This article first appeared on GuruFocus.
Richard Pzena (Trades, Portfolio) recently submitted the 13F filing for the fourth 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:
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The most significant addition was Constellation Brands Inc (NYSE:STZ), with 589,891 shares, accounting for 0.24% of the portfolio and a total value of $81.38 million.
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The second largest addition to the portfolio was Knight-Swift Transportation Holdings Inc (NYSE:KNX), consisting of 1,265,317 shares, representing approximately 0.2% of the portfolio, with a total value of $66.15 million.
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The third largest addition was Dnow Inc (NYSE:DNOW), with 4,161,129 shares, accounting for 0.17% of the portfolio and a total value of $55.13 million.
Richard Pzena (Trades, Portfolio) also increased stakes in a total of 48 stocks, among them:
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The most notable increase was PPG Industries Inc (NYSE:PPG), with an additional 5,351,103 shares, bringing the total to 7,098,767 shares. This adjustment represents a significant 306.19% increase in share count, a 1.64% impact on the current portfolio, with a total value of $727.34 million.
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The second largest increase was Amdocs Ltd (NASDAQ:DOX), with an additional 5,443,766 shares, bringing the total to 12,037,015. This adjustment represents a significant 82.57% increase in share count, with a total value of $969.10 million.
Richard Pzena (Trades, Portfolio) completely exited 9 of the holdings in the fourth quarter of 2025, as detailed below:
Richard Pzena (Trades, Portfolio) also reduced positions in 85 stocks. The most significant changes include:
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Reduced Medtronic PLC (NYSE:MDT) by 2,709,234 shares, resulting in a -45.7% decrease in shares and a -0.83% impact on the portfolio. The stock traded at an average price of $97.17 during the quarter and has returned 15.10% over the past 3 months and 7.12% year-to-date.
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Reduced TE Connectivity PLC (NYSE:TEL) by 1,077,685 shares, resulting in a -57.03% reduction in shares and a -0.76% impact on the portfolio. The stock traded at an average price of $231.43 during the quarter and has returned -10.67% over the past 3 months and -5.10% year-to-date.
At the fourth quarter of 2025, Richard Pzena (Trades, Portfolio)’s portfolio included 157 stocks, with top holdings including 6.38% in Magna International Inc (NYSE:MGA), 4.38% in Cognizant Technology Solutions Corp (NASDAQ:CTSH), 4.24% in Dollar General Corp (NYSE:DG), 4.01% in Baxter International Inc (NYSE:BAX), and 3.71% in Citigroup Inc (NYSE:C).
The holdings are mainly concentrated in 11 industries: Financial Services, Healthcare, Technology, Consumer Cyclical, Consumer Defensive, Industrials, Basic Materials, Energy, Real Estate, Communication Services, and Utilities.