Richard Pzena

Richard Pzena

Last Update: 05-08-2015

Number of Stocks: 151
Number of New Stocks: 12

Total Value: $17,992 Mil
Q/Q Turnover: 4%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Richard Pzena Watch

  • Richard Pzena Keeps Buying Aecom

    Richard Pzena (Trades, Portfolio) is founder and co-chief investment officer of Pzena Investment Management, LLC, with more than $24 billion under management. Pzena's philosophy is based on ranking companies from the cheapest to the most expensive on the basis of current share price to normal long-term earnings power. He purchases shares in good businesses that are selling at a low price. He understands that it is often unrealistic to expect such opportunities to be available absent some sort of problem which causes the price of the shares to drop. The question Pzena and his team try to answer is whether the issue that caused the drop in price is temporary or permanent.


    Last quarter, Mr. Pzena increased his stake in Aecom Technology (ACM) by buying 763,639 shares. As of March 31, 2015, he was holding 2,819,465 shares of the company. He has been adding up more shares to his stake in the company for last several quarters. The following chart shows his holding history in the company.

      


  • Richard Pzena's First Quarter Newsletter Commentary

    Richard Pzena (Trades, Portfolio), founder of Pzena Asset Management, has released his first quarter 2015 commentary, in which he discusses opportunities in emerging markets. Read the letter here.

      


  • Weekly CEO Buys Highlight: OPK, CLMS, GFF, TCB, SFNC

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below:


    Opko Health Inc: CEO and Chairman, 10% owner Phillip Md Et Al Frost bought 46,800 shares

      


  • Richard Pzena Makes 12 New Buys in First Quarter

    Guru Richard Pzena (Trades, Portfolio), founder and co-chief investment officer of Pzena Investment Management, LLC, made both his reputation and his fortune by focusing on good companies selling at low prices. In the first quarter of 2015, the emphasis in Pzena’s 12 new buys was clearly on technology companies, energy stocks and financial services – but not exclusively.


    Pzena acquired 527,165 shares of CVS Health Corp (CVS), a Rhode Island-based health care company, for an average price of $101.18 per share. The transaction had a 0.3% impact on Pzena’s portfolio.

      


  • Value Investor Richard Pzena Provides His Perspective On The Oil Sector

    Turns out Richard Pzena likes some oil producers.


    Three that he names in the video below are KLM Royal Dutch, BP (BP) and Total (TOT) all of which were out of favor before the fracking induced oil collapse.

      


  • Richard Pzena: Hunting For Value

    Richard Pzena (Trades, Portfolio) of Pzena Investment Managment did an interview with CNBC where he discuss the markets and hunting for value.


    Part 1

      


  • Richard Pzena Trims Stake in Possible Acquisition Target Company

    Richard Pzena (Trades, Portfolio), founder of Pzena Investment Management, a global investment management firm with $27.7 billion in assets, reported trimming a position in General Cable Corp (BGC).


    Pzena reduced the position size by 13.7% to 2,298,792 shares, according to GuruFocus Real Time Picks. The transaction took place on March 31 when the price closed at $17.23 per share. Year to date the shares have gained almost 21% and trade around $18 per share on Friday afternoon.

      


  • Pzena Reduces Stake in General Cable

    In the second half of 2014, guru Richard Pzena (Trades, Portfolio), the founder and co-chief investment officer of Pzena Investment Management, LLC, added a stake in General Cable Corp (BGC), a Kentucky-based manufacturer and distributor of copper, aluminum and optical fiber cables, to his portfolio.


    Pzena started out with a 741,319-share investment in BGC (for an average price of $21.88) in the third quarter, then added nearly 2 million shares in the fourth quarter when the average price was $13.99 per share, bringing his stake to 2,662,468 shares. That made BGC nearly the 50th-largest holding by volume in Pzena’s portfolio when 2014 drew to a close.

      


  • Ken Griffin Upped Stake in Citi, Devon and United Technologies

    Over the past days hedge funds have been filing their form 13-F, which is a quarterly report of equity holdings by filed institutional investment managers with at least $100 million in equity assets under management, as required by the United States Securities and Exchange Commission (SEC). In this article, let´s concentrate in one particular hedge fund and try to see the principal holdings in its portfolio. I will look at Citadel Investment Group.


    Recently, the fund reported its equity portfolio, as at the end of December. The total value of the portfolio amounted to $82.66 million. The filing revealed that at the end of December, the fund added 517 new positions to its equity portfolio, and sold out of 344 other companies. The top ten portfolio holdings as of the end of the quarter represented 7.31%. The largest changes from previous 13-F´s fillings are in the consumer discretionary, industrials and tech sector.

      


  • Richard Pzena's New Buys

    Wharton School cum laude and Founder and Co-Chief Investment Officer of Pzena Investment Management LLC Richard Pzena (Trades, Portfolio) believes in investing in good businesses – but only when they go on sale.


    In fact, his firm has five guidelines it follows when looking at which stocks it wants to add to the portfolio:

      


  • Richard Pzena's 5 New Q4 Stock Buys

    Richard Pzena (Trades, Portfolio) of the $27.7 billion Pzena Investment Management purchased five new stocks in the fourth quarter, according to his portfolio update released Friday.  


  • Pzena Investment Management Fourth Quarter 2014 Commentary

    Richard Pzena (Trades, Portfolio) of Pzena Investment Management discusses oil prices investing in exploration and production companies in his fourth quarter 2014 commentary released Monday. Read the letter here.   


  • Investors Should Enlarge their Portfolios

    In this article, let's take a look at the Procter & Gamble Co (PG), a $239.41 billion market cap company that is a leading consumer products company which markets household and personal care products in more than 180 countries.


    Brand portfolio

      


  • Exxon Mobil Focusing on Larger Projects

    In this article, let's take a look at Exxon Mobil Corporation (XOM), a $407.07 billion market cap company that is the world's largest publicly owned integrated oil company.


    Past, present and future

      


  • Richard Pzena Chops Holdings in Application Software Company in Half

    Richard Pzena (Trades, Portfolio) Chops Holdings in Application Software Company in Half

    Last week guru Richard Pzena (Trades, Portfolio) of Pzena Investment Management cut his holdings in ARC Document Solutions (ARC) by -58.87%. The guru sold off a total of 1,812,957 shares of his company’s stock. The guru now holds on to 1,266,691 shares of the company’s stock. Pzena sold these shares at around $10.07 per share, and since then the price per share has since dropped about -2%.  


  • Notes On You Can Be A Stock Market Genius By Joel Greenblatt

    Today I will put up my notes on another book by Joel Greenblatt (Trades, Portfolio). Hope it helps!


    Key points

      


  • Johnson & Johnson Fairly Valued – I Will Bet on It

    In this article, let´s consider Johnson & Johnson (JNJ), a $297.71 billion market cap that is the world's largest and most diverse healthcare company. It has a trailing P/E ratio that indicates that the stock is relatively undervalued (PE 19.4x vs Industry Median 42.0x).


    Key drivers

      


  • Richard Pzena's Third Quarter 2014 Commentary

    Using short-term volatility when making long-term investment decisions can lead to dubious results. A strong case for equities emerges when using consistent time horizons for the investor with long-dated liabilities.


    Despite the fact that equity markets have continued their recovery from the depths of the Global Financial Crisis in early 2009, investors can’t stop looking nervously over their shoulders. While some measure of caution is always good, investors – both individuals and institutions – have become so loss-averse that they are increasingly putting themselves in the position of micro-managing volatility and making increasingly more short term tactical changes to their portfolios. The wide acceptance of short–term volatility as a measure of risk and the Sharpe ratio as a way of comparing risk and return has only served to increase the focus on the short-term. Witness the rise in the use of hedge funds or risk parity strategies within the portfolios of many investors. These strategies generally accept lower returns on the basis that the risk adjusted returns (i.e., Sharpe ratios) are actually higher. We have always maintained that short term volatility as a measure of risk in an asset class that is long-term by its very nature (i.e., equities) is inappropriate. In this quarter’s commentary we further examine the question of what makes for long-term investment success and consider the negative consequences of aiming for reduced short-term volatility. We conclude that investors with long-term investment horizons are best served by using investment data that matches the time horizon of the liabilities that the investment assets support.

      


  • The Top Five Guru-Held Mid-Cap Stocks of Q2

    Using the GuruFocus Aggregated Portfolio Screener you can filter results to see what companies maintain the highest amount of guru ownership. By using this screener, we filtered down to see mid-cap companies which are held by the most gurus. The following five mid-capped companies are held by the largest number of gurus during the past quarter.


    Quest Diagnostics (DGX)

      


  • Value Investor Richard Pzena Provides His Three Favorite Bank Picks

    Richard Pzena (Trades, Portfolio) thinks that the three best big banks to own are Bank of America, Citigroup and JP Morgan. He thinks for all of these companies the upside far outweighs the downside risks.


    Pzena cites low interest rates as being a depressing impact on deposit gathering institutions earnings. If interest rates rise to a more normal level, spreads are going to increase and profits rise.

      


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