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 |
Viatris
VTRS
|
+$293M |
| 2 |
McKesson
MCK
|
+$277M |
| 3 |
Cognizant
CTSH
|
+$114M |
| 4 |
ExxonMobil
XOM
|
+$113M |
| 5 |
Cardinal Health
CAH
|
+$83.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Seagate
STX
|
+$216M |
| 2 |
Parker-Hannifin
PH
|
+$181M |
| 3 |
HP
HPQ
|
+$97.7M |
| 4 |
Abbott
ABT
|
+$92M |
| 5 |
Halliburton
HAL
|
+$90.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 37.77% |
| 2 | Technology | 17.4% |
| 3 | Energy | 10.26% |
| 4 | Industrials | 9.7% |
| 5 | Healthcare | 8.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Bank of America
BAC
$431B
| $505M | 2.85% |
21,393,274
-2,086,259
| -9% | -$49.5M |
|
2
Citigroup
C
$221B
| $502M | 2.83% |
8,391,768
-117,632
| -1% | -$6.96M |
|
3
Voya Financial
VOYA
$8.86B
| $486M | 2.74% |
12,801,547
-1,115,807
| -8% | -$44.9M |
|
4
Dover
DOV
$27.2B
| $448M | 2.53% |
6,909,982
-58,092
| -0.8% | -$3.7M |
|
5
Oracle
ORCL
$422B
| $448M | 2.53% |
10,043,940
-123,777
| -1% | -$5.15M |
|
6
Franklin Templeton, Inc.
BEN
$17.4B
| $426M | 2.4% |
10,102,113
-235,561
| -2% | -$9.77M |
|
|
7
ExxonMobil
XOM
$679B
| $425M | 2.4% |
5,184,090
+1,351,470
| +35% | +$113M |
|
8
Omnicom Group
OMC
$24B
| $425M | 2.4% |
4,929,240
+135,449
| +3% | +$11.6M |
|
9
Hewlett Packard
HPE
$70.8B
| $411M | 2.32% |
29,825,594
+200,744
| +0.7% | +$2.7M |
|
|
10
Cognizant
CTSH
$27.9B
| $400M | 2.25% |
6,713,981
+1,981,287
| +42% | +$114M |
|
11
American International
AIG
$39.8B
| $399M | 2.25% |
6,389,150
+416,152
| +7% | +$26.7M |
|
12
Morgan Stanley
MS
$336B
| $395M | 2.23% |
9,216,815
-755,947
| -8% | -$33.5M |
|
|
RDS.A
13
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $393M | 2.22% |
7,585,579
+3,315
| +0% | +$173K |
|
14
Walmart Inc
WMT
$825B
| $369M | 2.08% |
15,345,114
+479,982
| +3% | +$11M |
|
15
JPMorgan Chase
JPM
$935B
| $366M | 2.07% |
4,169,609
-189,228
| -4% | -$16.7M |
|
16
Cigna
CI
$73.3B
| $331M | 1.86% |
2,256,353
-61,195
| -3% | -$9.02M |
|
17
Goldman Sachs
GS
$303B
| $326M | 1.84% |
1,418,891
-67,834
| -5% | -$16.4M |
|
18
AXIS Capital
AXS
$7.2B
| $318M | 1.79% |
4,740,492
-80,210
| -2% | -$5.38M |
|
19
News Corp Class A
NWSA
$16.4B
| $317M | 1.79% |
24,353,441
-742,500
| -3% | -$9.3M |
|
|
20
McKesson
MCK
$100B
| $308M | 1.74% |
2,077,104
+1,890,815
| +1,015% | +$277M |
|
21
Intel
INTC
$476B
| $303M | 1.71% |
8,395,710
+145,131
| +2% | +$5.25M |
|
22
Regions Financial
RF
$25.9B
| $290M | 1.64% |
19,965,102
-1,455,616
| -7% | -$21.5M |
|
23
MetLife
MET
$60B
| $289M | 1.63% |
6,142,083
-121,936
| -2% | -$5.81M |
|
|
24
Viatris
VTRS
$18.7B
| $283M | 1.6% |
+7,262,316
| New | +$293M |
|
|
SPLS
25
DELISTED
Staples Inc
SPLS
| $274M | 1.54% |
31,228,241
-898,184
| -3% | -$8.1M |
|
Similar funds
Richard Pzena's Q1 2017 Portfolio in Review
As of Q1 2017, Richard Pzena held 171 positions worth $17.7B, up 1.1% from $17.5B the previous quarter. Its ten largest holdings account for 25% of the portfolio.
Richard Pzena's Q1 2017 filing shows 14 new, 43 increased, 82 reduced and 16 closed positions. Its largest new stake was Viatris: 7,262,316 shares worth $283M. The largest sale was Seagate, an estimated $216M.
By sector, the portfolio is most concentrated in Financials at 38% of assets, down from 40% a quarter earlier, followed by Technology and Energy.
- Richard Pzena's largest Q1 2017 buy was Viatris: 7,262,316 shares worth $283M.
- Richard Pzena added most to McKesson in Q1 2017, an estimated $277M increase.
- Richard Pzena's biggest Q1 2017 reduction was Seagate, cutting an estimated $216M.
- Richard Pzena fully exited Endurance Specialty Holdings Ltd in Q1 2017, selling an estimated $63.1M.
- Richard Pzena's ten largest holdings make up 25% of its $17.7B portfolio in Q1 2017.
- Richard Pzena opened 14 new positions and closed 16 in Q1 2017.
- Richard Pzena's portfolio value rose 1.1% quarter-over-quarter to $17.7B.
Based on Pzena Investment Management's 13F filing for Q1 2017, filed 5 May 2017.