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Richard Pzena's Firm Cuts Walmart, KKR

Firm's largest sales of the 1st quarter

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Tiziano Frateschi
May 04, 2020
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Richard Pzena (Trades, Portfolio)’s Pzena Investment Management sold shares of the following stocks during the first quarter of 2020.

KKR & Co.

The firm trimmed the KKR & Co. Inc. (KKR) position by 34.19%. The portfolio was impacted by -0.39%.

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The leading investment firm has a market cap of $20.68 billion and an enterprise value of $64.84 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The return on equity of 20.21% and return on assets of 3.6% are outperforming 56% of companies in the asset management industry. Its financial strength is rated 3 out of 10. The cash-debt ratio of 0.12 is below the industry median of 5.71.

The largest guru shareholder of the company is Jeff Ubben (Trades, Portfolio)’s ValueAct Holdings, L.P. with 5.40% of outstanding shares, followed by

Chuck Akre (Trades, Portfolio) with 1.50% and Diamond Hill Capital (Trades, Portfolio) with 1.18%.

Willis Towers Watson

The guru's firm curbed its Willis Towers Watson PLC (WLTW) holding by 89.38%. The portfolio was impacted by -0.37%.

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The global advisory company has a market cap of $23.60 billion and an enterprise value of $29.60 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 10.4% and return on assets of 2.99% are outperforming 56.64% of companies in the insurance industry. Its financial strength is rated 4 out of 10. The cash-debt ratio of 0.13 is below the industry median of 2.39.

The largest guru shareholder of the company is

First Eagle Investment (Trades, Portfolio) with 2.35% of outstanding shares, followed by David Abrams (Trades, Portfolio) with 0.85% and Diamond Hill Capital (Trades, Portfolio) with 0.44%.

Walmart

The firm slashed its position of Walmart Inc. (WMT) by 79%, impacting the portfolio -0.32%.

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The discount retailer has a market cap of $348 billion and an enterprise value of $418 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 20.82% and return on assets of 6.39% are outperforming 81% of companies in the retail, defensive industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.13 is below the industry median of 0.32.

The largest guru shareholder of the company is

Bill Gates (Trades, Portfolio)’ foundation with 0.41% of outstanding shares, followed by Ken Fisher (Trades, Portfolio) with 0.38% and Jim Simons (Trades, Portfolio)’ Renaissance Technologies with 0.32%.

Omnicom Group

The investment firm cut its position in Omnicom Group Inc. (OMC) by 33.97%. The trade had an impact of -0.31% on the portfolio.

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The ad holding company has a market cap of $11.98 billion and an enterprise value of $16.09 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 52.77% and return on assets of 5.34% are outperforming 73% of companies in the media, diversified industry. Its financial strength is rated 5 out of 10. The cash-debt ratio of 0.67 is below the industry median of 0.88.

The largest guru shareholder of the company is

First Eagle Investment (Trades, Portfolio) with 3.52% of outstanding shares, followed by Pioneer Investments (Trades, Portfolio) with 1.28% and Pzena’s firm with 0.74%.

Edison International

The firm cut its Edison International (EIX) position by 14.34%. The trade had an impact of -0.30% on the portfolio.

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The electric utility has a market cap of $20.25 billion and an enterprise value of $41.96 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. While the return on equity of 11.04% is outperforming the sector, the return on assets of 2.31% is underperforming 63% of companies in the utilities, regulated industry. Its financial strength is rated 3 out of 10. The equity-asset ratio of 0.21 underperforms 82% of competitors.

Pzena’s firm is the largest guru shareholder of the company with 1.42% of outstanding shares. Other notable shareholders are the

T Rowe Price Equity Income Fund (Trades, Portfolio) with 1% and Renaissance Technologies with 0.74%.

AECOM

The firm reduced its holding in AECOM (ACM) by 50.99%. The trade had an impact of -0.27% on the portfolio.

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The provider of management services has a market cap of $5.55 billion and an enterprise value of $9.23 billion.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity of -6.82% and return on assets of -1.84% are underperforming 80% of other companies in the construction industry. Its financial strength is rated 4 out of 10. The cash-debt ratio of 0.17 is below the industry median of 0.67.

The largest guru shareholder of the company is

PRIMECAP Management (Trades, Portfolio) with 13.96% of outstanding shares, followed by Simons’ firm with 2% and Pzena’s firm with 0.81%.

Disclosure: I do not own any stocks mentioned.

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