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 |
IPG
Interpublic Group of Companies
IPG
|
+$177M |
| 2 |
Hewlett Packard
HPE
|
+$99.3M |
| 3 |
Omnicom Group
OMC
|
+$94M |
| 4 |
Wells Fargo
WFC
|
+$74M |
| 5 |
Ryder
R
|
+$66.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hilton Worldwide
HLT
|
+$121M |
| 2 |
ON Semiconductor
ON
|
+$116M |
| 3 |
Cigna
CI
|
+$67.9M |
| 4 |
Terex
TEX
|
+$58.5M |
| 5 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$51M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 37.85% |
| 2 | Technology | 15.9% |
| 3 | Healthcare | 11.35% |
| 4 | Industrials | 9.76% |
| 5 | Energy | 9.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Viatris
VTRS
$18.7B
| $930M | 4.56% |
21,978,042
-743,342
| -3% | -$28.4M |
|
|
2
Hewlett Packard
HPE
$70.8B
| $640M | 3.14% |
44,553,009
+6,992,169
| +19% | +$99.3M |
|
3
Citigroup
C
$221B
| $622M | 3.05% |
8,363,979
+42,595
| +0.5% | +$3.15M |
|
4
Voya Financial
VOYA
$8.86B
| $613M | 3.01% |
12,390,640
-422,244
| -3% | -$18.1M |
|
5
Dover
DOV
$27.2B
| $600M | 2.94% |
7,357,032
+407,134
| +6% | +$31.5M |
|
6
Bank of America
BAC
$431B
| $578M | 2.84% |
19,595,313
-33,073
| -0.2% | -$912K |
|
|
7
Omnicom Group
OMC
$24B
| $557M | 2.73% |
7,653,555
+1,310,260
| +21% | +$94M |
|
8
Oracle
ORCL
$422B
| $531M | 2.6% |
11,229,017
+1,291,977
| +13% | +$63.4M |
|
9
Cognizant
CTSH
$27.9B
| $506M | 2.48% |
7,119,634
+194,583
| +3% | +$14.2M |
|
10
Walmart Inc
WMT
$825B
| $499M | 2.45% |
15,155,130
-449,571
| -3% | -$13.8M |
|
11
Capital One
COF
$134B
| $464M | 2.28% |
4,660,524
+71,616
| +2% | +$6.54M |
|
12
Morgan Stanley
MS
$336B
| $457M | 2.24% |
8,703,173
-324,847
| -4% | -$16.4M |
|
13
Franklin Templeton, Inc.
BEN
$17.4B
| $450M | 2.21% |
10,390,099
+46,938
| +0.5% | +$2.03M |
|
|
RDS.A
14
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $448M | 2.2% |
6,712,510
-808,551
| -11% | -$51M |
|
15
JPMorgan Chase
JPM
$935B
| $415M | 2.04% |
3,883,833
-227,899
| -6% | -$23.1M |
|
|
16
Wells Fargo
WFC
$254B
| $414M | 2.03% |
6,828,830
+1,310,975
| +24% | +$74M |
|
17
American International
AIG
$39.8B
| $414M | 2.03% |
6,950,107
+442,750
| +7% | +$27.2M |
|
18
McKesson
MCK
$100B
| $406M | 1.99% |
2,600,401
+141,870
| +6% | +$21M |
|
19
News Corp Class A
NWSA
$16.4B
| $366M | 1.79% |
22,548,294
-832,983
| -4% | -$12.5M |
|
|
IPG
20
DELISTED
Interpublic Group of Companies
IPG
| $360M | 1.77% |
17,855,163
+8,890,439
| +99% | +$177M |
|
21
Goldman Sachs
GS
$303B
| $359M | 1.76% |
1,408,263
+4,771
| +0.3% | +$1.17M |
|
22
Avnet
AVT
$7.27B
| $358M | 1.76% |
9,031,623
+877,612
| +11% | +$35.1M |
|
23
ExxonMobil
XOM
$679B
| $357M | 1.75% |
4,266,158
+101,974
| +2% | +$8.43M |
|
24
Ford
F
$57.5B
| $323M | 1.58% |
25,856,377
+446,561
| +2% | +$5.5M |
|
25
Murphy Oil
MUR
$5.36B
| $301M | 1.48% |
9,703,852
+94,570
| +1% | +$2.63M |
|
Similar funds
Richard Pzena's Q4 2017 Portfolio in Review
As of Q4 2017, Richard Pzena held 160 positions worth $20.4B, up 7.7% from $18.9B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Richard Pzena's Q4 2017 filing shows 9 new, 75 increased, 62 reduced and 4 closed positions. Its largest new stake was Pediatrix Medical: 962,030 shares worth $51.4M. The largest sale was Hilton Worldwide, an estimated $121M.
By sector, the portfolio is most concentrated in Financials at 38% of assets, down from 38% a quarter earlier, followed by Technology and Healthcare.
- Richard Pzena's largest Q4 2017 buy was Pediatrix Medical: 962,030 shares worth $51.4M.
- Richard Pzena added most to Interpublic Group of Companies in Q4 2017, an estimated $177M increase.
- Richard Pzena's biggest Q4 2017 reduction was Hilton Worldwide, cutting an estimated $121M.
- Richard Pzena fully exited Progressive in Q4 2017, selling an estimated $24M.
- Richard Pzena's ten largest holdings make up 30% of its $20.4B portfolio in Q4 2017.
- Richard Pzena opened 9 new positions and closed 4 in Q4 2017.
- Richard Pzena's portfolio value rose 7.7% quarter-over-quarter to $20.4B.
Based on Pzena Investment Management's 13F filing for Q4 2017, filed 9 Feb 2018.