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 |
ExxonMobil
XOM
|
+$148M |
| 2 |
BXLT
BAXALTA INC COM STK (DE)
BXLT
|
+$141M |
| 3 |
Franklin Templeton, Inc.
BEN
|
+$105M |
| 4 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$95.4M |
| 5 |
Dover
DOV
|
+$89.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baxter International
BAX
|
+$166M |
| 2 |
Cigna
CI
|
+$119M |
| 3 |
BHI
Baker Hughes
BHI
|
+$85.2M |
| 4 |
BP
BP
|
+$56.9M |
| 5 |
Abbott
ABT
|
+$54.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 38.95% |
| 2 | Technology | 16.98% |
| 3 | Energy | 10.62% |
| 4 | Industrials | 8.88% |
| 5 | Communication Services | 7.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
HP
HPQ
$27.2B
| $490M | 3.12% |
42,154,738
+2,551,783
| +6% | +$33.1M |
|
2
Bank of America
BAC
$431B
| $465M | 2.96% |
29,871,875
-547,306
| -2% | -$9.21M |
|
3
American International
AIG
$39.8B
| $465M | 2.96% |
8,187,787
-322,130
| -4% | -$19.7M |
|
4
Citigroup
C
$221B
| $462M | 2.94% |
9,310,992
-251,234
| -3% | -$13.7M |
|
|
5
ExxonMobil
XOM
$679B
| $454M | 2.89% |
6,109,850
+1,914,698
| +46% | +$148M |
|
6
Microsoft
MSFT
$3.59T
| $450M | 2.86% |
10,161,006
-462,166
| -4% | -$20.8M |
|
|
RDS.A
7
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $439M | 2.8% |
9,774,972
+1,878,066
| +24% | +$95.4M |
|
8
Walmart Inc
WMT
$825B
| $410M | 2.61% |
18,971,778
+3,429,396
| +22% | +$78.7M |
|
9
Oracle
ORCL
$422B
| $401M | 2.55% |
11,089,893
-308,491
| -3% | -$11.9M |
|
10
Omnicom Group
OMC
$24B
| $391M | 2.49% |
5,933,010
+38,149
| +0.6% | +$2.67M |
|
11
News Corp Class A
NWSA
$16.4B
| $378M | 2.41% |
29,988,382
-454,140
| -1% | -$6.32M |
|
12
Parker-Hannifin
PH
$126B
| $342M | 2.18% |
3,515,269
-35,019
| -1% | -$3.8M |
|
13
Intel
INTC
$476B
| $340M | 2.16% |
11,264,851
+20,148
| +0.2% | +$583K |
|
14
JPMorgan Chase
JPM
$935B
| $332M | 2.11% |
5,442,892
-37,091
| -0.7% | -$2.43M |
|
15
AXIS Capital
AXS
$7.2B
| $315M | 2.01% |
5,872,056
-713,303
| -11% | -$39.6M |
|
16
Morgan Stanley
MS
$336B
| $305M | 1.94% |
9,678,165
-187,202
| -2% | -$6.81M |
|
17
Stanley Black & Decker
SWK
$15.1B
| $302M | 1.92% |
3,113,709
-110,990
| -3% | -$11.4M |
|
|
SPLS
18
DELISTED
Staples Inc
SPLS
| $299M | 1.9% |
25,499,485
+3,311,193
| +15% | +$46.6M |
|
|
19
BP
BP
$115B
| $298M | 1.89% |
11,570,932
-1,941,695
| -14% | -$56.9M |
|
|
20
Franklin Templeton, Inc.
BEN
$17.4B
| $288M | 1.83% |
7,728,411
+2,422,352
| +46% | +$105M |
|
21
Voya Financial
VOYA
$8.86B
| $287M | 1.82% |
7,391,943
-281,899
| -4% | -$12.4M |
|
22
MetLife
MET
$60B
| $282M | 1.79% |
6,703,621
-23,386
| -0.3% | -$1.09M |
|
23
Goldman Sachs
GS
$303B
| $267M | 1.7% |
1,536,725
-8,292
| -0.5% | -$1.63M |
|
|
IPG
24
DELISTED
Interpublic Group of Companies
IPG
| $262M | 1.67% |
13,685,979
-215,272
| -2% | -$4.3M |
|
|
25
Cigna
CI
$73.3B
| $254M | 1.62% |
1,882,912
-822,374
| -30% | -$119M |
|
Similar funds
Richard Pzena's Q3 2015 Portfolio in Review
As of Q3 2015, Richard Pzena held 155 positions worth $15.7B, down 11% from $17.7B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Richard Pzena's Q3 2015 filing shows 4 new, 39 increased, 83 reduced and 7 closed positions. Its largest new stake was BAXALTA INC COM STK (DE): 4,094,765 shares worth $129M. The largest sale was Baxter International, an estimated $166M.
By sector, the portfolio is most concentrated in Financials at 39% of assets, down from 39% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q3 2015 buy was BAXALTA INC COM STK (DE): 4,094,765 shares worth $129M.
- Richard Pzena added most to ExxonMobil in Q3 2015, an estimated $148M increase.
- Richard Pzena's biggest Q3 2015 reduction was Baxter International, cutting an estimated $166M.
- Richard Pzena fully exited Regal Rexnord in Q3 2015, selling an estimated $13.5M.
- Richard Pzena's ten largest holdings make up 28% of its $15.7B portfolio in Q3 2015.
- Richard Pzena opened 4 new positions and closed 7 in Q3 2015.
- Richard Pzena's portfolio value fell 11% quarter-over-quarter to $15.7B.
Based on Pzena Investment Management's 13F filing for Q3 2015, filed 6 Nov 2015.