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 |
Murphy Oil
MUR
|
+$155M |
| 2 |
Lamar Advertising Co
LAMR
|
+$115M |
| 3 |
Parker-Hannifin
PH
|
+$108M |
| 4 |
Terex
TEX
|
+$72M |
| 5 |
Citizens Financial Group
CFG
|
+$58M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HP
HPQ
|
+$124M |
| 2 |
Intel
INTC
|
+$112M |
| 3 |
TRW
TRW AUTOMOTIVE HOLDINGS CORP
TRW
|
+$58.3M |
| 4 |
APA Corp
APA
|
+$36.5M |
| 5 |
Willis Towers Watson
WTW
|
+$34.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 36.26% |
| 2 | Technology | 17.15% |
| 3 | Energy | 11.86% |
| 4 | Healthcare | 8.39% |
| 5 | Industrials | 7.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
HP
HPQ
$27.2B
| $739M | 4.04% |
45,881,119
-7,665,827
| -14% | -$124M |
|
2
Bank of America
BAC
$431B
| $540M | 2.95% |
31,650,403
+214,092
| +0.7% | +$3.41M |
|
|
RDS.A
3
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $530M | 2.9% |
7,456,692
+20,430
| +0.3% | +$1.53M |
|
4
Citigroup
C
$221B
| $526M | 2.88% |
10,152,529
+84,278
| +0.8% | +$4.24M |
|
5
American International
AIG
$39.8B
| $526M | 2.88% |
9,737,296
-88,128
| -0.9% | -$4.81M |
|
6
Cigna
CI
$73.3B
| $506M | 2.77% |
5,584,763
+303,048
| +6% | +$28.3M |
|
7
BP
BP
$115B
| $499M | 2.73% |
13,867,359
+810,612
| +6% | +$32.1M |
|
8
Microsoft
MSFT
$3.59T
| $470M | 2.57% |
10,131,902
-109,561
| -1% | -$4.89M |
|
9
Oracle
ORCL
$422B
| $467M | 2.55% |
12,199,933
-74,045
| -0.6% | -$3M |
|
|
10
Intel
INTC
$476B
| $453M | 2.48% |
13,014,868
-3,318,471
| -20% | -$112M |
|
11
Omnicom Group
OMC
$24B
| $436M | 2.38% |
6,334,510
-223,573
| -3% | -$16M |
|
12
Morgan Stanley
MS
$336B
| $434M | 2.37% |
12,550,716
-406,301
| -3% | -$13.5M |
|
|
13
Parker-Hannifin
PH
$126B
| $433M | 2.37% |
3,790,663
+920,198
| +32% | +$108M |
|
14
State Street
STT
$51.4B
| $427M | 2.33% |
5,798,406
-15,834
| -0.3% | -$1.13M |
|
15
ExxonMobil
XOM
$679B
| $405M | 2.21% |
4,306,551
+95,003
| +2% | +$9.46M |
|
|
SPLS
16
DELISTED
Staples Inc
SPLS
| $403M | 2.2% |
33,308,825
+549,555
| +2% | +$6.45M |
|
17
News Corp Class A
NWSA
$16.4B
| $399M | 2.18% |
24,399,642
+781,900
| +3% | +$13.8M |
|
18
JPMorgan Chase
JPM
$935B
| $382M | 2.09% |
6,346,529
+74,123
| +1% | +$4.33M |
|
19
Voya Financial
VOYA
$8.86B
| $350M | 1.92% |
8,959,814
+213,046
| +2% | +$8.09M |
|
20
Goldman Sachs
GS
$303B
| $349M | 1.91% |
1,903,198
+4,220
| +0.2% | +$741K |
|
|
TRW
21
DELISTED
TRW AUTOMOTIVE HOLDINGS CORP
TRW
| $340M | 1.86% |
3,361,631
-582,824
| -15% | -$58.3M |
|
22
MetLife
MET
$60B
| $332M | 1.81% |
6,931,677
+77,023
| +1% | +$3.74M |
|
|
BHI
23
DELISTED
Baker Hughes
BHI
| $322M | 1.76% |
4,942,070
-191,501
| -4% | -$13.4M |
|
24
Becton Dickinson
BDX
$52.3B
| $311M | 1.7% |
2,799,693
+134,213
| +5% | +$15.3M |
|
25
Abbott
ABT
$202B
| $303M | 1.66% |
7,287,523
+89,832
| +1% | +$3.8M |
|
Similar funds
Richard Pzena's Q3 2014 Portfolio in Review
As of Q3 2014, Richard Pzena held 146 positions worth $18.3B, up 1.6% from $18B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena's Q3 2014 filing shows 6 new, 78 increased, 56 reduced and 2 closed positions. Its largest new stake was Citizens Financial Group: 2,500,000 shares worth $58.5M. The largest sale was HP, an estimated $124M.
By sector, the portfolio is most concentrated in Financials at 36% of assets, up from 35% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q3 2014 buy was Citizens Financial Group: 2,500,000 shares worth $58.5M.
- Richard Pzena added most to Murphy Oil in Q3 2014, an estimated $155M increase.
- Richard Pzena's biggest Q3 2014 reduction was HP, cutting an estimated $124M.
- Richard Pzena fully exited Chemed in Q3 2014, selling an estimated $26.3M.
- Richard Pzena's ten largest holdings make up 29% of its $18.3B portfolio in Q3 2014.
- Richard Pzena opened 6 new positions and closed 2 in Q3 2014.
- Richard Pzena's portfolio value rose 1.6% quarter-over-quarter to $18.3B.
Based on Pzena Investment Management's 13F filing for Q3 2014, filed 7 Nov 2014.