Pzena Investment Management

Q1 2015 13F · by Richard Pzena, CIO

As of: Mar 31, 2015
Filed: May 8, 2015
US stock: $18.0B · prev $18.7B
Positions: 151 · prev 141
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

+4.3 pp in · −4.4 pp out

New 12 +0.81 pp
Added 43 +3.53 pp
Trimmed 85 −4.43 pp
Exited 2 −0.01 pp

The book

Diversified · behaves like 59 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.1 years per position

Low
Moderate
High

Top 5 positions15% of US stock

unresolved Cigna Corporation trimmed+0.55 pp trimmed+0.553.4%
unresolved Hewlett Packard Co trimmed−0.85 pp trimmed−0.853.1%
ORCL Oracle Corp trimmed−0.11 pp trimmed−0.112.8%
AIG American International Group, Inc. trimmed−0.01 pp trimmed−0.012.8%
C Citigroup Inc. trimmed−0.06 pp trimmed−0.062.8%

Positions151 in this filing · 2 exited


unresolvedCigna Corporation	3.39%	4,718,281	$611M	trimmed−9%	+0.55 pp	8 q
unresolvedHewlett Packard Co	3.06%	17,683,338	$551M	trimmed−3%	−0.85 pp	8 q
ORCLOracle Corp	2.83%	11,797,564	$509M	trimmed−4%	−0.11 pp	8 q
AIGAmerican International Group, Inc.	2.81%	9,219,859	$505M	trimmed−2%	−0.01 pp	8 q
CCitigroup Inc.	2.80%	9,762,477	$503M	trimmed−1%	−0.06 pp	8 q
BACBank of America Corporation	2.64%	30,912,335	$476M	trimmed−1%	−0.34 pp	8 q
BPBP p.l.c.	2.59%	11,932,772	$467M	trimmed−2%	+0.11 pp	8 q
PHParker-Hannifin Corporation	2.42%	3,661,776	$435M	added+1%	−0.07 pp	8 q
OMCOmnicom Group Inc.	2.39%	5,516,790	$430M	trimmed−10%	−0.14 pp	8 q
NWSANews Corporation Class A	2.38%	26,725,106	$428M	added+1%	+0.16 pp	6 q
RDS.ARoyal Dutch Shell PLC	2.36%	7,126,558	$425M	trimmed−2%	−0.23 pp	8 q
MSMorgan Stanley	2.19%	11,053,886	$395M	trimmed−4%	−0.21 pp	8 q
MSFTMicrosoft Corp	2.08%	9,216,540	$375M	added+9%	−0.02 pp	8 q
unresolvedStaples Inc	2.07%	22,864,122	$372M	trimmed−10%	−0.39 pp	8 q
INTCIntel Corp	2.04%	11,713,076	$366M	trimmed−6%	−0.38 pp	7 q
AXSAxis Capital Holders Limited	1.98%	6,896,456	$356M	trimmed−3%	+0.05 pp	8 q
XOMExxon Mobil Corp	1.97%	4,168,772	$354M	trimmed−2%	−0.14 pp	8 q
VOYAVoya Financial, Inc.	1.95%	8,137,084	$351M	trimmed−3%	+0.05 pp	4 q
JPMJPMorgan Chase & Co.	1.94%	5,762,434	$349M	trimmed−3%	−0.04 pp	8 q
BAXBaxter International Inc.	1.91%	5,028,418	$344M	added+27%	+0.37 pp	2 q
SWKStanley Black & Decker, Inc.	1.78%	3,360,265	$320M	added+52%	+0.65 pp	2 q
unresolvedBaker Hughes Inc.	1.77%	5,019,909	$319M	trimmed−3%	+0.23 pp	8 q
PNCPNC Financial Services Group	1.76%	3,397,023	$317M	added+15%	+0.32 pp	8 q
METMetLife, Inc.	1.73%	6,154,256	$311M	added+2%	−0.02 pp	8 q
IPGThe Interpublic Group of Companies, Inc.	1.72%	13,995,213	$310M	trimmed−6%	+0.07 pp	8 q
GSGoldman Sachs Group Inc.	1.71%	1,633,832	$307M	trimmed−8%	−0.13 pp	8 q
STTState Street Corporation	1.69%	4,141,716	$305M	trimmed−18%	−0.43 pp	8 q
ABTAbbott Laboratories	1.64%	6,373,745	$295M	trimmed−7%	−0.01 pp	8 q
UBSUBS Group AG	1.62%	15,506,768	$291M	trimmed−1%	+0.19 pp	2 q
FFord Motor Company	1.58%	17,636,933	$285M	added+17%	+0.33 pp	2 q
AVTAvnet, Inc.	1.48%	5,979,096	$266M	added+3%	+0.15 pp	8 q
unresolvedTRW Automotive Holdings Corp.	1.44%	2,469,544	$259M	trimmed−16%	−0.17 pp	7 q
BENFranklin Templeton, Inc.	1.38%	4,841,999	$248M	added+58%	+0.48 pp	8 q
unresolvedXl Group PLC	1.27%	6,218,968	$229M	added+1%	+0.14 pp	4 q
MURMurphy Oil Corp.	1.21%	4,687,046	$218M	trimmed−2%	−0.08 pp	5 q
unresolvedWillis Group Holdings Public	1.20%	4,490,045	$216M	trimmed−6%	+0.06 pp	8 q
GLWCorning Incorporated	0.97%	7,724,858	$175M	trimmed−32%	−0.42 pp	6 q
LAMRLamar Advertising Co	0.89%	2,715,488	$161M	trimmed−21%	−0.09 pp	2 q
MASMasco Corporation	0.87%	5,859,013	$156M	trimmed−42%	−0.49 pp	8 q
ONON Semiconductor Corp	0.79%	11,679,520	$141M	trimmed−32%	−0.14 pp	6 q
CMAComerica Incorporated	0.78%	3,128,023	$141M	trimmed−12%	−0.11 pp	8 q
WFCWells Fargo & Co.	0.70%	2,302,295	$125M	trimmed−8%	−0.03 pp	8 q
PGRProgressive Corporation	0.69%	4,565,394	$124M	added+1%	+0.04 pp	5 q
JNJJohnson & Johnson	0.66%	1,174,016	$118M	trimmed−1%	0.00 pp	8 q
RFRegions Financial Corp.	0.64%	12,204,991	$115M	added+7%	0.00 pp	8 q
KELKellanova	0.61%	1,677,730	$111M	added+5%	+0.05 pp	5 q
WMTWalmart Inc.	0.61%	1,334,049	$110M	trimmed−2%	−0.01 pp	8 q
unresolvedSuperior Energy Services Inc	0.55%	4,456,841	$100M	trimmed−1%	+0.07 pp	7 q
TEXTerex Corporation	0.55%	3,690,586	$98M	added0%	0.00 pp	6 q
ETREntergy Corporation	0.53%	1,232,622	$96M	trimmed−8%	−0.10 pp	8 q
unresolvedAetna Inc New	0.51%	867,609	$92M	trimmed−2%	+0.09 pp	8 q
99803EURLaboratory Crp Of Amer Hldgs	0.51%	728,078	$92M	trimmed−12%	+0.03 pp	8 q
NWSNews Corporation Class B	0.49%	5,499,230	$87M	trimmed−3%	+0.03 pp	7 q
ACMAecom	0.48%	2,819,465	$87M	added+37%	+0.15 pp	8 q
CSCOCisco Systems, Inc. (DE)	0.46%	3,016,965	$83M	added0%	+0.01 pp	8 q
KEYKeyCorp	0.42%	5,372,825	$76M	trimmed−1%	+0.02 pp	8 q
PFEPfizer Inc.	0.42%	2,159,618	$75M	trimmed−1%	+0.06 pp	2 q
DANDana Incorporated	0.41%	3,519,504	$74M	added+3%	+0.01 pp	8 q
OCOwens Corning	0.39%	1,616,621	$70M	trimmed−12%	+0.04 pp	8 q
FLEXFlex Ltd.	0.39%	5,537,807	$70M	added+11%	+0.09 pp	7 q
0VQJLTe Connectivity Ltd	0.38%	960,228	$69M	trimmed−41%	−0.17 pp	8 q
FITBFifth Third Bancorp	0.37%	3,493,200	$66M	added+18%	+0.05 pp	8 q
IVZInvesco LTD	0.36%	1,633,150	$65M	trimmed−1%	+0.01 pp	8 q
CFGCitizens Financial Group, Inc.	0.34%	2,500,000	$60M	held	—	3 q
SYU1Synovus Financial Corp	0.34%	2,164,646	$61M	added+9%	+0.05 pp	4 q
WEDWebster Financial Corp	0.34%	1,655,063	$61M	added+16%	+0.09 pp	8 q
BDXBecton, Dickinson and Co.	0.30%	373,824	$54M	trimmed−7%	0.00 pp	8 q
CVSCvs Health Corporation	0.30%	527,165	$54M	new	+0.30 pp	new
ATUEnerpac Tool Group Corp.	0.27%	2,015,332	$48M	added+39%	+0.06 pp	8 q
GNWGenworth Financial, Inc.	0.26%	6,512,725	$48M	added+93%	+0.11 pp	4 q
TECDTech Data Corp	0.26%	816,169	$47M	added+2%	−0.01 pp	5 q
BRCBrady Corporation	0.25%	1,591,229	$45M	trimmed−2%	+0.01 pp	3 q
ARWArrow Electronics, Inc.	0.23%	691,263	$42M	added+1%	+0.02 pp	5 q
HIGThe Hartford Insurance Group, Inc.	0.23%	977,801	$41M	trimmed−44%	−0.16 pp	8 q
unresolvedEndurance Specialty Holdings	0.23%	671,903	$41M	trimmed−1%	+0.01 pp	5 q
unresolvedPartnerre Ltd	0.23%	360,861	$41M	trimmed−35%	−0.11 pp	8 q
unresolvedGeneral Cable Corp	0.22%	2,298,792	$40M	trimmed−14%	+0.01 pp	3 q
DOORMasonite International Corp	0.22%	593,500	$40M	trimmed−38%	−0.09 pp	7 q
WCGWellcare Health Plans, Inc.	0.22%	426,966	$39M	trimmed−44%	−0.12 pp	8 q
9990302DApache Corp	0.21%	629,308	$38M	trimmed−0%	0.00 pp	8 q
NSITInsight Enterprises Inc	0.21%	1,320,174	$38M	added+7%	+0.04 pp	8 q
KSSKohls Corporation	0.21%	483,850	$38M	trimmed−29%	−0.01 pp	8 q
TMKGlobe Life Inc.	0.21%	699,436	$38M	added×3.7	+0.15 pp	8 q
ASBAssociated Banc-Corp	0.20%	1,898,825	$35M	trimmed−3%	0.00 pp	5 q
ACHAccendra Health, Inc.	0.20%	1,077,426	$36M	added+21%	+0.03 pp	3 q
PRIPrimerica, Inc.	0.20%	716,313	$36M	trimmed−0%	−0.01 pp	8 q
KBRKBR, Inc.	0.19%	2,394,550	$35M	added+2%	−0.02 pp	5 q
DIODDiodes Inc	0.18%	1,130,482	$32M	trimmed−5%	0.00 pp	8 q
TTEKTetra Tech Inc	0.18%	1,333,104	$32M	trimmed−8%	−0.03 pp	7 q
unresolvedUnited Stationers Inc	0.18%	806,874	$33M	trimmed−7%	−0.02 pp	8 q
AIZAssurant, Inc.	0.17%	506,398	$31M	added+46%	+0.04 pp	8 q
unresolvedBbcn Bancorp Inc	0.17%	2,172,043	$31M	added+16%	+0.03 pp	8 q
unresolvedCon-way Inc	0.17%	674,614	$30M	trimmed−4%	−0.01 pp	8 q
FMBIFirst Midwest Bancorp Inc/IL	0.17%	1,720,823	$30M	trimmed−4%	+0.01 pp	8 q
ROCKGibraltar Industries, Inc.	0.17%	1,847,573	$30M	trimmed−1%	+0.01 pp	4 q
unresolvedValidus Holdings Ltd	0.17%	739,978	$31M	added+1%	+0.01 pp	8 q
CMCOColumbus McKinnon Corp/NY	0.16%	1,066,128	$29M	trimmed−5%	−0.01 pp	6 q
unresolvedNational Penn Bancshares Inc	0.16%	2,709,611	$29M	trimmed−3%	0.00 pp	8 q
unresolvedTcf Financial Corp	0.16%	1,848,459	$29M	added+4%	+0.01 pp	8 q
VIVTelefonica Brasil, S.A.	0.16%	1,903,275	$29M	new	+0.16 pp	new
unresolvedL-3 Communications Hldgs Inc	0.15%	213,173	$27M	trimmed−2%	0.00 pp	8 q
LMLegg Mason, Inc.	0.14%	458,656	$25M	trimmed−20%	−0.02 pp	8 q
MATWMatthews International Corp	0.14%	500,095	$26M	trimmed−4%	0.00 pp	8 q
SRIStoneridge, Inc	0.14%	2,241,636	$25M	trimmed−3%	−0.02 pp	6 q
TRSTrimas Corporation	0.14%	788,937	$24M	trimmed−3%	0.00 pp	3 q
UPBDUpbound Group, Inc.	0.13%	879,219	$24M	trimmed−5%	−0.05 pp	8 q
AGIIArgo Group International	0.13%	470,585	$24M	added+4%	0.00 pp	8 q
JBLJabil Inc.	0.12%	917,604	$21M	trimmed−0%	+0.01 pp	5 q
unresolvedPhh Corp	0.12%	921,948	$22M	trimmed−3%	0.00 pp	8 q
GFFGriffon Corp	0.11%	1,168,562	$20M	trimmed−39%	−0.03 pp	8 q
unresolvedHospitality Properties Trust	0.11%	586,524	$19M	trimmed−50%	−0.08 pp	8 q
unresolvedSymetra Finl Corp	0.11%	867,135	$20M	trimmed−0%	0.00 pp	5 q
unresolvedAspen Insurance Holdings Ltd	0.11%	410,262	$19M	added0%	+0.01 pp	8 q
AELAmerican Equity Investment Life Holding Company	0.10%	639,809	$19M	trimmed−28%	−0.04 pp	8 q
MWAMueller Water Products, Inc.	0.10%	1,777,821	$18M	trimmed−9%	−0.01 pp	8 q
TPCTutor Perini Corporation	0.10%	747,154	$17M	trimmed−3%	0.00 pp	8 q
CUBLionheart Holdings Class A	0.09%	309,232	$16M	trimmed−1%	0.00 pp	2 q
PGProcter & Gamble Company	0.09%	187,604	$15M	added+7%	+0.01 pp	8 q
SS1ARadius Recycling Inc	0.09%	1,045,126	$17M	added+38%	0.00 pp	7 q
ALLThe Allstate Corporation	0.08%	189,640	$13M	held	—	8 q
unresolvedAshland Inc New	0.08%	119,075	$15M	held	—	5 q
EPREPR Properties	0.08%	239,975	$14M	held	—	5 q
RRXRegal Rexnord Corporation	0.08%	185,400	$15M	held	—	5 q
COPConocoPhillips	0.07%	198,910	$12M	new	+0.07 pp	new
DRHDiamondrock Hospitality Company	0.07%	839,292	$12M	trimmed−1%	0.00 pp	8 q
unresolvedMonster Worldwide Inc	0.07%	2,063,818	$13M	trimmed−31%	0.00 pp	8 q
WSFSWSFS Financial Corp	0.07%	162,142	$12M	trimmed−5%	0.00 pp	8 q
EGEverest Group, Ltd.	0.07%	71,660	$12M	added0%	0.00 pp	5 q
unresolvedRowan Cos PLC	0.07%	730,525	$13M	held	—	5 q
EIXEdison International	0.06%	165,609	$10M	new	+0.06 pp	new
EXCExelon Corporation	0.06%	333,668	$11M	trimmed−1%	−0.01 pp	5 q
unresolvedIngram Micro Inc	0.06%	442,050	$11M	added+33%	+0.01 pp	8 q
MLKNMillerKnoll, Inc.	0.06%	391,110	$11M	trimmed−26%	−0.02 pp	8 q
unresolvedStancorp Financial Group	0.06%	145,766	$10M	new	+0.06 pp	new
unresolvedInternational Game Technology	0.05%	508,254	$9M	added0%	0.00 pp	5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	386,375	$9M	held	—	7 q
ARCARC Document Solutions, Inc.	0.04%	809,658	$7M	trimmed−7%	−0.01 pp	8 q
CTSHCognizant Technology Solutions	0.03%	85,125	$5M	new	+0.03 pp	new
IBNICICI Bank Limited	0.03%	592,750	$6M	new	+0.03 pp	new
GGenpact Limited	0.03%	270,225	$6M	new	+0.03 pp	new
unresolvedAce Ltd	0.03%	47,147	$5M	added+8%	0.00 pp	5 q
unresolvedAdvanced Semiconductor E-adr	0.02%	553,800	$4M	held	—	8 q
OGZDGazprom Pjsc-spon ADR	0.02%	937,500	$4M	new	+0.02 pp	new
INFYInfosys Limited	0.02%	121,878	$4M	new	+0.02 pp	new
BPOPPopular Inc	0.02%	110,730	$4M	held	—	8 q
WITWipro Limited	0.02%	254,675	$3M	new	+0.02 pp	new
unresolvedKey Energy Svcs Inc	0.01%	1,283,343	$2M	new	+0.01 pp	new
SHGShinhan Financial Group Co Ltd	0.01%	46,325	$2M	trimmed−34%	−0.01 pp	6 q
unresolvedSteel Excel Inc	0.01%	67,212	$1M	held	—	4 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	76,100	$457,000	held	—	4 q
USNZYUsinas SA B Pfd S/	0.00%	37,407	$59,000	added×2.7	0.00 pp	3 q
MUSAMurphy USA Inc.	—	−22,011	—	exited	−0.01 pp	—
PJCPiper Sandler Companies	—	−4,688	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 3 defects · 33 unresolved
Accession: 0001140361-15-018496
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 368287207 not on the Official 13(f) List for 2015-03-31
A security outside the official 13F list — CUSIP 858122203 not on the Official 13(f) List for 2015-03-31
A security outside the official 13F list — CUSIP 917302200 not on the Official 13(f) List for 2015-03-31

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