Rich Pzena Q3 2025: Baxter Surge and Magna Strength Highlight a Classic Deep-Value Quarter

Rich Pzena’s disciplined value approach remains firmly intact heading into late 2025. According to the latest 13F filing for the quarter ended September 30 2025, Pzena Investment Management LLC reported a total portfolio value of $30.94 billion. The fund’s top 10 positions account for 39.2 % of total assets, underscoring a tightly focused deep-value strategy emphasizing cyclical recoveries and normalized earnings power.Top 5 HoldingsMagna International Inc. (MGA) now leads the portfolio at $1.92 billion (6. ...