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 |
CVS Health
CVS
|
+$363M |
| 2 |
Humana
HUM
|
+$296M |
| 3 |
Global Payments
GPN
|
+$182M |
| 4 |
Skyworks Solutions
SWKS
|
+$140M |
| 5 |
Dollar General
DG
|
+$120M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Equitable Holdings
EQH
|
+$381M |
| 2 |
Edison International
EIX
|
+$325M |
| 3 |
Goldman Sachs
GS
|
+$150M |
| 4 |
Capital One
COF
|
+$134M |
| 5 |
Bank of America
BAC
|
+$126M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.57% |
| 2 | Healthcare | 17.81% |
| 3 | Technology | 16.52% |
| 4 | Consumer Discretionary | 12.59% |
| 5 | Consumer Staples | 7.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Magna International
MGA
$19.5B
| $1.62B | 5.52% |
27,005,596
+683,243
| +3% | +$29.3M |
|
2
Cognizant
CTSH
$27.9B
| $1.36B | 4.62% |
17,666,002
-943,586
| -5% | -$73.8M |
|
|
3
Capital One
COF
$134B
| $1.1B | 3.74% |
6,167,716
-771,836
| -11% | -$134M |
|
4
Baxter International
BAX
$13.6B
| $981M | 3.34% |
33,638,296
+1,416,094
| +4% | +$47.7M |
|
5
Wells Fargo
WFC
$254B
| $971M | 3.3% |
13,824,242
-1,797,975
| -12% | -$123M |
|
6
Citigroup
C
$221B
| $967M | 3.29% |
13,734,181
-1,392,384
| -9% | -$93.8M |
|
7
Charter Communications
CHTR
$17.9B
| $962M | 3.27% |
2,806,973
-206,247
| -7% | -$74.6M |
|
|
8
Global Payments
GPN
$24.7B
| $930M | 3.16% |
8,298,846
+1,659,984
| +25% | +$182M |
|
|
9
Humana
HUM
$45.5B
| $916M | 3.12% |
3,609,382
+1,103,132
| +44% | +$296M |
|
|
10
Dollar General
DG
$27.2B
| $892M | 3.04% |
11,767,336
+1,528,450
| +15% | +$120M |
|
|
11
CVS Health
CVS
$119B
| $880M | 3% |
19,610,579
+6,475,271
| +49% | +$363M |
|
12
SS&C Technologies
SSNC
$19.5B
| $876M | 2.98% |
11,559,007
-1,104,896
| -9% | -$82.7M |
|
13
UBS Group
UBS
$163B
| $821M | 2.79% |
29,590,323
-1,212,143
| -4% | -$38.4M |
|
14
Dow Inc
DOW
$23.4B
| $754M | 2.57% |
18,792,963
-158,908
| -0.8% | -$7.41M |
|
15
Bristol-Myers Squibb
BMY
$137B
| $752M | 2.56% |
13,301,299
-900,447
| -6% | -$50.3M |
|
|
16
Bank of America
BAC
$431B
| $730M | 2.48% |
16,612,322
-2,870,579
| -15% | -$126M |
|
17
Lear
LEA
$8.56B
| $727M | 2.47% |
7,679,092
-35,561
| -0.5% | -$3.54M |
|
18
MetLife
MET
$60B
| $721M | 2.45% |
8,803,671
-832,905
| -9% | -$69.3M |
|
19
Tyson Foods
TSN
$20.6B
| $689M | 2.34% |
11,992,302
-551,479
| -4% | -$33.3M |
|
20
Medtronic
MDT
$119B
| $656M | 2.23% |
8,215,017
-367,976
| -4% | -$31.9M |
|
21
NOV
NOV
$7.28B
| $605M | 2.06% |
41,458,393
-1,568,713
| -4% | -$24.5M |
|
22
PVH
PVH
$3.62B
| $566M | 1.93% |
5,354,266
-301,740
| -5% | -$30.9M |
|
23
Amdocs
DOX
$6.41B
| $565M | 1.92% |
6,634,549
+270,810
| +4% | +$23.8M |
|
|
24
Skyworks Solutions
SWKS
$10.1B
| $499M | 1.7% |
5,630,049
+1,536,289
| +38% | +$140M |
|
25
Newell Brands
NWL
$2.59B
| $488M | 1.66% |
49,010,425
-3,456,287
| -7% | -$31.4M |
|
Similar funds
Richard Pzena's Q4 2024 Portfolio in Review
As of Q4 2024, Richard Pzena held 164 positions worth $29.4B, down 5.3% from $31B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Richard Pzena withdrew a net $1.01B in Q4 2024, closing 12 positions and reducing 82 holdings. Its most notable exit was Gildan, an estimated $30M position sold in full.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 26% a quarter earlier, followed by Healthcare and Technology.
Against the trend, Richard Pzena opened a new position in Envista worth $17M.
- Richard Pzena's largest Q4 2024 buy was Envista: 880,177 shares worth $17M.
- Richard Pzena added most to CVS Health in Q4 2024, an estimated $363M increase.
- Richard Pzena's biggest Q4 2024 reduction was Equitable Holdings, cutting an estimated $381M.
- Richard Pzena fully exited Gildan in Q4 2024, selling an estimated $30M.
- Richard Pzena's ten largest holdings make up 36% of its $29.4B portfolio in Q4 2024.
- Richard Pzena opened 7 new positions and closed 12 in Q4 2024.
- Richard Pzena's portfolio value fell 5.3% quarter-over-quarter to $29.4B.
Based on Pzena Investment Management's 13F filing for Q4 2024, filed 7 Feb 2025.