Pzena Investment Management

Q2 2014 13F · by Richard Pzena, CIO

As of: Jun 30, 2014
Filed: Aug 8, 2014
US stock: $18.0B · prev $17.4B
Positions: 140 · prev 146
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%

Moves154 since the prior filing

+10.1 pp in · −10.1 pp out

New 8 +3.20 pp
Added 72 +6.90 pp
Trimmed 60 −7.19 pp
Exited 14 −2.87 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 42% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions17% of US stock

unresolved Hewlett Packard Co trimmed−0.46 pp trimmed−0.464.5%
RDS.A Royal Dutch Shell PLC added+0.29 pp added+0.293.2%
BP BP p.l.c. trimmed+0.13 pp trimmed+0.133.1%
AIG American International Group, Inc. trimmed+0.10 pp trimmed+0.103.0%
INTC Intel Corp added+0.85 pp added+0.852.8%

Positions140 in this filing · 14 exited


unresolvedHewlett Packard Co	4.55%	24,317,414	$819M	trimmed−10%	−0.46 pp	5 q
RDS.ARoyal Dutch Shell PLC	3.18%	6,945,699	$572M	added0%	+0.29 pp	5 q
BPBP p.l.c.	3.13%	10,679,954	$563M	trimmed−2%	+0.13 pp	5 q
AIGAmerican International Group, Inc.	2.98%	9,825,424	$536M	trimmed−2%	+0.10 pp	5 q
INTCIntel Corp	2.80%	16,333,339	$505M	added+24%	+0.85 pp	4 q
ORCLOracle Corp	2.76%	12,273,978	$497M	trimmed−17%	−0.70 pp	5 q
unresolvedCigna Corporation	2.70%	5,281,715	$486M	added+10%	+0.39 pp	5 q
BACBank of America Corporation	2.68%	31,436,311	$483M	added+24%	+0.19 pp	5 q
CCitigroup Inc.	2.63%	10,068,251	$474M	added+1%	−0.09 pp	5 q
OMCOmnicom Group Inc.	2.59%	6,558,083	$467M	added0%	−0.13 pp	5 q
MSFTMicrosoft Corp	2.37%	10,241,463	$427M	trimmed−5%	−0.16 pp	5 q
XOMExxon Mobil Corp	2.35%	4,211,548	$424M	added+13%	+0.27 pp	5 q
NWSANews Corporation Class A	2.35%	23,617,742	$424M	added+9%	+0.22 pp	3 q
MSMorgan Stanley	2.33%	12,957,017	$419M	added+6%	+0.14 pp	5 q
STTState Street Corporation	2.17%	5,814,240	$391M	added+26%	+0.33 pp	5 q
unresolvedBaker Hughes Inc.	2.12%	5,133,571	$382M	trimmed−42%	−1.20 pp	5 q
JPMJPMorgan Chase & Co.	2.01%	6,272,406	$361M	added+7%	−0.03 pp	5 q
PHParker-Hannifin Corporation	2.00%	2,870,465	$361M	trimmed−3%	−0.02 pp	5 q
unresolvedStaples Inc	1.97%	32,759,270	$355M	added+3%	−0.10 pp	5 q
unresolvedTRW Automotive Holdings Corp.	1.96%	3,944,455	$353M	added+9%	+0.26 pp	4 q
METMetLife, Inc.	1.88%	6,109,317	$339M	trimmed−1%	+0.01 pp	5 q
GSGoldman Sachs Group Inc.	1.77%	1,898,978	$318M	added+10%	+0.14 pp	5 q
VOYAVoya Financial, Inc.	1.76%	8,746,768	$318M	new	+1.76 pp	new
BDXBecton, Dickinson and Co.	1.71%	2,600,468	$308M	added+2%	+0.01 pp	5 q
IPGThe Interpublic Group of Companies, Inc.	1.70%	15,735,405	$307M	added+20%	+0.41 pp	5 q
ABTAbbott Laboratories	1.63%	7,197,691	$294M	added+4%	+0.10 pp	5 q
PNCPNC Financial Services Group	1.52%	3,068,684	$273M	trimmed−12%	−0.21 pp	5 q
GMGeneral Motors Company	1.51%	7,475,961	$271M	trimmed−0%	+0.03 pp	5 q
AXSAxis Capital Holders Limited	1.50%	6,116,467	$271M	added+10%	+0.03 pp	5 q
unresolvedUbs AG	1.41%	13,879,543	$254M	trimmed−2%	−0.27 pp	5 q
unresolvedWillis Group Holdings Public	1.34%	5,577,087	$241M	added+14%	+0.10 pp	5 q
MASMasco Corporation	1.33%	10,814,171	$240M	added+22%	+0.20 pp	5 q
GLWCorning Incorporated	1.24%	10,149,295	$223M	trimmed−9%	−0.09 pp	3 q
AVTAvnet, Inc.	1.19%	4,849,354	$215M	trimmed−1%	−0.11 pp	5 q
BENFranklin Templeton, Inc.	1.01%	3,150,471	$182M	added0%	+0.04 pp	5 q
CMAComerica Incorporated	0.98%	3,518,311	$176M	trimmed−6%	−0.13 pp	5 q
WFCWells Fargo & Co.	0.95%	3,267,447	$172M	trimmed−8%	−0.06 pp	5 q
99803EURLaboratory Crp Of Amer Hldgs	0.94%	1,654,529	$169M	trimmed−27%	−0.33 pp	5 q
unresolvedPartnerre Ltd	0.93%	1,533,562	$167M	trimmed−1%	+0.01 pp	5 q
ETREntergy Corporation	0.75%	1,644,594	$135M	trimmed−54%	−0.62 pp	5 q
0VQJLTe Connectivity Ltd	0.74%	2,164,740	$134M	trimmed−25%	−0.25 pp	5 q
JNJJohnson & Johnson	0.67%	1,155,666	$121M	added+33%	+0.18 pp	5 q
unresolvedSuperior Energy Services Inc	0.60%	2,969,760	$107M	trimmed−6%	+0.04 pp	4 q
ONON Semiconductor Corp	0.59%	11,653,082	$107M	added+24%	+0.08 pp	3 q
MURMurphy Oil Corp.	0.58%	1,571,830	$104M	added×16.0	+0.54 pp	2 q
NWSNews Corporation Class B	0.57%	5,870,845	$102M	trimmed−7%	−0.03 pp	4 q
WMTWalmart Inc.	0.57%	1,365,763	$103M	added+6%	+0.01 pp	5 q
9990302DApache Corp	0.56%	1,000,631	$101M	trimmed−10%	+0.03 pp	5 q
KELKellanova	0.50%	1,383,828	$91M	added×33.3	+0.49 pp	2 q
unresolvedXl Group PLC	0.47%	2,584,925	$85M	new	+0.47 pp	new
KSSKohls Corporation	0.44%	1,494,500	$79M	added+7%	−0.01 pp	5 q
PGRProgressive Corporation	0.41%	2,928,498	$74M	added×21.5	+0.39 pp	2 q
KEYKeyCorp	0.39%	4,938,275	$71M	added+9%	+0.02 pp	5 q
unresolvedLamar Advertising Co	0.38%	1,290,161	$68M	new	+0.38 pp	new
unresolvedAetna Inc New	0.37%	824,931	$67M	added+6%	+0.04 pp	5 q
LMLegg Mason, Inc.	0.37%	1,304,475	$67M	trimmed−15%	−0.06 pp	5 q
RFRegions Financial Corp.	0.37%	6,266,836	$67M	added+9%	0.00 pp	5 q
CSCOCisco Systems, Inc. (DE)	0.35%	2,543,609	$63M	trimmed−34%	−0.14 pp	5 q
unresolvedUrs Corp New	0.35%	1,392,973	$64M	added+12%	+0.01 pp	5 q
unresolvedCon-way Inc	0.33%	1,191,924	$60M	added0%	+0.05 pp	5 q
HIGThe Hartford Insurance Group, Inc.	0.33%	1,640,026	$59M	added+10%	+0.03 pp	5 q
FITBFifth Third Bancorp	0.32%	2,713,900	$58M	added+10%	0.00 pp	5 q
TEXTerex Corporation	0.32%	1,415,040	$58M	added+15%	+0.01 pp	3 q
unresolvedHospitality Properties Trust	0.31%	1,855,220	$56M	added+9%	+0.03 pp	5 q
DOORMasonite International Corp	0.30%	946,782	$53M	trimmed−3%	−0.02 pp	4 q
IVZInvesco LTD	0.30%	1,419,341	$54M	trimmed−78%	−1.08 pp	5 q
FLEXFlex Ltd.	0.30%	4,892,800	$54M	added+27%	+0.10 pp	4 q
DANDana Incorporated	0.29%	2,103,116	$51M	trimmed−7%	−0.01 pp	5 q
OCOwens Corning	0.29%	1,351,852	$52M	added+12%	−0.01 pp	5 q
GNWGenworth Financial, Inc.	0.28%	2,933,175	$51M	new	+0.28 pp	new
AIZAssurant, Inc.	0.27%	741,256	$49M	trimmed−34%	−0.15 pp	5 q
TECDTech Data Corp	0.26%	752,605	$47M	added×20.7	+0.25 pp	2 q
PRIPrimerica, Inc.	0.25%	926,192	$44M	added+10%	+0.02 pp	5 q
PJCPiper Sandler Companies	0.23%	805,479	$42M	trimmed−14%	−0.02 pp	4 q
TTEKTetra Tech Inc	0.22%	1,442,326	$40M	added+10%	0.00 pp	4 q
unresolvedUnited Stationers Inc	0.22%	959,091	$40M	added×2.4	+0.12 pp	5 q
ATUEnerpac Tool Group Corp.	0.21%	1,113,707	$39M	added+2%	0.00 pp	5 q
ASBAssociated Banc-Corp	0.21%	2,117,748	$38M	added+25%	+0.04 pp	2 q
UPBDUpbound Group, Inc.	0.21%	1,319,702	$38M	trimmed−14%	−0.02 pp	5 q
SYU1Synovus Financial Corp	0.21%	1,540,945	$38M	new	+0.21 pp	new
WEDWebster Financial Corp	0.21%	1,199,998	$38M	added+10%	+0.02 pp	5 q
NSITInsight Enterprises Inc	0.20%	1,163,002	$36M	trimmed−3%	+0.03 pp	5 q
MUSAMurphy USA Inc.	0.20%	755,157	$37M	trimmed−30%	−0.05 pp	3 q
ARWArrow Electronics, Inc.	0.18%	534,375	$32M	added+59%	+0.07 pp	2 q
FMBIFirst Midwest Bancorp Inc/IL	0.18%	1,932,666	$33M	added+85%	+0.08 pp	5 q
AELAmerican Equity Investment Life Holding Company	0.17%	1,211,573	$30M	trimmed−3%	0.00 pp	5 q
unresolvedBbcn Bancorp Inc	0.17%	1,896,716	$30M	trimmed−5%	−0.03 pp	5 q
CMCOColumbus McKinnon Corp/NY	0.17%	1,117,917	$30M	added+9%	+0.01 pp	3 q
DIODDiodes Inc	0.17%	1,040,773	$30M	trimmed−37%	−0.08 pp	5 q
unresolvedNational Penn Bancshares Inc	0.17%	2,972,929	$31M	trimmed−3%	−0.01 pp	5 q
unresolvedTcf Financial Corp	0.17%	1,862,582	$30M	trimmed−3%	−0.01 pp	5 q
WCGWellcare Health Plans, Inc.	0.17%	405,464	$30M	trimmed−29%	−0.04 pp	5 q
CHEChemed Corporation	0.15%	281,109	$26M	trimmed−19%	−0.03 pp	4 q
unresolvedL-3 Communications Hldgs Inc	0.15%	218,038	$26M	trimmed−43%	−0.11 pp	5 q
LLYEli Lilly & Co.	0.15%	431,350	$27M	trimmed−0%	0.00 pp	4 q
unresolvedSymetra Finl Corp	0.15%	1,186,675	$27M	added×7.1	+0.13 pp	2 q
ACMAecom	0.14%	759,150	$24M	added+44%	+0.04 pp	5 q
DRHDiamondrock Hospitality Company	0.14%	2,016,076	$26M	trimmed−3%	0.00 pp	5 q
GDGeneral Dynamics Corporation	0.14%	223,500	$26M	trimmed−39%	−0.09 pp	5 q
MATWMatthews International Corp	0.14%	614,676	$26M	added+8%	+0.01 pp	5 q
DGXQuest Diagnostics Inc.	0.14%	431,100	$25M	trimmed−56%	−0.18 pp	5 q
TPCTutor Perini Corporation	0.14%	814,399	$26M	trimmed−32%	−0.06 pp	5 q
AGIIArgo Group International	0.14%	502,711	$26M	trimmed−38%	−0.07 pp	5 q
GFFGriffon Corp	0.13%	1,871,089	$23M	trimmed−3%	0.00 pp	5 q
unresolvedPhh Corp	0.13%	1,010,448	$23M	trimmed−2%	−0.02 pp	5 q
SRIStoneridge, Inc	0.13%	2,218,384	$24M	added+7%	0.00 pp	3 q
unresolvedMonster Worldwide Inc	0.12%	3,222,853	$21M	added+2%	−0.02 pp	5 q
SS1ARadius Recycling Inc	0.12%	805,242	$21M	trimmed−3%	−0.02 pp	4 q
unresolvedEndurance Specialty Holdings	0.12%	422,544	$22M	added×9.0	+0.11 pp	2 q
unresolvedAspen Insurance Holdings Ltd	0.11%	422,536	$19M	trimmed−55%	−0.10 pp	5 q
ARCARC Document Solutions, Inc.	0.10%	3,079,648	$18M	added+29%	0.00 pp	5 q
ALLThe Allstate Corporation	0.10%	315,151	$19M	trimmed−71%	−0.25 pp	5 q
KBRKBR, Inc.	0.10%	770,200	$18M	added×2.5	+0.05 pp	2 q
MLKNMillerKnoll, Inc.	0.10%	601,632	$18M	trimmed−4%	−0.02 pp	5 q
MWAMueller Water Products, Inc.	0.10%	2,088,783	$18M	trimmed−3%	−0.02 pp	5 q
unresolvedValidus Holdings Ltd	0.10%	486,308	$19M	added+69%	+0.04 pp	5 q
RNRRenaissanceRe Holdings Ltd.	0.09%	148,928	$16M	trimmed−26%	−0.02 pp	5 q
FEFirstEnergy Corp.	0.08%	421,249	$15M	added×2.9	+0.05 pp	2 q
ROCKGibraltar Industries, Inc.	0.08%	892,994	$14M	new	+0.08 pp	new
WSFSWSFS Financial Corp	0.08%	185,618	$14M	trimmed−2%	0.00 pp	5 q
JBLJabil Inc.	0.07%	572,050	$12M	added×2.1	+0.04 pp	2 q
unresolvedIngram Micro Inc	0.06%	341,625	$10M	trimmed−70%	−0.14 pp	5 q
PGProcter & Gamble Company	0.06%	134,354	$11M	added+18%	+0.01 pp	5 q
unresolvedVca Inc	0.06%	312,197	$11M	trimmed−59%	−0.08 pp	5 q
unresolvedRowan Cos PLC	0.06%	355,650	$11M	added×2.8	+0.04 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	386,375	$8M	trimmed−1%	+0.01 pp	4 q
TMKGlobe Life Inc.	0.05%	112,149	$9M	added+6%	0.00 pp	5 q
unresolvedAshland Inc New	0.04%	71,675	$8M	added×2.8	+0.03 pp	2 q
EPREPR Properties	0.04%	138,325	$8M	added×2.9	+0.03 pp	2 q
EXCExelon Corporation	0.04%	213,642	$8M	added+43%	+0.01 pp	2 q
unresolvedInternational Game Technology	0.04%	506,350	$8M	added×3.0	+0.03 pp	2 q
RRXRegal Rexnord Corporation	0.04%	96,125	$8M	added×2.8	+0.03 pp	2 q
WDCWestern Digital Corp.	0.04%	83,125	$8M	added×2.9	+0.03 pp	2 q
EGEverest Group, Ltd.	0.04%	46,925	$8M	added×2.6	+0.02 pp	2 q
unresolvedAdvanced Semiconductor E-adr	0.03%	706,068	$5M	trimmed−41%	−0.01 pp	5 q
SHGShinhan Financial Group Co Ltd	0.03%	103,075	$5M	added+3%	0.00 pp	3 q
unresolvedAce Ltd	0.03%	56,109	$6M	added×16.8	+0.03 pp	2 q
BPOPPopular Inc	0.02%	110,730	$4M	trimmed−1%	0.00 pp	5 q
PBRPetroleo Brasileiro S.a.-petrobras	0.01%	77,100	$1M	new	+0.01 pp	new
unresolvedSteel Excel Inc	0.01%	68,762	$2M	new	+0.01 pp	new
unresolvedIng U S Inc	—	−8,238,533	—	exited	−1.71 pp	—
unresolvedDelphi Automotive PLC	—	−829,678	—	exited	−0.32 pp	—
TAPMolson Coors Beverage Company Class B	—	−789,850	—	exited	−0.27 pp	—
BRCBrady Corporation	—	−1,515,363	—	exited	−0.24 pp	—
unresolvedSynovus Financial Corp	—	−10,064,075	—	exited	−0.20 pp	—
unresolvedEngility Holdings Inc	—	−251,366	—	exited	−0.06 pp	—
unresolvedBancorpsouth Inc	—	−269,735	—	exited	−0.04 pp	—
EENI S.p.A.	—	−27,500	—	exited	−0.01 pp	—
NOCNorthrop Grumman Corp.	—	−19,184	—	exited	−0.01 pp	—
unresolvedSteel Excel Inc	—	−81,192	—	exited	−0.01 pp	—
HALHalliburton Company	—	−5,050	—	exited	0.00 pp	—
unresolvedHarte-hanks Inc.	—	−36,124	—	exited	0.00 pp	—
unresolvedProtective Life Corp	—	−9,275	—	exited	0.00 pp	—
TMUST-Mobile US, Inc.	—	−17,600	—	exited	0.00 pp	—