What if you had copied Pzena Investment Management?
Richard Pzena
The verdict
Copying Pzena Investment Management's 13F filings from Feb 2020 would have turned $10,000 into $20,351, less than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,790 over the same days. The copy returned +11.1% a year against +14.4% for the S&P 500, 3.3 points a year behind. Its worst fall was 50.1%, from Feb 12, 2020 to Mar 23, 2020. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 10, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Pzena Investment Management$20,351
- S&P 500$24,790
- Bought their first portfolio and never traded$24,656
If you had bought their first portfolio and never traded, you would have ended at $24,656, so following every move cost $4,305.
- $10,000 copied
- $20,351
- +103.5%, +11.1% a year
- In the S&P 500
- $24,790
- +147.9%, +14.4% a year
- No trading
- $24,656
- Bought their first portfolio and never traded
- Worst fall
- −50.1%
- Feb 12, 2020 to Mar 23, 2020
- Trades
- 220
- 135 buys, 85 sales over 29 filings; about 39% of the copy traded a year
The moves that made the most
- CCitigroup+$623
Held since Feb 2020, the stock up 96%
- WFCWells Fargo+$603
Held since Feb 2020, the stock up 113%
- EQHEquitable+$568
Held since May 2020, the stock up 284%
Held since Feb 2020, the stock up 118%
- GEGeneral Electric+$442
Held from Nov 2021 to May 2024, the stock up 151%
- MCKMcKesson+$436
Held from Feb 2020 to Nov 2023, the stock up 198%
The moves that cost the most
- NWLNewell Brands−$247
Held since Feb 2020, the stock down 60%
- DOXAmdocs−$243
Held since May 2021, the stock down 38%
Held from May 2023 to Feb 2026, the stock down 31%
- JELDJeld-Wen−$156
Held from Feb 2020 to Feb 2025, the stock down 83%
- LKQ−$72
Held since Jul 2025, the stock down 39%
- CARAvis Budget−$61
Held from Feb 2020 to May 2020, the stock down 63%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +2.0% | +13.8% | −11.8 |
| 2021 | +28.0% | +28.7% | −0.7 |
| 2022 | −5.9% | −18.2% | +12.3 |
| 2023 | +22.5% | +26.2% | −3.7 |
| 2024 | +5.8% | +24.9% | −19.0 |
| 2025 | +10.6% | +17.7% | −7.2 |
| 2026to Nov 2026 | +15.5% | +11.5% | +4.0 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.