Pzena Investment Management

Q3 2014 13F · by Richard Pzena, CIO

As of: Sep 30, 2014
Filed: Nov 7, 2014
US stock: $18.3B · prev $18.0B
Positions: 144 · prev 140
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%

Moves142 since the prior filing

+3.9 pp in · −3.9 pp out

New 6 +0.74 pp
Added 78 +3.17 pp
Trimmed 56 −3.65 pp
Exited 2 −0.21 pp

The book

Diversified · behaves like 56 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.7 years per position

Low
Moderate
High

Top 5 positions16% of US stock

unresolved Hewlett Packard Co trimmed−0.51 pp trimmed−0.514.0%
BAC Bank of America Corporation added+0.27 pp added+0.273.0%
RDS.A Royal Dutch Shell PLC added−0.28 pp added−0.282.9%
AIG American International Group, Inc. trimmed−0.10 pp trimmed−0.102.9%
C Citigroup Inc. added+0.25 pp added+0.252.9%

Positions144 in this filing · 2 exited


unresolvedHewlett Packard Co	4.04%	20,836,112	$739M	trimmed−14%	−0.51 pp	6 q
BACBank of America Corporation	2.95%	31,650,403	$540M	added+1%	+0.27 pp	6 q
RDS.ARoyal Dutch Shell PLC	2.90%	6,964,781	$530M	added0%	−0.28 pp	6 q
AIGAmerican International Group, Inc.	2.88%	9,737,296	$526M	trimmed−1%	−0.10 pp	6 q
CCitigroup Inc.	2.88%	10,152,529	$526M	added+1%	+0.25 pp	6 q
unresolvedCigna Corporation	2.77%	5,584,763	$506M	added+6%	+0.07 pp	6 q
BPBP p.l.c.	2.73%	11,343,006	$499M	added+6%	−0.40 pp	6 q
MSFTMicrosoft Corp	2.57%	10,131,902	$470M	trimmed−1%	+0.20 pp	6 q
ORCLOracle Corp	2.55%	12,199,933	$467M	trimmed−1%	−0.21 pp	6 q
INTCIntel Corp	2.48%	13,014,868	$453M	trimmed−20%	−0.32 pp	5 q
OMCOmnicom Group Inc.	2.38%	6,334,510	$436M	trimmed−3%	−0.21 pp	6 q
MSMorgan Stanley	2.37%	12,550,716	$434M	trimmed−3%	+0.04 pp	6 q
PHParker-Hannifin Corporation	2.37%	3,790,663	$433M	added+32%	+0.37 pp	6 q
STTState Street Corporation	2.33%	5,798,406	$427M	trimmed−0%	+0.16 pp	6 q
XOMExxon Mobil Corp	2.21%	4,306,551	$405M	added+2%	−0.14 pp	6 q
unresolvedStaples Inc	2.20%	33,308,825	$403M	added+2%	+0.23 pp	6 q
NWSANews Corporation Class A	2.18%	24,399,642	$399M	added+3%	−0.17 pp	4 q
JPMJPMorgan Chase & Co.	2.09%	6,346,529	$382M	added+1%	+0.08 pp	6 q
VOYAVoya Financial, Inc.	1.92%	8,959,814	$350M	added+2%	+0.16 pp	2 q
GSGoldman Sachs Group Inc.	1.91%	1,903,198	$349M	added0%	+0.14 pp	6 q
unresolvedTRW Automotive Holdings Corp.	1.86%	3,361,631	$340M	trimmed−15%	−0.10 pp	5 q
METMetLife, Inc.	1.81%	6,177,965	$332M	added+1%	−0.07 pp	6 q
unresolvedBaker Hughes Inc.	1.76%	4,942,070	$322M	trimmed−4%	−0.36 pp	6 q
BDXBecton, Dickinson and Co.	1.70%	2,731,408	$311M	added+5%	−0.01 pp	6 q
ABTAbbott Laboratories	1.66%	7,287,523	$303M	added+1%	+0.03 pp	6 q
AXSAxis Capital Holders Limited	1.64%	6,345,849	$300M	added+4%	+0.14 pp	6 q
IPGThe Interpublic Group of Companies, Inc.	1.49%	14,846,993	$272M	trimmed−6%	−0.21 pp	6 q
PNCPNC Financial Services Group	1.45%	3,106,074	$266M	added+1%	−0.07 pp	6 q
MASMasco Corporation	1.44%	11,025,399	$264M	added+2%	+0.11 pp	6 q
unresolvedUbs AG	1.44%	15,133,540	$263M	added+9%	+0.03 pp	6 q
GMGeneral Motors Company	1.31%	7,502,229	$240M	added0%	−0.20 pp	6 q
MURMurphy Oil Corp.	1.27%	4,084,131	$232M	added×2.6	+0.69 pp	3 q
AVTAvnet, Inc.	1.20%	5,299,000	$220M	added+9%	+0.01 pp	6 q
GLWCorning Incorporated	1.10%	10,440,873	$202M	added+3%	−0.14 pp	4 q
unresolvedWillis Group Holdings Public	1.07%	4,745,620	$196M	trimmed−15%	−0.27 pp	6 q
CMAComerica Incorporated	0.99%	3,630,268	$181M	added+3%	+0.01 pp	6 q
unresolvedLamar Advertising Co	0.95%	3,513,960	$173M	added×2.7	+0.57 pp	2 q
unresolvedPartnerre Ltd	0.91%	1,522,062	$167M	trimmed−1%	−0.02 pp	6 q
WFCWells Fargo & Co.	0.89%	3,128,858	$162M	trimmed−4%	−0.06 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	0.87%	1,558,296	$159M	trimmed−6%	−0.07 pp	6 q
BENFranklin Templeton, Inc.	0.79%	2,657,604	$145M	trimmed−16%	−0.22 pp	6 q
JNJJohnson & Johnson	0.69%	1,184,416	$126M	added+2%	+0.02 pp	6 q
PGRProgressive Corporation	0.62%	4,498,243	$114M	added+54%	+0.21 pp	3 q
ONON Semiconductor Corp	0.61%	12,410,896	$111M	added+7%	+0.02 pp	4 q
ETREntergy Corporation	0.59%	1,400,601	$108M	trimmed−15%	−0.16 pp	6 q
TEXTerex Corporation	0.59%	3,384,526	$108M	added×2.4	+0.27 pp	4 q
unresolvedSuperior Energy Services Inc	0.58%	3,214,210	$106M	added+8%	−0.02 pp	5 q
WMTWalmart Inc.	0.57%	1,362,638	$104M	trimmed−0%	0.00 pp	6 q
NWSNews Corporation Class B	0.54%	6,098,582	$98M	added+4%	−0.03 pp	5 q
KELKellanova	0.53%	1,576,503	$97M	added+14%	+0.03 pp	3 q
0VQJLTe Connectivity Ltd	0.53%	1,738,229	$96M	trimmed−20%	−0.21 pp	6 q
KSSKohls Corporation	0.51%	1,537,750	$94M	added+3%	+0.07 pp	6 q
unresolvedXl Group PLC	0.50%	2,781,550	$92M	added+8%	+0.03 pp	2 q
KEYKeyCorp	0.39%	5,373,500	$72M	added+9%	0.00 pp	6 q
unresolvedAetna Inc New	0.38%	864,356	$70M	added+5%	+0.01 pp	6 q
RFRegions Financial Corp.	0.38%	7,006,620	$70M	added+12%	+0.01 pp	6 q
CSCOCisco Systems, Inc. (DE)	0.37%	2,669,084	$67M	added+5%	+0.02 pp	6 q
LMLegg Mason, Inc.	0.36%	1,294,100	$66M	trimmed−1%	−0.01 pp	6 q
HIGThe Hartford Insurance Group, Inc.	0.35%	1,739,776	$65M	added+6%	+0.02 pp	6 q
IVZInvesco LTD	0.35%	1,614,821	$64M	added+14%	+0.05 pp	6 q
unresolvedUrs Corp New	0.33%	1,058,876	$61M	trimmed−24%	−0.02 pp	6 q
9990302DApache Corp	0.32%	631,633	$59M	trimmed−37%	−0.24 pp	6 q
CFGCitizens Financial Group, Inc.	0.32%	2,500,000	$59M	new	+0.32 pp	new
FITBFifth Third Bancorp	0.32%	2,924,275	$59M	added+8%	0.00 pp	6 q
OCOwens Corning	0.32%	1,834,986	$58M	added+36%	+0.03 pp	6 q
WCGWellcare Health Plans, Inc.	0.32%	955,450	$58M	added×2.4	+0.15 pp	6 q
DOORMasonite International Corp	0.31%	1,026,983	$57M	added+8%	+0.01 pp	5 q
AIZAssurant, Inc.	0.29%	815,719	$52M	added+10%	+0.02 pp	6 q
unresolvedHospitality Properties Trust	0.29%	1,989,531	$53M	added+7%	−0.02 pp	6 q
PRIPrimerica, Inc.	0.27%	1,020,292	$49M	added+10%	+0.02 pp	6 q
TECDTech Data Corp	0.26%	793,983	$47M	added+6%	0.00 pp	3 q
FLEXFlex Ltd.	0.26%	4,566,125	$47M	trimmed−7%	−0.04 pp	5 q
ATUEnerpac Tool Group Corp.	0.25%	1,484,612	$45M	added+33%	+0.04 pp	6 q
DANDana Incorporated	0.25%	2,404,591	$46M	added+14%	−0.04 pp	6 q
GNWGenworth Financial, Inc.	0.24%	3,376,250	$44M	added+15%	−0.04 pp	2 q
WEDWebster Financial Corp	0.24%	1,475,682	$43M	added+23%	+0.03 pp	6 q
SYU1Synovus Financial Corp	0.23%	1,802,069	$43M	added+17%	+0.02 pp	2 q
BRCBrady Corporation	0.22%	1,770,349	$40M	new	+0.22 pp	new
UPBDUpbound Group, Inc.	0.22%	1,331,683	$40M	added+1%	+0.01 pp	6 q
TTEKTetra Tech Inc	0.22%	1,585,540	$40M	added+10%	0.00 pp	5 q
ARWArrow Electronics, Inc.	0.21%	681,555	$38M	added+28%	+0.03 pp	3 q
ASBAssociated Banc-Corp	0.20%	2,109,923	$37M	trimmed−0%	−0.01 pp	3 q
unresolvedCon-way Inc	0.19%	723,757	$34M	trimmed−39%	−0.14 pp	6 q
unresolvedUnited Stationers Inc	0.19%	944,022	$35M	trimmed−2%	−0.03 pp	6 q
KBRKBR, Inc.	0.18%	1,736,600	$33M	added×2.3	+0.08 pp	3 q
DIODDiodes Inc	0.17%	1,277,711	$31M	added+23%	0.00 pp	6 q
FMBIFirst Midwest Bancorp Inc/IL	0.17%	1,920,691	$31M	trimmed−1%	−0.01 pp	6 q
MLKNMillerKnoll, Inc.	0.17%	1,066,328	$32M	added+77%	+0.07 pp	6 q
unresolvedSymetra Finl Corp	0.17%	1,349,225	$31M	added+14%	+0.02 pp	3 q
unresolvedNational Penn Bancshares Inc	0.16%	2,970,779	$29M	trimmed−0%	−0.01 pp	6 q
unresolvedTcf Financial Corp	0.16%	1,850,357	$29M	trimmed−1%	−0.01 pp	6 q
unresolvedEndurance Specialty Holdings	0.16%	536,224	$30M	added+27%	+0.04 pp	3 q
unresolvedValidus Holdings Ltd	0.16%	728,176	$29M	added+50%	+0.06 pp	6 q
AELAmerican Equity Investment Life Holding Company	0.15%	1,203,123	$28M	trimmed−1%	−0.02 pp	6 q
unresolvedBbcn Bancorp Inc	0.15%	1,889,366	$28M	trimmed−0%	−0.02 pp	6 q
CMCOColumbus McKinnon Corp/NY	0.15%	1,277,536	$28M	added+14%	−0.02 pp	4 q
GDGeneral Dynamics Corporation	0.15%	222,875	$28M	trimmed−0%	+0.01 pp	6 q
LLYEli Lilly & Co.	0.15%	430,175	$28M	trimmed−0%	0.00 pp	5 q
SRIStoneridge, Inc	0.15%	2,414,484	$27M	added+9%	+0.02 pp	4 q
ARCARC Document Solutions, Inc.	0.14%	3,061,348	$25M	trimmed−1%	+0.04 pp	6 q
ACMAecom	0.14%	765,025	$26M	added+1%	0.00 pp	6 q
DRHDiamondrock Hospitality Company	0.14%	1,996,101	$25M	trimmed−1%	0.00 pp	6 q
NSITInsight Enterprises Inc	0.14%	1,156,327	$26M	trimmed−1%	−0.06 pp	6 q
unresolvedL-3 Communications Hldgs Inc	0.14%	217,663	$26M	trimmed−0%	−0.01 pp	6 q
DGXQuest Diagnostics Inc.	0.14%	429,700	$26M	trimmed−0%	0.00 pp	6 q
AGIIArgo Group International	0.14%	499,361	$25M	trimmed−1%	0.00 pp	6 q
ROCKGibraltar Industries, Inc.	0.13%	1,675,631	$23M	added+88%	+0.05 pp	2 q
MATWMatthews International Corp	0.13%	560,613	$25M	trimmed−9%	−0.01 pp	6 q
GFFGriffon Corp	0.12%	1,998,583	$23M	added+7%	−0.01 pp	6 q
unresolvedPhh Corp	0.12%	1,004,898	$22M	trimmed−1%	−0.01 pp	6 q
TPCTutor Perini Corporation	0.12%	810,599	$21M	trimmed−0%	−0.02 pp	6 q
SS1ARadius Recycling Inc	0.11%	803,642	$19M	trimmed−0%	−0.01 pp	5 q
FEFirstEnergy Corp.	0.10%	522,529	$18M	added+24%	+0.02 pp	3 q
unresolvedMonster Worldwide Inc	0.10%	3,194,903	$18M	trimmed−1%	−0.02 pp	6 q
unresolvedAspen Insurance Holdings Ltd	0.10%	419,861	$18M	trimmed−1%	−0.01 pp	6 q
JBLJabil Inc.	0.09%	814,863	$16M	added+42%	+0.02 pp	3 q
MWAMueller Water Products, Inc.	0.09%	2,080,258	$17M	trimmed−0%	−0.01 pp	6 q
MUSAMurphy USA Inc.	0.09%	301,887	$16M	trimmed−60%	−0.11 pp	4 q
ACHAccendra Health, Inc.	0.09%	525,138	$17M	new	+0.09 pp	new
unresolvedRowan Cos PLC	0.09%	628,825	$16M	added+77%	+0.03 pp	3 q
PJCPiper Sandler Companies	0.08%	270,654	$14M	trimmed−66%	−0.15 pp	5 q
PGProcter & Gamble Company	0.08%	174,779	$15M	added+30%	+0.02 pp	6 q
RNRRenaissanceRe Holdings Ltd.	0.08%	139,894	$14M	trimmed−6%	−0.01 pp	6 q
WSFSWSFS Financial Corp	0.07%	184,593	$13M	trimmed−1%	−0.01 pp	6 q
ALLThe Allstate Corporation	0.06%	189,640	$12M	trimmed−40%	−0.04 pp	6 q
unresolvedAshland Inc New	0.06%	108,375	$11M	added+51%	+0.02 pp	3 q
EPREPR Properties	0.06%	213,400	$11M	added+54%	+0.02 pp	3 q
EXCExelon Corporation	0.06%	336,366	$11M	added+57%	+0.02 pp	3 q
unresolvedGeneral Cable Corp	0.06%	741,319	$11M	new	+0.06 pp	new
RRXRegal Rexnord Corporation	0.06%	167,700	$11M	added+74%	+0.02 pp	3 q
WDCWestern Digital Corp.	0.06%	105,750	$10M	added+27%	+0.02 pp	3 q
EGEverest Group, Ltd.	0.06%	71,600	$12M	added+53%	+0.02 pp	3 q
unresolvedIngram Micro Inc	0.05%	331,700	$9M	trimmed−3%	−0.01 pp	6 q
unresolvedInternational Game Technology	0.05%	506,350	$9M	held	—	3 q
TMKGlobe Life Inc.	0.05%	190,597	$10M	added+13%	0.00 pp	6 q
TRSTrimas Corporation	0.05%	410,202	$10M	new	+0.05 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	386,375	$8M	held	—	5 q
unresolvedAce Ltd	0.03%	45,684	$5M	trimmed−19%	0.00 pp	3 q
unresolvedAdvanced Semiconductor E-adr	0.02%	553,800	$3M	trimmed−22%	−0.01 pp	6 q
BPOPPopular Inc	0.02%	110,730	$3M	held	—	6 q
SHGShinhan Financial Group Co Ltd	0.02%	67,600	$3M	trimmed−34%	−0.01 pp	4 q
PBRPetroleo Brasileiro S.a.-petrobras	0.01%	77,100	$1M	held	—	2 q
unresolvedSteel Excel Inc	0.01%	68,662	$2M	trimmed−0%	0.00 pp	2 q
USNZYUsinas SA B Pfd S/	0.00%	13,782	$36,000	new	0.00 pp	new
CHEChemed Corporation	—	−281,109	—	exited	−0.15 pp	—
unresolvedVca Inc	—	−312,197	—	exited	−0.06 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 34 unresolved
Accession: 0001140361-14-040719
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 858122203 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 917302200 not on the Official 13(f) List for 2014-09-30

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