Pzena Investment Management

Q1 2016 13F · by Richard Pzena, CIO

As of: Mar 31, 2016
Filed: May 6, 2016
US stock: $16.3B · prev $16.2B
Positions: 152 · prev 150
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%

Moves156 since the prior filing

+9.9 pp in · −10.0 pp out

New 12 +2.66 pp
Added 83 +7.23 pp
Trimmed 51 −7.85 pp
Exited 10 −2.14 pp

The book

Diversified · behaves like 63 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions13% of US stock

RDS.A Royal Dutch Shell PLC added+0.16 pp added+0.163.0%
PH Parker-Hannifin Corporation added+0.38 pp added+0.382.7%
ORCL Oracle Corp trimmed+0.19 pp trimmed+0.192.6%
XOM Exxon Mobil Corp trimmed−0.36 pp trimmed−0.362.6%
BEN Franklin Templeton, Inc. added+0.39 pp added+0.392.5%

Positions152 in this filing · 10 exited


RDS.ARoyal Dutch Shell PLC	2.98%	10,019,575	$485M	added+1%	+0.16 pp	12 q
PHParker-Hannifin Corporation	2.68%	3,927,461	$436M	added+2%	+0.38 pp	12 q
ORCLOracle Corp	2.62%	10,412,043	$426M	trimmed−3%	+0.19 pp	12 q
XOMExxon Mobil Corp	2.56%	4,980,581	$416M	trimmed−18%	−0.36 pp	12 q
BENFranklin Templeton, Inc.	2.54%	10,597,669	$414M	added+12%	+0.39 pp	12 q
CCitigroup Inc.	2.53%	9,863,370	$412M	added+9%	−0.37 pp	12 q
BACBank of America Corporation	2.51%	30,276,786	$409M	added+6%	−0.47 pp	12 q
DOVDover Corporation	2.42%	6,134,956	$395M	added+8%	+0.27 pp	4 q
WMTWalmart Inc.	2.40%	5,714,764	$391M	trimmed−7%	+0.07 pp	12 q
OMCOmnicom Group Inc.	2.38%	4,660,163	$388M	trimmed−17%	−0.24 pp	12 q
unresolvedStaples Inc	2.33%	34,361,523	$379M	added+3%	+0.38 pp	12 q
NWSANews Corporation Class A	2.30%	29,310,269	$374M	trimmed−0%	−0.13 pp	10 q
HPEHewlett Packard Enterprise Company	2.27%	20,837,525	$369M	added+3%	+0.36 pp	2 q
AIGAmerican International Group, Inc.	2.19%	6,607,420	$357M	trimmed−13%	−0.71 pp	12 q
VOYAVoya Financial, Inc.	2.11%	11,563,391	$344M	added+56%	+0.42 pp	8 q
STXNSeagate Technology Holdings PLC (Ireland)	2.07%	9,804,268	$338M	added×11.9	+1.88 pp	2 q
JPMJPMorgan Chase & Co.	1.96%	5,378,062	$318M	trimmed−1%	−0.25 pp	12 q
MSMorgan Stanley	1.94%	12,649,083	$316M	added+33%	+0.08 pp	12 q
INTCIntel Corp	1.87%	9,405,645	$304M	trimmed−8%	−0.30 pp	11 q
AXSAxis Capital Holders Limited	1.81%	5,303,536	$294M	trimmed−6%	−0.15 pp	12 q
GSGoldman Sachs Group Inc.	1.78%	1,843,793	$289M	added+20%	+0.07 pp	12 q
IPGThe Interpublic Group of Companies, Inc.	1.72%	12,221,112	$280M	trimmed−4%	−0.12 pp	12 q
METMetLife, Inc.	1.68%	6,232,310	$274M	added+4%	−0.10 pp	12 q
BPBP p.l.c.	1.67%	8,987,246	$271M	trimmed−7%	−0.20 pp	12 q
MURMurphy Oil Corp.	1.67%	10,812,354	$272M	added×2.3	+1.02 pp	9 q
HPQHP Inc.	1.60%	21,188,101	$261M	added+4%	+0.11 pp	2 q
SWKStanley Black & Decker, Inc.	1.54%	2,388,244	$251M	trimmed−19%	−0.40 pp	6 q
FFord Motor Company	1.53%	18,433,504	$249M	added+1%	−0.06 pp	6 q
RFRegions Financial Corp.	1.49%	30,951,769	$243M	added+20%	−0.04 pp	12 q
MSFTMicrosoft Corp	1.39%	4,104,570	$227M	trimmed−44%	−1.13 pp	12 q
ABTAbbott Laboratories	1.19%	4,642,170	$194M	trimmed−5%	−0.16 pp	12 q
UBSUBS Group AG	1.19%	12,141,704	$195M	trimmed−2%	−0.29 pp	6 q
STTState Street Corporation	1.18%	3,279,296	$192M	added+1%	−0.15 pp	12 q
AVTAvnet, Inc.	1.17%	4,300,793	$191M	added+4%	+0.07 pp	12 q
unresolvedXl Group PLC	1.16%	5,122,904	$189M	trimmed−10%	−0.22 pp	8 q
PNCPNC Financial Services Group	1.14%	2,203,011	$186M	trimmed−19%	−0.46 pp	12 q
CVECenovus Energy Inc.	1.07%	13,390,425	$174M	added×3.3	+0.75 pp	3 q
BAXBaxter International Inc.	1.03%	4,084,406	$168M	trimmed−14%	−0.09 pp	6 q
WTWWillis Towers Watson Public Limited Company	0.91%	1,251,011	$148M	new	+0.91 pp	new
LAMRLamar Advertising Co	0.85%	2,254,188	$139M	trimmed−4%	−0.02 pp	6 q
JNJJohnson & Johnson	0.79%	1,185,329	$128M	added+1%	+0.04 pp	12 q
HALHalliburton Company	0.78%	3,534,585	$126M	new	+0.78 pp	new
ONON Semiconductor Corp	0.77%	13,030,043	$125M	added+17%	+0.09 pp	10 q
TEXTerex Corporation	0.73%	4,804,769	$120M	added+6%	+0.21 pp	10 q
EIXEdison International	0.70%	1,586,887	$114M	added+2%	+0.13 pp	5 q
unresolvedCigna Corporation	0.64%	761,695	$105M	trimmed−40%	−0.52 pp	12 q
ACMAecom	0.62%	3,257,294	$100M	added+24%	+0.13 pp	12 q
GLWCorning Incorporated	0.59%	4,588,670	$96M	trimmed−5%	+0.05 pp	10 q
9990302DApache Corp	0.54%	1,818,639	$89M	added+1%	+0.04 pp	12 q
ALLThe Allstate Corporation	0.52%	1,257,340	$85M	added+3%	+0.05 pp	12 q
CMAComerica Incorporated	0.52%	2,244,512	$85M	added+28%	+0.07 pp	12 q
KELKellanova	0.52%	1,113,983	$85M	trimmed−14%	−0.06 pp	9 q
CSCOCisco Systems, Inc. (DE)	0.48%	2,757,432	$79M	trimmed−9%	−0.03 pp	12 q
COPConocoPhillips	0.48%	1,940,954	$78M	added×7.3	+0.40 pp	5 q
KEYKeyCorp	0.48%	7,065,553	$78M	added+12%	−0.03 pp	12 q
WFCWells Fargo & Co.	0.47%	1,592,870	$77M	trimmed−5%	−0.09 pp	12 q
FLEXFlex Ltd.	0.47%	6,372,016	$77M	added+11%	+0.07 pp	11 q
DANDana Incorporated	0.46%	5,303,153	$75M	added+15%	+0.07 pp	12 q
ATUEnerpac Tool Group Corp.	0.44%	2,896,871	$72M	added+7%	+0.04 pp	12 q
KBRKBR, Inc.	0.44%	4,642,323	$72M	added×2.1	+0.21 pp	9 q
unresolvedSuperior Energy Services Inc	0.42%	5,116,467	$69M	trimmed−0%	−0.01 pp	11 q
PFEPfizer Inc.	0.40%	2,187,104	$65M	added+1%	−0.03 pp	6 q
unresolvedBaker Hughes Inc.	0.39%	1,445,923	$63M	trimmed−8%	−0.06 pp	12 q
ETREntergy Corporation	0.39%	796,919	$63M	added0%	+0.05 pp	12 q
IVZInvesco LTD	0.39%	2,074,213	$64M	added+55%	+0.11 pp	12 q
FITBFifth Third Bancorp	0.38%	3,718,600	$62M	added+4%	−0.06 pp	12 q
NWSNews Corporation Class B	0.38%	4,610,218	$61M	trimmed−3%	−0.03 pp	11 q
VIVTelefonica Brasil, S.A.	0.38%	4,922,277	$61M	added+10%	+0.13 pp	5 q
WEDWebster Financial Corp	0.38%	1,742,097	$63M	added+6%	0.00 pp	12 q
GGenpact Limited	0.37%	2,232,720	$61M	added+11%	+0.06 pp	5 q
CVSCvs Health Corporation	0.34%	528,659	$55M	added0%	+0.02 pp	5 q
0VQJLTe Connectivity Ltd	0.33%	875,559	$54M	added0%	−0.02 pp	12 q
unresolvedBaxalta Inc	0.32%	1,277,007	$52M	trimmed−64%	−0.55 pp	3 q
unresolvedEndurance Specialty Holdings	0.32%	807,616	$53M	added+6%	+0.02 pp	9 q
TMKGlobe Life Inc.	0.31%	946,406	$51M	added+14%	+0.02 pp	12 q
MRKMerck & Co., Inc.	0.30%	921,365	$49M	new	+0.30 pp	new
DOORMasonite International Corp	0.29%	712,522	$47M	added+24%	+0.07 pp	11 q
QCOMQualcomm Inc	0.28%	887,191	$45M	added+1%	+0.01 pp	3 q
CFGCitizens Financial Group, Inc.	0.27%	2,091,046	$44M	added+1%	−0.07 pp	7 q
SYU1Synovus Financial Corp	0.27%	1,532,901	$44M	added+1%	−0.03 pp	8 q
ROCKGibraltar Industries, Inc.	0.25%	1,408,780	$40M	trimmed−4%	+0.02 pp	8 q
ASBAssociated Banc-Corp	0.24%	2,180,070	$39M	added+19%	+0.03 pp	9 q
GTLSChart Inds Inc	0.23%	1,698,111	$37M	added+6%	+0.05 pp	4 q
NSITInsight Enterprises Inc	0.22%	1,224,273	$35M	added0%	+0.03 pp	12 q
GTSTriple-s Management Corp	0.22%	1,417,632	$35M	trimmed−12%	−0.02 pp	4 q
ESNDEssendant Inc	0.21%	1,086,985	$35M	added+1%	−0.01 pp	4 q
TAT&T Inc.	0.20%	823,058	$32M	held	—	4 q
CUBLionheart Holdings Class A	0.20%	801,665	$32M	added+60%	+0.05 pp	6 q
DIODDiodes Inc	0.20%	1,644,271	$33M	added+1%	−0.03 pp	12 q
TTEKTetra Tech Inc	0.20%	1,092,735	$33M	added0%	+0.02 pp	11 q
unresolvedValidus Holdings Ltd	0.20%	700,180	$33M	added+6%	+0.01 pp	12 q
unresolvedBbcn Bancorp Inc	0.19%	2,048,261	$31M	added+1%	−0.03 pp	12 q
SRIStoneridge, Inc	0.19%	2,138,971	$31M	trimmed−2%	−0.01 pp	10 q
FMBIFirst Midwest Bancorp Inc/IL	0.18%	1,643,896	$30M	added0%	−0.01 pp	12 q
UVVUniversal Corporation	0.18%	503,326	$29M	added+1%	+0.01 pp	4 q
unresolvedAspen Insurance Holdings Ltd	0.18%	607,948	$29M	added+1%	0.00 pp	12 q
unresolvedNational Penn Bancshares Inc	0.17%	2,540,359	$27M	trimmed−0%	−0.02 pp	12 q
UPBDUpbound Group, Inc.	0.17%	1,783,256	$28M	trimmed−1%	0.00 pp	12 q
CTSHCognizant Technology Solutions	0.16%	418,612	$26M	added+13%	+0.02 pp	5 q
unresolvedL-3 Communications Hldgs Inc	0.16%	213,500	$25M	added0%	0.00 pp	12 q
MASMasco Corporation	0.16%	846,671	$27M	trimmed−68%	−0.30 pp	12 q
AGIIArgo Group International	0.16%	466,563	$27M	added+3%	−0.01 pp	12 q
CMCOColumbus McKinnon Corp/NY	0.15%	1,530,895	$24M	added+1%	−0.03 pp	10 q
LMLegg Mason, Inc.	0.15%	706,600	$25M	trimmed−4%	−0.03 pp	12 q
MROMarathon Oil Corporation	0.15%	2,261,047	$25M	new	+0.15 pp	new
EXCExelon Corporation	0.13%	611,055	$22M	added+16%	+0.04 pp	9 q
unresolvedGeneral Cable Corp	0.13%	1,675,043	$20M	trimmed−3%	−0.01 pp	7 q
ARWArrow Electronics, Inc.	0.12%	304,670	$20M	added+20%	+0.04 pp	9 q
EPREPR Properties	0.12%	288,275	$19M	added+20%	+0.03 pp	9 q
GNWGenworth Financial, Inc.	0.12%	6,873,293	$19M	trimmed−16%	−0.07 pp	8 q
OCOwens Corning	0.12%	414,675	$20M	trimmed−27%	−0.04 pp	12 q
SS1ARadius Recycling Inc	0.12%	1,021,731	$19M	trimmed−0%	+0.03 pp	11 q
unresolvedTcf Financial Corp	0.12%	1,540,587	$19M	added+2%	−0.01 pp	12 q
WSFSWSFS Financial Corp	0.12%	587,338	$19M	trimmed−1%	0.00 pp	12 q
ARCARC Document Solutions, Inc.	0.11%	3,905,326	$18M	added+2%	+0.01 pp	12 q
unresolvedAetna Inc New	0.11%	155,193	$17M	trimmed−74%	−0.28 pp	12 q
AXEAnixter International Inc	0.11%	341,684	$18M	new	+0.11 pp	new
unresolvedFmc Technologies Inc	0.11%	637,749	$17M	new	+0.11 pp	new
ACHAccendra Health, Inc.	0.11%	449,414	$18M	trimmed−56%	−0.12 pp	7 q
PCGPG&E Corporation	0.11%	312,561	$19M	added+19%	+0.02 pp	4 q
PGRProgressive Corporation	0.11%	496,260	$17M	trimmed−81%	−0.42 pp	9 q
SCSCScansource Inc	0.11%	437,819	$18M	new	+0.11 pp	new
TECDTech Data Corp	0.11%	238,205	$18M	trimmed−52%	−0.09 pp	9 q
EGEverest Group, Ltd.	0.11%	91,636	$18M	added+17%	+0.02 pp	9 q
unresolvedHospitality Properties Trust	0.10%	587,962	$16M	added0%	+0.01 pp	12 q
KSSKohls Corporation	0.10%	349,774	$16M	added+1%	0.00 pp	12 q
unresolvedRowan Cos PLC	0.10%	996,725	$16M	added+36%	+0.02 pp	9 q
CBChubb Limited	0.10%	141,813	$17M	new	+0.10 pp	new
HIGThe Hartford Insurance Group, Inc.	0.09%	314,390	$14M	held	—	12 q
JBLJabil Inc.	0.08%	714,997	$14M	added+28%	0.00 pp	9 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.08%	469,278	$12M	trimmed−13%	0.00 pp	11 q
unresolvedPhh Corp	0.07%	928,249	$12M	added+1%	−0.02 pp	12 q
PGProcter & Gamble Company	0.07%	133,274	$11M	trimmed−28%	−0.02 pp	12 q
AELAmerican Equity Investment Life Holding Company	0.06%	590,141	$10M	new	+0.06 pp	new
unresolvedKkr & Co L P DEL	0.06%	695,268	$10M	added×2.4	+0.03 pp	2 q
PRIPrimerica, Inc.	0.06%	228,490	$10M	added0%	−0.01 pp	12 q
TRSTrimas Corporation	0.06%	542,568	$10M	added+3%	0.00 pp	7 q
DRHDiamondrock Hospitality Company	0.05%	815,735	$8M	added+1%	0.00 pp	12 q
AIZAssurant, Inc.	0.04%	80,508	$6M	trimmed−21%	−0.01 pp	12 q
CDWCDW Corporation	0.04%	146,082	$6M	held	—	4 q
MATWMatthews International Corp	0.04%	128,197	$7M	trimmed−57%	−0.06 pp	12 q
BPOPPopular Inc	0.03%	188,830	$5M	trimmed−12%	−0.01 pp	12 q
unresolvedApollo Global Management LLC	0.02%	225,350	$4M	new	+0.02 pp	new
IBNICICI Bank Limited	0.01%	277,050	$2M	held	—	5 q
INFYInfosys Limited	0.01%	114,700	$2M	held	—	5 q
unresolvedKey Energy Svcs Inc	0.01%	5,825,628	$2M	added+6%	−0.01 pp	5 q
unresolvedMonster Worldwide Inc	0.01%	384,426	$1M	trimmed−76%	−0.05 pp	12 q
PKXPOSCO Holdings Inc.	0.01%	17,300	$819,000	new	+0.01 pp	new
SHGShinhan Financial Group Co Ltd	0.01%	32,225	$1M	added+89%	+0.01 pp	10 q
TPCTutor Perini Corporation	0.01%	60,200	$936,000	trimmed−92%	−0.07 pp	12 q
NLYAnnaly Capital Management. Inc.	0.00%	12,402	$127,000	new	0.00 pp	new
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	76,100	$444,000	held	—	8 q
unresolvedWillis Group Holdings Public	—	−5,493,939	—	exited	−1.65 pp	—
BRCBrady Corporation	—	−1,061,087	—	exited	−0.15 pp	—
unresolvedStancorp Financial Group	—	−173,476	—	exited	−0.12 pp	—
unresolvedAce Ltd	—	−139,011	—	exited	−0.10 pp	—
unresolvedIngram Micro Inc	—	−474,607	—	exited	−0.09 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−45,925	—	exited	−0.01 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−17,560	—	exited	−0.01 pp	—
unresolvedSteel Excel Inc	—	−63,567	—	exited	−0.01 pp	—
CVXChevron Corporation	—	−7,862	—	exited	0.00 pp	—
0WEWeatherford International plc	—	−13,296	—	exited	0.00 pp	—