Pzena Investment Management

Q2 2015 13F · by Richard Pzena, CIO

As of: Jun 30, 2015
Filed: Aug 7, 2015
US stock: $17.7B · prev $18.0B
Positions: 151 · prev 151
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

+4.9 pp in · −5.0 pp out

New 9 +1.07 pp
Added 67 +3.85 pp
Trimmed 57 −2.78 pp
Exited 9 −2.18 pp

The book

Diversified · behaves like 59 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions15% of US stock

unresolved Hewlett Packard Co added−0.01 pp added−0.013.0%
C Citigroup Inc. trimmed+0.18 pp trimmed+0.183.0%
AIG American International Group, Inc. trimmed+0.16 pp trimmed+0.163.0%
BAC Bank of America Corporation trimmed+0.28 pp trimmed+0.282.9%
MSFT Microsoft Corp added+0.57 pp added+0.572.6%

Positions151 in this filing · 9 exited


unresolvedHewlett Packard Co	3.05%	17,984,993	$540M	added+2%	−0.01 pp	9 q
CCitigroup Inc.	2.98%	9,562,226	$528M	trimmed−2%	+0.18 pp	9 q
AIGAmerican International Group, Inc.	2.97%	8,509,917	$526M	trimmed−8%	+0.16 pp	9 q
BACBank of America Corporation	2.92%	30,419,181	$518M	trimmed−2%	+0.28 pp	9 q
MSFTMicrosoft Corp	2.65%	10,623,172	$469M	added+15%	+0.57 pp	9 q
ORCLOracle Corp	2.59%	11,398,384	$459M	trimmed−3%	−0.24 pp	9 q
BPBP p.l.c.	2.56%	11,369,511	$454M	trimmed−6%	−0.03 pp	9 q
NWSANews Corporation Class A	2.51%	30,442,522	$444M	added+14%	+0.13 pp	7 q
unresolvedCigna Corporation	2.47%	2,705,286	$438M	trimmed−43%	−0.92 pp	9 q
RDS.ARoyal Dutch Shell PLC	2.41%	7,487,007	$427M	added+5%	+0.05 pp	9 q
PHParker-Hannifin Corporation	2.33%	3,550,288	$413M	trimmed−3%	−0.09 pp	9 q
OMCOmnicom Group Inc.	2.31%	5,894,861	$410M	added+7%	−0.08 pp	9 q
MSMorgan Stanley	2.16%	9,865,367	$383M	trimmed−11%	−0.03 pp	9 q
JPMJPMorgan Chase & Co.	2.10%	5,479,983	$371M	trimmed−5%	+0.16 pp	9 q
WMTWalmart Inc.	2.07%	5,180,794	$367M	added×3.9	+1.46 pp	9 q
VOYAVoya Financial, Inc.	2.01%	7,673,842	$357M	trimmed−6%	+0.06 pp	5 q
BAXBaxter International Inc.	1.99%	5,030,632	$352M	added0%	+0.08 pp	3 q
AXSAxis Capital Holders Limited	1.98%	6,585,359	$351M	trimmed−5%	0.00 pp	9 q
XOMExxon Mobil Corp	1.97%	4,195,152	$349M	added+1%	0.00 pp	9 q
INTCIntel Corp	1.93%	11,244,703	$342M	trimmed−4%	−0.11 pp	8 q
unresolvedStaples Inc	1.92%	22,188,292	$340M	trimmed−3%	−0.15 pp	9 q
SWKStanley Black & Decker, Inc.	1.91%	3,224,699	$339M	trimmed−4%	+0.13 pp	3 q
METMetLife, Inc.	1.89%	5,995,550	$336M	trimmed−3%	+0.16 pp	9 q
GSGoldman Sachs Group Inc.	1.82%	1,545,017	$323M	trimmed−5%	+0.11 pp	9 q
ABTAbbott Laboratories	1.76%	6,340,115	$311M	trimmed−1%	+0.12 pp	9 q
PNCPNC Financial Services Group	1.61%	2,984,856	$286M	trimmed−12%	−0.15 pp	9 q
UBSUBS Group AG	1.53%	12,760,935	$271M	trimmed−18%	−0.09 pp	3 q
IPGThe Interpublic Group of Companies, Inc.	1.51%	13,901,251	$268M	trimmed−1%	−0.21 pp	9 q
FFord Motor Company	1.50%	17,719,859	$266M	added0%	−0.08 pp	3 q
unresolvedBaker Hughes Inc.	1.47%	4,232,667	$261M	trimmed−16%	−0.30 pp	9 q
BENFranklin Templeton, Inc.	1.47%	5,306,059	$260M	added+10%	+0.09 pp	9 q
STTState Street Corporation	1.42%	3,270,591	$252M	trimmed−21%	−0.27 pp	9 q
AVTAvnet, Inc.	1.40%	6,035,442	$248M	added+1%	−0.08 pp	9 q
unresolvedXl Group PLC	1.28%	6,102,592	$227M	trimmed−2%	+0.01 pp	5 q
MURMurphy Oil Corp.	1.10%	4,674,915	$194M	trimmed−0%	−0.11 pp	6 q
unresolvedWillis Group Holdings Public	1.09%	4,101,348	$192M	trimmed−9%	−0.11 pp	9 q
RFRegions Financial Corp.	1.00%	17,063,917	$177M	added+40%	+0.36 pp	9 q
CMAComerica Incorporated	0.86%	2,957,942	$152M	trimmed−5%	+0.08 pp	9 q
GLWCorning Incorporated	0.86%	7,683,393	$152M	trimmed−1%	−0.11 pp	7 q
LAMRLamar Advertising Co	0.86%	2,652,136	$152M	trimmed−2%	−0.03 pp	3 q
MASMasco Corporation	0.71%	4,721,623	$126M	trimmed−19%	−0.16 pp	9 q
PGRProgressive Corporation	0.71%	4,533,665	$126M	trimmed−1%	+0.02 pp	6 q
WFCWells Fargo & Co.	0.71%	2,222,313	$125M	trimmed−3%	+0.01 pp	9 q
ONON Semiconductor Corp	0.68%	10,237,702	$120M	trimmed−12%	−0.11 pp	7 q
JNJJohnson & Johnson	0.65%	1,174,169	$114M	added0%	−0.01 pp	9 q
unresolvedAetna Inc New	0.59%	824,734	$105M	trimmed−5%	+0.08 pp	9 q
unresolvedSuperior Energy Services Inc	0.56%	4,733,009	$100M	added+6%	+0.01 pp	8 q
ACMAecom	0.52%	2,797,271	$93M	trimmed−1%	+0.04 pp	9 q
TEXTerex Corporation	0.52%	3,996,888	$93M	added+8%	−0.03 pp	7 q
EIXEdison International	0.50%	1,597,509	$89M	added×9.6	+0.44 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	0.49%	719,376	$87M	trimmed−1%	−0.02 pp	9 q
CSCOCisco Systems, Inc. (DE)	0.47%	3,031,377	$83M	added0%	+0.01 pp	9 q
KELKellanova	0.46%	1,296,130	$81M	trimmed−23%	−0.15 pp	6 q
KEYKeyCorp	0.45%	5,329,700	$80M	trimmed−1%	+0.03 pp	9 q
NWSNews Corporation Class B	0.44%	5,483,700	$78M	trimmed−0%	−0.05 pp	8 q
DANDana Incorporated	0.41%	3,529,729	$73M	added0%	0.00 pp	9 q
FITBFifth Third Bancorp	0.41%	3,493,200	$73M	held	—	9 q
PFEPfizer Inc.	0.41%	2,159,818	$72M	added0%	−0.01 pp	3 q
CFGCitizens Financial Group, Inc.	0.39%	2,501,841	$68M	added0%	+0.05 pp	4 q
WEDWebster Financial Corp	0.39%	1,754,838	$69M	added+6%	+0.05 pp	9 q
SYU1Synovus Financial Corp	0.38%	2,200,121	$68M	added+2%	+0.04 pp	5 q
FLEXFlex Ltd.	0.37%	5,722,407	$65M	added+3%	−0.02 pp	8 q
IVZInvesco LTD	0.35%	1,631,500	$61M	trimmed−0%	−0.01 pp	9 q
DOVDover Corporation	0.33%	834,269	$59M	new	+0.33 pp	new
GNWGenworth Financial, Inc.	0.33%	7,717,118	$58M	added+18%	+0.07 pp	5 q
ETREntergy Corporation	0.32%	796,411	$56M	trimmed−35%	−0.21 pp	9 q
0VQJLTe Connectivity Ltd	0.32%	872,578	$56M	trimmed−9%	−0.06 pp	9 q
ATUEnerpac Tool Group Corp.	0.31%	2,377,118	$55M	added+18%	+0.04 pp	9 q
CVSCvs Health Corporation	0.31%	527,265	$55M	added0%	+0.01 pp	2 q
BDXBecton, Dickinson and Co.	0.30%	373,824	$53M	held	—	9 q
TMKGlobe Life Inc.	0.30%	912,243	$53M	added+30%	+0.09 pp	9 q
TECDTech Data Corp	0.28%	874,442	$50M	added+7%	+0.02 pp	6 q
OCOwens Corning	0.27%	1,169,813	$48M	trimmed−28%	−0.12 pp	9 q
KBRKBR, Inc.	0.26%	2,394,550	$47M	held	—	6 q
ROCKGibraltar Industries, Inc.	0.25%	2,189,654	$45M	added+19%	+0.08 pp	5 q
unresolvedEndurance Specialty Holdings	0.25%	676,228	$44M	added+1%	+0.02 pp	6 q
DOORMasonite International Corp	0.24%	594,193	$42M	added0%	+0.02 pp	8 q
HIGThe Hartford Insurance Group, Inc.	0.23%	977,801	$41M	held	—	9 q
ARWArrow Electronics, Inc.	0.22%	698,095	$39M	added+1%	−0.01 pp	6 q
ASBAssociated Banc-Corp	0.22%	1,912,475	$39M	added+1%	+0.02 pp	6 q
VIVTelefonica Brasil, S.A.	0.22%	2,853,465	$40M	added+50%	+0.06 pp	2 q
AIZAssurant, Inc.	0.21%	552,001	$37M	added+9%	+0.04 pp	9 q
BRCBrady Corporation	0.21%	1,491,492	$37M	trimmed−6%	−0.04 pp	4 q
NSITInsight Enterprises Inc	0.21%	1,237,026	$37M	trimmed−6%	0.00 pp	9 q
ACHAccendra Health, Inc.	0.21%	1,087,551	$37M	added+1%	+0.01 pp	4 q
unresolvedGeneral Cable Corp	0.20%	1,768,979	$35M	trimmed−23%	−0.02 pp	4 q
FMBIFirst Midwest Bancorp Inc/IL	0.19%	1,733,198	$33M	added+1%	+0.02 pp	9 q
PRIPrimerica, Inc.	0.19%	718,963	$33M	added0%	−0.01 pp	9 q
unresolvedStancorp Financial Group	0.19%	452,205	$34M	added×3.1	+0.13 pp	2 q
TTEKTetra Tech Inc	0.19%	1,344,254	$34M	added+1%	+0.01 pp	8 q
unresolvedValidus Holdings Ltd	0.19%	757,398	$33M	added+2%	+0.02 pp	9 q
9990302DApache Corp	0.18%	547,150	$32M	trimmed−13%	−0.03 pp	9 q
unresolvedBbcn Bancorp Inc	0.18%	2,188,443	$32M	added+1%	+0.01 pp	9 q
ESNDEssendant Inc	0.17%	745,104	$29M	new	+0.17 pp	new
unresolvedNational Penn Bancshares Inc	0.17%	2,733,386	$31M	added+1%	+0.01 pp	9 q
GTSTriple-s Management Corp	0.17%	1,156,963	$30M	new	+0.17 pp	new
TAT&T Inc.	0.16%	823,058	$29M	new	+0.16 pp	new
DIODDiodes Inc	0.16%	1,140,007	$27M	added+1%	−0.02 pp	9 q
TRSTrimas Corporation	0.16%	958,435	$28M	added+21%	+0.02 pp	4 q
CMCOColumbus McKinnon Corp/NY	0.15%	1,072,577	$27M	added+1%	−0.01 pp	7 q
unresolvedCon-way Inc	0.15%	679,364	$26M	added+1%	−0.02 pp	9 q
MATWMatthews International Corp	0.15%	503,945	$27M	added+1%	+0.01 pp	9 q
SRIStoneridge, Inc	0.15%	2,256,190	$26M	added+1%	+0.01 pp	7 q
unresolvedTcf Financial Corp	0.15%	1,591,518	$26M	trimmed−14%	−0.01 pp	9 q
AGIIArgo Group International	0.15%	474,584	$26M	added+1%	+0.02 pp	9 q
CUBLionheart Holdings Class A	0.14%	516,167	$25M	added+67%	+0.05 pp	3 q
unresolvedL-3 Communications Hldgs Inc	0.14%	213,223	$24M	added0%	−0.01 pp	9 q
unresolvedPhh Corp	0.14%	929,448	$24M	added+1%	+0.02 pp	9 q
UPBDUpbound Group, Inc.	0.14%	889,444	$25M	added+1%	+0.01 pp	9 q
unresolvedAspen Insurance Holdings Ltd	0.14%	532,742	$26M	added+30%	+0.03 pp	9 q
LMLegg Mason, Inc.	0.13%	459,054	$24M	added0%	−0.01 pp	9 q
KSSKohls Corporation	0.12%	346,875	$22M	trimmed−28%	−0.09 pp	9 q
JBLJabil Inc.	0.11%	918,233	$20M	added0%	−0.01 pp	6 q
unresolvedHospitality Properties Trust	0.10%	587,397	$17M	added0%	−0.01 pp	9 q
SS1ARadius Recycling Inc	0.10%	1,044,251	$18M	trimmed−0%	+0.01 pp	8 q
unresolvedSymetra Finl Corp	0.10%	755,300	$18M	trimmed−13%	−0.01 pp	6 q
GTLSChart Inds Inc	0.09%	461,954	$17M	new	+0.09 pp	new
COPConocoPhillips	0.09%	265,937	$16M	added+34%	+0.02 pp	2 q
unresolvedIngram Micro Inc	0.09%	647,315	$16M	added+46%	+0.03 pp	9 q
TPCTutor Perini Corporation	0.09%	755,354	$16M	added+1%	−0.01 pp	9 q
unresolvedRowan Cos PLC	0.09%	730,525	$15M	held	—	6 q
unresolvedMonster Worldwide Inc	0.08%	2,063,818	$13M	held	—	9 q
PGProcter & Gamble Company	0.08%	184,904	$14M	trimmed−1%	−0.01 pp	9 q
RRXRegal Rexnord Corporation	0.08%	185,400	$13M	held	—	6 q
WSFSWSFS Financial Corp	0.08%	490,826	$13M	added+1%	+0.01 pp	9 q
EPREPR Properties	0.07%	239,975	$13M	held	—	6 q
PCGPG&E Corporation	0.07%	265,783	$13M	new	+0.07 pp	new
EGEverest Group, Ltd.	0.07%	71,600	$13M	trimmed−0%	0.00 pp	6 q
CDWCDW Corporation	0.06%	322,409	$11M	new	+0.06 pp	new
DRHDiamondrock Hospitality Company	0.06%	839,292	$11M	held	—	9 q
EXCExelon Corporation	0.06%	333,668	$10M	held	—	6 q
GFFGriffon Corp	0.06%	692,110	$11M	trimmed−41%	−0.05 pp	9 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	386,375	$9M	held	—	8 q
WCGWellcare Health Plans, Inc.	0.05%	99,706	$8M	trimmed−77%	−0.17 pp	9 q
ALLThe Allstate Corporation	0.04%	102,015	$7M	trimmed−46%	−0.04 pp	9 q
CTSHCognizant Technology Solutions	0.04%	111,341	$7M	added+31%	+0.01 pp	2 q
BPOPPopular Inc	0.04%	246,480	$7M	added×2.2	+0.02 pp	9 q
unresolvedAce Ltd	0.04%	76,171	$8M	added+62%	+0.01 pp	6 q
ARCARC Document Solutions, Inc.	0.03%	762,459	$6M	trimmed−6%	−0.01 pp	9 q
IBNICICI Bank Limited	0.03%	592,750	$6M	held	—	2 q
GGenpact Limited	0.03%	280,200	$6M	added+4%	0.00 pp	2 q
INFYInfosys Limited	0.02%	243,756	$4M	held	—	2 q
WITWipro Limited	0.02%	254,675	$3M	held	—	2 q
IWNiShares Russell 2000 Value ETF	0.01%	13,210	$1M	new	+0.01 pp	new
unresolvedKey Energy Svcs Inc	0.01%	1,414,936	$3M	added+10%	0.00 pp	2 q
SHGShinhan Financial Group Co Ltd	0.01%	46,325	$2M	held	—	7 q
unresolvedSteel Excel Inc	0.01%	67,212	$1M	held	—	5 q
UVVUniversal Corporation	0.01%	29,036	$2M	new	+0.01 pp	new
MWAMueller Water Products, Inc.	0.00%	41,158	$375,000	trimmed−98%	−0.10 pp	9 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	76,100	$689,000	held	—	5 q
USNZYUsinas SA B Pfd S/	0.00%	37,407	$51,000	held	—	4 q
unresolvedTRW Automotive Holdings Corp.	—	−2,469,544	—	exited	−1.44 pp	—
unresolvedPartnerre Ltd	—	−360,861	—	exited	−0.23 pp	—
unresolvedUnited Stationers Inc	—	−806,874	—	exited	−0.18 pp	—
AELAmerican Equity Investment Life Holding Company	—	−639,809	—	exited	−0.10 pp	—
unresolvedAshland Inc New	—	−119,075	—	exited	−0.08 pp	—
MLKNMillerKnoll, Inc.	—	−391,110	—	exited	−0.06 pp	—
unresolvedInternational Game Technology	—	−508,254	—	exited	−0.05 pp	—
unresolvedAdvanced Semiconductor E-adr	—	−553,800	—	exited	−0.02 pp	—
OGZDGazprom Pjsc-spon ADR	—	−937,500	—	exited	−0.02 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 27 unresolved
Accession: 0001140361-15-030458
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 2015-06-30
A security outside the official 13F list — CUSIP 917302200 not on the Official 13(f) List for 2015-06-30

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