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 |
GE HealthCare
GEHC
|
+$259M |
| 2 |
Dow Inc
DOW
|
+$246M |
| 3 |
TE Connectivity
TEL
|
+$232M |
| 4 |
Charter Communications
CHTR
|
+$220M |
| 5 |
Capital One
COF
|
+$107M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$404M |
| 2 |
NRG Energy
NRG
|
+$266M |
| 3 |
Hewlett Packard
HPE
|
+$256M |
| 4 |
McKesson
MCK
|
+$119M |
| 5 |
TechnipFMC
FTI
|
+$86.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.52% |
| 2 | Consumer Discretionary | 16.79% |
| 3 | Technology | 16.68% |
| 4 | Industrials | 12% |
| 5 | Healthcare | 9.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
GE Aerospace
GE
$361B
| $1.16B | 4.99% |
15,146,397
-6,045,521
| -29% | -$404M |
|
2
Cognizant
CTSH
$27.9B
| $1.08B | 4.64% |
17,657,416
+299,737
| +2% | +$18.8M |
|
3
Edison International
EIX
$27.5B
| $988M | 4.26% |
13,994,142
+374,257
| +3% | +$25.3M |
|
4
Lear
LEA
$8.56B
| $941M | 4.06% |
6,742,800
-122,732
| -2% | -$17M |
|
|
5
Dow Inc
DOW
$23.4B
| $817M | 3.52% |
14,901,209
+4,365,219
| +41% | +$246M |
|
6
SS&C Technologies
SSNC
$19.5B
| $790M | 3.41% |
13,982,655
+1,346,697
| +11% | +$77.6M |
|
7
Wabtec
WAB
$50.3B
| $782M | 3.37% |
7,733,474
-69,899
| -0.9% | -$7.14M |
|
8
Citigroup
C
$221B
| $770M | 3.32% |
16,420,961
+267,712
| +2% | +$13.1M |
|
9
Wells Fargo
WFC
$254B
| $694M | 2.99% |
18,563,726
+852,909
| +5% | +$37.2M |
|
|
10
Capital One
COF
$134B
| $672M | 2.9% |
6,993,002
+1,020,747
| +17% | +$107M |
|
11
PVH
PVH
$3.62B
| $644M | 2.78% |
7,224,974
-161,432
| -2% | -$13.2M |
|
12
Newell Brands
NWL
$2.59B
| $632M | 2.73% |
50,805,079
+3,443,400
| +7% | +$48.6M |
|
13
Equitable Holdings
EQH
$13.3B
| $596M | 2.57% |
23,480,192
+874,423
| +4% | +$25.8M |
|
14
NOV
NOV
$7.28B
| $547M | 2.36% |
29,531,437
-37,476
| -0.1% | -$809K |
|
15
American International
AIG
$39.8B
| $479M | 2.07% |
9,520,256
-260,688
| -3% | -$15.2M |
|
16
Amdocs
DOX
$6.41B
| $459M | 1.98% |
4,776,144
-285,187
| -6% | -$26.4M |
|
17
Fresenius Medical Care
FMS
$12.5B
| $426M | 1.84% |
20,025,078
-4,307,114
| -18% | -$82.5M |
|
18
Avnet
AVT
$7.27B
| $414M | 1.78% |
9,149,810
-132,793
| -1% | -$5.92M |
|
19
Booking.com
BKNG
$158B
| $388M | 1.67% |
3,659,325
-225,750
| -6% | -$22M |
|
20
Gildan
GIL
$10.4B
| $370M | 1.6% |
11,143,399
-371,317
| -3% | -$11.4M |
|
21
Bristol-Myers Squibb
BMY
$137B
| $313M | 1.35% |
4,511,785
+651,213
| +17% | +$45.9M |
|
|
22
GE HealthCare
GEHC
$33.8B
| $297M | 1.28% |
+3,625,855
| New | +$259M |
|
23
Trip.com Group
TCOM
$29B
| $297M | 1.28% |
7,889,015
-1,788,667
| -18% | -$66.5M |
|
|
SKX
24
DELISTED
Skechers
SKX
| $294M | 1.27% |
6,196,158
-1,326,383
| -18% | -$60.1M |
|
25
AXIS Capital
AXS
$7.2B
| $280M | 1.21% |
5,128,709
-415,196
| -7% | -$24.1M |
|
Similar funds
Richard Pzena's Q1 2023 Portfolio in Review
As of Q1 2023, Richard Pzena held 194 positions worth $23.2B, up 2.5% from $22.6B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
Richard Pzena's Q1 2023 filing shows 14 new, 47 increased, 96 reduced and 31 closed positions. Its largest new stake was GE HealthCare: 3,625,855 shares worth $297M. The largest sale was GE Aerospace, an estimated $404M.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 28% a quarter earlier, followed by Consumer Discretionary and Technology.
- Richard Pzena's largest Q1 2023 buy was GE HealthCare: 3,625,855 shares worth $297M.
- Richard Pzena added most to Dow Inc in Q1 2023, an estimated $246M increase.
- Richard Pzena's biggest Q1 2023 reduction was GE Aerospace, cutting an estimated $404M.
- Richard Pzena fully exited NRG Energy in Q1 2023, selling an estimated $266M.
- Richard Pzena's ten largest holdings make up 37% of its $23.2B portfolio in Q1 2023.
- Richard Pzena opened 14 new positions and closed 31 in Q1 2023.
- Richard Pzena's portfolio value rose 2.5% quarter-over-quarter to $23.2B.
Based on Pzena Investment Management's 13F filing for Q1 2023, filed 12 May 2023.