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 |
SS&C Technologies
SSNC
|
+$102M |
| 2 |
Dow Inc
DOW
|
+$62.6M |
| 3 |
Lear
LEA
|
+$55.4M |
| 4 |
Capital One
COF
|
+$54.6M |
| 5 |
GE Aerospace
GE
|
+$51.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
McKesson
MCK
|
+$247M |
| 2 |
ExxonMobil
XOM
|
+$96.7M |
| 3 |
Wabtec
WAB
|
+$62.6M |
| 4 |
Amdocs
DOX
|
+$61.5M |
| 5 |
Avnet
AVT
|
+$60.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.74% |
| 2 | Technology | 15.25% |
| 3 | Consumer Discretionary | 13.83% |
| 4 | Industrials | 11.26% |
| 5 | Healthcare | 9.28% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
GE Aerospace
GE
$361B
| $852M | 4.23% |
22,088,672
+1,165,091
| +6% | +$51.2M |
|
|
2
Lear
LEA
$8.56B
| $822M | 4.08% |
6,864,149
+401,070
| +6% | +$55.4M |
|
3
Cognizant
CTSH
$27.9B
| $819M | 4.07% |
14,254,984
+486,853
| +4% | +$31.9M |
|
4
Edison International
EIX
$27.5B
| $759M | 3.77% |
13,418,302
-541,060
| -4% | -$35.8M |
|
|
5
Wabtec
WAB
$50.3B
| $722M | 3.58% |
8,869,673
-708,993
| -7% | -$62.6M |
|
6
Wells Fargo
WFC
$254B
| $697M | 3.46% |
17,335,603
+342,324
| +2% | +$14.7M |
|
7
Citigroup
C
$221B
| $637M | 3.16% |
15,283,512
-50,865
| -0.3% | -$2.51M |
|
8
NRG Energy
NRG
$23.8B
| $635M | 3.16% |
16,604,637
+74,027
| +0.4% | +$2.95M |
|
9
Equitable Holdings
EQH
$13.3B
| $603M | 2.99% |
22,868,511
+720,979
| +3% | +$20.5M |
|
|
10
McKesson
MCK
$100B
| $585M | 2.9% |
1,721,059
-712,301
| -29% | -$247M |
|
11
NOV
NOV
$7.28B
| $572M | 2.84% |
35,321,478
-1,524,407
| -4% | -$25.6M |
|
12
Newell Brands
NWL
$2.59B
| $541M | 2.69% |
38,954,635
+1,385,298
| +4% | +$25.9M |
|
13
American International
AIG
$39.8B
| $513M | 2.55% |
10,801,992
+89,254
| +0.8% | +$4.69M |
|
|
14
SS&C Technologies
SSNC
$19.5B
| $510M | 2.53% |
10,688,624
+1,772,233
| +20% | +$102M |
|
|
15
Capital One
COF
$134B
| $494M | 2.45% |
5,355,282
+512,496
| +11% | +$54.6M |
|
|
16
Amdocs
DOX
$6.41B
| $447M | 2.22% |
5,620,781
-726,402
| -11% | -$61.5M |
|
17
Halliburton
HAL
$29.4B
| $385M | 1.91% |
15,621,179
-1,057,714
| -6% | -$30.2M |
|
18
Hewlett Packard
HPE
$70.8B
| $363M | 1.8% |
30,278,726
-1,796,700
| -6% | -$24.4M |
|
19
Gildan
GIL
$10.4B
| $344M | 1.71% |
12,158,934
-428,122
| -3% | -$12.8M |
|
|
20
Avnet
AVT
$7.27B
| $337M | 1.68% |
9,340,785
-1,399,875
| -13% | -$60.2M |
|
21
PVH
PVH
$3.62B
| $330M | 1.64% |
7,374,786
-565,181
| -7% | -$33.6M |
|
|
22
Dow Inc
DOW
$23.4B
| $330M | 1.64% |
7,511,122
+1,234,334
| +20% | +$62.6M |
|
23
AXIS Capital
AXS
$7.2B
| $291M | 1.45% |
5,922,661
-855,720
| -13% | -$45.3M |
|
24
MetLife
MET
$60B
| $289M | 1.43% |
4,749,119
-298,154
| -6% | -$19M |
|
25
Bristol-Myers Squibb
BMY
$137B
| $284M | 1.41% |
3,992,131
-179,101
| -4% | -$13M |
|
Similar funds
Richard Pzena's Q3 2022 Portfolio in Review
As of Q3 2022, Richard Pzena held 179 positions worth $20.1B, down 9.8% from $22.3B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Richard Pzena's Q3 2022 filing shows 11 new, 33 increased, 86 reduced and 4 closed positions. Its largest new stake was Credicorp: 363,705 shares worth $44.7M. The largest sale was McKesson, an estimated $247M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, up from 26% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q3 2022 buy was Credicorp: 363,705 shares worth $44.7M.
- Richard Pzena added most to SS&C Technologies in Q3 2022, an estimated $102M increase.
- Richard Pzena's biggest Q3 2022 reduction was McKesson, cutting an estimated $247M.
- Richard Pzena fully exited D.R. Horton in Q3 2022, selling an estimated $264K.
- Richard Pzena's ten largest holdings make up 35% of its $20.1B portfolio in Q3 2022.
- Richard Pzena opened 11 new positions and closed 4 in Q3 2022.
- Richard Pzena's portfolio value fell 9.8% quarter-over-quarter to $20.1B.
Based on Pzena Investment Management's 13F filing for Q3 2022, filed 4 Nov 2022.