Insights into Pzena's Latest 13F Filings and Investment Adjustments

Richard Pzena (Trades, Portfolio), the founder and Co-Chief Investment Officer of Pzena Investment Management, LLC, has made notable changes to his investment portfolio in the third quarter of 2024. Since establishing his firm in 1995, Pzena has adhered to a value investing philosophy, focusing on acquiring shares of commendable businesses at low prices, typically influenced by temporary setbacks. His latest 13F filing reveals strategic buys, significant increases, and reductions, providing a clear view of his current investment strategy.

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Summary of New Buys

Richard Pzena (Trades, Portfolio) added a total of 7 stocks to his portfolio this quarter. Noteworthy new acquisitions include:

• Delta Air Lines Inc (NYSE:DAL), with 5,536,640 shares, making up 0.91% of the portfolio and valued at $281.21 million.

• Healthcare Realty Trust Inc (NYSE:HR), comprising 2,225,430 shares, which represent about 0.13% of the portfolio, with a total value of $40.39 million.

• Helen Of Troy Ltd (NASDAQ:HELE), with 581,442 shares, accounting for 0.12% of the portfolio and a total value of $35.96 million.

Key Position Increases

Significant position increases were made in 57 stocks, with the most notable being:

• Dollar General Corp (NYSE:DG), where an additional 8,388,735 shares were purchased, bringing the total to 10,238,886 shares. This adjustment represents a 453.41% increase in share count and a 2.29% impact on the current portfolio, valued at $865.90 million.

• Magna International Inc (NYSE:MGA), with an additional 5,363,408 shares, bringing the total to 26,322,353 shares. This adjustment represents a 25.59% increase in share count, valued at $1.46 billion.

Summary of Sold Out Positions

During the third quarter of 2024, Richard Pzena (Trades, Portfolio) completely exited 10 holdings, including:

• Cardinal Health Inc (NYSE:CAH), where all 664,657 shares were sold, impacting the portfolio by -0.23%.

• Trip.com Group Ltd (NASDAQ:TCOM), with all 394,160 shares liquidated, causing a -0.07% impact on the portfolio.

Key Position Reductions

Reductions were made in 75 stocks, with significant changes in:

• Edison International (NYSE:EIX), reduced by 3,612,638 shares, resulting in a -28.06% decrease in shares and a -0.91% impact on the portfolio. The stock traded at an average price of $81.22 during the quarter and has returned 2.69% over the past 3 months and 20.05% year-to-date.

• SS&C Technologies Holdings Inc (NASDAQ:SSNC), reduced by 1,545,202 shares, resulting in a -10.87% reduction in shares and a -0.34% impact on the portfolio. The stock traded at an average price of $70.9 during the quarter and has returned 7.10% over the past 3 months and 23.81% year-to-date.