7,492,740
+35,687
| +0.5% | +$2.24M |
|
|
SPLS
8
DELISTED
Staples Inc
SPLS
| $473M | 2.76% |
29,738,968
-2,692,496
| -8% | -$42M |
|
9
Citigroup
C
$221B
| $418M | 2.44% |
8,029,964
-43,747
| -0.5% | -$2.21M |
|
|
10
Microsoft
MSFT
$3.59T
| $410M | 2.39% |
10,942,967
-3,609,367
| -25% | -$131M |
|
11
Bank of America
BAC
$431B
| $408M | 2.38% |
26,235,806
+1,031,100
| +4% | +$15.3M |
|
12
Parker-Hannifin
PH
$126B
| $394M | 2.3% |
3,065,485
-66,163
| -2% | -$7.69M |
|
13
Morgan Stanley
MS
$336B
| $392M | 2.28% |
12,484,310
-245,735
| -2% | -$7.31M |
|
|
14
Cigna
CI
$73.3B
| $363M | 2.12% |
4,145,441
+867,296
| +26% | +$71M |
|
15
ExxonMobil
XOM
$679B
| $354M | 2.07% |
3,502,728
+83,392
| +2% | +$7.71M |
|
16
JPMorgan Chase
JPM
$935B
| $351M | 2.05% |
6,010,456
-60,952
| -1% | -$3.34M |
|
17
MetLife
MET
$60B
| $336M | 1.96% |
6,997,084
-668,637
| -9% | -$30M |
|
18
Goldman Sachs
GS
$303B
| $316M | 1.84% |
1,780,879
-28,802
| -2% | -$4.75M |
|
19
Becton Dickinson
BDX
$52.3B
| $291M | 1.7% |
2,700,620
-60,107
| -2% | -$6.23M |
|
|
20
General Motors
GM
$77.2B
| $289M | 1.69% |
7,068,976
+5,108,001
| +260% | +$193M |
|
|
21
News Corp Class A
NWSA
$16.4B
| $288M | 1.68% |
+15,993,890
| New | +$276M |
|
22
PNC Financial Services
PNC
$97B
| $278M | 1.62% |
3,580,168
+14,954
| +0.4% | +$1.12M |
|
23
AXIS Capital
AXS
$7.2B
| $264M | 1.54% |
5,546,522
-121,578
| -2% | -$5.74M |
|
24
Invesco
IVZ
$14.1B
| $260M | 1.52% |
7,150,439
-366,720
| -5% | -$12.4M |
|
25
Voya Financial
VOYA
$8.86B
| $256M | 1.49% |
7,277,925
+542,132
| +8% | +$17.9M |
|
Similar funds
Richard Pzena's Q4 2013 Portfolio in Review
As of Q4 2013, Richard Pzena held 138 positions worth $17.1B, up 11% from $15.5B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Richard Pzena's Q4 2013 filing shows 8 new, 57 increased, 62 reduced and 8 closed positions. Its largest new stake was News Corp Class A: 15,993,890 shares worth $288M. The largest sale was Alphabet (Google) Class C, an estimated $288M.
By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 34% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q4 2013 buy was News Corp Class A: 15,993,890 shares worth $288M.
- Richard Pzena added most to General Motors in Q4 2013, an estimated $193M increase.
- Richard Pzena's biggest Q4 2013 reduction was Alphabet (Google) Class C, cutting an estimated $288M.
- Richard Pzena fully exited DELL INC in Q4 2013, selling an estimated $172M.
- Richard Pzena's ten largest holdings make up 32% of its $17.1B portfolio in Q4 2013.
- Richard Pzena opened 8 new positions and closed 8 in Q4 2013.
- Richard Pzena's portfolio value rose 11% quarter-over-quarter to $17.1B.
Based on Pzena Investment Management's 13F filing for Q4 2013, filed 7 Feb 2014.