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 third 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 buys, significant increases, and reductions, providing a clear view of his current investment strategy.
Richard Pzena (Trades, Portfolio) added a total of 7 stocks to his portfolio this quarter. Noteworthy new acquisitions include:
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Delta Air Lines Inc (NYSE:DAL), with 5,536,640 shares, making up 0.91% of the portfolio and valued at $281.21 million.
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Healthcare Realty Trust Inc (NYSE:HR), comprising 2,225,430 shares, which represent about 0.13% of the portfolio, with a total value of $40.39 million.
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Helen Of Troy Ltd (NASDAQ:HELE), with 581,442 shares, accounting for 0.12% of the portfolio and a total value of $35.96 million.
Significant position increases were made in 57 stocks, with the most notable being:
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Dollar General Corp (NYSE:DG), where an additional 8,388,735 shares were purchased, bringing the total to 10,238,886 shares. This adjustment represents a 453.41% increase in share count and a 2.29% impact on the current portfolio, valued at $865.90 million.
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Magna International Inc (NYSE:MGA), with an additional 5,363,408 shares, bringing the total to 26,322,353 shares. This adjustment represents a 25.59% increase in share count, valued at $1.46 billion.
During the third quarter of 2024, Richard Pzena (Trades, Portfolio) completely exited 10 holdings, including:
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Cardinal Health Inc (NYSE:CAH), where all 664,657 shares were sold, impacting the portfolio by -0.23%.
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Trip.com Group Ltd (NASDAQ:TCOM), with all 394,160 shares liquidated, causing a -0.07% impact on the portfolio.
Reductions were made in 75 stocks, with significant changes in:
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Edison International (NYSE:EIX), reduced by 3,612,638 shares, resulting in a -28.06% decrease in shares and a -0.91% impact on the portfolio. The stock traded at an average price of $81.22 during the quarter and has returned 2.69% over the past 3 months and 20.05% year-to-date.
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SS&C Technologies Holdings Inc (NASDAQ:SSNC), reduced by 1,545,202 shares, resulting in a -10.87% reduction in shares and a -0.34% impact on the portfolio. The stock traded at an average price of $70.9 during the quarter and has returned 7.10% over the past 3 months and 23.81% year-to-date.
As of the third quarter of 2024, Richard Pzena (Trades, Portfolio)’s portfolio included 157 stocks. The top holdings were 4.71% in Magna International Inc (NYSE:MGA), 4.63% in Cognizant Technology Solutions Corp (NASDAQ:CTSH), 3.94% in Baxter International Inc (NYSE:BAX), 3.35% in Capital One Financial Corp (NYSE:COF), and 3.34% in Dow Inc (NYSE:DOW). The holdings are mainly concentrated across all 11 industries, including Financial Services, Healthcare, Technology, and more.
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