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 |
Edison International
EIX
|
+$131M |
| 2 |
NRG Energy
NRG
|
+$67.6M |
| 3 |
Citigroup
C
|
+$58.9M |
| 4 |
Wells Fargo
WFC
|
+$52.8M |
| 5 |
MasTec
MTZ
|
+$46.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Flex
FLEX
|
+$149M |
| 2 |
Stanley Black & Decker
SWK
|
+$85.8M |
| 3 |
Morgan Stanley
MS
|
+$68.6M |
| 4 |
Parker-Hannifin
PH
|
+$65.9M |
| 5 |
Gildan
GIL
|
+$43.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 29.38% |
| 2 | Consumer Discretionary | 14.54% |
| 3 | Industrials | 13.94% |
| 4 | Energy | 11.76% |
| 5 | Technology | 11.71% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
GE Aerospace
GE
$361B
| $970M | 4.58% |
18,029,050
+126,988
| +0.7% | +$5.69M |
|
2
Lear
LEA
$8.56B
| $733M | 3.46% |
4,607,440
-268,957
| -6% | -$37.8M |
|
3
Halliburton
HAL
$29.4B
| $731M | 3.45% |
38,680,115
-1,294,301
| -3% | -$20.1M |
|
4
Cognizant
CTSH
$27.9B
| $704M | 3.32% |
8,588,011
-208,919
| -2% | -$15.9M |
|
5
PVH
PVH
$3.62B
| $692M | 3.27% |
7,375,531
+11,259
| +0.2% | +$857K |
|
6
American International
AIG
$39.8B
| $661M | 3.12% |
17,468,135
-584,955
| -3% | -$20.6M |
|
|
7
Wells Fargo
WFC
$254B
| $618M | 2.92% |
20,479,698
+2,039,930
| +11% | +$52.8M |
|
|
8
Citigroup
C
$221B
| $598M | 2.82% |
9,696,127
+1,158,746
| +14% | +$58.9M |
|
9
Capital One
COF
$134B
| $578M | 2.72% |
5,842,192
-207,556
| -3% | -$17.6M |
|
10
NOV
NOV
$7.28B
| $543M | 2.56% |
39,523,272
+1,576,627
| +4% | +$17.8M |
|
11
McKesson
MCK
$100B
| $537M | 2.53% |
3,089,423
-245,975
| -7% | -$41M |
|
12
Hewlett Packard
HPE
$70.8B
| $533M | 2.51% |
44,979,226
+352,432
| +0.8% | +$3.7M |
|
13
Newell Brands
NWL
$2.59B
| $512M | 2.42% |
24,118,468
-670,214
| -3% | -$13.1M |
|
|
14
Edison International
EIX
$27.5B
| $505M | 2.38% |
8,038,562
+2,179,720
| +37% | +$131M |
|
15
Equitable Holdings
EQH
$13.3B
| $503M | 2.37% |
19,667,228
-968,185
| -5% | -$22.6M |
|
16
Baker Hughes
BKR
$61.9B
| $493M | 2.33% |
23,664,321
+2,034,067
| +9% | +$35.7M |
|
17
Wabtec
WAB
$50.3B
| $480M | 2.26% |
6,551,698
+101,727
| +2% | +$6.96M |
|
18
Avnet
AVT
$7.27B
| $441M | 2.08% |
12,561,805
+596,793
| +5% | +$17.7M |
|
|
19
Gildan
GIL
$10.4B
| $421M | 1.99% |
15,027,876
-1,756,650
| -10% | -$43.2M |
|
20
Ford
F
$57.5B
| $392M | 1.85% |
44,543,119
-3,548,721
| -7% | -$29.7M |
|
21
Textron
TXT
$14.3B
| $378M | 1.78% |
7,811,119
+1,049,146
| +16% | +$44.1M |
|
|
22
NRG Energy
NRG
$23.8B
| $345M | 1.63% |
9,175,073
+2,052,937
| +29% | +$67.6M |
|
|
23
Morgan Stanley
MS
$336B
| $341M | 1.61% |
4,982,037
-1,196,289
| -19% | -$68.6M |
|
24
Bank of America
BAC
$431B
| $334M | 1.57% |
11,005,795
+187,372
| +2% | +$5.02M |
|
25
AXIS Capital
AXS
$7.2B
| $332M | 1.57% |
6,596,786
-18,992
| -0.3% | -$921K |
|
Similar funds
Richard Pzena's Q4 2020 Portfolio in Review
As of Q4 2020, Richard Pzena held 178 positions worth $21.2B, up 32% from $16B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Richard Pzena's Q4 2020 filing shows 11 new, 69 increased, 68 reduced and 12 closed positions. Its largest new stake was MasTec: 834,137 shares worth $56.9M. The largest sale was Flex, an estimated $149M.
By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 29% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Richard Pzena's largest Q4 2020 buy was MasTec: 834,137 shares worth $56.9M.
- Richard Pzena added most to Edison International in Q4 2020, an estimated $131M increase.
- Richard Pzena's biggest Q4 2020 reduction was Flex, cutting an estimated $149M.
- Richard Pzena fully exited Parker-Hannifin in Q4 2020, selling an estimated $65.9M.
- Richard Pzena's ten largest holdings make up 32% of its $21.2B portfolio in Q4 2020.
- Richard Pzena opened 11 new positions and closed 12 in Q4 2020.
- Richard Pzena's portfolio value rose 32% quarter-over-quarter to $21.2B.
Based on Pzena Investment Management's 13F filing for Q4 2020, filed 5 Feb 2021.