Richard Pzena (Trades, Portfolio) recently submitted the 13F filing for the second quarter of 2025, providing insights into his investment moves during this period. Richard Pzena (Trades, Portfolio) is the founder and Co-Chief Investment Officer of Pzena Investment Management, LLC. Pzena started the firm in 1995. He earned a BS summa cum laude from the Wharton School in 1979 and an MBA from the University of Pennsylvania in 1980. Pzena’s philosophy is based on ranking companies from the cheapest to the most expensive on the basis of how their current share price compares to their 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.
Richard Pzena (Trades, Portfolio) added a total of 12 stocks, among them:
-
The most significant addition was WNS (Holdings) Ltd (NYSE:WNS), with 1,662,463 shares, accounting for 0.34% of the portfolio and a total value of $105.13 million.
-
The second largest addition to the portfolio was Oshkosh Corp (NYSE:OSK), consisting of 525,887 shares, representing approximately 0.19% of the portfolio, with a total value of $59.71 million.
-
The third largest addition was Arcos Dorados Holdings Inc (NYSE:ARCO), with 6,533,482 shares, accounting for 0.17% of the portfolio and a total value of $51.55 million.
Richard Pzena (Trades, Portfolio) also increased stakes in a total of 92 stocks, among them:
-
The most notable increase was Corebridge Financial Inc (NYSE:CRBG), with an additional 10,673,099 shares, bringing the total to 18,723,701 shares. This adjustment represents a significant 132.58% increase in share count, a 1.23% impact on the current portfolio, with a total value of $664.69 million.
-
The second largest increase was Skyworks Solutions Inc (NASDAQ:SWKS), with an additional 4,444,747 shares, bringing the total to 12,207,643. This adjustment represents a significant 57.26% increase in share count, with a total value of $909.71 million.
Richard Pzena (Trades, Portfolio) completely exited 6 of the holdings in the second quarter of 2025, as detailed below:
Richard Pzena (Trades, Portfolio) also reduced positions in 35 stocks. The most significant changes include:
-
Reduced Equitable Holdings Inc (NYSE:EQH) by 1,661,147 shares, resulting in a -28.14% decrease in shares and a -0.3% impact on the portfolio. The stock traded at an average price of $51.44 during the quarter and has returned 4.99% over the past 3 months and 12.73% year-to-date.
-
Reduced Dollar General Corp (NYSE:DG) by 921,604 shares, resulting in a -7.22% reduction in shares and a -0.28% impact on the portfolio. The stock traded at an average price of $99.08 during the quarter and has returned 14.24% over the past 3 months and 41.31% year-to-date.
At the second quarter of 2025, Richard Pzena (Trades, Portfolio)’s portfolio included 152 stocks, with top holdings including 5.05% in Magna International Inc (NYSE:MGA), 4.43% in Cognizant Technology Solutions Corp (NASDAQ:CTSH), 4.41% in Dollar General Corp (NYSE:DG), 3.87% in Baxter International Inc (NYSE:BAX), and 3.76% in Citigroup Inc (NYSE:C).
The holdings are mainly concentrated in 11 industries: Financial Services, Healthcare, Technology, Consumer Cyclical, Consumer Defensive, Industrials, Communication Services, Basic Materials, Energy, Real Estate, and Utilities.
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.
This article first appeared on GuruFocus.