Pzena Investment Management

Q1 2014 13F · by Richard Pzena, CIO

As of: Mar 31, 2014
Filed: May 9, 2014
US stock: $17.4B · prev $17.1B
Positions: 146 · 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%

Moves147 since the prior filing

+5.4 pp in · −5.4 pp out

New 20 +0.62 pp
Added 57 +4.78 pp
Trimmed 66 −4.45 pp
Exited 4 −0.99 pp

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions18% of US stock

unresolved Hewlett Packard Co trimmed+0.01 pp trimmed+0.015.0%
ORCL Oracle Corp trimmed−0.36 pp trimmed−0.363.5%
unresolved Baker Hughes Inc. trimmed+0.19 pp trimmed+0.193.3%
BP BP p.l.c. added−0.08 pp added−0.083.0%
RDS.A Royal Dutch Shell PLC trimmed−0.02 pp trimmed−0.022.9%

Positions146 in this filing · 4 exited


unresolvedHewlett Packard Co	5.01%	27,025,248	$875M	trimmed−12%	+0.01 pp	4 q
ORCLOracle Corp	3.46%	14,734,795	$603M	trimmed−14%	−0.36 pp	4 q
unresolvedBaker Hughes Inc.	3.32%	8,907,656	$579M	trimmed−8%	+0.19 pp	4 q
BPBP p.l.c.	3.00%	10,891,504	$524M	added0%	−0.08 pp	4 q
RDS.ARoyal Dutch Shell PLC	2.89%	6,911,709	$505M	trimmed−1%	−0.02 pp	4 q
AIGAmerican International Group, Inc.	2.88%	10,030,795	$502M	trimmed−3%	−0.19 pp	4 q
CCitigroup Inc.	2.72%	9,974,473	$475M	added+24%	+0.28 pp	4 q
OMCOmnicom Group Inc.	2.72%	6,544,833	$475M	trimmed−5%	−0.28 pp	4 q
MSFTMicrosoft Corp	2.53%	10,758,726	$441M	trimmed−2%	+0.14 pp	4 q
BACBank of America Corporation	2.49%	25,296,661	$435M	trimmed−4%	+0.11 pp	4 q
unresolvedCigna Corporation	2.31%	4,823,204	$404M	added+16%	+0.19 pp	4 q
MSMorgan Stanley	2.19%	12,280,237	$383M	trimmed−2%	−0.09 pp	4 q
NWSANews Corporation Class A	2.13%	21,618,548	$372M	added+35%	+0.45 pp	2 q
XOMExxon Mobil Corp	2.08%	3,715,591	$363M	added+6%	+0.01 pp	4 q
unresolvedStaples Inc	2.07%	31,883,452	$362M	added+7%	−0.69 pp	4 q
JPMJPMorgan Chase & Co.	2.04%	5,863,895	$356M	trimmed−2%	−0.01 pp	4 q
PHParker-Hannifin Corporation	2.02%	2,944,096	$352M	trimmed−4%	−0.28 pp	4 q
INTCIntel Corp	1.95%	13,169,524	$340M	added+40%	+0.52 pp	3 q
METMetLife, Inc.	1.87%	6,165,962	$326M	trimmed−1%	−0.09 pp	4 q
STTState Street Corporation	1.84%	4,618,131	$321M	added+42%	+0.45 pp	4 q
PNCPNC Financial Services Group	1.73%	3,477,644	$303M	trimmed−3%	+0.11 pp	4 q
unresolvedIng U S Inc	1.71%	8,238,533	$299M	added+13%	+0.22 pp	4 q
BDXBecton, Dickinson and Co.	1.70%	2,537,209	$297M	trimmed−4%	0.00 pp	4 q
unresolvedTRW Automotive Holdings Corp.	1.70%	3,624,742	$296M	added+19%	+0.38 pp	3 q
unresolvedUbs AG	1.68%	14,169,028	$294M	trimmed−3%	+0.04 pp	4 q
GSGoldman Sachs Group Inc.	1.63%	1,734,213	$284M	trimmed−3%	−0.21 pp	4 q
ABTAbbott Laboratories	1.53%	6,934,282	$267M	added+8%	+0.09 pp	4 q
GMGeneral Motors Company	1.48%	7,506,631	$258M	added+6%	−0.21 pp	4 q
AXSAxis Capital Holders Limited	1.47%	5,577,515	$256M	added+1%	−0.07 pp	4 q
IVZInvesco LTD	1.38%	6,508,696	$241M	trimmed−9%	−0.14 pp	4 q
ETREntergy Corporation	1.37%	3,579,922	$239M	trimmed−4%	−0.01 pp	4 q
GLWCorning Incorporated	1.33%	11,113,952	$231M	added×3.7	+1.02 pp	2 q
AVTAvnet, Inc.	1.30%	4,874,652	$227M	added+3%	+0.08 pp	4 q
IPGThe Interpublic Group of Companies, Inc.	1.29%	13,095,449	$224M	added+15%	+0.11 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	1.27%	2,256,910	$222M	trimmed−6%	−0.01 pp	4 q
unresolvedWillis Group Holdings Public	1.24%	4,911,399	$217M	added+5%	+0.02 pp	4 q
MASMasco Corporation	1.13%	8,857,969	$197M	trimmed−1%	−0.06 pp	4 q
CMAComerica Incorporated	1.11%	3,730,059	$193M	trimmed−3%	+0.04 pp	4 q
WFCWells Fargo & Co.	1.01%	3,554,823	$177M	trimmed−11%	−0.04 pp	4 q
0VQJLTe Connectivity Ltd	0.99%	2,880,432	$173M	trimmed−36%	−0.46 pp	4 q
BENFranklin Templeton, Inc.	0.97%	3,138,724	$170M	trimmed−3%	−0.12 pp	4 q
unresolvedPartnerre Ltd	0.92%	1,546,777	$160M	added+2%	−0.01 pp	4 q
NWSNews Corporation Class B	0.60%	6,291,920	$105M	trimmed−2%	−0.07 pp	3 q
unresolvedSuperior Energy Services Inc	0.56%	3,161,577	$97M	added+8%	+0.10 pp	3 q
WMTWalmart Inc.	0.56%	1,288,713	$98M	added+26%	+0.09 pp	4 q
9990302DApache Corp	0.53%	1,113,734	$92M	added+18%	+0.06 pp	4 q
ONON Semiconductor Corp	0.51%	9,392,052	$88M	added×4.5	+0.41 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.49%	3,825,300	$86M	trimmed−0%	−0.01 pp	4 q
JNJJohnson & Johnson	0.49%	868,139	$85M	added0%	+0.03 pp	4 q
KSSKohls Corporation	0.45%	1,391,675	$79M	added+3%	0.00 pp	4 q
LMLegg Mason, Inc.	0.43%	1,535,849	$75M	trimmed−9%	0.00 pp	4 q
AIZAssurant, Inc.	0.42%	1,121,234	$73M	added+3%	0.00 pp	4 q
KEYKeyCorp	0.37%	4,536,975	$65M	trimmed−33%	−0.16 pp	4 q
RFRegions Financial Corp.	0.37%	5,770,361	$64M	added+3%	+0.05 pp	4 q
ALLThe Allstate Corporation	0.35%	1,071,697	$61M	added+4%	+0.02 pp	4 q
unresolvedUrs Corp New	0.34%	1,245,093	$59M	added+13%	0.00 pp	4 q
unresolvedAetna Inc New	0.33%	776,431	$58M	added+6%	+0.04 pp	4 q
FITBFifth Third Bancorp	0.32%	2,469,250	$57M	added+4%	+0.03 pp	4 q
DOORMasonite International Corp	0.32%	973,695	$55M	trimmed−2%	−0.03 pp	3 q
DGXQuest Diagnostics Inc.	0.32%	972,200	$56M	trimmed−20%	−0.06 pp	4 q
unresolvedDelphi Automotive PLC	0.32%	829,678	$56M	trimmed−66%	−0.54 pp	4 q
TEXTerex Corporation	0.31%	1,230,566	$55M	added×9.7	+0.28 pp	2 q
DANDana Incorporated	0.30%	2,249,595	$52M	trimmed−7%	+0.02 pp	4 q
HIGThe Hartford Insurance Group, Inc.	0.30%	1,497,369	$53M	added+5%	0.00 pp	4 q
OCOwens Corning	0.30%	1,202,105	$52M	trimmed−11%	−0.02 pp	4 q
unresolvedCon-way Inc	0.28%	1,189,444	$49M	added+21%	+0.05 pp	4 q
unresolvedHospitality Properties Trust	0.28%	1,706,653	$49M	added+13%	+0.04 pp	4 q
TAPMolson Coors Beverage Company Class B	0.27%	789,850	$46M	trimmed−0%	+0.01 pp	4 q
unresolvedL-3 Communications Hldgs Inc	0.26%	383,648	$45M	trimmed−78%	−0.84 pp	4 q
DIODDiodes Inc	0.25%	1,645,500	$43M	added+15%	+0.05 pp	4 q
MUSAMurphy USA Inc.	0.25%	1,077,569	$44M	added+18%	+0.03 pp	2 q
PJCPiper Sandler Companies	0.25%	939,963	$43M	added+25%	+0.08 pp	3 q
BRCBrady Corporation	0.24%	1,515,363	$41M	added+32%	+0.03 pp	4 q
GDGeneral Dynamics Corporation	0.23%	367,625	$40M	trimmed−35%	−0.09 pp	4 q
PRIPrimerica, Inc.	0.23%	844,745	$40M	added+17%	+0.05 pp	4 q
UPBDUpbound Group, Inc.	0.23%	1,533,547	$41M	added+61%	+0.04 pp	4 q
TTEKTetra Tech Inc	0.22%	1,308,457	$39M	trimmed−11%	−0.02 pp	3 q
ATUEnerpac Tool Group Corp.	0.21%	1,090,284	$37M	added+37%	+0.04 pp	4 q
WCGWellcare Health Plans, Inc.	0.21%	574,333	$36M	added+8%	−0.01 pp	4 q
AGIIArgo Group International	0.21%	816,406	$37M	trimmed−3%	−0.02 pp	4 q
unresolvedAspen Insurance Holdings Ltd	0.21%	943,737	$37M	trimmed−3%	−0.02 pp	4 q
unresolvedBbcn Bancorp Inc	0.20%	1,993,124	$34M	trimmed−4%	0.00 pp	4 q
unresolvedIngram Micro Inc	0.20%	1,151,280	$34M	trimmed−45%	−0.09 pp	4 q
unresolvedSynovus Financial Corp	0.20%	10,064,075	$34M	added+93%	+0.09 pp	4 q
TPCTutor Perini Corporation	0.20%	1,201,649	$34M	trimmed−4%	+0.01 pp	4 q
FLEXFlex Ltd.	0.20%	3,840,050	$35M	added+32%	+0.07 pp	3 q
WEDWebster Financial Corp	0.19%	1,093,314	$34M	added+8%	+0.01 pp	4 q
CHEChemed Corporation	0.18%	347,051	$31M	trimmed−4%	+0.02 pp	3 q
unresolvedNational Penn Bancshares Inc	0.18%	3,061,223	$32M	added+23%	+0.02 pp	4 q
unresolvedTcf Financial Corp	0.18%	1,918,296	$32M	trimmed−4%	−0.01 pp	4 q
AELAmerican Equity Investment Life Holding Company	0.17%	1,252,453	$30M	trimmed−6%	−0.03 pp	4 q
ASBAssociated Banc-Corp	0.17%	1,687,823	$30M	new	+0.17 pp	new
NSITInsight Enterprises Inc	0.17%	1,198,988	$30M	trimmed−3%	+0.01 pp	4 q
CMCOColumbus McKinnon Corp/NY	0.16%	1,029,573	$28M	added+47%	+0.05 pp	2 q
LLYEli Lilly & Co.	0.15%	431,625	$25M	trimmed−0%	+0.02 pp	3 q
unresolvedPhh Corp	0.15%	1,035,567	$27M	trimmed−4%	0.00 pp	4 q
DRHDiamondrock Hospitality Company	0.14%	2,081,578	$24M	trimmed−3%	0.00 pp	4 q
unresolvedMonster Worldwide Inc	0.14%	3,159,782	$24M	trimmed−2%	+0.01 pp	4 q
SS1ARadius Recycling Inc	0.14%	828,741	$24M	trimmed−1%	−0.02 pp	3 q
unresolvedVca Inc	0.14%	764,519	$25M	trimmed−28%	−0.06 pp	4 q
GFFGriffon Corp	0.13%	1,929,351	$23M	trimmed−2%	−0.02 pp	4 q
MATWMatthews International Corp	0.13%	567,120	$23M	trimmed−4%	−0.02 pp	4 q
SRIStoneridge, Inc	0.13%	2,067,707	$23M	added×6.0	+0.10 pp	2 q
MLKNMillerKnoll, Inc.	0.12%	625,294	$20M	trimmed−2%	+0.01 pp	4 q
MWAMueller Water Products, Inc.	0.12%	2,154,405	$20M	trimmed−7%	−0.01 pp	4 q
ARWArrow Electronics, Inc.	0.11%	336,650	$20M	new	+0.11 pp	new
RNRRenaissanceRe Holdings Ltd.	0.11%	200,949	$20M	added+40%	+0.03 pp	4 q
ARCARC Document Solutions, Inc.	0.10%	2,395,685	$18M	trimmed−6%	−0.02 pp	4 q
ACMAecom	0.10%	528,256	$17M	added+37%	+0.03 pp	4 q
FMBIFirst Midwest Bancorp Inc/IL	0.10%	1,047,099	$18M	trimmed−1%	−0.01 pp	4 q
unresolvedUnited Stationers Inc	0.10%	406,203	$17M	added×2.9	+0.06 pp	4 q
WSFSWSFS Financial Corp	0.08%	190,301	$14M	trimmed−5%	−0.01 pp	4 q
unresolvedEngility Holdings Inc	0.06%	251,366	$11M	trimmed−67%	−0.09 pp	4 q
unresolvedValidus Holdings Ltd	0.06%	287,595	$11M	added+94%	+0.03 pp	4 q
KBRKBR, Inc.	0.05%	311,475	$8M	new	+0.05 pp	new
PGProcter & Gamble Company	0.05%	114,251	$9M	added+4%	0.00 pp	4 q
TMKGlobe Life Inc.	0.05%	106,124	$8M	added0%	0.00 pp	4 q
unresolvedAdvanced Semiconductor E-adr	0.04%	1,197,375	$7M	added+1%	+0.01 pp	4 q
unresolvedBancorpsouth Inc	0.04%	269,735	$7M	trimmed−81%	−0.17 pp	4 q
MURMurphy Oil Corp.	0.04%	98,495	$6M	new	+0.04 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	388,650	$8M	added+1%	0.00 pp	3 q
EXCExelon Corporation	0.03%	149,382	$5M	new	+0.03 pp	new
FEFirstEnergy Corp.	0.03%	144,650	$5M	new	+0.03 pp	new
JBLJabil Inc.	0.03%	271,400	$5M	new	+0.03 pp	new
SHGShinhan Financial Group Co Ltd	0.03%	100,475	$4M	added+21%	+0.01 pp	2 q
BPOPPopular Inc	0.02%	111,303	$3M	held	—	4 q
PGRProgressive Corporation	0.02%	136,200	$3M	new	+0.02 pp	new
unresolvedSymetra Finl Corp	0.02%	167,550	$3M	new	+0.02 pp	new
EGEverest Group, Ltd.	0.02%	17,800	$3M	new	+0.02 pp	new
unresolvedRowan Cos PLC	0.02%	128,496	$4M	new	+0.02 pp	new
unresolvedAshland Inc New	0.01%	25,600	$3M	new	+0.01 pp	new
EENI S.p.A.	0.01%	27,500	$1M	held	—	4 q
EPREPR Properties	0.01%	47,200	$3M	new	+0.01 pp	new
unresolvedInternational Game Technology	0.01%	168,800	$2M	new	+0.01 pp	new
KELKellanova	0.01%	41,541	$3M	new	+0.01 pp	new
NOCNorthrop Grumman Corp.	0.01%	19,184	$2M	trimmed−0%	0.00 pp	4 q
RRXRegal Rexnord Corporation	0.01%	34,400	$3M	new	+0.01 pp	new
unresolvedSteel Excel Inc	0.01%	81,192	$3M	trimmed−0%	0.00 pp	4 q
TECDTech Data Corp	0.01%	36,375	$2M	new	+0.01 pp	new
WDCWestern Digital Corp.	0.01%	28,400	$3M	new	+0.01 pp	new
unresolvedEndurance Specialty Holdings	0.01%	47,200	$3M	new	+0.01 pp	new
HALHalliburton Company	0.00%	5,050	$297,000	held	—	3 q
unresolvedHarte-hanks Inc.	0.00%	36,124	$319,000	trimmed−99%	−0.13 pp	4 q
unresolvedProtective Life Corp	0.00%	9,275	$488,000	trimmed−94%	−0.05 pp	4 q
TMUST-Mobile US, Inc.	0.00%	17,600	$581,000	trimmed−98%	−0.21 pp	4 q
unresolvedAce Ltd	0.00%	3,342	$331,000	new	0.00 pp	new
unresolvedGoogle Inc.	—	−77,999	—	exited	−0.51 pp	—
AXEAnixter International Inc	—	−398,159	—	exited	−0.21 pp	—
unresolvedJones Group Inc	—	−1,837,433	—	exited	−0.16 pp	—
unresolvedAeropostale	—	−2,143,973	—	exited	−0.11 pp	—