HF Best Ideas
AnalysesQuarterly LettersInsightsChartsWarren AI
All funds

Pzena

Sep 2025 → Sep 2026 · 5 funds

Our archive holds 6 letters from Pzena, behind 4 investment theses and positions in 36 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

Get an email when this fund publishes its next letter

6
Letters
36
Companies
30
Moves
4
Theses

5 strategies

Pzena publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 30 moves

  • AddedAdvance Auto Parts
    September 2026
    “We also added to Advance Auto Parts on weakness.”
    Read the letter
  • New positionCorebridge Financial
    September 2026
    “During the quarter, we initiated a position in Corebridge Financial, formerly AIG’s Life & Retirement business and a leading U.S. provider of annuities, group retirement products, and life insurance.”
    Read the letter
  • TrimmedUBS
    September 2026
    “To fund these additions, we trimmed Dutch bank ING Groep following share-price strength, and we trimmed both U.S. bank Citigroup and Swiss bank UBS on valuation.”
    Read the letter
  • TrimmedCitigroup
    September 2026
    “To fund these additions, we trimmed Dutch bank ING Groep following share-price strength, and we trimmed both U.S. bank Citigroup and Swiss bank UBS on valuation.”
    Read the letter
  • TrimmedING Groep
    September 2026
    “To fund these additions, we trimmed Dutch bank ING Groep following share-price strength, and we trimmed both U.S. bank Citigroup and Swiss bank UBS on valuation.”
    Read the letter
  • AddedSpectrum Brands
    June 2026
    “We added to our existing positions in auto parts retailer Advance Auto Parts, consumer products company Spectrum Brands, and health insurer and retail pharmacy operator CVS Health on valuation.”
    Read the letter
  • AddedAdvance Auto Parts
    June 2026
    “We added to our existing positions in auto parts retailer Advance Auto Parts, consumer products company Spectrum Brands, and health insurer and retail pharmacy operator CVS Health on valuation.”
    Read the letter
  • AddedCVS Health
    June 2026
    “We added to our existing positions in auto parts retailer Advance Auto Parts, consumer products company Spectrum Brands, and health insurer and retail pharmacy operator CVS Health on valuation.”
    Read the letter
  • ExitedSenior
    June 2026
    “We exited aerospace and industrial company Senior as it agreed to an all-cash takeover, reallocating capital toward opportunities with more compelling long-term return profiles.”
    Read the letter
  • TrimmedWH Group
    September 2025
    “To fund these purchases, we exited integrated oil major Shell, on strength, and trimmed global pork producer WH Group, and Advance Auto, both on appreciation.”
    Read the letter
  • AddedSpectrum Brands
    September 2025
    “In the quarter, we also added to consumer products company Spectrum Brands, and smartphone component supplier Skyworks Solutions, on valuation.”
    Read the letter
  • TrimmedDB Insurance
    September 2025
    “We exited our position in Taiwanese window covering company Nien Made on appreciation and trimmed positions in Chinese tech giant Baidu, Chinese and American pork company WH Group, Korean lender Shinhan Financial Group, and Korean insurer DB Insurance, all on strength.”
    Read the letter
  • TrimmedTE Connectivity plc
    September 2025
    “We trimmed TE Connectivity, CVS Health, and Citigroup all on strength.”
    Read the letter
  • AddedBaxter International
    September 2025
    “With a new CEO known for strong execution, we see meaningful self-help opportunities for earnings recovery and added to the position during the quarter.”
    Read the letter
  • TrimmedAdvance Auto Parts
    September 2025
    “To fund these purchases, we exited integrated oil major Shell, on strength, and trimmed global pork producer WH Group, and Advance Auto, both on appreciation.”
    Read the letter
  • ExitedShell
    September 2025
    “To fund these purchases, we exited integrated oil major Shell, on strength, and trimmed global pork producer WH Group, and Advance Auto, both on appreciation.”
    Read the letter
  • ExitedSteelcase
    September 2025
    “Office furniture company Steelcase rose as it is being acquired by competitor HNI at a significant premium, which led to us selling the position.”
    Read the letter
  • TrimmedCitigroup Inc.
    September 2025
    “We trimmed TE Connectivity, CVS Health, and Citigroup all on strength.”
    Read the letter
  • New positionPPG Industries, Inc.
    September 2025
    “During the quarter, we initiated a new position in PPG Industries, a leading coatings provider.”
    Read the letter
  • TrimmedShinhan Financial Group
    September 2025
    “We exited our position in Taiwanese window covering company Nien Made on appreciation and trimmed positions in Chinese tech giant Baidu, Chinese and American pork company WH Group, Korean lender Shinhan Financial Group, and Korean insurer DB Insurance, all on strength.”
    Read the letter
  • New positionRobert Half
    September 2025
    “We initiated a position in Robert Half, a leading provider of staffing and consulting services focused on finance and accounting functions.”
    Read the letter
  • AddedSkyworks Solutions
    September 2025
    “In the quarter, we also added to consumer products company Spectrum Brands, and smartphone component supplier Skyworks Solutions, on valuation.”
    Read the letter
  • AddedAmbev
    September 2025
    “We added to Brazilian brewer Ambev and Taiwanese original device manufacturer Compal Electronics on valuation.”
    Read the letter
  • New positionB3
    September 2025
    “We initiated a position in B3, Brazil’s sole integrated exchange operator, which provides trading, clearing, settlement, and data services across equities, derivatives, and FX.”
    Read the letter
  • ExitedCharter Communications, Inc.
    September 2025
    “we subsequently exited the position.”
    Read the letter
  • TrimmedCVS Health Corporation
    September 2025
    “We trimmed TE Connectivity, CVS Health, and Citigroup all on strength.”
    Read the letter
  • AddedSignify
    September 2025
    “We also added Signify, a global leader in general lighting solutions.”
    Read the letter
  • AddedCompal Electronics
    September 2025
    “We added to Brazilian brewer Ambev and Taiwanese original device manufacturer Compal Electronics on valuation.”
    Read the letter
  • New positionSolventum Corporation
    September 2025
    “We also initiated a new position in medical device company Solventum, a recent spinoff from 3M.”
    Read the letter
  • ExitedNien Made
    September 2025
    “We exited our position in Taiwanese window covering company Nien Made on appreciation and trimmed positions in Chinese tech giant Baidu, Chinese and American pork company WH Group, Korean lender Shinhan Financial Group, and Korean insurer DB Insurance, all on strength.”
    Read the letter

Companies held · 36

Every company Pzena has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 4

  • Corebridge Financial
    September 2026

    Corebridge Financial is a leading U.S. annuities and life insurer trading at a discount to tangible book value with a credible path to sustainably higher returns.

    Read the full thesis
  • B3
    September 2025

    B3 is a promising investment opportunity in Brazil's integrated exchange sector, positioned to benefit from the country's evolving financial market and acquired at an attractive valuation during a period of weakness.

    Read the full thesis
  • PPG Industries
    September 2025

    PPG Industries is a leading coatings provider with strong historical returns trading at a discount due to growth concerns, while Solventum is a promising medical device spinoff from 3M poised for improvement as an independent company.

    Read the full thesis
  • Robert Half
    September 2025

    Robert Half is an attractive value opportunity due to low job turnover affecting staffing demand, while Signify is poised for earnings recovery as demand rebounds following its transformation to LED products and strategic market improvements.

    Read the full thesis

Letter archive · 6

2026

2025

Get Pzena’s next letter the day it lands

We track Pzena alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund