Value investor Richard Pzena's firm, Pzena Investment Management, drastically reduced its holding in Nokia Corp. (NOK), selling over 58.4 million shares. According to its latest quarterly filing with the SEC, the firm's position shrank 92.1% to just 5.01 million shares as of June 30, 2026, down from 63.43 million at the end of March.
This trade information, made public on August 7, reflects activity from the second quarter. In recent commentary, the firm mentioned it was trimming its Nokia position and "harvesting profits" due to the stock's "relative strength." The sale was described as the fund's most significant portfolio change during the quarter.