Richard Pzena - Pzena Investment Management Investment Strategy & Portfolio Analysis
How Pzena Investment Management allocates capital, manages risk, and constructs its portfolio — based on SEC 13F filings.
According to the SEC 13F filed on Aug 07, 2026, Richard Pzena's Pzena Investment Management portfolio reflects a quant / systematic investor approach across 159 reported 13F positions as of quarter-end Jun 30, 2026. Portfolio returns are distributed across holdings, with the top five positions representing approximately 23% of total exposure. Across 159 reported holdings, economic exposure is broadly distributed across financials, healthcare, and technology without dominant single-name concentration. Exposure to high-growth and technology-oriented segments is moderate relative to peers, with performance instead anchored in durable, cash-generating businesses across financials, healthcare, and consumer discretionary. The portfolio exhibits extremely low turnover, reinforcing a patient, conviction-led investment approach. Distinctive traits include Long-Term Holder, Broadly Diversified, Economically Diversified.
Investment Style
Value, growth, quality, and behavioral classification from latest 13F holdings.
Primary type: Quant / Systematic Investor
Traits: Long-Term Holder, Broadly Diversified, Economically Diversified, Structurally Diversified
Turnover profile
Moderate
Holding horizon
Long-Term
Portfolio Construction
Concentration and position sizing in the latest filing.
Portfolio construction is lowly concentrated: top three names represent 15.9% of assets, top five 22.9%, and the largest single position is 6.6%.
Top 3 weight
15.9%
Top 5 weight
22.9%
Top 10 weight
37.8%
Largest position
6.6%
Top holdings: Magna International, Inc., Humana Inc., Baxter International Inc., CVS Health Corporation, Dollar General Corporation — view full holdings
Sector Preferences
Where capital is allocated by sector.
Capital is tilted toward Financial Services and Healthcare, with 11 sectors represented in the latest filing.
Leading sectors: Financial Services, Healthcare, Technology
Risk Framework
Concentration, diversification, and turnover tolerance.
This investor accepts low single-name risk (largest position 6.6%, top ten 37.8%) and high economic diversification (HHI 0.02). Turnover tolerance maps to a moderate profile.
Largest position
6.6%
Top 10 weight
37.8%
Max sector
22.8%
Diversification
High
Strategy Evolution
How the strategy changed between the two most recent filing periods.
Mar 31, 2026 → Jun 30, 2026
- Position count increased from 156 to 159 (+3 names).
- Top-five concentration rose from 20.9% to 22.9%.
- Dominant sector mix shifted from Financial Services, Technology to Financial Services, Healthcare.
- Quarter-over-quarter portfolio weight turnover: 11.2%.
For trade-level changes, see the Activity page. View activity.
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