Value investing firm Pzena Investment Management, led by Richard Pzena, liquidated its entire position in Exxon Mobil during the third quarter of 2026. According to regulatory filings, the firm sold all 589,450 of its shares, which were valued at approximately $80.59 million at the end of June. This move comes as Exxon Mobil reported a significant surge in net income to $15.4 billion for the same quarter.
Investors should note that 13F filings disclose trades that occurred in the previous quarter, so this transaction took place between July 1 and September 30, 2026. While Pzena has not publicly commented on the specific reasons for this sale, the firm's general strategy involves selling positions after periods of strong performance when they are no longer considered undervalued.