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 |
Wabtec
WAB
|
+$154M |
| 2 |
Gildan
GIL
|
+$142M |
| 3 |
Halliburton
HAL
|
+$103M |
| 4 |
Avnet
AVT
|
+$78.7M |
| 5 |
TechnipFMC
FTI
|
+$71.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AXE
Anixter International Inc
AXE
|
+$141M |
| 2 |
Walmart Inc
WMT
|
+$76.5M |
| 3 |
Merck
MRK
|
+$61.2M |
| 4 |
Oracle
ORCL
|
+$52.1M |
| 5 |
JPMorgan Chase
JPM
|
+$40M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.47% |
| 2 | Industrials | 13.46% |
| 3 | Energy | 12.81% |
| 4 | Technology | 10.79% |
| 5 | Consumer Discretionary | 10.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Halliburton
HAL
$29.4B
| $772M | 3.61% |
31,566,930
+4,870,119
| +18% | +$103M |
|
2
NOV
NOV
$7.28B
| $744M | 3.47% |
29,696,759
+2,210,777
| +8% | +$49.7M |
|
3
GE Aerospace
GE
$361B
| $718M | 3.35% |
12,901,560
+186,839
| +1% | +$9.65M |
|
4
Lear
LEA
$8.56B
| $625M | 2.92% |
4,553,308
+361,827
| +9% | +$44.8M |
|
5
Citigroup
C
$221B
| $606M | 2.83% |
7,580,561
-42,763
| -0.6% | -$3.16M |
|
6
Capital One
COF
$134B
| $571M | 2.67% |
5,551,737
+39,265
| +0.7% | +$3.78M |
|
7
American International
AIG
$39.8B
| $550M | 2.57% |
10,716,487
+245,066
| +2% | +$13M |
|
8
Cognizant
CTSH
$27.9B
| $550M | 2.57% |
8,864,214
+328,217
| +4% | +$20.3M |
|
9
Hewlett Packard
HPE
$70.8B
| $540M | 2.52% |
34,075,382
+834,063
| +3% | +$13.3M |
|
10
Wells Fargo
WFC
$254B
| $534M | 2.49% |
9,917,574
+158,189
| +2% | +$8.29M |
|
11
PVH
PVH
$3.62B
| $523M | 2.44% |
4,977,739
-170,826
| -3% | -$16.3M |
|
12
McKesson
MCK
$100B
| $520M | 2.43% |
3,760,595
+114,261
| +3% | +$16.1M |
|
|
13
Wabtec
WAB
$50.3B
| $508M | 2.37% |
6,535,590
+2,080,601
| +47% | +$154M |
|
14
Equitable Holdings
EQH
$13.3B
| $490M | 2.29% |
19,778,140
+969,722
| +5% | +$22.5M |
|
15
Newell Brands
NWL
$2.59B
| $487M | 2.27% |
25,315,254
+144,423
| +0.6% | +$2.78M |
|
16
Bank of America
BAC
$431B
| $466M | 2.18% |
13,242,708
-1,170,337
| -8% | -$37.8M |
|
17
Edison International
EIX
$27.5B
| $455M | 2.12% |
6,031,294
+342,174
| +6% | +$24.2M |
|
18
Morgan Stanley
MS
$336B
| $445M | 2.08% |
8,695,264
+80,038
| +0.9% | +$3.79M |
|
19
Viatris
VTRS
$18.7B
| $418M | 1.95% |
20,781,717
+1,373,299
| +7% | +$25.6M |
|
|
IPG
20
DELISTED
Interpublic Group of Companies
IPG
| $406M | 1.9% |
17,566,489
+1,030,751
| +6% | +$22.7M |
|
|
21
Avnet
AVT
$7.27B
| $382M | 1.78% |
8,996,453
+1,909,859
| +27% | +$78.7M |
|
22
Stanley Black & Decker
SWK
$15.1B
| $376M | 1.76% |
2,268,580
+17,925
| +0.8% | +$2.78M |
|
23
Voya Financial
VOYA
$8.86B
| $347M | 1.62% |
5,691,129
+102,159
| +2% | +$5.76M |
|
24
AXIS Capital
AXS
$7.2B
| $320M | 1.49% |
5,383,049
+978,726
| +22% | +$59.2M |
|
25
Amgen
AMGN
$238B
| $316M | 1.47% |
1,309,307
+100,033
| +8% | +$22.1M |
|
Similar funds
Richard Pzena's Q4 2019 Portfolio in Review
As of Q4 2019, Richard Pzena held 186 positions worth $21.4B, up 17% from $18.4B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena deployed $1.14B of net new capital in Q4 2019, opening 11 new positions and adding to 101 existing holdings. Its largest new stake was Olin: 3,663,120 shares worth $63.2M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, down from 33% a quarter earlier, followed by Industrials and Energy.
On the sell side, the largest reduction was Anixter International Inc, an estimated $141M trimmed.
- Richard Pzena's largest Q4 2019 buy was Olin: 3,663,120 shares worth $63.2M.
- Richard Pzena added most to Wabtec in Q4 2019, an estimated $154M increase.
- Richard Pzena's biggest Q4 2019 reduction was Anixter International Inc, cutting an estimated $141M.
- Richard Pzena fully exited C&J Energy Services, Inc. in Q4 2019, selling an estimated $38.5M.
- Richard Pzena's ten largest holdings make up 29% of its $21.4B portfolio in Q4 2019.
- Richard Pzena opened 11 new positions and closed 12 in Q4 2019.
- Richard Pzena's portfolio value rose 17% quarter-over-quarter to $21.4B.
Based on Pzena Investment Management's 13F filing for Q4 2019, filed 7 Feb 2020.