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 |
Dollar General
DG
|
+$920M |
| 2 |
Delta Air Lines
DAL
|
+$241M |
| 3 |
Magna International
MGA
|
+$224M |
| 4 |
NOV
NOV
|
+$139M |
| 5 |
Advance Auto Parts
AAP
|
+$90M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Edison International
EIX
|
+$293M |
| 2 |
SS&C Technologies
SSNC
|
+$110M |
| 3 |
Equitable Holdings
EQH
|
+$90.7M |
| 4 |
AXIS Capital
AXS
|
+$69.4M |
| 5 |
Belden
BDC
|
+$65.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.59% |
| 2 | Healthcare | 17.76% |
| 3 | Technology | 16.41% |
| 4 | Consumer Discretionary | 12.05% |
| 5 | Consumer Staples | 7.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Magna International
MGA
$19.5B
| $1.46B | 4.71% |
26,322,353
+5,363,408
| +26% | +$224M |
|
2
Cognizant
CTSH
$27.9B
| $1.44B | 4.63% |
18,609,588
-310
| -0% | -$23.1K |
|
3
Baxter International
BAX
$13.6B
| $1.22B | 3.94% |
32,222,202
+1,399,198
| +5% | +$51.4M |
|
4
Capital One
COF
$134B
| $1.04B | 3.35% |
6,939,552
+7,004
| +0.1% | +$997K |
|
5
Dow Inc
DOW
$23.4B
| $1.04B | 3.34% |
18,951,871
+86,007
| +0.5% | +$4.54M |
|
6
Charter Communications
CHTR
$17.9B
| $977M | 3.15% |
3,013,220
-10,369
| -0.3% | -$3.49M |
|
7
Citigroup
C
$221B
| $947M | 3.05% |
15,126,565
-191,159
| -1% | -$11.8M |
|
|
8
SS&C Technologies
SSNC
$19.5B
| $940M | 3.03% |
12,663,903
-1,545,202
| -11% | -$110M |
|
9
Wells Fargo
WFC
$254B
| $882M | 2.85% |
15,622,217
-84,255
| -0.5% | -$4.77M |
|
|
10
Dollar General
DG
$27.2B
| $866M | 2.79% |
10,238,886
+8,388,735
| +453% | +$920M |
|
11
Lear
LEA
$8.56B
| $842M | 2.71% |
7,714,653
+526,763
| +7% | +$59.9M |
|
12
CVS Health
CVS
$119B
| $826M | 2.66% |
13,135,308
+198,920
| +2% | +$11.6M |
|
|
13
Edison International
EIX
$27.5B
| $807M | 2.6% |
9,262,648
-3,612,638
| -28% | -$293M |
|
14
UBS Group
UBS
$163B
| $803M | 2.59% |
30,802,466
+851,231
| +3% | +$25.6M |
|
15
MetLife
MET
$60B
| $795M | 2.56% |
9,636,576
-9,490
| -0.1% | -$709K |
|
16
Humana
HUM
$45.5B
| $794M | 2.56% |
2,506,250
+187,903
| +8% | +$66.9M |
|
17
Bank of America
BAC
$431B
| $773M | 2.49% |
19,482,901
-350,396
| -2% | -$14M |
|
18
Medtronic
MDT
$119B
| $773M | 2.49% |
8,582,993
+275,870
| +3% | +$23.2M |
|
19
Tyson Foods
TSN
$20.6B
| $747M | 2.41% |
12,543,781
+54,217
| +0.4% | +$3.31M |
|
20
Bristol-Myers Squibb
BMY
$137B
| $735M | 2.37% |
14,201,746
+67,409
| +0.5% | +$3.16M |
|
|
21
Equitable Holdings
EQH
$13.3B
| $691M | 2.23% |
16,432,139
-2,210,545
| -12% | -$90.7M |
|
|
22
NOV
NOV
$7.28B
| $687M | 2.22% |
43,027,106
+7,851,220
| +22% | +$139M |
|
23
Global Payments
GPN
$24.7B
| $680M | 2.19% |
6,638,862
+215,399
| +3% | +$22.4M |
|
24
PVH
PVH
$3.62B
| $570M | 1.84% |
5,656,006
+32,300
| +0.6% | +$3.21M |
|
25
Amdocs
DOX
$6.41B
| $557M | 1.79% |
6,363,739
+696,136
| +12% | +$58.6M |
|
Similar funds
Richard Pzena's Q3 2024 Portfolio in Review
As of Q3 2024, Richard Pzena held 167 positions worth $31B, up 9.1% from $28.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Richard Pzena deployed $1.25B of net new capital in Q3 2024, opening 7 new positions and adding to 57 existing holdings. Its largest new stake was Delta Air Lines: 5,536,640 shares worth $281M.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Edison International, an estimated $293M trimmed.
- Richard Pzena's largest Q3 2024 buy was Delta Air Lines: 5,536,640 shares worth $281M.
- Richard Pzena added most to Dollar General in Q3 2024, an estimated $920M increase.
- Richard Pzena's biggest Q3 2024 reduction was Edison International, cutting an estimated $293M.
- Richard Pzena fully exited Cardinal Health in Q3 2024, selling an estimated $65.3M.
- Richard Pzena's ten largest holdings make up 35% of its $31B portfolio in Q3 2024.
- Richard Pzena opened 7 new positions and closed 10 in Q3 2024.
- Richard Pzena's portfolio value rose 9.1% quarter-over-quarter to $31B.
Based on Pzena Investment Management's 13F filing for Q3 2024, filed 8 Nov 2024.