Pzena Investment Management

Q3 2013 13F · by Richard Pzena, CIO

As of: Sep 30, 2013
Filed: Nov 8, 2013
US stock: $15.5B · prev $15.0B
Positions: 130 · prev 122
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves134 since the prior filing

+10.5 pp in · −10.5 pp out

New 13 +3.40 pp
Added 42 +7.10 pp
Trimmed 74 −9.98 pp
Exited 5 −0.48 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 41% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions18% of US stock

unresolved Hewlett Packard Co trimmed−1.23 pp trimmed−1.234.2%
ORCL Oracle Corp added+0.81 pp added+0.813.7%
unresolved Baker Hughes Inc. added+0.47 pp added+0.473.4%
AIG American International Group, Inc. trimmed+0.16 pp trimmed+0.163.3%
MSFT Microsoft Corp added+0.27 pp added+0.273.1%

Positions130 in this filing · 5 exited


unresolvedHewlett Packard Co	4.20%	30,983,162	$650M	trimmed−6%	−1.23 pp	2 q
ORCLOracle Corp	3.69%	17,238,143	$572M	added+22%	+0.81 pp	2 q
unresolvedBaker Hughes Inc.	3.36%	10,606,614	$521M	added+13%	+0.47 pp	2 q
AIGAmerican International Group, Inc.	3.30%	10,491,924	$510M	trimmed−1%	+0.16 pp	2 q
MSFTMicrosoft Corp	3.13%	14,552,334	$485M	added+17%	+0.27 pp	2 q
unresolvedStaples Inc	3.07%	32,431,464	$475M	trimmed−7%	−0.62 pp	2 q
BPBP p.l.c.	3.01%	11,078,125	$466M	added+10%	+0.21 pp	2 q
OMCOmnicom Group Inc.	3.01%	7,355,064	$467M	trimmed−4%	−0.20 pp	2 q
RDS.ARoyal Dutch Shell PLC	2.96%	6,965,119	$457M	added+14%	+0.36 pp	2 q
CCitigroup Inc.	2.53%	8,073,711	$392M	trimmed−4%	−0.16 pp	2 q
BACBank of America Corporation	2.25%	25,204,706	$348M	added+1%	+0.12 pp	2 q
MSMorgan Stanley	2.22%	12,730,045	$343M	trimmed−4%	+0.06 pp	2 q
PHParker-Hannifin Corporation	2.20%	3,131,648	$340M	added+31%	+0.68 pp	2 q
METMetLife, Inc.	2.07%	6,832,193	$321M	trimmed−8%	−0.20 pp	2 q
unresolvedGoogle Inc.	2.04%	361,283	$316M	added+1%	−0.05 pp	2 q
JPMJPMorgan Chase & Co.	2.03%	6,071,408	$314M	added+3%	−0.05 pp	2 q
0VQJLTe Connectivity Ltd	1.99%	5,961,910	$309M	trimmed−34%	−0.73 pp	2 q
XOMExxon Mobil Corp	1.90%	3,419,336	$294M	added+17%	+0.15 pp	2 q
GSGoldman Sachs Group Inc.	1.85%	1,809,681	$286M	added0%	+0.03 pp	2 q
unresolvedUbs AG	1.79%	13,474,131	$276M	trimmed−10%	+0.11 pp	2 q
BDXBecton, Dickinson and Co.	1.74%	2,693,392	$269M	trimmed−3%	−0.08 pp	2 q
PNCPNC Financial Services Group	1.67%	3,565,214	$258M	trimmed−0%	−0.06 pp	2 q
unresolvedCigna Corporation	1.63%	3,278,145	$252M	added×4.4	+1.27 pp	2 q
unresolvedL-3 Communications Hldgs Inc	1.63%	2,677,339	$253M	trimmed−14%	−0.15 pp	2 q
AXSAxis Capital Holders Limited	1.59%	5,668,100	$245M	trimmed−1%	−0.16 pp	2 q
IVZInvesco LTD	1.55%	7,517,159	$240M	trimmed−1%	−0.06 pp	2 q
ETREntergy Corporation	1.51%	3,698,145	$234M	trimmed−8%	−0.36 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	1.48%	2,309,603	$229M	added+2%	−0.03 pp	2 q
STTState Street Corporation	1.41%	3,318,282	$218M	trimmed−22%	−0.44 pp	2 q
MASMasco Corporation	1.39%	10,118,379	$215M	trimmed−2%	+0.05 pp	2 q
ABTAbbott Laboratories	1.38%	6,449,283	$214M	added+49%	+0.38 pp	2 q
unresolvedTRW Automotive Holdings Corp.	1.38%	2,985,869	$213M	new	+1.38 pp	new
unresolvedWillis Group Holdings Public	1.33%	4,758,913	$206M	trimmed−3%	+0.01 pp	2 q
AVTAvnet, Inc.	1.29%	4,786,186	$200M	added+21%	+0.40 pp	2 q
unresolvedIng U S Inc	1.27%	6,735,793	$197M	trimmed−2%	+0.03 pp	2 q
IPGThe Interpublic Group of Companies, Inc.	1.26%	11,355,616	$195M	added+4%	+0.20 pp	2 q
unresolvedDelphi Automotive PLC	1.12%	2,971,364	$174M	trimmed−59%	−1.33 pp	2 q
unresolvedDell Inc	1.11%	12,458,816	$172M	trimmed−10%	−0.11 pp	2 q
BENFranklin Templeton, Inc.	1.10%	3,372,322	$170M	added+1%	+0.09 pp	2 q
WFCWells Fargo & Co.	1.04%	3,907,126	$161M	added+27%	+0.20 pp	2 q
unresolvedPartnerre Ltd	0.92%	1,554,912	$142M	added+14%	+0.10 pp	2 q
NOCNorthrop Grumman Corp.	0.55%	890,221	$85M	trimmed−77%	−1.58 pp	2 q
ALLThe Allstate Corporation	0.52%	1,607,196	$81M	trimmed−41%	−0.35 pp	2 q
9990302DApache Corp	0.51%	920,495	$78M	added+11%	+0.05 pp	2 q
KEYKeyCorp	0.50%	6,832,375	$78M	trimmed−1%	−0.01 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.49%	3,221,900	$75M	added+8%	+0.01 pp	2 q
CMAComerica Incorporated	0.49%	1,947,376	$77M	added0%	−0.02 pp	2 q
NWSNews Corporation Class B	0.48%	4,568,753	$75M	new	+0.48 pp	new
JNJJohnson & Johnson	0.47%	847,758	$73M	added×81.5	+0.46 pp	2 q
GMGeneral Motors Company	0.46%	1,960,975	$71M	trimmed−13%	−0.04 pp	2 q
AIZAssurant, Inc.	0.43%	1,236,297	$67M	trimmed−3%	0.00 pp	2 q
LMLegg Mason, Inc.	0.39%	1,801,370	$60M	added×2.7	+0.25 pp	2 q
unresolvedSuperior Energy Services Inc	0.37%	2,310,224	$58M	new	+0.37 pp	new
unresolvedUrs Corp New	0.37%	1,061,289	$57M	added+3%	+0.05 pp	2 q
unresolvedIngram Micro Inc	0.34%	2,267,219	$52M	trimmed−26%	−0.05 pp	2 q
RFRegions Financial Corp.	0.33%	5,590,618	$52M	trimmed−0%	−0.03 pp	2 q
WMTWalmart Inc.	0.33%	685,318	$51M	added×83.6	+0.33 pp	2 q
GDGeneral Dynamics Corporation	0.32%	570,125	$50M	added+1%	+0.02 pp	2 q
unresolvedHospitality Properties Trust	0.32%	1,736,364	$49M	trimmed−1%	+0.01 pp	2 q
unresolvedAetna Inc New	0.31%	754,946	$48M	trimmed−63%	−0.55 pp	2 q
unresolvedCon-way Inc	0.31%	1,098,526	$47M	trimmed−13%	−0.02 pp	2 q
OCOwens Corning	0.31%	1,278,421	$49M	added+5%	−0.01 pp	2 q
INTCIntel Corp	0.30%	2,004,454	$46M	new	+0.30 pp	new
HIGThe Hartford Insurance Group, Inc.	0.29%	1,437,110	$45M	added+68%	+0.11 pp	2 q
BRCBrady Corporation	0.28%	1,401,050	$43M	trimmed−3%	−0.02 pp	2 q
FITBFifth Third Bancorp	0.28%	2,377,550	$43M	added+1%	0.00 pp	2 q
unresolvedValassis Communications Inc	0.28%	1,480,861	$43M	trimmed−11%	+0.01 pp	2 q
AXEAnixter International Inc	0.27%	468,994	$41M	trimmed−24%	−0.04 pp	2 q
KSSKohls Corporation	0.27%	820,888	$42M	added+1%	0.00 pp	2 q
DGXQuest Diagnostics Inc.	0.27%	670,650	$41M	added+1%	0.00 pp	2 q
WCGWellcare Health Plans, Inc.	0.27%	590,445	$41M	trimmed−25%	−0.02 pp	2 q
DANDana Incorporated	0.26%	1,747,557	$40M	trimmed−30%	−0.06 pp	2 q
TAPMolson Coors Beverage Company Class B	0.26%	795,525	$40M	trimmed−59%	−0.36 pp	2 q
DOORMasonite International Corp	0.24%	759,360	$37M	new	+0.24 pp	new
UPBDUpbound Group, Inc.	0.23%	947,078	$36M	added+11%	+0.02 pp	2 q
AGIIArgo Group International	0.23%	845,573	$36M	trimmed−9%	−0.03 pp	2 q
unresolvedAspen Insurance Holdings Ltd	0.23%	966,874	$35M	added+14%	+0.02 pp	2 q
ATUEnerpac Tool Group Corp.	0.22%	859,336	$33M	trimmed−25%	−0.03 pp	2 q
AELAmerican Equity Investment Life Holding Company	0.22%	1,573,857	$33M	trimmed−20%	+0.02 pp	2 q
unresolvedBancorpsouth Inc	0.21%	1,629,393	$32M	trimmed−11%	0.00 pp	2 q
PRIPrimerica, Inc.	0.21%	808,044	$33M	trimmed−13%	−0.02 pp	2 q
DIODDiodes Inc	0.20%	1,239,191	$30M	trimmed−18%	−0.06 pp	2 q
unresolvedVca Inc	0.19%	1,061,169	$29M	trimmed−11%	−0.02 pp	2 q
unresolvedBbcn Bancorp Inc	0.18%	2,077,851	$29M	trimmed−13%	−0.05 pp	2 q
unresolvedHarte-hanks Inc.	0.18%	3,233,748	$29M	trimmed−18%	−0.05 pp	2 q
unresolvedJones Group Inc	0.18%	1,840,933	$28M	trimmed−27%	−0.05 pp	2 q
unresolvedTcf Financial Corp	0.18%	1,984,540	$28M	trimmed−10%	−0.03 pp	2 q
TMUST-Mobile US, Inc.	0.18%	1,058,200	$27M	added+2%	+0.01 pp	2 q
CHEChemed Corporation	0.17%	360,943	$26M	new	+0.17 pp	new
unresolvedPhh Corp	0.17%	1,085,413	$26M	trimmed−11%	0.00 pp	2 q
TPCTutor Perini Corporation	0.17%	1,249,744	$27M	trimmed−9%	+0.01 pp	2 q
WEDWebster Financial Corp	0.17%	1,006,739	$26M	trimmed−13%	−0.03 pp	2 q
unresolvedEngility Holdings Inc	0.16%	767,056	$24M	trimmed−22%	−0.03 pp	2 q
GFFGriffon Corp	0.16%	1,947,137	$24M	trimmed−9%	0.00 pp	2 q
NSITInsight Enterprises Inc	0.16%	1,286,037	$24M	trimmed−18%	−0.03 pp	2 q
unresolvedNational Penn Bancshares Inc	0.16%	2,445,173	$25M	trimmed−10%	−0.02 pp	2 q
unresolvedApollo Group Inc Class A	0.15%	1,089,335	$23M	added+1%	+0.02 pp	2 q
DRHDiamondrock Hospitality Company	0.15%	2,129,994	$23M	trimmed−9%	+0.01 pp	2 q
LLYEli Lilly & Co.	0.14%	433,250	$22M	new	+0.14 pp	new
MATWMatthews International Corp	0.14%	586,065	$22M	trimmed−9%	−0.02 pp	2 q
MLKNMillerKnoll, Inc.	0.14%	729,595	$21M	trimmed−16%	−0.02 pp	2 q
unresolvedUnited Stationers Inc	0.14%	487,107	$21M	trimmed−17%	+0.01 pp	2 q
unresolvedAeropostale	0.13%	2,125,083	$20M	trimmed−3%	−0.07 pp	2 q
HA7Enviri Corp	0.13%	826,799	$21M	trimmed−8%	−0.01 pp	2 q
MWAMueller Water Products, Inc.	0.12%	2,307,442	$18M	trimmed−30%	−0.03 pp	2 q
unresolvedProtective Life Corp	0.12%	431,414	$18M	trimmed−11%	0.00 pp	2 q
unresolvedSynovus Financial Corp	0.11%	5,172,816	$17M	trimmed−27%	−0.03 pp	2 q
unresolvedMonster Worldwide Inc	0.10%	3,433,146	$15M	trimmed−9%	−0.02 pp	2 q
PJCPiper Sandler Companies	0.10%	434,400	$15M	new	+0.10 pp	new
TTEKTetra Tech Inc	0.10%	590,664	$15M	new	+0.10 pp	new
FMBIFirst Midwest Bancorp Inc/IL	0.09%	904,521	$14M	added×7.0	+0.08 pp	2 q
RNRRenaissanceRe Holdings Ltd.	0.09%	159,911	$14M	added+31%	+0.02 pp	2 q
WSFSWSFS Financial Corp	0.08%	201,595	$12M	trimmed−42%	−0.04 pp	2 q
ARCARC Document Solutions, Inc.	0.07%	2,459,388	$11M	trimmed−6%	0.00 pp	2 q
ACMAecom	0.07%	365,075	$11M	added+47%	+0.02 pp	2 q
CWCurtiss-Wright Corp.	0.07%	223,731	$11M	trimmed−78%	−0.18 pp	2 q
SS1ARadius Recycling Inc	0.07%	393,751	$11M	new	+0.07 pp	new
TMKGlobe Life Inc.	0.05%	105,824	$8M	trimmed−77%	−0.15 pp	2 q
HIIHuntington Ingalls Industries, Inc.	0.04%	95,855	$6M	trimmed−58%	−0.05 pp	2 q
PGProcter & Gamble Company	0.04%	83,361	$6M	added×7.9	+0.03 pp	2 q
FLEXFlex Ltd.	0.04%	640,441	$6M	new	+0.04 pp	new
unresolvedValidus Holdings Ltd	0.03%	144,491	$5M	trimmed−6%	−0.01 pp	2 q
SKAASkechers USA Inc-cl A	0.02%	86,081	$3M	trimmed−90%	−0.12 pp	2 q
unresolvedSteel Excel Inc	0.02%	81,567	$2M	trimmed−5%	0.00 pp	2 q
unresolvedAdvanced Semiconductor E-adr	0.01%	318,586	$2M	added×3.7	+0.01 pp	2 q
EENI S.p.A.	0.01%	24,675	$1M	added+45%	+0.01 pp	2 q
BPOPPopular Inc	0.01%	83,778	$2M	held	—	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	131,379	$2M	new	+0.01 pp	new
unresolvedForest Labs Inc	0.00%	13,075	$559,000	trimmed−99%	−0.25 pp	2 q
HALHalliburton Company	0.00%	5,050	$243,000	new	0.00 pp	new
unresolvedHospira Inc	—	−1,059,750	—	exited	−0.27 pp	—
JAKKJakks Pacific Inc	—	−1,371,624	—	exited	−0.10 pp	—
CIRCircor International Inc	—	−226,862	—	exited	−0.08 pp	—
FBINFortune Brands Innovations, Inc.	—	−66,875	—	exited	−0.02 pp	—
unresolvedDevry Ed Group Inc	—	−71,375	—	exited	−0.01 pp	—