Pzena Investment Management

Q4 2015 13F · by Richard Pzena, CIO

As of: Dec 31, 2015
Filed: Feb 5, 2016
US stock: $16.2B · prev $15.7B
Positions: 150 · prev 148
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%

Moves145 since the prior filing

+6.4 pp in · −6.3 pp out

New 7 +3.63 pp
Added 53 +2.76 pp
Trimmed 80 −2.47 pp
Exited 5 −3.81 pp

The book

Diversified · behaves like 60 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 29% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions15% of US stock

BAC Bank of America Corporation trimmed+0.02 pp trimmed+0.023.0%
XOM Exxon Mobil Corp trimmed+0.03 pp trimmed+0.032.9%
AIG American International Group, Inc. trimmed−0.06 pp trimmed−0.062.9%
C Citigroup Inc. trimmed−0.04 pp trimmed−0.042.9%
RDS.A Royal Dutch Shell PLC added+0.02 pp added+0.022.8%

Positions150 in this filing · 5 exited


BACBank of America Corporation	2.98%	28,668,804	$482M	trimmed−4%	+0.02 pp	11 q
XOMExxon Mobil Corp	2.92%	6,072,604	$473M	trimmed−1%	+0.03 pp	11 q
AIGAmerican International Group, Inc.	2.90%	7,578,036	$470M	trimmed−7%	−0.06 pp	11 q
CCitigroup Inc.	2.90%	9,076,626	$470M	trimmed−3%	−0.04 pp	11 q
RDS.ARoyal Dutch Shell PLC	2.82%	9,969,381	$456M	added+8%	+0.02 pp	11 q
OMCOmnicom Group Inc.	2.62%	5,600,639	$424M	trimmed−6%	+0.13 pp	11 q
MSFTMicrosoft Corp	2.52%	7,348,676	$408M	trimmed−28%	−0.34 pp	11 q
NWSANews Corporation Class A	2.43%	29,402,189	$393M	trimmed−2%	+0.02 pp	9 q
ORCLOracle Corp	2.43%	10,747,914	$393M	trimmed−3%	−0.12 pp	11 q
WMTWalmart Inc.	2.33%	6,145,803	$377M	trimmed−3%	−0.28 pp	11 q
PHParker-Hannifin Corporation	2.30%	3,839,731	$372M	added+9%	+0.12 pp	11 q
JPMJPMorgan Chase & Co.	2.21%	5,423,977	$358M	trimmed−0%	+0.10 pp	11 q
INTCIntel Corp	2.17%	10,200,462	$351M	trimmed−9%	+0.01 pp	10 q
DOVDover Corporation	2.15%	5,671,522	$348M	added×2.5	+1.33 pp	3 q
BENFranklin Templeton, Inc.	2.15%	9,462,920	$348M	added+22%	+0.32 pp	11 q
AXSAxis Capital Holders Limited	1.96%	5,637,010	$317M	trimmed−4%	−0.05 pp	11 q
unresolvedStaples Inc	1.95%	33,304,711	$315M	added+31%	+0.05 pp	11 q
SWKStanley Black & Decker, Inc.	1.94%	2,944,212	$314M	trimmed−5%	+0.02 pp	5 q
HPEHewlett Packard Enterprise Company	1.91%	20,321,861	$309M	new	+1.91 pp	new
BPBP p.l.c.	1.87%	9,664,508	$302M	trimmed−1%	−0.02 pp	11 q
MSMorgan Stanley	1.86%	9,483,618	$302M	trimmed−2%	−0.08 pp	11 q
IPGThe Interpublic Group of Companies, Inc.	1.84%	12,784,823	$298M	trimmed−7%	+0.17 pp	11 q
METMetLife, Inc.	1.78%	5,992,271	$289M	added0%	−0.01 pp	11 q
GSGoldman Sachs Group Inc.	1.71%	1,538,730	$277M	added0%	+0.01 pp	11 q
VOYAVoya Financial, Inc.	1.69%	7,395,161	$273M	added0%	−0.13 pp	7 q
unresolvedWillis Group Holdings Public	1.65%	5,493,939	$267M	trimmed−2%	+0.19 pp	11 q
PNCPNC Financial Services Group	1.60%	2,717,749	$259M	trimmed−4%	−0.01 pp	11 q
FFord Motor Company	1.59%	18,287,179	$258M	trimmed−0%	+0.01 pp	5 q
RFRegions Financial Corp.	1.53%	25,863,310	$248M	added+14%	+0.22 pp	11 q
HPQHP Inc.	1.49%	20,339,606	$241M	new	+1.49 pp	new
UBSUBS Group AG	1.48%	12,336,997	$239M	trimmed−2%	−0.01 pp	5 q
unresolvedXl Group PLC	1.38%	5,695,677	$223M	trimmed−6%	−0.02 pp	7 q
ABTAbbott Laboratories	1.35%	4,861,129	$218M	trimmed−6%	+0.02 pp	11 q
STTState Street Corporation	1.33%	3,233,807	$215M	trimmed−1%	−0.06 pp	11 q
unresolvedCigna Corporation	1.16%	1,278,327	$187M	trimmed−32%	−0.46 pp	11 q
BAXBaxter International Inc.	1.12%	4,736,982	$181M	trimmed−3%	+0.10 pp	5 q
AVTAvnet, Inc.	1.10%	4,144,718	$178M	trimmed−27%	−0.44 pp	11 q
unresolvedBaxalta Inc	0.87%	3,593,273	$140M	trimmed−12%	+0.05 pp	2 q
LAMRLamar Advertising Co	0.87%	2,343,982	$141M	trimmed−8%	+0.02 pp	5 q
JNJJohnson & Johnson	0.75%	1,174,524	$121M	added0%	+0.05 pp	11 q
ONON Semiconductor Corp	0.68%	11,151,916	$109M	added+1%	+0.02 pp	9 q
MURMurphy Oil Corp.	0.65%	4,712,018	$106M	trimmed−1%	−0.08 pp	8 q
KELKellanova	0.58%	1,298,005	$94M	added0%	+0.03 pp	8 q
EIXEdison International	0.57%	1,553,114	$92M	trimmed−3%	−0.07 pp	4 q
WFCWells Fargo & Co.	0.56%	1,675,568	$91M	trimmed−18%	−0.11 pp	11 q
GLWCorning Incorporated	0.54%	4,806,511	$88M	added0%	+0.02 pp	9 q
PGRProgressive Corporation	0.53%	2,678,066	$85M	trimmed−5%	−0.02 pp	8 q
TEXTerex Corporation	0.52%	4,538,358	$84M	added+5%	+0.02 pp	9 q
CSCOCisco Systems, Inc. (DE)	0.51%	3,038,190	$83M	added0%	0.00 pp	11 q
KEYKeyCorp	0.51%	6,309,728	$83M	added+20%	+0.08 pp	11 q
9990302DApache Corp	0.50%	1,803,214	$80M	trimmed−4%	+0.03 pp	11 q
ACMAecom	0.49%	2,633,890	$79M	trimmed−6%	0.00 pp	11 q
ALLThe Allstate Corporation	0.47%	1,224,908	$76M	added+19%	+0.09 pp	11 q
MASMasco Corporation	0.46%	2,627,217	$74M	trimmed−25%	−0.10 pp	11 q
unresolvedBaker Hughes Inc.	0.45%	1,574,808	$73M	trimmed−42%	−0.45 pp	11 q
CMAComerica Incorporated	0.45%	1,755,338	$73M	trimmed−3%	−0.03 pp	11 q
FITBFifth Third Bancorp	0.44%	3,575,428	$72M	added+2%	+0.02 pp	11 q
PFEPfizer Inc.	0.43%	2,161,593	$70M	added0%	0.00 pp	5 q
unresolvedSuperior Energy Services Inc	0.43%	5,133,425	$69M	added+3%	+0.03 pp	10 q
NWSNews Corporation Class B	0.41%	4,749,059	$66M	trimmed−4%	+0.01 pp	10 q
ATUEnerpac Tool Group Corp.	0.40%	2,705,683	$65M	trimmed−1%	+0.08 pp	11 q
FLEXFlex Ltd.	0.40%	5,725,816	$64M	trimmed−2%	+0.01 pp	10 q
unresolvedAetna Inc New	0.39%	586,750	$63M	trimmed−0%	−0.02 pp	11 q
DANDana Incorporated	0.39%	4,630,966	$64M	added+12%	−0.03 pp	11 q
WEDWebster Financial Corp	0.38%	1,645,546	$61M	trimmed−4%	−0.01 pp	11 q
0VQJLTe Connectivity Ltd	0.35%	872,388	$56M	trimmed−0%	+0.02 pp	11 q
CFGCitizens Financial Group, Inc.	0.34%	2,074,421	$54M	trimmed−17%	−0.04 pp	6 q
ETREntergy Corporation	0.34%	796,759	$54M	added0%	+0.01 pp	11 q
CVSCvs Health Corporation	0.32%	527,389	$52M	added0%	0.00 pp	4 q
CVECenovus Energy Inc.	0.32%	4,097,423	$52M	added+4%	−0.06 pp	2 q
GGenpact Limited	0.31%	2,014,631	$50M	added+11%	+0.04 pp	4 q
SYU1Synovus Financial Corp	0.30%	1,522,475	$49M	trimmed−16%	−0.04 pp	7 q
unresolvedEndurance Specialty Holdings	0.30%	758,856	$49M	added+3%	+0.01 pp	8 q
TMKGlobe Life Inc.	0.29%	828,929	$47M	trimmed−9%	−0.04 pp	11 q
IVZInvesco LTD	0.28%	1,339,937	$45M	added+6%	+0.03 pp	11 q
QCOMQualcomm Inc	0.27%	881,855	$44M	added0%	−0.03 pp	2 q
VIVTelefonica Brasil, S.A.	0.25%	4,484,102	$40M	added+14%	+0.02 pp	4 q
GTSTriple-s Management Corp	0.24%	1,607,929	$38M	trimmed−0%	+0.06 pp	3 q
DIODDiodes Inc	0.23%	1,627,663	$37M	trimmed−1%	+0.01 pp	11 q
ROCKGibraltar Industries, Inc.	0.23%	1,467,986	$37M	trimmed−30%	−0.02 pp	7 q
KBRKBR, Inc.	0.23%	2,169,517	$37M	trimmed−9%	−0.02 pp	8 q
ACHAccendra Health, Inc.	0.23%	1,029,003	$37M	trimmed−1%	+0.02 pp	6 q
unresolvedBbcn Bancorp Inc	0.22%	2,022,814	$35M	trimmed−12%	0.00 pp	11 q
ESNDEssendant Inc	0.22%	1,075,262	$35M	added+52%	+0.07 pp	3 q
DOORMasonite International Corp	0.22%	572,441	$35M	added+3%	+0.01 pp	10 q
ASBAssociated Banc-Corp	0.21%	1,832,700	$34M	added0%	0.00 pp	8 q
SRIStoneridge, Inc	0.20%	2,172,941	$32M	trimmed−0%	+0.03 pp	9 q
TECDTech Data Corp	0.20%	495,497	$33M	trimmed−1%	−0.02 pp	8 q
FMBIFirst Midwest Bancorp Inc/IL	0.19%	1,640,523	$30M	trimmed−1%	+0.01 pp	11 q
GNWGenworth Financial, Inc.	0.19%	8,170,865	$30M	added+7%	−0.03 pp	7 q
NSITInsight Enterprises Inc	0.19%	1,223,407	$31M	trimmed−1%	−0.01 pp	11 q
unresolvedNational Penn Bancshares Inc	0.19%	2,549,492	$31M	trimmed−1%	0.00 pp	11 q
STXNSeagate Technology Holdings PLC (Ireland)	0.19%	826,469	$30M	new	+0.19 pp	new
unresolvedValidus Holdings Ltd	0.19%	662,702	$31M	trimmed−11%	−0.02 pp	11 q
GTLSChart Inds Inc	0.18%	1,608,879	$29M	added×3.0	+0.11 pp	3 q
CMCOColumbus McKinnon Corp/NY	0.18%	1,519,816	$29M	added+37%	+0.05 pp	9 q
LMLegg Mason, Inc.	0.18%	738,912	$29M	added+42%	+0.04 pp	11 q
TTEKTetra Tech Inc	0.18%	1,089,986	$28M	trimmed−14%	−0.02 pp	10 q
unresolvedAspen Insurance Holdings Ltd	0.18%	604,616	$29M	added+2%	0.00 pp	11 q
TAT&T Inc.	0.17%	823,058	$28M	held	—	3 q
UPBDUpbound Group, Inc.	0.17%	1,793,691	$27M	added×2.1	+0.04 pp	11 q
UVVUniversal Corporation	0.17%	499,285	$28M	trimmed−0%	+0.01 pp	3 q
AGIIArgo Group International	0.17%	452,537	$27M	trimmed−1%	0.00 pp	11 q
unresolvedL-3 Communications Hldgs Inc	0.16%	213,075	$25M	trimmed−0%	+0.02 pp	11 q
OCOwens Corning	0.16%	567,195	$27M	trimmed−21%	−0.03 pp	11 q
BRCBrady Corporation	0.15%	1,061,087	$24M	trimmed−26%	−0.03 pp	6 q
CUBLionheart Holdings Class A	0.15%	501,384	$24M	added0%	+0.02 pp	5 q
CTSHCognizant Technology Solutions	0.14%	370,923	$22M	added+11%	+0.01 pp	4 q
unresolvedGeneral Cable Corp	0.14%	1,723,104	$23M	added+1%	+0.01 pp	6 q
unresolvedTcf Financial Corp	0.13%	1,512,268	$21M	trimmed−0%	−0.02 pp	11 q
unresolvedStancorp Financial Group	0.12%	173,476	$20M	trimmed−2%	−0.01 pp	4 q
WSFSWSFS Financial Corp	0.12%	590,483	$19M	trimmed−1%	+0.01 pp	11 q
ARCARC Document Solutions, Inc.	0.10%	3,821,153	$17M	added×5.3	+0.07 pp	11 q
KSSKohls Corporation	0.10%	347,249	$17M	added0%	0.00 pp	11 q
MATWMatthews International Corp	0.10%	300,893	$16M	trimmed−37%	−0.05 pp	11 q
unresolvedAce Ltd	0.10%	139,011	$16M	trimmed−6%	0.00 pp	8 q
EPREPR Properties	0.09%	239,975	$14M	held	—	8 q
EXCExelon Corporation	0.09%	528,251	$15M	added+58%	+0.03 pp	8 q
unresolvedHospitality Properties Trust	0.09%	586,621	$15M	trimmed−0%	−0.01 pp	11 q
unresolvedIngram Micro Inc	0.09%	474,607	$14M	trimmed−15%	−0.01 pp	11 q
PCGPG&E Corporation	0.09%	262,800	$14M	held	—	3 q
unresolvedPhh Corp	0.09%	922,863	$15M	added+1%	+0.01 pp	11 q
PGProcter & Gamble Company	0.09%	185,224	$15M	added0%	+0.01 pp	11 q
SS1ARadius Recycling Inc	0.09%	1,024,051	$15M	added+1%	0.00 pp	10 q
EGEverest Group, Ltd.	0.09%	78,041	$14M	added+9%	+0.01 pp	8 q
ARWArrow Electronics, Inc.	0.08%	253,945	$14M	trimmed−3%	−0.01 pp	8 q
COPConocoPhillips	0.08%	264,999	$12M	trimmed−0%	0.00 pp	4 q
HIGThe Hartford Insurance Group, Inc.	0.08%	314,390	$14M	added0%	−0.01 pp	11 q
JBLJabil Inc.	0.08%	557,730	$13M	added0%	0.00 pp	8 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.08%	539,578	$12M	trimmed−7%	0.00 pp	10 q
TPCTutor Perini Corporation	0.08%	749,454	$13M	added+1%	0.00 pp	11 q
unresolvedRowan Cos PLC	0.08%	730,525	$12M	held	—	8 q
PRIPrimerica, Inc.	0.07%	227,759	$11M	trimmed−38%	−0.03 pp	11 q
unresolvedMonster Worldwide Inc	0.06%	1,581,709	$9M	trimmed−19%	−0.02 pp	11 q
TRSTrimas Corporation	0.06%	525,784	$10M	added+1%	+0.01 pp	6 q
AIZAssurant, Inc.	0.05%	101,422	$8M	trimmed−71%	−0.12 pp	11 q
DRHDiamondrock Hospitality Company	0.05%	805,935	$8M	held	—	11 q
CDWCDW Corporation	0.04%	146,082	$6M	trimmed−54%	−0.04 pp	3 q
BPOPPopular Inc	0.04%	214,380	$6M	trimmed−13%	−0.01 pp	11 q
unresolvedKkr & Co L P DEL	0.03%	288,472	$4M	new	+0.03 pp	new
unresolvedKey Energy Svcs Inc	0.02%	5,495,425	$3M	added×4.0	+0.02 pp	4 q
IBNICICI Bank Limited	0.01%	277,050	$2M	held	—	4 q
INFYInfosys Limited	0.01%	114,700	$2M	held	—	4 q
EEMiShares MSCI Emerging Markets ETF	0.01%	45,925	$1M	new	+0.01 pp	new
99803EURLaboratory Crp Of Amer Hldgs	0.01%	17,560	$2M	trimmed−94%	−0.18 pp	11 q
unresolvedSteel Excel Inc	0.01%	63,567	$935,000	held	—	7 q
CVXChevron Corporation	0.00%	7,862	$707,000	new	0.00 pp	new
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	76,100	$327,000	held	—	7 q
SHGShinhan Financial Group Co Ltd	0.00%	17,025	$572,000	held	—	9 q
0WEWeatherford International plc	0.00%	13,296	$112,000	new	0.00 pp	new
unresolvedHewlett Packard Co	—	−19,143,841	—	exited	−3.12 pp	—
BDXBecton, Dickinson and Co.	—	−373,824	—	exited	−0.32 pp	—
unresolvedCon-way Inc	—	−835,417	—	exited	−0.25 pp	—
unresolvedSymetra Finl Corp	—	−528,372	—	exited	−0.11 pp	—
WCGWellcare Health Plans, Inc.	—	−14,300	—	exited	−0.01 pp	—