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 |
KKR & Co
KKR
|
+$234M |
| 2 |
NOV
NOV
|
+$213M |
| 3 |
GE Aerospace
GE
|
+$210M |
| 4 |
Edison International
EIX
|
+$74.5M |
| 5 |
Equitable Holdings
EQH
|
+$51.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street
STT
|
+$85.4M |
| 2 |
MFGP
Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share
MFGP
|
+$73.4M |
| 3 |
Walmart Inc
WMT
|
+$66.7M |
| 4 |
Murphy Oil
MUR
|
+$52.1M |
| 5 |
Franklin Templeton, Inc.
BEN
|
+$50.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.39% |
| 2 | Healthcare | 13.58% |
| 3 | Technology | 13.34% |
| 4 | Industrials | 11.13% |
| 5 | Energy | 10.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Viatris
VTRS
$18.7B
| $793M | 3.86% |
21,657,877
+542,725
| +3% | +$20.4M |
|
|
2
Edison International
EIX
$27.5B
| $606M | 2.95% |
8,949,790
+1,113,386
| +14% | +$74.5M |
|
3
Oracle
ORCL
$422B
| $586M | 2.85% |
11,363,826
-59,141
| -0.5% | -$2.87M |
|
4
Hewlett Packard
HPE
$70.8B
| $561M | 2.73% |
34,394,158
+390,298
| +1% | +$6.25M |
|
5
Citigroup
C
$221B
| $550M | 2.68% |
7,670,706
-250,256
| -3% | -$17.7M |
|
6
Cognizant
CTSH
$27.9B
| $521M | 2.54% |
6,757,585
+413,436
| +7% | +$32.3M |
|
7
Capital One
COF
$134B
| $518M | 2.52% |
5,454,942
+17,385
| +0.3% | +$1.69M |
|
8
Voya Financial
VOYA
$8.86B
| $500M | 2.43% |
10,075,127
-68,115
| -0.7% | -$3.37M |
|
9
Omnicom Group
OMC
$24B
| $499M | 2.42% |
7,329,788
+28,712
| +0.4% | +$2.01M |
|
10
Bank of America
BAC
$431B
| $476M | 2.32% |
16,165,550
-237,817
| -1% | -$7.24M |
|
11
American International
AIG
$39.8B
| $473M | 2.3% |
8,888,538
+110,353
| +1% | +$5.92M |
|
12
Dover
DOV
$27.2B
| $467M | 2.27% |
5,273,351
-469,567
| -8% | -$38.7M |
|
13
Wells Fargo
WFC
$254B
| $422M | 2.05% |
8,030,033
+78,184
| +1% | +$4.46M |
|
14
McKesson
MCK
$100B
| $419M | 2.04% |
3,160,195
+323,485
| +11% | +$42.2M |
|
15
ExxonMobil
XOM
$679B
| $396M | 1.93% |
4,657,853
+145,246
| +3% | +$11.9M |
|
16
MetLife
MET
$60B
| $396M | 1.92% |
8,470,138
+155,350
| +2% | +$7.1M |
|
17
AXIS Capital
AXS
$7.2B
| $395M | 1.92% |
6,851,545
+281,614
| +4% | +$16M |
|
|
RDS.A
18
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $395M | 1.92% |
5,802,587
-203,979
| -3% | -$13.6M |
|
|
19
NOV
NOV
$7.28B
| $395M | 1.92% |
9,175,821
+4,761,228
| +108% | +$213M |
|
20
JPMorgan Chase
JPM
$935B
| $382M | 1.86% |
3,384,202
+3,516
| +0.1% | +$399K |
|
|
IPG
21
DELISTED
Interpublic Group of Companies
IPG
| $382M | 1.86% |
16,696,074
+65,158
| +0.4% | +$1.47M |
|
22
Ford
F
$57.5B
| $377M | 1.84% |
40,804,784
-1,851,791
| -4% | -$18.5M |
|
23
Morgan Stanley
MS
$336B
| $377M | 1.83% |
8,099,085
-148,181
| -2% | -$7.24M |
|
|
24
GE Aerospace
GE
$361B
| $376M | 1.83% |
6,957,960
+3,400,660
| +96% | +$210M |
|
25
Avnet
AVT
$7.27B
| $363M | 1.77% |
8,116,307
-918,801
| -10% | -$42.2M |
|
Similar funds
Richard Pzena's Q3 2018 Portfolio in Review
As of Q3 2018, Richard Pzena held 198 positions worth $20.6B, up 3.4% from $19.9B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Richard Pzena's Q3 2018 filing shows 37 new, 62 increased, 64 reduced and 15 closed positions. Its largest new stake was General Motors: 739,178 shares worth $24.9M. The largest sale was State Street, an estimated $85.4M.
By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 35% a quarter earlier, followed by Healthcare and Technology.
- Richard Pzena's largest Q3 2018 buy was General Motors: 739,178 shares worth $24.9M.
- Richard Pzena added most to KKR & Co in Q3 2018, an estimated $234M increase.
- Richard Pzena's biggest Q3 2018 reduction was State Street, cutting an estimated $85.4M.
- Richard Pzena fully exited Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share in Q3 2018, selling an estimated $73.4M.
- Richard Pzena's ten largest holdings make up 27% of its $20.6B portfolio in Q3 2018.
- Richard Pzena opened 37 new positions and closed 15 in Q3 2018.
- Richard Pzena's portfolio value rose 3.4% quarter-over-quarter to $20.6B.
Based on Pzena Investment Management's 13F filing for Q3 2018, filed 9 Nov 2018.