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 |
Fresenius Medical Care
FMS
|
+$250M |
| 2 |
Johnson & Johnson
JNJ
|
+$151M |
| 3 |
Cognizant
CTSH
|
+$151M |
| 4 |
NRG Energy
NRG
|
+$96.3M |
| 5 |
Pfizer
PFE
|
+$88.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Textron
TXT
|
+$187M |
| 2 |
Capital One
COF
|
+$116M |
| 3 |
CVS Health
CVS
|
+$103M |
| 4 |
American International
AIG
|
+$74.7M |
| 5 |
Morgan Stanley
MS
|
+$64.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 28.55% |
| 2 | Consumer Discretionary | 13.6% |
| 3 | Technology | 13.41% |
| 4 | Industrials | 13.17% |
| 5 | Energy | 11.59% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
GE Aerospace
GE
$361B
| $1.05B | 4.15% |
16,340,879
+74,769
| +0.5% | +$4.81M |
|
|
2
Cognizant
CTSH
$27.9B
| $1.05B | 4.15% |
14,110,915
+2,044,744
| +17% | +$151M |
|
|
3
American International
AIG
$39.8B
| $924M | 3.66% |
16,829,070
-1,449,916
| -8% | -$74.7M |
|
4
Wabtec
WAB
$50.3B
| $878M | 3.48% |
10,187,842
-193,984
| -2% | -$16.7M |
|
5
Wells Fargo
WFC
$254B
| $876M | 3.47% |
18,879,940
-494,973
| -3% | -$22.9M |
|
6
Halliburton
HAL
$29.4B
| $843M | 3.34% |
39,013,261
+546,241
| +1% | +$11.2M |
|
7
Edison International
EIX
$27.5B
| $815M | 3.22% |
14,686,755
-26,190
| -0.2% | -$1.5M |
|
8
Lear
LEA
$8.56B
| $812M | 3.21% |
5,186,846
+362,076
| +8% | +$59.3M |
|
9
PVH
PVH
$3.62B
| $773M | 3.06% |
7,523,521
-245,113
| -3% | -$26.4M |
|
10
Citigroup
C
$221B
| $734M | 2.9% |
10,456,683
+242,705
| +2% | +$17M |
|
|
11
NRG Energy
NRG
$23.8B
| $673M | 2.66% |
16,483,758
+2,263,065
| +16% | +$96.3M |
|
12
Equitable Holdings
EQH
$13.3B
| $656M | 2.6% |
22,131,172
+1,726,223
| +8% | +$52.3M |
|
13
Hewlett Packard
HPE
$70.8B
| $618M | 2.45% |
43,376,456
+33,744
| +0.1% | +$487K |
|
|
14
Capital One
COF
$134B
| $617M | 2.44% |
3,809,125
-713,501
| -16% | -$116M |
|
15
Baker Hughes
BKR
$61.9B
| $599M | 2.37% |
24,207,511
+471,100
| +2% | +$10.5M |
|
16
McKesson
MCK
$100B
| $594M | 2.35% |
2,979,015
-210,265
| -7% | -$42M |
|
17
Newell Brands
NWL
$2.59B
| $579M | 2.29% |
26,163,291
+1,201,349
| +5% | +$30.7M |
|
18
NOV
NOV
$7.28B
| $535M | 2.12% |
40,799,160
-293,641
| -0.7% | -$3.96M |
|
19
Avnet
AVT
$7.27B
| $452M | 1.79% |
12,226,449
-281,675
| -2% | -$11.1M |
|
20
Bank of America
BAC
$431B
| $411M | 1.63% |
9,681,180
-471,738
| -5% | -$19M |
|
21
Amdocs
DOX
$6.41B
| $401M | 1.59% |
5,296,210
+40,896
| +0.8% | +$3.16M |
|
22
Gildan
GIL
$10.4B
| $390M | 1.54% |
10,680,800
-1,666,043
| -13% | -$61.2M |
|
23
Dow Inc
DOW
$23.4B
| $358M | 1.42% |
6,212,506
+897,601
| +17% | +$54.9M |
|
|
24
Textron
TXT
$14.3B
| $356M | 1.41% |
5,095,312
-2,660,960
| -34% | -$187M |
|
25
Ford
F
$57.5B
| $343M | 1.36% |
24,201,219
-3,408,405
| -12% | -$46.4M |
|
Similar funds
Richard Pzena's Q3 2021 Portfolio in Review
As of Q3 2021, Richard Pzena held 180 positions worth $25.3B, down 1.7% from $25.7B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Richard Pzena's Q3 2021 filing shows 15 new, 62 increased, 64 reduced and 12 closed positions. Its largest new stake was Fresenius Medical Care: 6,407,774 shares worth $224M. The largest sale was Textron, an estimated $187M.
By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 28% a quarter earlier, followed by Consumer Discretionary and Technology.
- Richard Pzena's largest Q3 2021 buy was Fresenius Medical Care: 6,407,774 shares worth $224M.
- Richard Pzena added most to Cognizant in Q3 2021, an estimated $151M increase.
- Richard Pzena's biggest Q3 2021 reduction was Textron, cutting an estimated $187M.
- Richard Pzena fully exited CVS Health in Q3 2021, selling an estimated $103M.
- Richard Pzena's ten largest holdings make up 35% of its $25.3B portfolio in Q3 2021.
- Richard Pzena opened 15 new positions and closed 12 in Q3 2021.
- Richard Pzena's portfolio value fell 1.7% quarter-over-quarter to $25.3B.
Based on Pzena Investment Management's 13F filing for Q3 2021, filed 5 Nov 2021.