Pzena Investment Management

Q4 2014 13F · by Richard Pzena, CIO

As of: Dec 31, 2014
Filed: Feb 6, 2015
US stock: $18.7B · prev $18.3B
Positions: 141 · prev 144
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%

Moves139 since the prior filing

+9.7 pp in · −9.8 pp out

New 7 +6.78 pp
Added 45 +2.90 pp
Trimmed 77 −5.04 pp
Exited 10 −4.71 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions16% of US stock

unresolved Hewlett Packard Co trimmed−0.13 pp trimmed−0.133.9%
BAC Bank of America Corporation trimmed+0.03 pp trimmed+0.033.0%
ORCL Oracle Corp added+0.39 pp added+0.392.9%
C Citigroup Inc. trimmed−0.02 pp trimmed−0.022.9%
unresolved Cigna Corporation trimmed+0.07 pp trimmed+0.072.8%

Positions141 in this filing · 10 exited


unresolvedHewlett Packard Co	3.91%	18,226,607	$731M	trimmed−13%	−0.13 pp	7 q
BACBank of America Corporation	2.98%	31,223,345	$559M	trimmed−1%	+0.03 pp	7 q
ORCLOracle Corp	2.94%	12,248,441	$551M	added0%	+0.39 pp	7 q
CCitigroup Inc.	2.86%	9,906,230	$536M	trimmed−2%	−0.02 pp	7 q
unresolvedCigna Corporation	2.84%	5,158,791	$531M	trimmed−8%	+0.07 pp	7 q
AIGAmerican International Group, Inc.	2.82%	9,416,582	$527M	trimmed−3%	−0.06 pp	7 q
RDS.ARoyal Dutch Shell PLC	2.59%	7,252,999	$486M	added+4%	−0.31 pp	7 q
OMCOmnicom Group Inc.	2.53%	6,104,146	$473M	trimmed−4%	+0.15 pp	7 q
PHParker-Hannifin Corporation	2.49%	3,614,628	$466M	trimmed−5%	+0.12 pp	7 q
BPBP p.l.c.	2.48%	12,170,845	$464M	added+6%	−0.25 pp	7 q
unresolvedStaples Inc	2.46%	25,452,479	$461M	trimmed−24%	+0.26 pp	7 q
INTCIntel Corp	2.42%	12,489,655	$453M	trimmed−4%	−0.06 pp	6 q
MSMorgan Stanley	2.40%	11,568,574	$449M	trimmed−8%	+0.03 pp	7 q
NWSANews Corporation Class A	2.22%	26,499,842	$416M	added+9%	+0.04 pp	5 q
STTState Street Corporation	2.12%	5,044,580	$396M	trimmed−13%	−0.21 pp	7 q
XOMExxon Mobil Corp	2.11%	4,274,944	$395M	trimmed−1%	−0.10 pp	7 q
MSFTMicrosoft Corp	2.10%	8,451,927	$393M	trimmed−17%	−0.47 pp	7 q
JPMJPMorgan Chase & Co.	1.98%	5,915,463	$370M	trimmed−7%	−0.11 pp	7 q
AXSAxis Capital Holders Limited	1.93%	7,078,975	$362M	added+12%	+0.29 pp	7 q
VOYAVoya Financial, Inc.	1.90%	8,369,969	$355M	trimmed−7%	−0.02 pp	3 q
GSGoldman Sachs Group Inc.	1.84%	1,773,174	$344M	trimmed−7%	−0.07 pp	7 q
METMetLife, Inc.	1.75%	6,055,902	$328M	trimmed−2%	−0.06 pp	7 q
ABTAbbott Laboratories	1.65%	6,860,439	$309M	trimmed−6%	−0.01 pp	7 q
IPGThe Interpublic Group of Companies, Inc.	1.65%	14,870,805	$309M	added0%	+0.16 pp	7 q
unresolvedTRW Automotive Holdings Corp.	1.61%	2,932,176	$302M	trimmed−13%	−0.25 pp	6 q
unresolvedBaker Hughes Inc.	1.54%	5,155,311	$289M	added+4%	−0.22 pp	7 q
BAXBaxter International Inc.	1.54%	3,944,140	$289M	new	+1.54 pp	new
PNCPNC Financial Services Group	1.44%	2,953,199	$269M	trimmed−5%	−0.01 pp	7 q
UBSUBS Group AG	1.43%	15,718,432	$268M	new	+1.43 pp	new
GLWCorning Incorporated	1.39%	11,357,075	$260M	added+9%	+0.29 pp	5 q
MASMasco Corporation	1.36%	10,120,875	$255M	trimmed−8%	−0.08 pp	7 q
AVTAvnet, Inc.	1.33%	5,808,009	$250M	added+10%	+0.13 pp	7 q
MURMurphy Oil Corp.	1.29%	4,787,751	$242M	added+17%	+0.02 pp	4 q
FFord Motor Company	1.25%	15,053,523	$233M	new	+1.25 pp	new
unresolvedWillis Group Holdings Public	1.14%	4,757,456	$213M	added0%	+0.07 pp	7 q
SWKStanley Black & Decker, Inc.	1.13%	2,209,389	$212M	new	+1.13 pp	new
unresolvedXl Group PLC	1.13%	6,166,478	$212M	added×2.2	+0.63 pp	3 q
LAMRLamar Advertising Co	0.98%	3,415,838	$183M	new	+0.98 pp	new
ONON Semiconductor Corp	0.93%	17,240,221	$175M	added+39%	+0.32 pp	5 q
BENFranklin Templeton, Inc.	0.90%	3,057,445	$169M	added+15%	+0.11 pp	7 q
CMAComerica Incorporated	0.89%	3,552,661	$166M	trimmed−2%	−0.10 pp	7 q
WFCWells Fargo & Co.	0.73%	2,507,783	$137M	trimmed−20%	−0.16 pp	7 q
JNJJohnson & Johnson	0.66%	1,183,966	$124M	trimmed−0%	−0.03 pp	7 q
PGRProgressive Corporation	0.65%	4,532,718	$122M	added+1%	+0.03 pp	4 q
RFRegions Financial Corp.	0.64%	11,406,580	$120M	added+63%	+0.26 pp	7 q
ETREntergy Corporation	0.63%	1,346,826	$118M	trimmed−4%	+0.04 pp	7 q
WMTWalmart Inc.	0.62%	1,362,063	$117M	trimmed−0%	+0.05 pp	7 q
KELKellanova	0.56%	1,592,353	$104M	added+1%	+0.03 pp	4 q
TEXTerex Corporation	0.55%	3,678,906	$103M	added+9%	−0.04 pp	5 q
0VQJLTe Connectivity Ltd	0.55%	1,620,040	$102M	trimmed−7%	+0.02 pp	7 q
99803EURLaboratory Crp Of Amer Hldgs	0.48%	830,648	$90M	trimmed−47%	−0.39 pp	7 q
unresolvedSuperior Energy Services Inc	0.48%	4,497,396	$91M	added+40%	−0.10 pp	6 q
NWSNews Corporation Class B	0.46%	5,697,438	$86M	trimmed−7%	−0.08 pp	6 q
CSCOCisco Systems, Inc. (DE)	0.45%	3,003,808	$84M	added+13%	+0.08 pp	7 q
unresolvedAetna Inc New	0.42%	882,256	$78M	added+2%	+0.04 pp	7 q
DANDana Incorporated	0.40%	3,411,341	$74M	added+42%	+0.15 pp	7 q
KEYKeyCorp	0.40%	5,445,875	$76M	added+1%	+0.01 pp	7 q
HIGThe Hartford Insurance Group, Inc.	0.39%	1,739,251	$73M	trimmed−0%	+0.04 pp	7 q
PFEPfizer Inc.	0.36%	2,170,568	$68M	new	+0.36 pp	new
OCOwens Corning	0.35%	1,835,756	$66M	added0%	+0.03 pp	7 q
IVZInvesco LTD	0.35%	1,648,866	$65M	added+2%	0.00 pp	7 q
WCGWellcare Health Plans, Inc.	0.34%	769,004	$63M	trimmed−20%	+0.02 pp	7 q
unresolvedPartnerre Ltd	0.34%	556,563	$64M	trimmed−63%	−0.57 pp	7 q
ACMAecom	0.33%	2,055,826	$62M	added×2.7	+0.19 pp	7 q
CFGCitizens Financial Group, Inc.	0.33%	2,500,000	$62M	held	—	2 q
FITBFifth Third Bancorp	0.32%	2,968,250	$60M	added+2%	0.00 pp	7 q
DOORMasonite International Corp	0.31%	959,033	$59M	trimmed−7%	0.00 pp	6 q
BDXBecton, Dickinson and Co.	0.30%	402,735	$56M	trimmed−85%	−1.40 pp	7 q
FLEXFlex Ltd.	0.30%	4,977,532	$56M	added+9%	+0.04 pp	6 q
SYU1Synovus Financial Corp	0.29%	1,977,103	$54M	added+10%	+0.06 pp	3 q
TECDTech Data Corp	0.27%	797,058	$50M	added0%	+0.01 pp	4 q
WEDWebster Financial Corp	0.25%	1,422,907	$46M	trimmed−4%	+0.01 pp	7 q
BRCBrady Corporation	0.24%	1,622,484	$44M	trimmed−8%	+0.02 pp	2 q
KSSKohls Corporation	0.22%	684,550	$42M	trimmed−55%	−0.29 pp	7 q
unresolvedEndurance Specialty Holdings	0.22%	680,150	$41M	added+27%	+0.06 pp	4 q
ATUEnerpac Tool Group Corp.	0.21%	1,446,212	$39M	trimmed−3%	−0.04 pp	7 q
9990302DApache Corp	0.21%	631,133	$40M	trimmed−0%	−0.11 pp	7 q
ARWArrow Electronics, Inc.	0.21%	681,555	$39M	held	—	4 q
unresolvedGeneral Cable Corp	0.21%	2,662,468	$40M	added×3.6	+0.15 pp	2 q
KBRKBR, Inc.	0.21%	2,350,825	$40M	added+35%	+0.03 pp	4 q
PRIPrimerica, Inc.	0.21%	717,390	$39M	trimmed−30%	−0.06 pp	7 q
TTEKTetra Tech Inc	0.21%	1,455,167	$39M	trimmed−8%	−0.01 pp	6 q
ASBAssociated Banc-Corp	0.20%	1,961,723	$37M	trimmed−7%	0.00 pp	4 q
unresolvedUnited Stationers Inc	0.20%	866,972	$37M	trimmed−8%	+0.01 pp	7 q
unresolvedHospitality Properties Trust	0.19%	1,174,495	$36M	trimmed−41%	−0.10 pp	7 q
unresolvedCon-way Inc	0.18%	699,082	$34M	trimmed−3%	−0.01 pp	7 q
DIODDiodes Inc	0.18%	1,192,336	$33M	trimmed−7%	+0.01 pp	7 q
UPBDUpbound Group, Inc.	0.18%	921,503	$33M	trimmed−31%	−0.04 pp	7 q
CMCOColumbus McKinnon Corp/NY	0.17%	1,124,311	$32M	trimmed−12%	+0.02 pp	5 q
NSITInsight Enterprises Inc	0.17%	1,228,843	$32M	added+6%	+0.03 pp	7 q
ACHAccendra Health, Inc.	0.17%	893,816	$31M	added+70%	+0.08 pp	2 q
FMBIFirst Midwest Bancorp Inc/IL	0.16%	1,783,841	$31M	trimmed−7%	−0.01 pp	7 q
ROCKGibraltar Industries, Inc.	0.16%	1,857,795	$30M	added+11%	+0.03 pp	3 q
LMLegg Mason, Inc.	0.16%	572,607	$31M	trimmed−56%	−0.20 pp	7 q
unresolvedNational Penn Bancshares Inc	0.16%	2,789,079	$29M	trimmed−6%	0.00 pp	7 q
SRIStoneridge, Inc	0.16%	2,313,934	$30M	trimmed−4%	+0.01 pp	5 q
unresolvedValidus Holdings Ltd	0.16%	729,413	$30M	added0%	0.00 pp	7 q
GNWGenworth Financial, Inc.	0.15%	3,379,775	$29M	added0%	−0.09 pp	3 q
unresolvedL-3 Communications Hldgs Inc	0.15%	217,523	$27M	trimmed−0%	+0.01 pp	7 q
unresolvedTcf Financial Corp	0.15%	1,771,757	$28M	trimmed−4%	−0.01 pp	7 q
AELAmerican Equity Investment Life Holding Company	0.14%	888,485	$26M	trimmed−26%	−0.01 pp	7 q
unresolvedBbcn Bancorp Inc	0.14%	1,871,819	$27M	trimmed−1%	−0.01 pp	7 q
GFFGriffon Corp	0.14%	1,912,533	$25M	trimmed−4%	+0.02 pp	7 q
MATWMatthews International Corp	0.14%	522,438	$25M	trimmed−7%	+0.01 pp	7 q
TRSTrimas Corporation	0.14%	812,107	$25M	added+98%	+0.09 pp	2 q
AIZAssurant, Inc.	0.13%	347,892	$24M	trimmed−57%	−0.16 pp	7 q
AGIIArgo Group International	0.13%	453,861	$25M	trimmed−9%	−0.01 pp	7 q
unresolvedPhh Corp	0.12%	953,648	$23M	trimmed−5%	0.00 pp	7 q
JBLJabil Inc.	0.11%	918,146	$20M	added+13%	+0.02 pp	4 q
MWAMueller Water Products, Inc.	0.11%	1,955,158	$20M	trimmed−6%	+0.02 pp	7 q
unresolvedSymetra Finl Corp	0.11%	868,260	$20M	trimmed−36%	−0.06 pp	4 q
TPCTutor Perini Corporation	0.10%	768,299	$18M	trimmed−5%	−0.02 pp	7 q
unresolvedAspen Insurance Holdings Ltd	0.10%	408,386	$18M	trimmed−3%	0.00 pp	7 q
CUBLionheart Holdings Class A	0.09%	312,615	$16M	new	+0.09 pp	new
SS1ARadius Recycling Inc	0.09%	755,117	$17M	trimmed−6%	−0.02 pp	6 q
unresolvedRowan Cos PLC	0.09%	730,525	$17M	added+16%	0.00 pp	4 q
unresolvedAshland Inc New	0.08%	119,075	$14M	added+10%	+0.02 pp	4 q
MLKNMillerKnoll, Inc.	0.08%	525,608	$15M	trimmed−51%	−0.09 pp	7 q
PGProcter & Gamble Company	0.08%	174,629	$16M	trimmed−0%	0.00 pp	7 q
ALLThe Allstate Corporation	0.07%	189,640	$13M	held	—	7 q
DRHDiamondrock Hospitality Company	0.07%	844,178	$13M	trimmed−58%	−0.07 pp	7 q
EPREPR Properties	0.07%	239,975	$14M	added+12%	+0.01 pp	4 q
EXCExelon Corporation	0.07%	336,366	$12M	held	—	4 q
unresolvedMonster Worldwide Inc	0.07%	2,980,853	$14M	trimmed−7%	−0.03 pp	7 q
RRXRegal Rexnord Corporation	0.07%	185,400	$14M	added+11%	+0.01 pp	4 q
WSFSWSFS Financial Corp	0.07%	170,643	$13M	trimmed−8%	0.00 pp	7 q
EGEverest Group, Ltd.	0.07%	71,600	$12M	held	—	4 q
TMKGlobe Life Inc.	0.06%	190,597	$10M	held	—	7 q
ARCARC Document Solutions, Inc.	0.05%	874,849	$9M	trimmed−71%	−0.09 pp	7 q
unresolvedIngram Micro Inc	0.05%	331,700	$9M	held	—	7 q
unresolvedInternational Game Technology	0.05%	506,350	$9M	held	—	4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	386,375	$9M	held	—	6 q
unresolvedAce Ltd	0.03%	43,684	$5M	trimmed−4%	0.00 pp	4 q
unresolvedAdvanced Semiconductor E-adr	0.02%	553,800	$3M	held	—	7 q
BPOPPopular Inc	0.02%	110,730	$4M	held	—	7 q
SHGShinhan Financial Group Co Ltd	0.02%	69,800	$3M	added+3%	0.00 pp	5 q
MUSAMurphy USA Inc.	0.01%	22,011	$2M	trimmed−93%	−0.08 pp	5 q
unresolvedSteel Excel Inc	0.01%	67,212	$2M	trimmed−2%	0.00 pp	3 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	76,100	$556,000	trimmed−1%	−0.01 pp	3 q
PJCPiper Sandler Companies	0.00%	4,688	$272,000	trimmed−98%	−0.08 pp	6 q
USNZYUsinas SA B Pfd S/	0.00%	13,782	$26,000	held	—	2 q
unresolvedUbs AG	—	−15,133,540	—	exited	−1.44 pp	—
GMGeneral Motors Company	—	−7,502,229	—	exited	−1.31 pp	—
unresolvedLamar Advertising Co	—	−3,513,960	—	exited	−0.95 pp	—
unresolvedUrs Corp New	—	−1,058,876	—	exited	−0.33 pp	—
GDGeneral Dynamics Corporation	—	−222,875	—	exited	−0.15 pp	—
LLYEli Lilly & Co.	—	−430,175	—	exited	−0.15 pp	—
DGXQuest Diagnostics Inc.	—	−429,700	—	exited	−0.14 pp	—
FEFirstEnergy Corp.	—	−522,529	—	exited	−0.10 pp	—
RNRRenaissanceRe Holdings Ltd.	—	−139,894	—	exited	−0.08 pp	—
WDCWestern Digital Corp.	—	−105,750	—	exited	−0.06 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 31 unresolved
Accession: 0001140361-15-004559
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 2014-12-31
A security outside the official 13F list — CUSIP 917302200 not on the Official 13(f) List for 2014-12-31

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