Pzena Investment Management

Q4 2013 13F · by Richard Pzena, CIO

As of: Dec 31, 2013
Filed: Feb 7, 2014
US stock: $17.1B · prev $15.5B
Positions: 130 · prev 130
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%

Moves135 since the prior filing

+7.0 pp in · −7.1 pp out

New 8 +2.50 pp
Added 57 +4.52 pp
Trimmed 62 −5.26 pp
Exited 8 −1.80 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions18% of US stock

unresolved Hewlett Packard Co trimmed+0.80 pp trimmed+0.805.0%
ORCL Oracle Corp trimmed+0.13 pp trimmed+0.133.8%
unresolved Baker Hughes Inc. trimmed−0.23 pp trimmed−0.233.1%
BP BP p.l.c. trimmed+0.07 pp trimmed+0.073.1%
AIG American International Group, Inc. trimmed−0.23 pp trimmed−0.233.1%

Positions130 in this filing · 8 exited


unresolvedHewlett Packard Co	5.00%	30,611,328	$857M	trimmed−1%	+0.80 pp	3 q
ORCLOracle Corp	3.82%	17,097,751	$654M	trimmed−1%	+0.13 pp	3 q
unresolvedBaker Hughes Inc.	3.13%	9,699,551	$536M	trimmed−9%	−0.23 pp	3 q
BPBP p.l.c.	3.08%	10,866,679	$528M	trimmed−2%	+0.07 pp	3 q
AIGAmerican International Group, Inc.	3.07%	10,302,937	$526M	trimmed−2%	−0.23 pp	3 q
OMCOmnicom Group Inc.	3.00%	6,920,672	$515M	trimmed−6%	−0.01 pp	3 q
RDS.ARoyal Dutch Shell PLC	2.91%	6,998,451	$499M	added0%	−0.05 pp	3 q
unresolvedStaples Inc	2.76%	29,738,968	$473M	trimmed−8%	−0.31 pp	3 q
CCitigroup Inc.	2.44%	8,029,964	$418M	trimmed−1%	−0.09 pp	3 q
MSFTMicrosoft Corp	2.39%	10,942,967	$410M	trimmed−25%	−0.74 pp	3 q
BACBank of America Corporation	2.38%	26,235,806	$408M	added+4%	+0.13 pp	3 q
PHParker-Hannifin Corporation	2.30%	3,065,485	$394M	trimmed−2%	+0.10 pp	3 q
MSMorgan Stanley	2.28%	12,484,310	$392M	trimmed−2%	+0.06 pp	3 q
unresolvedCigna Corporation	2.12%	4,145,441	$363M	added+26%	+0.49 pp	3 q
XOMExxon Mobil Corp	2.07%	3,502,728	$354M	added+2%	+0.17 pp	3 q
JPMJPMorgan Chase & Co.	2.05%	6,010,456	$351M	trimmed−1%	+0.02 pp	3 q
METMetLife, Inc.	1.96%	6,236,260	$336M	trimmed−9%	−0.11 pp	3 q
GSGoldman Sachs Group Inc.	1.84%	1,780,879	$316M	trimmed−2%	−0.01 pp	3 q
BDXBecton, Dickinson and Co.	1.70%	2,634,751	$291M	trimmed−2%	−0.04 pp	3 q
GMGeneral Motors Company	1.69%	7,068,976	$289M	added×3.6	+1.23 pp	3 q
NWSANews Corporation Class A	1.68%	15,993,890	$288M	new	+1.68 pp	new
unresolvedUbs AG	1.64%	14,571,957	$281M	added+8%	−0.15 pp	3 q
PNCPNC Financial Services Group	1.62%	3,580,168	$278M	added0%	−0.05 pp	3 q
AXSAxis Capital Holders Limited	1.54%	5,546,522	$264M	trimmed−2%	−0.05 pp	3 q
IVZInvesco LTD	1.52%	7,150,439	$260M	trimmed−5%	−0.03 pp	3 q
unresolvedIng U S Inc	1.49%	7,277,925	$256M	added+8%	+0.22 pp	3 q
0VQJLTe Connectivity Ltd	1.45%	4,495,996	$248M	trimmed−25%	−0.54 pp	3 q
ABTAbbott Laboratories	1.44%	6,426,564	$246M	trimmed−0%	+0.06 pp	3 q
INTCIntel Corp	1.43%	9,414,423	$244M	added×4.7	+1.13 pp	2 q
STTState Street Corporation	1.39%	3,249,689	$238M	trimmed−2%	−0.02 pp	3 q
ETREntergy Corporation	1.38%	3,743,077	$237M	added+1%	−0.13 pp	3 q
unresolvedTRW Automotive Holdings Corp.	1.32%	3,050,149	$227M	added+2%	−0.06 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	1.28%	2,405,081	$220M	added+4%	−0.20 pp	3 q
AVTAvnet, Inc.	1.22%	4,723,594	$208M	trimmed−1%	−0.07 pp	3 q
unresolvedWillis Group Holdings Public	1.22%	4,671,514	$209M	trimmed−2%	−0.11 pp	3 q
MASMasco Corporation	1.19%	8,948,423	$204M	trimmed−12%	−0.20 pp	3 q
IPGThe Interpublic Group of Companies, Inc.	1.18%	11,392,166	$202M	added0%	−0.08 pp	3 q
unresolvedL-3 Communications Hldgs Inc	1.10%	1,761,862	$188M	trimmed−34%	−0.53 pp	3 q
BENFranklin Templeton, Inc.	1.09%	3,229,729	$186M	trimmed−4%	−0.01 pp	3 q
CMAComerica Incorporated	1.07%	3,861,810	$184M	added+98%	+0.58 pp	3 q
WFCWells Fargo & Co.	1.05%	3,981,017	$181M	added+2%	+0.01 pp	3 q
unresolvedPartnerre Ltd	0.93%	1,515,602	$160M	trimmed−3%	+0.01 pp	3 q
unresolvedDelphi Automotive PLC	0.86%	2,461,140	$148M	trimmed−17%	−0.26 pp	3 q
NWSNews Corporation Class B	0.67%	6,444,698	$115M	added+41%	+0.19 pp	2 q
KEYKeyCorp	0.53%	6,819,825	$92M	trimmed−0%	+0.03 pp	3 q
unresolvedGoogle Inc.	0.51%	77,999	$87M	trimmed−78%	−1.53 pp	3 q
CSCOCisco Systems, Inc. (DE)	0.50%	3,829,275	$86M	added+19%	+0.01 pp	3 q
9990302DApache Corp	0.47%	946,593	$81M	added+3%	−0.04 pp	3 q
WMTWalmart Inc.	0.47%	1,024,768	$81M	added+50%	+0.14 pp	3 q
JNJJohnson & Johnson	0.46%	866,458	$79M	added+2%	−0.01 pp	3 q
unresolvedSuperior Energy Services Inc	0.46%	2,935,169	$78M	added+27%	+0.09 pp	2 q
KSSKohls Corporation	0.45%	1,348,315	$77M	added+64%	+0.18 pp	3 q
LMLegg Mason, Inc.	0.43%	1,692,830	$74M	trimmed−6%	+0.04 pp	3 q
AIZAssurant, Inc.	0.42%	1,090,868	$72M	trimmed−12%	−0.01 pp	3 q
DGXQuest Diagnostics Inc.	0.38%	1,215,050	$65M	added+81%	+0.11 pp	3 q
DOORMasonite International Corp	0.35%	998,326	$60M	added+31%	+0.11 pp	2 q
unresolvedUrs Corp New	0.34%	1,097,526	$58M	added+3%	−0.03 pp	3 q
ALLThe Allstate Corporation	0.33%	1,027,165	$56M	trimmed−36%	−0.19 pp	3 q
GDGeneral Dynamics Corporation	0.32%	567,825	$54M	trimmed−0%	0.00 pp	3 q
OCOwens Corning	0.32%	1,352,272	$55M	added+6%	+0.01 pp	3 q
RFRegions Financial Corp.	0.32%	5,592,411	$55M	added0%	−0.01 pp	3 q
GLWCorning Incorporated	0.31%	2,971,813	$53M	new	+0.31 pp	new
HIGThe Hartford Insurance Group, Inc.	0.30%	1,428,894	$52M	trimmed−1%	+0.01 pp	3 q
unresolvedAetna Inc New	0.29%	733,946	$50M	trimmed−3%	−0.02 pp	3 q
FITBFifth Third Bancorp	0.29%	2,368,300	$50M	trimmed−0%	+0.01 pp	3 q
unresolvedIngram Micro Inc	0.29%	2,096,169	$49M	trimmed−8%	−0.05 pp	3 q
DANDana Incorporated	0.28%	2,414,609	$47M	added+38%	+0.02 pp	3 q
TAPMolson Coors Beverage Company Class B	0.26%	790,600	$44M	trimmed−1%	0.00 pp	3 q
unresolvedHospitality Properties Trust	0.24%	1,504,933	$41M	trimmed−13%	−0.08 pp	3 q
TTEKTetra Tech Inc	0.24%	1,467,594	$41M	added×2.5	+0.14 pp	2 q
unresolvedCon-way Inc	0.23%	979,301	$39M	trimmed−11%	−0.08 pp	3 q
AGIIArgo Group International	0.23%	840,198	$39M	trimmed−1%	0.00 pp	3 q
unresolvedAspen Insurance Holdings Ltd	0.23%	971,374	$40M	added0%	0.00 pp	3 q
MUSAMurphy USA Inc.	0.22%	915,399	$38M	new	+0.22 pp	new
WCGWellcare Health Plans, Inc.	0.22%	529,860	$37M	trimmed−10%	−0.05 pp	3 q
AXEAnixter International Inc	0.21%	398,159	$36M	trimmed−15%	−0.06 pp	3 q
unresolvedBancorpsouth Inc	0.21%	1,383,593	$35M	trimmed−15%	0.00 pp	3 q
BRCBrady Corporation	0.21%	1,144,940	$35M	trimmed−18%	−0.07 pp	3 q
TMUST-Mobile US, Inc.	0.21%	1,050,850	$35M	trimmed−1%	+0.03 pp	3 q
AELAmerican Equity Investment Life Holding Company	0.20%	1,330,127	$35M	trimmed−15%	−0.02 pp	3 q
unresolvedBbcn Bancorp Inc	0.20%	2,078,726	$34M	added0%	+0.02 pp	3 q
DIODDiodes Inc	0.20%	1,429,730	$34M	added+15%	0.00 pp	3 q
unresolvedVca Inc	0.20%	1,065,569	$33M	added0%	+0.01 pp	3 q
UPBDUpbound Group, Inc.	0.19%	954,853	$32M	added+1%	−0.04 pp	3 q
unresolvedTcf Financial Corp	0.19%	1,990,640	$32M	added0%	+0.01 pp	3 q
TPCTutor Perini Corporation	0.19%	1,250,819	$33M	added0%	+0.02 pp	3 q
PRIPrimerica, Inc.	0.18%	724,055	$31M	trimmed−10%	−0.03 pp	3 q
WEDWebster Financial Corp	0.18%	1,012,589	$32M	added+1%	+0.01 pp	3 q
ATUEnerpac Tool Group Corp.	0.17%	793,849	$29M	trimmed−8%	−0.05 pp	3 q
PJCPiper Sandler Companies	0.17%	752,901	$30M	added+73%	+0.07 pp	2 q
CHEChemed Corporation	0.16%	362,343	$28M	added0%	−0.01 pp	2 q
NSITInsight Enterprises Inc	0.16%	1,237,693	$28M	trimmed−4%	0.00 pp	3 q
unresolvedJones Group Inc	0.16%	1,837,433	$27M	trimmed−0%	−0.02 pp	3 q
unresolvedNational Penn Bancshares Inc	0.16%	2,480,323	$28M	added+1%	0.00 pp	3 q
SS1ARadius Recycling Inc	0.16%	838,207	$27M	added×2.1	+0.09 pp	2 q
unresolvedEngility Holdings Inc	0.15%	771,731	$26M	added+1%	−0.01 pp	3 q
GFFGriffon Corp	0.15%	1,958,937	$26M	added+1%	−0.01 pp	3 q
MATWMatthews International Corp	0.15%	588,536	$25M	added0%	+0.01 pp	3 q
unresolvedPhh Corp	0.15%	1,083,788	$26M	trimmed−0%	−0.02 pp	3 q
DRHDiamondrock Hospitality Company	0.14%	2,144,094	$25M	added+1%	−0.01 pp	3 q
unresolvedHarte-hanks Inc.	0.13%	2,914,559	$23M	trimmed−10%	−0.05 pp	3 q
LLYEli Lilly & Co.	0.13%	432,150	$22M	trimmed−0%	−0.01 pp	2 q
unresolvedMonster Worldwide Inc	0.13%	3,238,671	$23M	trimmed−6%	+0.03 pp	3 q
MWAMueller Water Products, Inc.	0.13%	2,306,217	$22M	trimmed−0%	+0.01 pp	3 q
FLEXFlex Ltd.	0.13%	2,908,950	$23M	added×4.5	+0.09 pp	2 q
ARCARC Document Solutions, Inc.	0.12%	2,554,462	$21M	added+4%	+0.05 pp	3 q
unresolvedAeropostale	0.11%	2,143,973	$19M	added+1%	−0.02 pp	3 q
CMCOColumbus McKinnon Corp/NY	0.11%	701,904	$19M	new	+0.11 pp	new
FMBIFirst Midwest Bancorp Inc/IL	0.11%	1,058,209	$19M	added+17%	+0.02 pp	3 q
MLKNMillerKnoll, Inc.	0.11%	640,720	$19M	trimmed−12%	−0.03 pp	3 q
unresolvedSynovus Financial Corp	0.11%	5,211,566	$19M	added+1%	0.00 pp	3 q
ONON Semiconductor Corp	0.10%	2,072,956	$17M	new	+0.10 pp	new
WSFSWSFS Financial Corp	0.09%	200,545	$16M	trimmed−1%	+0.01 pp	3 q
RNRRenaissanceRe Holdings Ltd.	0.08%	143,036	$14M	trimmed−11%	−0.01 pp	3 q
ACMAecom	0.07%	384,425	$11M	added+5%	0.00 pp	3 q
PGProcter & Gamble Company	0.05%	110,062	$9M	added+32%	+0.01 pp	3 q
unresolvedProtective Life Corp	0.05%	153,948	$8M	trimmed−64%	−0.07 pp	3 q
TMKGlobe Life Inc.	0.05%	105,824	$8M	held	—	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	385,844	$7M	added×2.9	+0.03 pp	2 q
unresolvedUnited Stationers Inc	0.04%	139,595	$6M	trimmed−71%	−0.10 pp	3 q
unresolvedAdvanced Semiconductor E-adr	0.03%	1,188,100	$6M	added×3.7	+0.02 pp	3 q
SRIStoneridge, Inc	0.03%	345,018	$4M	new	+0.03 pp	new
TEXTerex Corporation	0.03%	126,294	$5M	new	+0.03 pp	new
unresolvedValidus Holdings Ltd	0.03%	148,216	$6M	added+3%	0.00 pp	3 q
BPOPPopular Inc	0.02%	111,303	$3M	added+33%	+0.01 pp	3 q
SHGShinhan Financial Group Co Ltd	0.02%	83,025	$4M	new	+0.02 pp	new
EENI S.p.A.	0.01%	27,500	$1M	added+11%	0.00 pp	3 q
NOCNorthrop Grumman Corp.	0.01%	19,216	$2M	trimmed−98%	−0.54 pp	3 q
unresolvedSteel Excel Inc	0.01%	81,567	$2M	held	—	3 q
HALHalliburton Company	0.00%	5,050	$256,000	held	—	2 q
unresolvedDell Inc	—	−12,458,816	—	exited	−1.11 pp	—
unresolvedValassis Communications Inc	—	−1,480,861	—	exited	−0.28 pp	—
unresolvedApollo Group Inc Class A	—	−1,089,335	—	exited	−0.15 pp	—
HA7Enviri Corp	—	−826,799	—	exited	−0.13 pp	—
CWCurtiss-Wright Corp.	—	−223,731	—	exited	−0.07 pp	—
HIIHuntington Ingalls Industries, Inc.	—	−95,855	—	exited	−0.04 pp	—
SKAASkechers USA Inc-cl A	—	−86,081	—	exited	−0.02 pp	—
unresolvedForest Labs Inc	—	−13,075	—	exited	0.00 pp	—