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 |
Seagate
STX
|
+$289M |
| 2 |
Voya Financial
VOYA
|
+$126M |
| 3 |
Murphy Oil
MUR
|
+$122M |
| 4 |
Halliburton
HAL
|
+$115M |
| 5 |
Cenovus Energy
CVE
|
+$111M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$170M |
| 2 |
Willis Towers Watson
WTW
|
+$94.7M |
| 3 |
BXLT
BAXALTA INC COM STK (DE)
BXLT
|
+$91.6M |
| 4 |
ExxonMobil
XOM
|
+$87.5M |
| 5 |
Cigna
CI
|
+$70.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.16% |
| 2 | Technology | 18.06% |
| 3 | Energy | 12.93% |
| 4 | Industrials | 10.64% |
| 5 | Communication Services | 7.46% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
RDS.A
1
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $485M | 2.98% |
10,568,128
+52,942
| +0.5% | +$2.24M |
|
2
Parker-Hannifin
PH
$126B
| $436M | 2.68% |
3,927,461
+87,730
| +2% | +$8.81M |
|
3
Oracle
ORCL
$422B
| $426M | 2.62% |
10,412,043
-335,871
| -3% | -$12.4M |
|
|
4
ExxonMobil
XOM
$679B
| $416M | 2.56% |
4,980,581
-1,092,023
| -18% | -$87.5M |
|
5
Franklin Templeton, Inc.
BEN
$17.4B
| $414M | 2.54% |
10,597,669
+1,134,749
| +12% | +$40.2M |
|
6
Citigroup
C
$221B
| $412M | 2.53% |
9,863,370
+786,744
| +9% | +$32.9M |
|
7
Bank of America
BAC
$431B
| $409M | 2.51% |
30,276,786
+1,607,982
| +6% | +$21.7M |
|
8
Dover
DOV
$27.2B
| $395M | 2.42% |
7,595,076
+573,732
| +8% | +$27.8M |
|
9
Walmart Inc
WMT
$825B
| $391M | 2.4% |
17,144,292
-1,293,117
| -7% | -$28.4M |
|
10
Omnicom Group
OMC
$24B
| $388M | 2.38% |
4,660,163
-940,476
| -17% | -$70.9M |
|
|
SPLS
11
DELISTED
Staples Inc
SPLS
| $379M | 2.33% |
34,361,523
+1,056,812
| +3% | +$9.93M |
|
12
News Corp Class A
NWSA
$16.4B
| $374M | 2.3% |
29,310,269
-91,920
| -0.3% | -$1.09M |
|
13
Hewlett Packard
HPE
$70.8B
| $369M | 2.27% |
35,852,154
+887,230
| +3% | +$7.43M |
|
14
American International
AIG
$39.8B
| $357M | 2.19% |
6,607,420
-970,616
| -13% | -$52.4M |
|
|
15
Voya Financial
VOYA
$8.86B
| $344M | 2.11% |
11,563,391
+4,168,230
| +56% | +$126M |
|
|
16
Seagate
STX
$193B
| $338M | 2.07% |
9,804,268
+8,977,799
| +1,086% | +$289M |
|
17
JPMorgan Chase
JPM
$935B
| $318M | 1.96% |
5,378,062
-45,915
| -0.8% | -$2.68M |
|
18
Morgan Stanley
MS
$336B
| $316M | 1.94% |
12,649,083
+3,165,465
| +33% | +$80.8M |
|
19
Intel
INTC
$476B
| $304M | 1.87% |
9,405,645
-794,817
| -8% | -$24.4M |
|
20
AXIS Capital
AXS
$7.2B
| $294M | 1.81% |
5,303,536
-333,474
| -6% | -$18M |
|
21
Goldman Sachs
GS
$303B
| $289M | 1.78% |
1,843,793
+305,063
| +20% | +$47.2M |
|
|
IPG
22
DELISTED
Interpublic Group of Companies
IPG
| $280M | 1.72% |
12,221,112
-563,711
| -4% | -$12.2M |
|
23
MetLife
MET
$60B
| $274M | 1.68% |
6,992,652
+269,324
| +4% | +$10.1M |
|
|
24
Murphy Oil
MUR
$5.36B
| $272M | 1.67% |
10,812,354
+6,100,336
| +129% | +$122M |
|
25
BP
BP
$115B
| $271M | 1.67% |
10,681,313
-804,923
| -7% | -$20.3M |
|
Similar funds
Richard Pzena's Q1 2016 Portfolio in Review
As of Q1 2016, Richard Pzena held 160 positions worth $16.3B, up 0.61% from $16.2B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Richard Pzena's Q1 2016 filing shows 10 new, 84 increased, 52 reduced and 8 closed positions. Its largest new stake was Halliburton: 3,534,585 shares worth $126M. The largest sale was Microsoft, an estimated $170M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, down from 39% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q1 2016 buy was Halliburton: 3,534,585 shares worth $126M.
- Richard Pzena added most to Seagate in Q1 2016, an estimated $289M increase.
- Richard Pzena's biggest Q1 2016 reduction was Microsoft, cutting an estimated $170M.
- Richard Pzena fully exited Brady Corp in Q1 2016, selling an estimated $24.4M.
- Richard Pzena's ten largest holdings make up 26% of its $16.3B portfolio in Q1 2016.
- Richard Pzena opened 10 new positions and closed 8 in Q1 2016.
- Richard Pzena's portfolio value rose 0.61% quarter-over-quarter to $16.3B.
Based on Pzena Investment Management's 13F filing for Q1 2016, filed 6 May 2016.