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 |
Walmart Inc
WMT
|
+$294M |
| 2 |
Edison International
EIX
|
+$86M |
| 3 |
Microsoft
MSFT
|
+$64.2M |
| 4 |
Dover
DOV
|
+$61.5M |
| 5 |
News Corp Class A
NWSA
|
+$57.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cigna
CI
|
+$278M |
| 2 |
TRW
TRW AUTOMOTIVE HOLDINGS CORP
TRW
|
+$259M |
| 3 |
State Street
STT
|
+$67.8M |
| 4 |
UBS Group
UBS
|
+$57.4M |
| 5 |
BHI
Baker Hughes
BHI
|
+$51.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 39.17% |
| 2 | Technology | 16.2% |
| 3 | Energy | 10.45% |
| 4 | Industrials | 9.01% |
| 5 | Healthcare | 8.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
HP
HPQ
$27.2B
| $540M | 3.05% |
39,602,955
+664,245
| +2% | +$9.86M |
|
2
Citigroup
C
$221B
| $528M | 2.98% |
9,562,226
-200,251
| -2% | -$10.9M |
|
3
American International
AIG
$39.8B
| $526M | 2.97% |
8,509,917
-709,942
| -8% | -$41.9M |
|
4
Bank of America
BAC
$431B
| $518M | 2.92% |
30,419,181
-493,154
| -2% | -$8.13M |
|
|
5
Microsoft
MSFT
$3.59T
| $469M | 2.65% |
10,623,172
+1,406,632
| +15% | +$64.2M |
|
6
Oracle
ORCL
$422B
| $459M | 2.59% |
11,398,384
-399,180
| -3% | -$17.3M |
|
7
BP
BP
$115B
| $454M | 2.56% |
13,512,627
-868,948
| -6% | -$30.4M |
|
|
8
News Corp Class A
NWSA
$16.4B
| $444M | 2.51% |
30,442,522
+3,717,416
| +14% | +$57.1M |
|
|
9
Cigna
CI
$73.3B
| $438M | 2.47% |
2,705,286
-2,012,995
| -43% | -$278M |
|
|
RDS.A
10
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $427M | 2.41% |
7,896,906
+267,011
| +3% | +$15.3M |
|
11
Parker-Hannifin
PH
$126B
| $413M | 2.33% |
3,550,288
-111,488
| -3% | -$13.5M |
|
12
Omnicom Group
OMC
$24B
| $410M | 2.31% |
5,894,861
+378,071
| +7% | +$28.6M |
|
13
Morgan Stanley
MS
$336B
| $383M | 2.16% |
9,865,367
-1,188,519
| -11% | -$45.2M |
|
14
JPMorgan Chase
JPM
$935B
| $371M | 2.1% |
5,479,983
-282,451
| -5% | -$18.4M |
|
|
15
Walmart Inc
WMT
$825B
| $367M | 2.07% |
15,542,382
+11,540,235
| +288% | +$294M |
|
16
Voya Financial
VOYA
$8.86B
| $357M | 2.01% |
7,673,842
-463,242
| -6% | -$20.9M |
|
17
Baxter International
BAX
$13.6B
| $352M | 1.99% |
9,261,394
+4,076
| +0% | +$152K |
|
18
AXIS Capital
AXS
$7.2B
| $351M | 1.98% |
6,585,359
-311,097
| -5% | -$16.7M |
|
19
ExxonMobil
XOM
$679B
| $349M | 1.97% |
4,195,152
+26,380
| +0.6% | +$2.27M |
|
20
Intel
INTC
$476B
| $342M | 1.93% |
11,244,703
-468,373
| -4% | -$15.1M |
|
|
SPLS
21
DELISTED
Staples Inc
SPLS
| $340M | 1.92% |
22,188,292
-675,830
| -3% | -$11M |
|
22
Stanley Black & Decker
SWK
$15.1B
| $339M | 1.92% |
3,224,699
-135,566
| -4% | -$13.8M |
|
23
MetLife
MET
$60B
| $336M | 1.89% |
6,727,007
-178,068
| -3% | -$8.43M |
|
24
Goldman Sachs
GS
$303B
| $323M | 1.82% |
1,545,017
-88,815
| -5% | -$18.1M |
|
25
Abbott
ABT
$202B
| $311M | 1.76% |
6,340,115
-33,630
| -0.5% | -$1.61M |
|
Similar funds
Richard Pzena's Q2 2015 Portfolio in Review
As of Q2 2015, Richard Pzena held 159 positions worth $17.7B, down 1.5% from $18B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Richard Pzena's Q2 2015 filing shows 8 new, 67 increased, 58 reduced and 8 closed positions. Its largest new stake was Dover: 1,032,825 shares worth $58.5M. The largest sale was Cigna, an estimated $278M.
By sector, the portfolio is most concentrated in Financials at 39% of assets, up from 38% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q2 2015 buy was Dover: 1,032,825 shares worth $58.5M.
- Richard Pzena added most to Walmart Inc in Q2 2015, an estimated $294M increase.
- Richard Pzena's biggest Q2 2015 reduction was Cigna, cutting an estimated $278M.
- Richard Pzena fully exited TRW AUTOMOTIVE HOLDINGS CORP in Q2 2015, selling an estimated $259M.
- Richard Pzena's ten largest holdings make up 27% of its $17.7B portfolio in Q2 2015.
- Richard Pzena opened 8 new positions and closed 8 in Q2 2015.
- Richard Pzena's portfolio value fell 1.5% quarter-over-quarter to $17.7B.
Based on Pzena Investment Management's 13F filing for Q2 2015, filed 7 Aug 2015.