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 |
Newell Brands
NWL
|
+$183M |
| 2 |
Lear
LEA
|
+$179M |
| 3 |
Shell
SHEL
|
+$175M |
| 4 |
Bristol-Myers Squibb
BMY
|
+$166M |
| 5 |
SS&C Technologies
SSNC
|
+$156M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Halliburton
HAL
|
+$513M |
| 2 |
Baker Hughes
BKR
|
+$322M |
| 3 |
RDS.A
Royal Dutch Shell PLC ADS Class A
RDS.A
|
+$174M |
| 4 |
Cenovus Energy
CVE
|
+$123M |
| 5 |
Textron
TXT
|
+$115M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.39% |
| 2 | Technology | 15.36% |
| 3 | Consumer Discretionary | 11.7% |
| 4 | Industrials | 11.52% |
| 5 | Energy | 11.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Cognizant
CTSH
$27.9B
| $1.21B | 4.56% |
13,442,594
-654,475
| -5% | -$57.5M |
|
2
Edison International
EIX
$27.5B
| $1.03B | 3.89% |
14,670,491
-205,025
| -1% | -$13.1M |
|
3
GE Aerospace
GE
$361B
| $1.01B | 3.82% |
17,737,944
+28,163
| +0.2% | +$1.68M |
|
4
American International
AIG
$39.8B
| $988M | 3.74% |
15,742,837
-967,509
| -6% | -$58.2M |
|
5
Wabtec
WAB
$50.3B
| $961M | 3.64% |
9,997,806
-120,896
| -1% | -$11.2M |
|
|
6
Lear
LEA
$8.56B
| $893M | 3.38% |
6,265,529
+1,103,398
| +21% | +$179M |
|
|
7
Halliburton
HAL
$29.4B
| $862M | 3.26% |
22,769,611
-15,855,236
| -41% | -$513M |
|
8
Wells Fargo
WFC
$254B
| $857M | 3.24% |
17,686,093
-1,184,340
| -6% | -$63.4M |
|
9
McKesson
MCK
$100B
| $827M | 3.13% |
2,702,490
-248,210
| -8% | -$67.5M |
|
|
10
Newell Brands
NWL
$2.59B
| $776M | 2.93% |
36,251,194
+7,908,772
| +28% | +$183M |
|
11
NOV
NOV
$7.28B
| $756M | 2.86% |
38,565,035
-2,101,930
| -5% | -$36.8M |
|
12
NRG Energy
NRG
$23.8B
| $716M | 2.71% |
18,654,573
+1,430,085
| +8% | +$55.7M |
|
13
Equitable Holdings
EQH
$13.3B
| $678M | 2.56% |
21,926,757
-156,876
| -0.7% | -$5.17M |
|
14
Citigroup
C
$221B
| $640M | 2.42% |
11,981,006
+704,104
| +6% | +$43.5M |
|
15
Hewlett Packard
HPE
$70.8B
| $628M | 2.37% |
37,579,672
-5,354,408
| -12% | -$89.8M |
|
16
PVH
PVH
$3.62B
| $600M | 2.27% |
7,836,192
+60,361
| +0.8% | +$5.59M |
|
17
Amdocs
DOX
$6.41B
| $534M | 2.02% |
6,499,823
+1,108,489
| +21% | +$86.8M |
|
18
Capital One
COF
$134B
| $513M | 1.94% |
3,909,913
+8,933
| +0.2% | +$1.3M |
|
19
Avnet
AVT
$7.27B
| $489M | 1.85% |
12,040,671
-144,666
| -1% | -$5.96M |
|
|
20
Baker Hughes
BKR
$61.9B
| $445M | 1.68% |
12,213,122
-10,620,151
| -47% | -$322M |
|
21
AXIS Capital
AXS
$7.2B
| $430M | 1.63% |
7,111,763
+54,239
| +0.8% | +$3.02M |
|
22
Dow Inc
DOW
$23.4B
| $401M | 1.51% |
6,288,492
-131,134
| -2% | -$7.91M |
|
23
Fresenius Medical Care
FMS
$12.5B
| $390M | 1.47% |
11,577,632
+2,118,186
| +22% | +$69.7M |
|
24
ExxonMobil
XOM
$679B
| $372M | 1.41% |
4,509,751
-927,706
| -17% | -$72.1M |
|
|
25
SS&C Technologies
SSNC
$19.5B
| $365M | 1.38% |
4,861,235
+1,995,501
| +70% | +$156M |
|
Similar funds
Richard Pzena's Q1 2022 Portfolio in Review
As of Q1 2022, Richard Pzena held 192 positions worth $26.5B, down 0.29% from $26.5B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena's Q1 2022 filing shows 18 new, 78 increased, 54 reduced and 15 closed positions. Its largest new stake was Shell: 3,298,328 shares worth $181M. The largest sale was Halliburton, an estimated $513M.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q1 2022 buy was Shell: 3,298,328 shares worth $181M.
- Richard Pzena added most to Newell Brands in Q1 2022, an estimated $183M increase.
- Richard Pzena's biggest Q1 2022 reduction was Halliburton, cutting an estimated $513M.
- Richard Pzena fully exited Royal Dutch Shell PLC ADS Class A in Q1 2022, selling an estimated $174M.
- Richard Pzena's ten largest holdings make up 36% of its $26.5B portfolio in Q1 2022.
- Richard Pzena opened 18 new positions and closed 15 in Q1 2022.
- Richard Pzena's portfolio value fell 0.29% quarter-over-quarter to $26.5B.
Based on Pzena Investment Management's 13F filing for Q1 2022, filed 6 May 2022.