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 |
Cognizant
CTSH
|
+$203M |
| 2 |
Cigna
CI
|
+$185M |
| 3 |
Hilton Worldwide
HLT
|
+$62.2M |
| 4 |
Oracle
ORCL
|
+$37.1M |
| 5 |
McKesson
MCK
|
+$27.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Voya Financial
VOYA
|
+$111M |
| 2 |
Seagate
STX
|
+$103M |
| 3 |
Bank of America
BAC
|
+$89.2M |
| 4 |
Parker-Hannifin
PH
|
+$81.9M |
| 5 |
HP
HPQ
|
+$75.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 40.1% |
| 2 | Technology | 17.49% |
| 3 | Energy | 10.77% |
| 4 | Industrials | 9.92% |
| 5 | Communication Services | 6.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Voya Financial
VOYA
$8.86B
| $546M | 3.11% |
13,917,354
-3,160,401
| -19% | -$111M |
|
|
2
Bank of America
BAC
$431B
| $519M | 2.96% |
23,479,533
-4,631,448
| -16% | -$89.2M |
|
3
Citigroup
C
$221B
| $506M | 2.88% |
8,509,400
-565,518
| -6% | -$30.5M |
|
4
Dover
DOV
$27.2B
| $422M | 2.4% |
6,968,074
-205,695
| -3% | -$11.9M |
|
5
Morgan Stanley
MS
$336B
| $421M | 2.4% |
9,972,762
-1,369,723
| -12% | -$51.8M |
|
6
Franklin Templeton, Inc.
BEN
$17.4B
| $409M | 2.33% |
10,337,674
-197,965
| -2% | -$7.41M |
|
7
Omnicom Group
OMC
$24B
| $408M | 2.33% |
4,793,791
+290,568
| +6% | +$24.4M |
|
|
8
Parker-Hannifin
PH
$126B
| $405M | 2.31% |
2,892,713
-616,209
| -18% | -$81.9M |
|
9
Hewlett Packard
HPE
$70.8B
| $398M | 2.27% |
29,624,850
-2,867,904
| -9% | -$38.3M |
|
|
RDS.A
10
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $398M | 2.27% |
7,582,264
-221,537
| -3% | -$11M |
|
|
11
Oracle
ORCL
$422B
| $391M | 2.23% |
10,167,717
+949,210
| +10% | +$37.1M |
|
12
American International
AIG
$39.8B
| $390M | 2.22% |
5,972,998
-144,799
| -2% | -$9.09M |
|
13
JPMorgan Chase
JPM
$935B
| $376M | 2.14% |
4,358,837
-589,903
| -12% | -$45M |
|
14
Goldman Sachs
GS
$303B
| $356M | 2.03% |
1,486,725
-187,876
| -11% | -$38.1M |
|
15
ExxonMobil
XOM
$679B
| $346M | 1.97% |
3,832,620
-18,550
| -0.5% | -$1.62M |
|
16
Walmart Inc
WMT
$825B
| $342M | 1.95% |
14,865,132
-785,364
| -5% | -$18.3M |
|
|
17
Hilton Worldwide
HLT
$73.5B
| $336M | 1.91% |
4,114,131
+845,991
| +26% | +$62.2M |
|
|
18
Seagate
STX
$193B
| $317M | 1.81% |
8,305,676
-2,762,440
| -25% | -$103M |
|
19
AXIS Capital
AXS
$7.2B
| $315M | 1.79% |
4,820,702
-56,232
| -1% | -$3.38M |
|
|
20
Cigna
CI
$73.3B
| $309M | 1.76% |
2,317,548
+1,411,423
| +156% | +$185M |
|
21
Regions Financial
RF
$25.9B
| $308M | 1.75% |
21,420,718
-6,029,748
| -22% | -$74.5M |
|
22
MetLife
MET
$60B
| $301M | 1.72% |
6,264,019
-395,595
| -6% | -$18.1M |
|
23
Intel
INTC
$476B
| $299M | 1.71% |
8,250,579
-311,860
| -4% | -$11.2M |
|
|
SPLS
24
DELISTED
Staples Inc
SPLS
| $291M | 1.66% |
32,126,425
-2,048,039
| -6% | -$17.9M |
|
25
News Corp Class A
NWSA
$16.4B
| $288M | 1.64% |
25,095,941
-27,583
| -0.1% | -$341K |
|
Similar funds
Richard Pzena's Q4 2016 Portfolio in Review
As of Q4 2016, Richard Pzena held 164 positions worth $17.5B, up 7.2% from $16.4B the previous quarter. Its ten largest holdings account for 25% of the portfolio.
Richard Pzena withdrew a net $667M in Q4 2016, closing 7 positions and reducing 84 holdings. Its most notable exit was APA Corp, an estimated $1.11M position sold in full.
By sector, the portfolio is most concentrated in Financials at 40% of assets, up from 37% a quarter earlier, followed by Technology and Energy.
Against the trend, Richard Pzena opened a new position in McKesson worth $26.2M.
- Richard Pzena's largest Q4 2016 buy was McKesson: 186,289 shares worth $26.2M.
- Richard Pzena added most to Cognizant in Q4 2016, an estimated $203M increase.
- Richard Pzena's biggest Q4 2016 reduction was Voya Financial, cutting an estimated $111M.
- Richard Pzena fully exited APA Corp in Q4 2016, selling an estimated $1.11M.
- Richard Pzena's ten largest holdings make up 25% of its $17.5B portfolio in Q4 2016.
- Richard Pzena opened 12 new positions and closed 7 in Q4 2016.
- Richard Pzena's portfolio value rose 7.2% quarter-over-quarter to $17.5B.
Based on Pzena Investment Management's 13F filing for Q4 2016, filed 10 Feb 2017.