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 |
Charter Communications
CHTR
|
+$211M |
| 2 |
Bank of America
BAC
|
+$158M |
| 3 |
Medtronic
MDT
|
+$131M |
| 4 |
NOV
NOV
|
+$118M |
| 5 |
Magna International
MGA
|
+$87.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$547M |
| 2 |
SKX
Skechers
SKX
|
+$113M |
| 3 |
American International
AIG
|
+$105M |
| 4 |
GE HealthCare
GEHC
|
+$84M |
| 5 |
Booking.com
BKNG
|
+$80.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.87% |
| 2 | Technology | 17.68% |
| 3 | Consumer Discretionary | 15.81% |
| 4 | Industrials | 10.37% |
| 5 | Healthcare | 9.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Cognizant
CTSH
$27.9B
| $1.15B | 4.91% |
17,647,121
-10,295
| -0.1% | -$638K |
|
2
Lear
LEA
$8.56B
| $945M | 4.03% |
6,582,839
-159,961
| -2% | -$21.1M |
|
3
Edison International
EIX
$27.5B
| $911M | 3.89% |
13,119,628
-874,514
| -6% | -$61.5M |
|
4
SS&C Technologies
SSNC
$19.5B
| $850M | 3.63% |
14,031,514
+48,859
| +0.3% | +$2.78M |
|
5
Wabtec
WAB
$50.3B
| $829M | 3.54% |
7,560,248
-173,226
| -2% | -$17.2M |
|
6
Dow Inc
DOW
$23.4B
| $793M | 3.38% |
14,883,954
-17,255
| -0.1% | -$917K |
|
7
Capital One
COF
$134B
| $770M | 3.28% |
7,041,191
+48,189
| +0.7% | +$4.82M |
|
8
Wells Fargo
WFC
$254B
| $765M | 3.26% |
17,933,758
-629,968
| -3% | -$25.4M |
|
9
Citigroup
C
$221B
| $743M | 3.17% |
16,140,478
-280,483
| -2% | -$13.1M |
|
|
10
GE Aerospace
GE
$361B
| $736M | 3.14% |
8,391,734
-6,754,663
| -45% | -$547M |
|
11
Equitable Holdings
EQH
$13.3B
| $664M | 2.83% |
24,452,076
+971,884
| +4% | +$24.6M |
|
12
PVH
PVH
$3.62B
| $592M | 2.52% |
6,964,608
-260,366
| -4% | -$22M |
|
|
13
NOV
NOV
$7.28B
| $590M | 2.52% |
36,790,723
+7,259,286
| +25% | +$118M |
|
14
Amdocs
DOX
$6.41B
| $457M | 1.95% |
4,623,123
-153,021
| -3% | -$14.4M |
|
15
Newell Brands
NWL
$2.59B
| $456M | 1.95% |
52,422,875
+1,617,796
| +3% | +$16.1M |
|
|
16
Charter Communications
CHTR
$17.9B
| $443M | 1.89% |
1,205,824
+617,287
| +105% | +$211M |
|
17
Avnet
AVT
$7.27B
| $438M | 1.87% |
8,688,026
-461,784
| -5% | -$20.3M |
|
|
18
American International
AIG
$39.8B
| $435M | 1.86% |
7,567,761
-1,952,495
| -21% | -$105M |
|
|
19
Bank of America
BAC
$431B
| $433M | 1.85% |
15,094,260
+5,529,194
| +58% | +$158M |
|
20
Fresenius Medical Care
FMS
$12.5B
| $399M | 1.7% |
16,672,581
-3,352,497
| -17% | -$76.9M |
|
|
21
Magna International
MGA
$19.5B
| $350M | 1.49% |
6,201,580
+1,653,111
| +36% | +$87.6M |
|
22
Gildan
GIL
$10.4B
| $349M | 1.49% |
10,827,937
-315,462
| -3% | -$9.67M |
|
23
TE Connectivity
TEL
$58.9B
| $327M | 1.39% |
2,333,097
+503,461
| +28% | +$63.7M |
|
|
24
Booking.com
BKNG
$158B
| $313M | 1.33% |
2,896,725
-762,600
| -21% | -$80.6M |
|
25
Bristol-Myers Squibb
BMY
$137B
| $277M | 1.18% |
4,327,569
-184,216
| -4% | -$12.4M |
|
Similar funds
Richard Pzena's Q2 2023 Portfolio in Review
As of Q2 2023, Richard Pzena held 173 positions worth $23.4B, up 1.2% from $23.2B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena's Q2 2023 filing shows 10 new, 42 increased, 93 reduced and 12 closed positions. Its largest new stake was Leidos: 296,813 shares worth $26.3M. The largest sale was GE Aerospace, an estimated $547M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 26% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q2 2023 buy was Leidos: 296,813 shares worth $26.3M.
- Richard Pzena added most to Charter Communications in Q2 2023, an estimated $211M increase.
- Richard Pzena's biggest Q2 2023 reduction was GE Aerospace, cutting an estimated $547M.
- Richard Pzena fully exited Moog Inc Class A in Q2 2023, selling an estimated $31.4M.
- Richard Pzena's ten largest holdings make up 36% of its $23.4B portfolio in Q2 2023.
- Richard Pzena opened 10 new positions and closed 12 in Q2 2023.
- Richard Pzena's portfolio value rose 1.2% quarter-over-quarter to $23.4B.
Based on Pzena Investment Management's 13F filing for Q2 2023, filed 4 Aug 2023.