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 |
Hewlett Packard
HPE
|
+$293M |
| 2 |
Dover
DOV
|
+$214M |
| 3 |
SPLS
Staples Inc
SPLS
|
+$91.6M |
| 4 |
Franklin Templeton, Inc.
BEN
|
+$67.8M |
| 5 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$35.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HP
HPQ
|
+$279M |
| 2 |
Microsoft
MSFT
|
+$148M |
| 3 |
Cigna
CI
|
+$83.1M |
| 4 |
Avnet
AVT
|
+$68.3M |
| 5 |
BHI
Baker Hughes
BHI
|
+$58M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 39.02% |
| 2 | Technology | 16.6% |
| 3 | Industrials | 10.17% |
| 4 | Energy | 10.13% |
| 5 | Communication Services | 7.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Bank of America
BAC
$431B
| $482M | 2.98% |
28,668,804
-1,203,071
| -4% | -$20.3M |
|
2
ExxonMobil
XOM
$679B
| $473M | 2.92% |
6,072,604
-37,246
| -0.6% | -$2.98M |
|
3
Citigroup
C
$221B
| $470M | 2.9% |
9,076,626
-234,366
| -3% | -$12.4M |
|
4
American International
AIG
$39.8B
| $470M | 2.9% |
7,578,036
-609,751
| -7% | -$37.2M |
|
|
RDS.A
5
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $456M | 2.82% |
10,515,186
+740,214
| +8% | +$35.2M |
|
6
Omnicom Group
OMC
$24B
| $424M | 2.62% |
5,600,639
-332,371
| -6% | -$24.4M |
|
|
7
Microsoft
MSFT
$3.59T
| $408M | 2.52% |
7,348,676
-2,812,330
| -28% | -$148M |
|
8
News Corp Class A
NWSA
$16.4B
| $393M | 2.43% |
29,402,189
-586,193
| -2% | -$8.28M |
|
9
Oracle
ORCL
$422B
| $393M | 2.43% |
10,747,914
-341,979
| -3% | -$13.1M |
|
10
Walmart Inc
WMT
$825B
| $377M | 2.33% |
18,437,409
-534,369
| -3% | -$10.7M |
|
11
Parker-Hannifin
PH
$126B
| $372M | 2.3% |
3,839,731
+324,462
| +9% | +$32.9M |
|
12
JPMorgan Chase
JPM
$935B
| $358M | 2.21% |
5,423,977
-18,915
| -0.3% | -$1.23M |
|
13
Intel
INTC
$476B
| $351M | 2.17% |
10,200,462
-1,064,389
| -9% | -$36M |
|
|
14
Franklin Templeton, Inc.
BEN
$17.4B
| $348M | 2.15% |
9,462,920
+1,734,509
| +22% | +$67.8M |
|
|
15
Dover
DOV
$27.2B
| $348M | 2.15% |
7,021,344
+4,225,603
| +151% | +$214M |
|
16
AXIS Capital
AXS
$7.2B
| $317M | 1.96% |
5,637,010
-235,046
| -4% | -$13M |
|
|
SPLS
17
DELISTED
Staples Inc
SPLS
| $315M | 1.95% |
33,304,711
+7,805,226
| +31% | +$91.6M |
|
18
Stanley Black & Decker
SWK
$15.1B
| $314M | 1.94% |
2,944,212
-169,497
| -5% | -$17.9M |
|
|
19
Hewlett Packard
HPE
$70.8B
| $309M | 1.91% |
+34,964,924
| New | +$293M |
|
20
BP
BP
$115B
| $302M | 1.87% |
11,486,236
-84,696
| -0.7% | -$2.41M |
|
21
Morgan Stanley
MS
$336B
| $302M | 1.86% |
9,483,618
-194,547
| -2% | -$6.46M |
|
|
IPG
22
DELISTED
Interpublic Group of Companies
IPG
| $298M | 1.84% |
12,784,823
-901,156
| -7% | -$20.2M |
|
23
MetLife
MET
$60B
| $289M | 1.78% |
6,723,328
+19,707
| +0.3% | +$867K |
|
24
Goldman Sachs
GS
$303B
| $277M | 1.71% |
1,538,730
+2,005
| +0.1% | +$373K |
|
25
Voya Financial
VOYA
$8.86B
| $273M | 1.69% |
7,395,161
+3,218
| +0% | +$127K |
|
Similar funds
Richard Pzena's Q4 2015 Portfolio in Review
As of Q4 2015, Richard Pzena held 154 positions worth $16.2B, up 3.1% from $15.7B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Richard Pzena's Q4 2015 filing shows 6 new, 53 increased, 81 reduced and 4 closed positions. Its largest new stake was Hewlett Packard: 34,964,924 shares worth $309M. The largest sale was HP, an estimated $279M.
By sector, the portfolio is most concentrated in Financials at 39% of assets, up from 39% a quarter earlier, followed by Technology and Industrials.
- Richard Pzena's largest Q4 2015 buy was Hewlett Packard: 34,964,924 shares worth $309M.
- Richard Pzena added most to Dover in Q4 2015, an estimated $214M increase.
- Richard Pzena's biggest Q4 2015 reduction was HP, cutting an estimated $279M.
- Richard Pzena fully exited Becton Dickinson in Q4 2015, selling an estimated $49.6M.
- Richard Pzena's ten largest holdings make up 27% of its $16.2B portfolio in Q4 2015.
- Richard Pzena opened 6 new positions and closed 4 in Q4 2015.
- Richard Pzena's portfolio value rose 3.1% quarter-over-quarter to $16.2B.
Based on Pzena Investment Management's 13F filing for Q4 2015, filed 5 Feb 2016.