Rich Pzena’s Latest Portfolio: Top 10 Holdings & Biggest Moves

Rich Pzena reported an equity portfolio valued at approximately $34.07 billion in the latest reported quarter, continuing the disciplined, deep-value investment approach that has long defined Pzena Investment Management.

Rather than concentrating heavily in a small number of companies, Pzena maintains a broadly diversified portfolio of businesses trading at discounts to their long-term earnings potential. The portfolio spans financials, healthcare, industrials, consumer companies, technology, and cyclical businesses where the firm sees opportunities for earnings normalization and valuation recovery.

The latest filing reflects this diversified approach. The top ten holdings account for 37.56% of total reported assets, with no individual position exceeding 7% of the portfolio. The quarter also featured several significant additions, particularly across consumer, technology, and financial stocks.

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Portfolio Snapshot

• Total Portfolio Value: ~$34.07B
• Top 10 Weight: 37.56%
• Turnover: Moderate

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Top Holdings & Weights

• Magna International Inc (MGA) — 6.54%
• Humana Inc (HUM) — 5.13%
• Baxter International Inc (BAX) — 4.09%
• CVS Health Corp (CVS) — 3.57%
• Dollar General Corp (DG) — 3.45%
• Skyworks Solutions Inc (SWKS) — 3.18%
• Cognizant Technology Solutions (CTSH) — 3.02%
• Bristol-Myers Squibb Co (BMY) — 2.88%
• Tyson Foods Inc (TSN) — 2.86%
• Corebridge Financial Inc (CRBG) — 2.84%

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Key Takeaways

Magna International remains Pzena’s largest reported investment, representing 6.54% of the portfolio. The sizeable position reflects Pzena’s continued willingness to invest in cyclical businesses where depressed investor expectations may create attractive long-term value opportunities.

Healthcare also remains a major area of exposure. Humana, Baxter International, CVS Health, and Bristol-Myers Squibb all rank among the portfolio’s largest holdings. Together, these positions highlight Pzena’s substantial commitment to healthcare companies facing near-term challenges but possessing established franchises and significant earnings potential.

Consumer exposure is another important theme. Dollar General received a particularly large increase during the quarter, while Tyson Foods remains among the firm’s ten largest holdings. These companies fit Pzena’s traditional strategy of targeting established businesses experiencing temporary operational or valuation pressure.

Technology and financials also featured prominently. Pzena significantly expanded its position in Cognizant Technology Solutions, while Corebridge Financial received another substantial increase.

Overall, the latest filing reflects Pzena’s classic value philosophy: buying established businesses where current valuations appear to discount significant pessimism, while maintaining broad diversification across sectors.

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Biggest Changes Last Quarter

Corebridge Financial Inc (CRBG)

Shares increased by 6,743,933 (+24.94%)

Pzena significantly expanded its Corebridge Financial position during the quarter, lifting the holding to 33.79 million shares and making it a top-ten position at 2.84% of reported assets.

Cognizant Technology Solutions (CTSH)

Shares increased by 6,266,810 (+30.93%)

Pzena made a major addition to Cognizant, increasing the position to 26.53 million shares. The technology services company now represents 3.02% of the portfolio, valued at approximately $1.03 billion.

Dollar General Corp (DG)

Shares increased by 3,324,519 (+48.20%)

Pzena aggressively increased its Dollar General stake by nearly 50%, bringing the position to 10.22 million shares worth approximately $1.18 billion. The purchase lifted Dollar General to the firm’s fifth-largest reported holding.

CVS Health Corp (CVS)

Shares decreased by 2,003,517 (-14.55%)

Pzena reduced its CVS Health position during the quarter but retained a substantial holding of 11.77 million shares worth approximately $1.22 billion. CVS remains the portfolio’s fourth-largest reported position at 3.57%.