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 |
Amgen
AMGN
|
+$246M |
| 2 |
Edison International
EIX
|
+$227M |
| 3 |
Ford
F
|
+$214M |
| 4 |
Merck
MRK
|
+$163M |
| 5 |
AXIS Capital
AXS
|
+$90.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hilton Worldwide
HLT
|
+$203M |
| 2 |
Cigna
CI
|
+$159M |
| 3 |
Hewlett Packard
HPE
|
+$156M |
| 4 |
Seagate
STX
|
+$117M |
| 5 |
Walmart Inc
WMT
|
+$114M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 37.17% |
| 2 | Technology | 15.3% |
| 3 | Healthcare | 12.71% |
| 4 | Industrials | 9.51% |
| 5 | Energy | 9.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Viatris
VTRS
$18.7B
| $877M | 4.46% |
21,293,375
-684,667
| -3% | -$29.2M |
|
|
2
Hewlett Packard
HPE
$70.8B
| $621M | 3.16% |
35,384,460
-9,168,549
| -21% | -$156M |
|
3
Omnicom Group
OMC
$24B
| $576M | 2.93% |
7,924,253
+270,698
| +4% | +$20.3M |
|
4
Dover
DOV
$27.2B
| $565M | 2.87% |
7,122,403
-234,629
| -3% | -$19.2M |
|
5
Citigroup
C
$221B
| $554M | 2.82% |
8,208,270
-155,709
| -2% | -$11.7M |
|
6
Cognizant
CTSH
$27.9B
| $539M | 2.74% |
6,691,984
-427,650
| -6% | -$33.8M |
|
7
Voya Financial
VOYA
$8.86B
| $538M | 2.74% |
10,653,774
-1,736,866
| -14% | -$89.7M |
|
8
Oracle
ORCL
$422B
| $511M | 2.6% |
11,178,377
-50,640
| -0.5% | -$2.52M |
|
9
Bank of America
BAC
$431B
| $509M | 2.59% |
16,966,578
-2,628,735
| -13% | -$82.6M |
|
|
10
Ford
F
$57.5B
| $497M | 2.53% |
44,818,988
+18,962,611
| +73% | +$214M |
|
11
Capital One
COF
$134B
| $467M | 2.38% |
4,877,701
+217,177
| +5% | +$21.6M |
|
12
Morgan Stanley
MS
$336B
| $442M | 2.25% |
8,200,006
-503,167
| -6% | -$27.9M |
|
|
RDS.A
13
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $418M | 2.13% |
6,558,222
-154,288
| -2% | -$10.2M |
|
14
Wells Fargo
WFC
$254B
| $406M | 2.07% |
7,752,137
+923,307
| +14% | +$54.8M |
|
|
IPG
15
DELISTED
Interpublic Group of Companies
IPG
| $406M | 2.06% |
17,620,856
-234,307
| -1% | -$5.26M |
|
16
American International
AIG
$39.8B
| $405M | 2.06% |
7,450,456
+500,349
| +7% | +$29.6M |
|
17
JPMorgan Chase
JPM
$935B
| $396M | 2.01% |
3,599,814
-284,019
| -7% | -$32.2M |
|
18
Avnet
AVT
$7.27B
| $383M | 1.95% |
9,181,546
+149,923
| +2% | +$6.34M |
|
19
McKesson
MCK
$100B
| $371M | 1.89% |
2,635,648
+35,247
| +1% | +$5.49M |
|
20
Franklin Templeton, Inc.
BEN
$17.4B
| $370M | 1.88% |
10,656,848
+266,749
| +3% | +$10.8M |
|
|
21
AXIS Capital
AXS
$7.2B
| $367M | 1.87% |
6,377,926
+1,748,964
| +38% | +$90.2M |
|
|
22
Edison International
EIX
$27.5B
| $349M | 1.77% |
5,475,064
+3,687,476
| +206% | +$227M |
|
23
News Corp Class A
NWSA
$16.4B
| $347M | 1.77% |
21,991,335
-556,959
| -2% | -$9.16M |
|
|
24
Walmart Inc
WMT
$825B
| $345M | 1.75% |
11,624,934
-3,530,196
| -23% | -$114M |
|
25
Goldman Sachs
GS
$303B
| $340M | 1.73% |
1,349,412
-58,851
| -4% | -$15.3M |
|
Similar funds
Richard Pzena's Q1 2018 Portfolio in Review
As of Q1 2018, Richard Pzena held 167 positions worth $19.7B, down 3.5% from $20.4B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena's Q1 2018 filing shows 11 new, 65 increased, 76 reduced and 10 closed positions. Its largest new stake was Carlisle Companies: 729,979 shares worth $76.2M. The largest sale was Hilton Worldwide, an estimated $203M.
By sector, the portfolio is most concentrated in Financials at 37% of assets, down from 38% a quarter earlier, followed by Technology and Healthcare.
- Richard Pzena's largest Q1 2018 buy was Carlisle Companies: 729,979 shares worth $76.2M.
- Richard Pzena added most to Amgen in Q1 2018, an estimated $246M increase.
- Richard Pzena's biggest Q1 2018 reduction was Cigna, cutting an estimated $159M.
- Richard Pzena fully exited Hilton Worldwide in Q1 2018, selling an estimated $203M.
- Richard Pzena's ten largest holdings make up 29% of its $19.7B portfolio in Q1 2018.
- Richard Pzena opened 11 new positions and closed 10 in Q1 2018.
- Richard Pzena's portfolio value fell 3.5% quarter-over-quarter to $19.7B.
Based on Pzena Investment Management's 13F filing for Q1 2018, filed 4 May 2018.