Insights into Pzena's Latest 13F Filing and Key Stock Adjustments
Richard Pzena (Trades, Portfolio), the founder and Co-Chief Investment Officer of Pzena Investment Management, LLC, has made notable changes to his investment portfolio in the second quarter of 2024. Since establishing his firm in 1995, Pzena has adhered to a value investing philosophy, focusing on acquiring shares of commendable businesses at low prices, typically influenced by temporary setbacks. His latest 13F filing reveals strategic adjustments, reflecting his deep analysis of market conditions and company valuations.
Summary of New Buys
Richard Pzena (Trades, Portfolio) added a total of 12 stocks to his portfolio this quarter. Noteworthy new acquisitions include:
- Kaspi.kz JSC (KSPI, Financial), with 867,970 shares, making up 0.39% of the portfolio and valued at $111.98 million.
- Malibu Boats Inc (MBUU, Financial), comprising 1,478,316 shares or approximately 0.18% of the portfolio, with a total value of $51.8 million.
- Douglas Dynamics Inc (PLOW, Financial), with 1,401,875 shares, accounting for 0.12% of the portfolio and valued at $32.8 million.
Key Position Increases
Significant enhancements were made to existing holdings, including:
- Humana Inc (HUM, Financial), with an additional 1,955,375 shares, bringing the total to 2,318,347 shares. This adjustment represents a substantial 538.71% increase in share count and a 2.57% impact on the current portfolio, totaling $866.25 million.
- CVS Health Corp (CVS, Financial), with an additional 7,382,931 shares, bringing the total to 12,936,388. This adjustment represents a 132.94% increase in share count, totaling $764.02 million.
Summary of Sold Out Positions
During this quarter, Richard Pzena (Trades, Portfolio) completely exited 12 holdings, including:
- GMS Inc (GMS, Financial), where all 419,665 shares were sold, impacting the portfolio by -0.14%.
- Fortune Brands Innovations Inc (FBIN, Financial), with all 335,729 shares liquidated, causing a -0.1% impact on the portfolio.
Key Position Reductions
Reductions were also prominent in Pzena's strategy, with significant cuts in:
- Equitable Holdings Inc (EQH, Financial) by 6,677,949 shares, resulting in a -26.37% decrease and a -0.87% portfolio impact. The stock traded at an average price of $39.17 during the quarter.
- Westinghouse Air Brake Technologies Corp (WAB, Financial) by 1,395,939 shares, marking a -75.44% reduction and a -0.7% impact on the portfolio. The stock's average trading price was $159.76 during the quarter.
Portfolio Overview
As of the second quarter of 2024, Richard Pzena (Trades, Portfolio)'s portfolio included 160 stocks. The top holdings were:
- 4.45% in Cognizant Technology Solutions Corp (CTSH, Financial)
- 4.23% in Magna International Inc (MGA, Financial)
- 3.63% in Baxter International Inc (BAX, Financial)
- 3.52% in Dow Inc (DOW, Financial)
- 3.42% in Citigroup Inc (C, Financial)
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
