Richard Pzena’s Pzena Investment Management recently reported its activity for the third quarter (Via a 13F). The market value of its stocks increased from $8.55 billion to $12 billion. It purchased seven new stocks and sold off 12 stocks.
Hewlett-Packard Company (NYSE:HPQ) makes up the largest portion of the firm’s portfolio at almost 5 percent. Staples, Inc. (NASDAQ:SPLS) comes in second at 4 percent, and tech stock, Oracle Corporation (NASDAQ:ORCL) is at 3.5 percent. The Allstate Corporation (NYSE:ALL) and TE Connectivity Ltd. (NYSE:TEL) round out the firm’s top five stock holdings.
In his first-quarter letter to investors of Greenlight Capital, David Einhorn lashed out at regulators. He claimed that the market is "fractured and possibly in the process of breaking completely." Q1 2021 hedge fund letters, conferences and more Einhorn claimed that many market participants and policymakers have effectively succeeded in "defunding the regulators." He pointed Read More
Additions And Buys
The firm’s major new stock purchases include Apache Corporation (NYSE:APA), healthcare stock Hospira, Inc. (NYSE:HSP), tech firm Engility Holdings Inc (NYSE:EGL), Herman Miller, Inc. (NASDAQ:MLHR), and Synovus Financial Corp. (NYSE:SNV).
Pzena increased its holdings in American International Group, Inc. (NYSE:AIG), Citigroup Inc. (NYSE:C) and Royal Dutch Shell plc (NYSE:RDS.A) (NYSE:RDS.B).
Reductions And Sell-Offs
Pzena’s major sell-offs include Fidelity National Financial Inc (NYSE:FNF), Arthur J. Gallagher & Co. (NYSE:AJG), CNO Financial Group Inc (NYSE:CNO), Global Indemnity plc (NASDAQ:GBLI), and Portland General Electric Company (NYSE:POR).
The firm drastically reduced its position in Northrop Grumman Corporation (NYSE:NOC) and also reduced its position on BP plc (NYSE:BP) (LON:BP), Baker Hughes Incorporated (NYSE:BHI), JPMorgan Chase & Co. (NYSE:JPM), and UBS AG (NYSE:UBS).