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
|
+$138M |
| 2 |
Voya Financial
VOYA
|
+$110M |
| 3 |
Terex
TEX
|
+$54M |
| 4 |
AEL
American Equity Investment Life Holding Company
AEL
|
+$31.5M |
| 5 |
Merck
MRK
|
+$27.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$54.8M |
| 2 |
BXLT
BAXALTA INC COM STK (DE)
BXLT
|
+$51.6M |
| 3 |
Murphy Oil
MUR
|
+$49.2M |
| 4 |
APA Corp
APA
|
+$48.2M |
| 5 |
Baxter International
BAX
|
+$42.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.37% |
| 2 | Technology | 17.89% |
| 3 | Energy | 14.01% |
| 4 | Industrials | 11.01% |
| 5 | Communication Services | 6.81% |
| 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
| $494M | 3.09% |
9,431,228
-1,136,900
| -11% | -$54.8M |
|
2
ExxonMobil
XOM
$679B
| $447M | 2.8% |
4,772,418
-208,163
| -4% | -$18.4M |
|
3
Dover
DOV
$27.2B
| $429M | 2.69% |
7,668,421
+73,345
| +1% | +$3.95M |
|
4
Parker-Hannifin
PH
$126B
| $414M | 2.59% |
3,835,028
-92,433
| -2% | -$10.4M |
|
5
Citigroup
C
$221B
| $409M | 2.56% |
9,647,065
-216,305
| -2% | -$9.56M |
|
6
Bank of America
BAC
$431B
| $397M | 2.49% |
29,946,738
-330,048
| -1% | -$4.64M |
|
7
Oracle
ORCL
$422B
| $392M | 2.46% |
9,587,982
-824,061
| -8% | -$32.9M |
|
8
Walmart Inc
WMT
$825B
| $392M | 2.45% |
16,106,742
-1,037,550
| -6% | -$24M |
|
9
Hewlett Packard
HPE
$70.8B
| $379M | 2.37% |
35,726,606
-125,548
| -0.4% | -$1.28M |
|
|
10
Seagate
STX
$193B
| $378M | 2.36% |
15,500,305
+5,696,037
| +58% | +$138M |
|
11
Omnicom Group
OMC
$24B
| $377M | 2.36% |
4,624,761
-35,402
| -0.8% | -$2.94M |
|
|
12
Voya Financial
VOYA
$8.86B
| $376M | 2.35% |
15,175,429
+3,612,038
| +31% | +$110M |
|
13
Franklin Templeton, Inc.
BEN
$17.4B
| $356M | 2.23% |
10,670,335
+72,666
| +0.7% | +$2.64M |
|
14
American International
AIG
$39.8B
| $344M | 2.15% |
6,495,886
-111,534
| -2% | -$6.16M |
|
15
Morgan Stanley
MS
$336B
| $335M | 2.1% |
12,892,657
+243,574
| +2% | +$6.37M |
|
16
JPMorgan Chase
JPM
$935B
| $333M | 2.09% |
5,363,320
-14,742
| -0.3% | -$921K |
|
17
BP
BP
$115B
| $315M | 1.97% |
10,551,740
-129,573
| -1% | -$3.49M |
|
18
Intel
INTC
$476B
| $306M | 1.91% |
9,324,290
-81,355
| -0.9% | -$2.55M |
|
19
News Corp Class A
NWSA
$16.4B
| $305M | 1.91% |
26,908,102
-2,402,167
| -8% | -$28.9M |
|
20
AXIS Capital
AXS
$7.2B
| $292M | 1.83% |
5,315,007
+11,471
| +0.2% | +$622K |
|
|
SPLS
21
DELISTED
Staples Inc
SPLS
| $292M | 1.83% |
33,904,301
-457,222
| -1% | -$4.36M |
|
|
22
Murphy Oil
MUR
$5.36B
| $292M | 1.82% |
9,186,692
-1,625,662
| -15% | -$49.2M |
|
23
Goldman Sachs
GS
$303B
| $275M | 1.72% |
1,854,044
+10,251
| +0.6% | +$1.6M |
|
|
IPG
24
DELISTED
Interpublic Group of Companies
IPG
| $263M | 1.64% |
11,372,595
-848,517
| -7% | -$19.9M |
|
25
HP
HPQ
$27.2B
| $262M | 1.64% |
20,913,999
-274,102
| -1% | -$3.41M |
|
Similar funds
Richard Pzena's Q2 2016 Portfolio in Review
As of Q2 2016, Richard Pzena held 153 positions worth $16B, down 1.9% from $16.3B the previous quarter. Its ten largest holdings account for 26% of the portfolio.
Richard Pzena's Q2 2016 filing shows 1 new, 63 increased, 68 reduced and 9 closed positions. Its largest new stake was Truist Financial: 481,014 shares worth $17.1M. The largest sale was Royal Dutch Shell PLC ADS Class A, an estimated $54.8M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 35% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q2 2016 buy was Truist Financial: 481,014 shares worth $17.1M.
- Richard Pzena added most to Seagate in Q2 2016, an estimated $138M increase.
- Richard Pzena's biggest Q2 2016 reduction was Royal Dutch Shell PLC ADS Class A, cutting an estimated $54.8M.
- Richard Pzena fully exited BAXALTA INC COM STK (DE) in Q2 2016, selling an estimated $51.6M.
- Richard Pzena's ten largest holdings make up 26% of its $16B portfolio in Q2 2016.
- Richard Pzena opened 1 new position and closed 9 in Q2 2016.
- Richard Pzena's portfolio value fell 1.9% quarter-over-quarter to $16B.
Based on Pzena Investment Management's 13F filing for Q2 2016, filed 5 Aug 2016.