This article first appeared on GuruFocus.
Richard Pzena (Trades, Portfolio) recently submitted the 13F filing for the third 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 8 stocks, among them:
-
The most significant addition was Accenture PLC (NYSE:ACN), with 337,930 shares, accounting for 0.27% of the portfolio and a total value of $83.33 million.
-
The second largest addition to the portfolio was Aebi Schmidt Holding AG (NASDAQ:AEBI), consisting of 4,578,822 shares, representing approximately 0.18% of the portfolio, with a total value of $57.10 million.
-
The third largest addition was Solventum Corp (NYSE:SOLV), with 434,264 shares, accounting for 0.1% of the portfolio and a total value of $31.70 million.
Richard Pzena (Trades, Portfolio) also increased stakes in a total of 66 stocks, among them:
-
The most notable increase was Baxter International Inc (NYSE:BAX), with an additional 18,050,555 shares, bringing the total to 57,387,040 shares. This adjustment represents a significant 45.89% increase in share count, a 1.33% impact on the current portfolio, with a total value of $1,306,702,900.
-
The second largest increase was Universal Health Services Inc (NYSE:UHS), with an additional 1,215,286 shares, bringing the total to 1,607,029. This adjustment represents a significant 310.23% increase in share count, with a total value of $328,541,010.
Richard Pzena (Trades, Portfolio) completely exited 6 of the holdings in the third quarter of 2025, as detailed below:
Richard Pzena (Trades, Portfolio) also reduced positions in 71 stocks. The most significant changes include:
-
Reduced Charter Communications Inc (NASDAQ:CHTR) by 2,244,951 shares, resulting in a -84.71% decrease in shares and a -2.98% impact on the portfolio. The stock traded at an average price of $302.19 during the quarter and has returned -16.41% over the past 3 months and -37.43% year-to-date.
-
Reduced Medtronic PLC (NYSE:MDT) by 2,927,205 shares, resulting in a -33.06% reduction in shares and a -0.83% impact on the portfolio. The stock traded at an average price of $91.93 during the quarter and has returned -0.11% over the past 3 months and 18.04% year-to-date.
At the third quarter of 2025, Richard Pzena (Trades, Portfolio)’s portfolio included 154 stocks, with top holdings including 6.19% in Magna International Inc (NYSE:MGA), 4.22% in Baxter International Inc (NYSE:BAX), 4.11% in Citigroup Inc (NYSE:C), 3.9% in Dollar General Corp (NYSE:DG), and 3.86% in CVS Health Corp (NYSE:CVS).
The holdings are mainly concentrated in 11 industries: Financial Services, Healthcare, Technology, Consumer Cyclical, Consumer Defensive, Industrials, Energy, Basic Materials, Real Estate, Communication Services, and Utilities.