Pzena Investment Management

Q3 2015 13F · by Richard Pzena, CIO

As of: Sep 30, 2015
Filed: Nov 6, 2015
US stock: $15.7B · prev $17.7B
Positions: 148 · 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%

Moves132 since the prior filing

+6.4 pp in · −6.7 pp out

New 3 +1.50 pp
Added 39 +4.88 pp
Trimmed 84 −6.49 pp
Exited 6 −0.17 pp

The book

Diversified · behaves like 59 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions15% of US stock

unresolved Hewlett Packard Co added+0.07 pp added+0.073.1%
AIG American International Group, Inc. trimmed−0.01 pp trimmed−0.013.0%
BAC Bank of America Corporation trimmed+0.04 pp trimmed+0.043.0%
C Citigroup Inc. trimmed−0.04 pp trimmed−0.042.9%
XOM Exxon Mobil Corp added+0.92 pp added+0.922.9%

Positions148 in this filing · 6 exited


unresolvedHewlett Packard Co	3.12%	19,143,841	$490M	added+6%	+0.07 pp	10 q
AIGAmerican International Group, Inc.	2.96%	8,187,787	$465M	trimmed−4%	−0.01 pp	10 q
BACBank of America Corporation	2.96%	29,871,875	$465M	trimmed−2%	+0.04 pp	10 q
CCitigroup Inc.	2.94%	9,310,992	$462M	trimmed−3%	−0.04 pp	10 q
XOMExxon Mobil Corp	2.89%	6,109,850	$454M	added+46%	+0.92 pp	10 q
MSFTMicrosoft Corp	2.86%	10,161,006	$450M	trimmed−4%	+0.21 pp	10 q
RDS.ARoyal Dutch Shell PLC	2.80%	9,267,589	$439M	added+24%	+0.39 pp	10 q
WMTWalmart Inc.	2.61%	6,323,926	$410M	added+22%	+0.54 pp	10 q
ORCLOracle Corp	2.55%	11,089,893	$401M	trimmed−3%	−0.04 pp	10 q
OMCOmnicom Group Inc.	2.49%	5,933,010	$391M	added+1%	+0.18 pp	10 q
NWSANews Corporation Class A	2.41%	29,988,382	$378M	trimmed−1%	−0.10 pp	8 q
PHParker-Hannifin Corporation	2.18%	3,515,269	$342M	trimmed−1%	−0.15 pp	10 q
INTCIntel Corp	2.16%	11,264,851	$340M	added0%	+0.23 pp	9 q
JPMJPMorgan Chase & Co.	2.11%	5,442,892	$332M	trimmed−1%	+0.01 pp	10 q
AXSAxis Capital Holders Limited	2.01%	5,872,056	$315M	trimmed−11%	+0.03 pp	10 q
MSMorgan Stanley	1.94%	9,678,165	$305M	trimmed−2%	−0.22 pp	10 q
SWKStanley Black & Decker, Inc.	1.92%	3,113,709	$302M	trimmed−3%	+0.01 pp	4 q
unresolvedStaples Inc	1.90%	25,499,485	$299M	added+15%	−0.02 pp	10 q
BPBP p.l.c.	1.89%	9,735,771	$298M	trimmed−14%	−0.67 pp	10 q
BENFranklin Templeton, Inc.	1.83%	7,728,411	$288M	added+46%	+0.36 pp	10 q
VOYAVoya Financial, Inc.	1.82%	7,391,943	$287M	trimmed−4%	−0.19 pp	6 q
METMetLife, Inc.	1.79%	5,974,707	$282M	trimmed−0%	−0.10 pp	10 q
GSGoldman Sachs Group Inc.	1.70%	1,536,725	$267M	trimmed−1%	−0.12 pp	10 q
IPGThe Interpublic Group of Companies, Inc.	1.67%	13,685,979	$262M	trimmed−2%	+0.16 pp	10 q
unresolvedCigna Corporation	1.62%	1,882,912	$254M	trimmed−30%	−0.85 pp	10 q
PNCPNC Financial Services Group	1.61%	2,843,098	$254M	trimmed−5%	0.00 pp	10 q
FFord Motor Company	1.58%	18,338,281	$249M	added+3%	+0.08 pp	4 q
AVTAvnet, Inc.	1.54%	5,662,927	$242M	trimmed−6%	+0.14 pp	10 q
UBSUBS Group AG	1.49%	12,635,636	$234M	trimmed−1%	−0.04 pp	4 q
unresolvedWillis Group Holdings Public	1.46%	5,578,508	$229M	added+36%	+0.37 pp	10 q
unresolvedXl Group PLC	1.40%	6,055,984	$220M	trimmed−1%	+0.12 pp	6 q
STTState Street Corporation	1.39%	3,254,783	$219M	trimmed−0%	−0.03 pp	10 q
ABTAbbott Laboratories	1.33%	5,188,346	$209M	trimmed−18%	−0.43 pp	10 q
RFRegions Financial Corp.	1.31%	22,772,622	$205M	added+33%	+0.31 pp	10 q
BAXBaxter International Inc.	1.02%	4,863,446	$160M	trimmed−3%	−0.97 pp	4 q
unresolvedBaker Hughes Inc.	0.90%	2,707,702	$141M	trimmed−36%	−0.57 pp	10 q
LAMRLamar Advertising Co	0.85%	2,545,715	$133M	trimmed−4%	−0.01 pp	4 q
unresolvedBaxalta Inc	0.82%	4,094,765	$129M	new	+0.82 pp	new
DOVDover Corporation	0.82%	2,258,272	$129M	added×2.7	+0.49 pp	2 q
MURMurphy Oil Corp.	0.73%	4,738,285	$115M	added+1%	−0.37 pp	7 q
JNJJohnson & Johnson	0.70%	1,174,169	$110M	held	—	10 q
WFCWells Fargo & Co.	0.67%	2,047,963	$105M	trimmed−8%	−0.04 pp	10 q
ONON Semiconductor Corp	0.66%	10,988,475	$103M	added+7%	−0.02 pp	8 q
EIXEdison International	0.64%	1,594,925	$101M	trimmed−0%	+0.14 pp	3 q
MASMasco Corporation	0.56%	3,485,282	$88M	trimmed−26%	−0.15 pp	10 q
KELKellanova	0.55%	1,296,130	$86M	held	—	7 q
PGRProgressive Corporation	0.55%	2,821,040	$86M	trimmed−38%	−0.16 pp	7 q
GLWCorning Incorporated	0.52%	4,794,326	$82M	trimmed−38%	−0.34 pp	8 q
CSCOCisco Systems, Inc. (DE)	0.51%	3,031,377	$80M	held	—	10 q
TEXTerex Corporation	0.50%	4,336,634	$78M	added+9%	−0.02 pp	8 q
ACMAecom	0.49%	2,793,606	$77M	trimmed−0%	−0.03 pp	10 q
CMAComerica Incorporated	0.48%	1,818,056	$75M	trimmed−39%	−0.38 pp	10 q
9990302DApache Corp	0.47%	1,878,425	$74M	added×3.4	+0.29 pp	10 q
KEYKeyCorp	0.43%	5,237,925	$68M	trimmed−2%	−0.02 pp	10 q
PFEPfizer Inc.	0.43%	2,159,818	$68M	held	—	4 q
DANDana Incorporated	0.42%	4,122,754	$65M	added+17%	+0.01 pp	10 q
FITBFifth Third Bancorp	0.42%	3,493,200	$66M	held	—	10 q
unresolvedAetna Inc New	0.41%	588,309	$64M	trimmed−29%	−0.18 pp	10 q
NWSNews Corporation Class B	0.40%	4,960,905	$64M	trimmed−10%	−0.04 pp	9 q
unresolvedSuperior Energy Services Inc	0.40%	4,975,635	$63M	added+5%	−0.16 pp	9 q
WEDWebster Financial Corp	0.39%	1,707,613	$61M	trimmed−3%	0.00 pp	10 q
FLEXFlex Ltd.	0.39%	5,843,782	$62M	added+2%	+0.02 pp	9 q
ALLThe Allstate Corporation	0.38%	1,027,087	$60M	added×10.1	+0.34 pp	10 q
CVECenovus Energy Inc.	0.38%	3,937,345	$60M	new	+0.38 pp	new
CFGCitizens Financial Group, Inc.	0.38%	2,501,841	$60M	held	—	5 q
SYU1Synovus Financial Corp	0.34%	1,805,094	$53M	trimmed−18%	−0.04 pp	6 q
ETREntergy Corporation	0.33%	796,411	$52M	held	—	10 q
TMKGlobe Life Inc.	0.33%	908,218	$51M	trimmed−0%	+0.03 pp	10 q
0VQJLTe Connectivity Ltd	0.33%	872,578	$52M	held	—	10 q
ATUEnerpac Tool Group Corp.	0.32%	2,734,071	$50M	added+15%	+0.01 pp	10 q
BDXBecton, Dickinson and Co.	0.32%	373,824	$50M	held	—	10 q
CVSCvs Health Corporation	0.32%	527,265	$51M	held	—	3 q
QCOMQualcomm Inc	0.30%	879,185	$47M	new	+0.30 pp	new
unresolvedEndurance Specialty Holdings	0.29%	733,721	$45M	added+9%	+0.04 pp	7 q
GGenpact Limited	0.27%	1,817,984	$43M	added×6.5	+0.24 pp	3 q
unresolvedCon-way Inc	0.25%	835,417	$40M	added+23%	+0.10 pp	10 q
ROCKGibraltar Industries, Inc.	0.25%	2,105,009	$39M	trimmed−4%	0.00 pp	6 q
KBRKBR, Inc.	0.25%	2,394,550	$40M	held	—	7 q
IVZInvesco LTD	0.25%	1,269,047	$40M	trimmed−22%	−0.10 pp	10 q
VIVTelefonica Brasil, S.A.	0.23%	3,918,272	$36M	added+37%	+0.01 pp	3 q
unresolvedBbcn Bancorp Inc	0.22%	2,296,659	$34M	added+5%	+0.04 pp	10 q
DIODDiodes Inc	0.22%	1,645,938	$35M	added+44%	+0.06 pp	10 q
GNWGenworth Financial, Inc.	0.22%	7,641,693	$35M	trimmed−1%	−0.11 pp	6 q
TECDTech Data Corp	0.22%	502,223	$34M	trimmed−43%	−0.06 pp	7 q
ASBAssociated Banc-Corp	0.21%	1,830,525	$33M	trimmed−4%	−0.01 pp	7 q
DOORMasonite International Corp	0.21%	556,206	$34M	trimmed−6%	−0.03 pp	9 q
ACHAccendra Health, Inc.	0.21%	1,037,426	$33M	trimmed−5%	0.00 pp	5 q
unresolvedValidus Holdings Ltd	0.21%	742,948	$33M	trimmed−2%	+0.02 pp	10 q
NSITInsight Enterprises Inc	0.20%	1,240,457	$32M	added0%	−0.01 pp	10 q
TTEKTetra Tech Inc	0.20%	1,268,429	$31M	trimmed−6%	+0.01 pp	9 q
99803EURLaboratory Crp Of Amer Hldgs	0.19%	273,766	$30M	trimmed−62%	−0.30 pp	10 q
unresolvedNational Penn Bancshares Inc	0.19%	2,584,286	$30M	trimmed−5%	+0.02 pp	10 q
OCOwens Corning	0.19%	717,291	$30M	trimmed−39%	−0.08 pp	10 q
BRCBrady Corporation	0.18%	1,428,017	$28M	trimmed−4%	−0.03 pp	5 q
FMBIFirst Midwest Bancorp Inc/IL	0.18%	1,649,923	$29M	trimmed−5%	−0.01 pp	10 q
GTSTriple-s Management Corp	0.18%	1,609,269	$29M	added+39%	+0.01 pp	2 q
unresolvedAspen Insurance Holdings Ltd	0.18%	594,183	$28M	added+12%	+0.04 pp	10 q
TAT&T Inc.	0.17%	823,058	$27M	held	—	2 q
AIZAssurant, Inc.	0.17%	346,520	$27M	trimmed−37%	−0.04 pp	10 q
SRIStoneridge, Inc	0.17%	2,183,711	$27M	trimmed−3%	+0.02 pp	8 q
AGIIArgo Group International	0.17%	458,984	$26M	trimmed−3%	+0.02 pp	10 q
UVVUniversal Corporation	0.16%	499,385	$25M	added×17.2	+0.15 pp	2 q
ESNDEssendant Inc	0.15%	707,229	$23M	trimmed−5%	−0.02 pp	2 q
MATWMatthews International Corp	0.15%	474,974	$23M	trimmed−6%	0.00 pp	10 q
unresolvedTcf Financial Corp	0.15%	1,513,318	$23M	trimmed−5%	0.00 pp	10 q
unresolvedL-3 Communications Hldgs Inc	0.14%	213,223	$22M	held	—	10 q
LMLegg Mason, Inc.	0.14%	522,029	$22M	added+14%	+0.01 pp	10 q
CTSHCognizant Technology Solutions	0.13%	333,132	$21M	added×3.0	+0.09 pp	3 q
CMCOColumbus McKinnon Corp/NY	0.13%	1,110,370	$20M	added+4%	−0.02 pp	8 q
CUBLionheart Holdings Class A	0.13%	500,868	$21M	trimmed−3%	−0.01 pp	4 q
unresolvedGeneral Cable Corp	0.13%	1,709,779	$20M	trimmed−3%	−0.07 pp	5 q
UPBDUpbound Group, Inc.	0.13%	871,989	$21M	trimmed−2%	−0.01 pp	10 q
unresolvedStancorp Financial Group	0.13%	176,601	$20M	trimmed−61%	−0.06 pp	3 q
unresolvedSymetra Finl Corp	0.11%	528,372	$17M	trimmed−30%	+0.01 pp	7 q
WSFSWSFS Financial Corp	0.11%	594,208	$17M	added+21%	+0.03 pp	10 q
unresolvedHospitality Properties Trust	0.10%	587,696	$15M	added0%	0.00 pp	10 q
unresolvedIngram Micro Inc	0.10%	558,725	$15M	trimmed−14%	+0.01 pp	10 q
KSSKohls Corporation	0.10%	346,875	$16M	held	—	10 q
PRIPrimerica, Inc.	0.10%	364,514	$16M	trimmed−49%	−0.09 pp	10 q
unresolvedAce Ltd	0.10%	147,188	$15M	added+93%	+0.06 pp	7 q
ARWArrow Electronics, Inc.	0.09%	261,889	$14M	trimmed−62%	−0.13 pp	7 q
HIGThe Hartford Insurance Group, Inc.	0.09%	313,800	$14M	trimmed−68%	−0.14 pp	10 q
PCGPG&E Corporation	0.09%	262,800	$14M	trimmed−1%	+0.02 pp	2 q
SS1ARadius Recycling Inc	0.09%	1,014,551	$14M	trimmed−3%	−0.01 pp	9 q
CDWCDW Corporation	0.08%	319,785	$13M	trimmed−1%	+0.02 pp	2 q
COPConocoPhillips	0.08%	265,937	$13M	held	—	3 q
EPREPR Properties	0.08%	239,975	$12M	held	—	7 q
JBLJabil Inc.	0.08%	557,173	$12M	trimmed−39%	−0.03 pp	7 q
unresolvedMonster Worldwide Inc	0.08%	1,961,943	$13M	trimmed−5%	0.00 pp	10 q
unresolvedPhh Corp	0.08%	910,998	$13M	trimmed−2%	−0.06 pp	10 q
PGProcter & Gamble Company	0.08%	184,904	$13M	held	—	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.08%	578,550	$12M	added+50%	+0.03 pp	9 q
TPCTutor Perini Corporation	0.08%	739,929	$12M	trimmed−2%	−0.01 pp	10 q
EGEverest Group, Ltd.	0.08%	71,600	$12M	held	—	7 q
unresolvedRowan Cos PLC	0.08%	730,525	$12M	held	—	7 q
GTLSChart Inds Inc	0.07%	537,545	$10M	added+16%	−0.02 pp	2 q
DRHDiamondrock Hospitality Company	0.06%	805,935	$9M	trimmed−4%	0.00 pp	10 q
EXCExelon Corporation	0.06%	333,668	$10M	held	—	7 q
BPOPPopular Inc	0.05%	246,480	$7M	held	—	10 q
TRSTrimas Corporation	0.05%	520,885	$9M	trimmed−46%	−0.11 pp	5 q
ARCARC Document Solutions, Inc.	0.03%	719,410	$4M	trimmed−6%	0.00 pp	10 q
IBNICICI Bank Limited	0.01%	277,050	$2M	trimmed−53%	−0.02 pp	3 q
INFYInfosys Limited	0.01%	114,700	$2M	trimmed−53%	−0.01 pp	3 q
unresolvedSteel Excel Inc	0.01%	63,567	$1M	trimmed−5%	0.00 pp	6 q
WCGWellcare Health Plans, Inc.	0.01%	14,300	$1M	trimmed−86%	−0.04 pp	10 q
unresolvedKey Energy Svcs Inc	0.00%	1,382,154	$650,000	trimmed−2%	−0.01 pp	3 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	76,100	$331,000	held	—	6 q
SHGShinhan Financial Group Co Ltd	0.00%	17,025	$592,000	trimmed−63%	−0.01 pp	8 q
RRXRegal Rexnord Corporation	—	−185,400	—	exited	−0.08 pp	—
GFFGriffon Corp	—	−692,110	—	exited	−0.06 pp	—
WITWipro Limited	—	−254,675	—	exited	−0.02 pp	—
IWNiShares Russell 2000 Value ETF	—	−13,210	—	exited	−0.01 pp	—
MWAMueller Water Products, Inc.	—	−41,158	—	exited	0.00 pp	—
USNZYUsinas SA B Pfd S/	—	−37,407	—	exited	0.00 pp	—