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Baxter International Inc. Sees a Surge in Shares Held by Richard Pzena

Value Investing Guru Richard Pzena (Trades, Portfolio) Adjusts Portfolio in Q4 2023

Richard Pzena (Trades, Portfolio), the esteemed founder and Co-Chief Investment Officer of Pzena Investment Management, LLC, has made notable changes to his investment portfolio in the fourth quarter of 2023. With a reputation for purchasing shares in fundamentally sound businesses at low prices, Pzena's latest 13F filing reveals strategic buys and sells that reflect his deep value investment philosophy. His firm, established in 1995, has been a beacon for value investors, with Pzena at the helm, leveraging his extensive education from the Wharton School and the University of Pennsylvania to identify undervalued opportunities.

Baxter International Inc. Sees a Surge in Shares Held by Richard Pzena
Baxter International Inc. Sees a Surge in Shares Held by Richard Pzena

Summary of New Buys

Richard Pzena (Trades, Portfolio)'s portfolio welcomed a total of 13 new stocks in the last quarter. Noteworthy additions include:

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  • Skyworks Solutions Inc (NASDAQ:SWKS), with 2,689,100 shares, making up 1.14% of the portfolio and valued at $302.31 million.

  • CVS Health Corp (NYSE:CVS), comprising 824,250 shares, which is approximately 0.24% of the portfolio, with a total value of $65.08 million.

  • Korn Ferry (NYSE:KFY), with 898,130 shares, accounting for 0.2% of the portfolio and a total value of $53.30 million.

Key Position Increases

Richard Pzena (Trades, Portfolio) also bolstered positions in 43 stocks. Significant increases include:

  • Baxter International Inc (NYSE:BAX), with an additional 18,548,514 shares, bringing the total to 24,270,170 shares. This represents a substantial 324.18% increase in share count, a 2.7% impact on the current portfolio, and a total value of $938.28 million.

  • UBS Group AG (NYSE:UBS), with an additional 24,027,505 shares, bringing the total to 30,145,113 shares. This adjustment signifies a 392.76% increase in share count, with a total value of $786.79 million.

Summary of Sold Out Positions

In a decisive move, Richard Pzena (Trades, Portfolio) exited 9 holdings in the fourth quarter of 2023, including:

  • Booking Holdings Inc (NASDAQ:BKNG), where all 68,289 shares were sold, impacting the portfolio by -0.9%.

  • Hewlett Packard Enterprise Co (NYSE:HPE), with a complete liquidation of 4,091,921 shares, causing a -0.31% impact on the portfolio.

Key Position Reductions

Portfolio adjustments also saw Pzena reducing his stakes in 92 stocks. The most significant reductions were:

  • General Electric Co (NYSE:GE) by 3,429,221 shares, resulting in a -73.04% decrease in shares and a -1.63% impact on the portfolio. The stock traded at an average price of $116.09 during the quarter and has returned 23.24% over the past 3 months and 9.13% year-to-date.

  • Westinghouse Air Brake Technologies Corp (NYSE:WAB) by 2,946,836 shares, leading to a -39.3% reduction in shares and a -1.34% impact on the portfolio. The stock traded at an average price of $112.87 during the quarter and has returned 22.92% over the past 3 months and 7.71% year-to-date.

Portfolio Overview

As of the fourth quarter of 2023, Richard Pzena (Trades, Portfolio)'s investment portfolio comprised 165 stocks. The top holdings included 4.93% in Cognizant Technology Solutions Corp (NASDAQ:CTSH), 3.83% in Dow Inc (NYSE:DOW), 3.82% in Capital One Financial Corp (NYSE:COF), 3.79% in Magna International Inc (NYSE:MGA), and 3.57% in Edison International (NYSE:EIX).

Baxter International Inc. Sees a Surge in Shares Held by Richard Pzena
Baxter International Inc. Sees a Surge in Shares Held by Richard Pzena

The investments span across all 11 industries, with a focus on Financial Services, Technology, Consumer Cyclical, Healthcare, Industrials, Basic Materials, Energy, Consumer Defensive, Utilities, Communication Services, and Real Estate.

Baxter International Inc. Sees a Surge in Shares Held by Richard Pzena
Baxter International Inc. Sees a Surge in Shares Held by Richard Pzena

Richard Pzena (Trades, Portfolio)'s latest 13F filing underscores his commitment to value investing, with significant moves that may influence other investors' strategies. As market conditions evolve, Pzena's portfolio adjustments serve as a testament to his analytical prowess and dedication to finding undervalued assets in any market environment.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.