Richard Pzena's Q1 2024 Portfolio Revealed: A $28.8 Billion Diverse Investment Approach

In the ever-evolving landscape of investment management, the quarterly portfolio disclosures offer a glimpse into the strategies and choices of prominent fund managers. Among them, Richard Pzena, the seasoned investor behind Pzena Investment Management LLC, recently unveiled the holdings of his firm's Q1 2024 portfolio.

With a reported value of $28.8 billion, the portfolio spans an impressive array of 220 stocks, reflecting Pzena's diverse and expansive approach to investing.

The Q1 2024 Portfolio

Examining the 13F form, which institutional investment managers like Pzena are required to file with the Securities and Exchange Commission, analysts note a significant uptick in the current position value. From $26.4 billion in the previous quarter, the portfolio saw a notable increase of $2.37 billion, underscoring Pzena's adept navigation of the dynamic financial markets.

The breadth of Pzena's portfolio is striking, encompassing a wide spectrum of industries, sectors, and market capitalizations. From established blue-chip companies to emerging growth prospects, Pzena's investment philosophy appears to embrace opportunities across the board. With 220 stocks under management, Pzena demonstrates a commitment to diversification, spreading risk and capitalizing on a multitude of investment avenues.

While the specific holdings of Pzena's portfolio are not disclosed in the initial report, analysts and investors eagerly await further insights into the fund's composition. The selection of stocks, the allocation of resources, and the rationale behind investment decisions provide valuable insights into Pzena's investment strategy and market outlook.

Pzena's track record as an investor precedes him, with decades of experience in navigating market cycles and delivering value to clients. Founded in 1995, Pzena Investment Management has established itself as a respected player in the asset management industry, guided by principles of value investing and disciplined portfolio management.

Top Sells

• [Wabtec Corporation] - Wabtec Corporation is a leading provider of equipment, systems, and services for the global rail industry. With a focus on innovation and reliability, WAB manufactures a wide range of products, including locomotives, freight cars, and signaling equipment, to support the efficient and safe movement of goods and people.
• [General Electric] - General Electric is a multinational conglomerate with businesses spanning aviation, healthcare, renewable energy, and more. With a legacy of innovation and engineering excellence, GE is committed to solving the world's toughest challenges and driving sustainable growth.
• [Gildan Activewear] - Gildan Activewear is a leading manufacturer and marketer of quality apparel, including t-shirts, underwear, socks, and activewear. With a focus on sustainability and social responsibility, GIL produces comfortable and affordable clothing for consumers around the world.
• [Cognizant Technology Solutions] - Cognizant Technology Solutions is a global provider of information technology, consulting, and business process outsourcing services. With a focus on digital transformation and innovation, CTSH helps clients across industries navigate the complexities of the digital age and achieve their business objectives.
• [Acuity Brands] - Acuity Brands is a leading provider of lighting solutions for commercial, industrial, and residential applications. With a focus on energy efficiency and innovation, AYI designs and manufactures a wide range of lighting fixtures and controls to enhance productivity, safety, and comfort.

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Top Buys

• [Bristol-Myers Squibb] - Bristol-Myers Squibb is a global biopharmaceutical company focused on discovering, developing, and delivering innovative medicines for patients with serious diseases, including cancer, cardiovascular, and immunological disorders. With a commitment to scientific excellence and patient-centricity, BMY is dedicated to improving outcomes and transforming healthcare.
• [CVS Health] - CVS Health is a diversified healthcare company that operates pharmacies, health clinics, and health insurance plans. With a focus on providing accessible and affordable healthcare services, CVS is committed to improving health outcomes and enhancing the well-being of communities across the United States.
• [Tyson Foods] - Tyson Foods is one of the world's largest food companies, producing and marketing a wide range of protein-based products, including chicken, beef, pork, and prepared foods. With a focus on sustainability and innovation, TSN is committed to feeding the world responsibly and ethically.
• [Dollar General] - Dollar General is a discount retailer that operates thousands of stores across the United States, offering a wide range of everyday essentials at affordable prices. With a focus on convenience and value, DG is dedicated to serving rural and suburban communities with quality products and friendly service.
• [Charter Communications] - Charter Communications is a leading broadband communications company and the second-largest cable operator in the United States. Offering high-speed internet, TV, and voice services, CHTR is committed to connecting communities and delivering superior entertainment experiences.

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Top Holdings

• [Cognizant Technology Solutions] - Cognizant Technology Solutions is a multinational corporation that provides IT services, including digital, technology, consulting, and operations services. With a focus on innovation and client satisfaction, CTSH has established itself as a leader in the technology services industry.
• [Capital One Financial] - Capital One Financial is a diversified bank holding company offering a broad range of financial products and services to consumers, small businesses, and commercial clients. Known for its innovative credit card offerings and digital banking solutions, COF is a prominent player in the financial services sector.
• [Dow Inc.] - Dow Inc. is a leading materials science company that delivers a wide range of innovative products and solutions to customers in various industries, including packaging, infrastructure, and consumer care. With a commitment to sustainability and collaboration, DOW continues to drive progress and create value.
• [Baxter International] - Baxter International is a global healthcare company that develops, manufactures, and markets products and therapies for patients with complex medical conditions. Specializing in renal care, medication delivery, and surgical care, BAX is dedicated to improving patient outcomes and enhancing quality of life.
• [Citigroup] - Citigroup is a leading global bank that provides a wide range of financial services, including banking, investment, and wealth management solutions. With a presence in over 160 countries, Citi serves millions of customers worldwide, driving economic growth and prosperity.

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As investors parse through the details of Pzena's Q1 2024 portfolio, they scrutinize not only the individual stock picks but also the overarching investment thesis driving Pzena's decisions. From macroeconomic trends to company-specific fundamentals, every aspect of the portfolio offers clues about Pzena's outlook on the market and his confidence in the underlying businesses.

In the competitive realm of investment management, each portfolio disclosure is a window into the strategies, tactics, and convictions of prominent fund managers like Richard Pzena. As investors digest the latest revelations from Pzena Investment Management, they glean valuable insights into the ever-shifting landscape of financial markets and the strategies employed by top-tier investors to navigate them.