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 |
MetLife
MET
|
+$341M |
| 2 |
Tyson Foods
TSN
|
+$290M |
| 3 |
Medtronic
MDT
|
+$254M |
| 4 |
Baxter International
BAX
|
+$244M |
| 5 |
Magna International
MGA
|
+$210M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American International
AIG
|
+$289M |
| 2 |
GE Aerospace
GE
|
+$225M |
| 3 |
McKesson
MCK
|
+$219M |
| 4 |
GE HealthCare
GEHC
|
+$209M |
| 5 |
AXIS Capital
AXS
|
+$153M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.99% |
| 2 | Technology | 16.37% |
| 3 | Consumer Discretionary | 15.25% |
| 4 | Industrials | 9.45% |
| 5 | Healthcare | 8.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Cognizant
CTSH
$27.9B
| $1.18B | 5.09% |
17,477,911
-169,210
| -1% | -$11.7M |
|
2
Dow Inc
DOW
$23.4B
| $940M | 4.04% |
18,230,680
+3,346,726
| +22% | +$180M |
|
3
Lear
LEA
$8.56B
| $874M | 3.76% |
6,515,370
-67,469
| -1% | -$9.76M |
|
4
Edison International
EIX
$27.5B
| $843M | 3.62% |
13,316,887
+197,259
| +2% | +$13.7M |
|
5
Wabtec
WAB
$50.3B
| $797M | 3.42% |
7,498,076
-62,172
| -0.8% | -$6.92M |
|
6
Equitable Holdings
EQH
$13.3B
| $764M | 3.28% |
26,902,560
+2,450,484
| +10% | +$69.2M |
|
7
SS&C Technologies
SSNC
$19.5B
| $748M | 3.21% |
14,229,448
+197,934
| +1% | +$11.3M |
|
8
Wells Fargo
WFC
$254B
| $746M | 3.21% |
18,269,318
+335,560
| +2% | +$14.5M |
|
9
Capital One
COF
$134B
| $740M | 3.18% |
7,626,988
+585,797
| +8% | +$62.6M |
|
10
NOV
NOV
$7.28B
| $723M | 3.11% |
34,613,997
-2,176,726
| -6% | -$43.3M |
|
11
Citigroup
C
$221B
| $684M | 2.94% |
16,627,430
+486,952
| +3% | +$21.4M |
|
12
Charter Communications
CHTR
$17.9B
| $642M | 2.76% |
1,459,148
+253,324
| +21% | +$105M |
|
|
13
MetLife
MET
$60B
| $636M | 2.73% |
10,108,992
+5,474,449
| +118% | +$341M |
|
14
PVH
PVH
$3.62B
| $533M | 2.29% |
6,970,695
+6,087
| +0.1% | +$504K |
|
15
Bank of America
BAC
$431B
| $532M | 2.29% |
19,430,142
+4,335,882
| +29% | +$128M |
|
|
16
Magna International
MGA
$19.5B
| $526M | 2.26% |
9,811,009
+3,609,429
| +58% | +$210M |
|
|
17
GE Aerospace
GE
$361B
| $519M | 2.23% |
5,883,206
-2,508,528
| -30% | -$225M |
|
18
Newell Brands
NWL
$2.59B
| $495M | 2.13% |
54,796,231
+2,373,356
| +5% | +$23.6M |
|
|
19
Medtronic
MDT
$119B
| $449M | 1.93% |
5,730,577
+3,037,394
| +113% | +$254M |
|
20
Avnet
AVT
$7.27B
| $421M | 1.81% |
8,730,260
+42,234
| +0.5% | +$2.04M |
|
21
Fresenius Medical Care
FMS
$12.5B
| $351M | 1.51% |
16,288,934
-383,647
| -2% | -$9.31M |
|
22
Amdocs
DOX
$6.41B
| $342M | 1.47% |
4,043,887
-579,236
| -13% | -$52.3M |
|
23
Gildan
GIL
$10.4B
| $308M | 1.32% |
10,996,538
+168,601
| +2% | +$5.06M |
|
24
TE Connectivity
TEL
$58.9B
| $291M | 1.25% |
2,356,614
+23,517
| +1% | +$3.14M |
|
25
Bristol-Myers Squibb
BMY
$137B
| $286M | 1.23% |
4,924,194
+596,625
| +14% | +$36.6M |
|
Similar funds
Richard Pzena's Q3 2023 Portfolio in Review
As of Q3 2023, Richard Pzena held 174 positions worth $23.3B, down 0.73% from $23.4B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena's Q3 2023 filing shows 13 new, 48 increased, 79 reduced and 14 closed positions. Its largest new stake was Tyson Foods: 5,440,820 shares worth $275M. The largest sale was American International, an estimated $289M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 27% a quarter earlier, followed by Technology and Consumer Discretionary.
- Richard Pzena's largest Q3 2023 buy was Tyson Foods: 5,440,820 shares worth $275M.
- Richard Pzena added most to MetLife in Q3 2023, an estimated $341M increase.
- Richard Pzena's biggest Q3 2023 reduction was American International, cutting an estimated $289M.
- Richard Pzena fully exited GE HealthCare in Q3 2023, selling an estimated $209M.
- Richard Pzena's ten largest holdings make up 36% of its $23.3B portfolio in Q3 2023.
- Richard Pzena opened 13 new positions and closed 14 in Q3 2023.
- Richard Pzena's portfolio value fell 0.73% quarter-over-quarter to $23.3B.
Based on Pzena Investment Management's 13F filing for Q3 2023, filed 9 Nov 2023.