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 |
Halliburton
HAL
|
+$263M |
| 2 |
American International
AIG
|
+$222M |
| 3 |
Dow Inc
DOW
|
+$194M |
| 4 |
Ford
F
|
+$147M |
| 5 |
Gildan
GIL
|
+$127M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
KKR & Co
KKR
|
+$81.6M |
| 2 |
Willis Towers Watson
WTW
|
+$76.9M |
| 3 |
Walmart Inc
WMT
|
+$67.2M |
| 4 |
Edison International
EIX
|
+$59.9M |
| 5 |
Omnicom Group
OMC
|
+$57.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.29% |
| 2 | Industrials | 12.97% |
| 3 | Technology | 12.23% |
| 4 | Healthcare | 11.58% |
| 5 | Consumer Discretionary | 10.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
GE Aerospace
GE
$361B
| $513M | 3.88% |
12,955,009
+53,449
| +0.4% | +$2.85M |
|
2
McKesson
MCK
$100B
| $466M | 3.53% |
3,447,532
-313,063
| -8% | -$45.9M |
|
3
Lear
LEA
$8.56B
| $426M | 3.22% |
5,245,802
+692,494
| +15% | +$79.8M |
|
4
Cognizant
CTSH
$27.9B
| $412M | 3.12% |
8,872,350
+8,136
| +0.1% | +$485K |
|
|
5
American International
AIG
$39.8B
| $385M | 2.91% |
15,884,497
+5,168,010
| +48% | +$222M |
|
6
Hewlett Packard
HPE
$70.8B
| $364M | 2.75% |
37,450,913
+3,375,531
| +10% | +$44.2M |
|
7
Newell Brands
NWL
$2.59B
| $341M | 2.58% |
25,662,849
+347,595
| +1% | +$5.98M |
|
8
Citigroup
C
$221B
| $334M | 2.52% |
7,921,337
+340,776
| +4% | +$22.9M |
|
9
Wabtec
WAB
$50.3B
| $323M | 2.44% |
6,713,686
+178,096
| +3% | +$12.2M |
|
|
10
Halliburton
HAL
$29.4B
| $320M | 2.42% |
46,668,019
+15,101,089
| +48% | +$263M |
|
11
Equitable Holdings
EQH
$13.3B
| $319M | 2.42% |
22,099,137
+2,320,997
| +12% | +$50.7M |
|
12
NOV
NOV
$7.28B
| $313M | 2.37% |
31,817,347
+2,120,588
| +7% | +$40M |
|
13
Wells Fargo
WFC
$254B
| $309M | 2.34% |
10,769,810
+852,236
| +9% | +$36.2M |
|
14
Viatris
VTRS
$18.7B
| $291M | 2.21% |
19,550,554
-1,231,163
| -6% | -$23.6M |
|
15
Morgan Stanley
MS
$336B
| $288M | 2.18% |
8,479,495
-215,769
| -2% | -$10.2M |
|
16
Capital One
COF
$134B
| $285M | 2.15% |
5,642,681
+90,944
| +2% | +$8M |
|
|
17
Edison International
EIX
$27.5B
| $283M | 2.14% |
5,166,436
-864,858
| -14% | -$59.9M |
|
18
Stanley Black & Decker
SWK
$15.1B
| $271M | 2.05% |
2,712,644
+444,064
| +20% | +$63.4M |
|
19
Bank of America
BAC
$431B
| $268M | 2.03% |
12,620,715
-621,993
| -5% | -$18.6M |
|
|
20
Ford
F
$57.5B
| $247M | 1.87% |
51,098,081
+19,549,840
| +62% | +$147M |
|
|
IPG
21
DELISTED
Interpublic Group of Companies
IPG
| $244M | 1.85% |
15,097,551
-2,468,938
| -14% | -$52.2M |
|
22
PVH
PVH
$3.62B
| $240M | 1.81% |
6,366,624
+1,388,885
| +28% | +$106M |
|
23
Avnet
AVT
$7.27B
| $227M | 1.72% |
9,036,655
+40,202
| +0.4% | +$1.37M |
|
24
Amgen
AMGN
$238B
| $223M | 1.69% |
1,100,337
-208,970
| -16% | -$45.6M |
|
25
Voya Financial
VOYA
$8.86B
| $223M | 1.69% |
5,493,750
-197,379
| -3% | -$10.8M |
|
Similar funds
Richard Pzena's Q1 2020 Portfolio in Review
As of Q1 2020, Richard Pzena held 189 positions worth $13.2B, down 38% from $21.4B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
Richard Pzena deployed $910M of net new capital in Q1 2020, opening 15 new positions and adding to 69 existing holdings. Its largest new stake was Dow Inc: 4,570,427 shares worth $134M.
By sector, the portfolio is most concentrated in Financials at 31% of assets, down from 32% a quarter earlier, followed by Industrials and Technology.
On the sell side, the largest reduction was KKR & Co, an estimated $81.6M trimmed.
- Richard Pzena's largest Q1 2020 buy was Dow Inc: 4,570,427 shares worth $134M.
- Richard Pzena added most to Halliburton in Q1 2020, an estimated $263M increase.
- Richard Pzena's biggest Q1 2020 reduction was KKR & Co, cutting an estimated $81.6M.
- Richard Pzena fully exited Carlisle Companies in Q1 2020, selling an estimated $36.5M.
- Richard Pzena's ten largest holdings make up 29% of its $13.2B portfolio in Q1 2020.
- Richard Pzena opened 15 new positions and closed 24 in Q1 2020.
- Richard Pzena's portfolio value fell 38% quarter-over-quarter to $13.2B.
Based on Pzena Investment Management's 13F filing for Q1 2020, filed 1 May 2020.