Pzena Investment Management

Q2 2016 13F · by Richard Pzena, CIO

As of: Jun 30, 2016
Filed: Aug 5, 2016
US stock: $16.0B · prev $16.3B
Positions: 144 · prev 152
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%

Moves141 since the prior filing

+2.3 pp in · −2.3 pp out

New 1 +0.11 pp
Added 64 +2.18 pp
Trimmed 67 −1.46 pp
Exited 9 −0.89 pp

The book

Diversified · behaves like 63 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.1 years per position

Low
Moderate
High

Top 5 positions14% of US stock

RDS.A Royal Dutch Shell PLC trimmed+0.11 pp trimmed+0.113.1%
XOM Exxon Mobil Corp trimmed+0.24 pp trimmed+0.242.8%
DOV Dover Corporation added+0.27 pp added+0.272.7%
PH Parker-Hannifin Corporation trimmed−0.09 pp trimmed−0.092.6%
C Citigroup Inc. trimmed+0.03 pp trimmed+0.032.6%

Positions144 in this filing · 9 exited


RDS.ARoyal Dutch Shell PLC	3.09%	8,941,688	$494M	trimmed−11%	+0.11 pp	13 q
XOMExxon Mobil Corp	2.80%	4,772,418	$447M	trimmed−4%	+0.24 pp	13 q
DOVDover Corporation	2.69%	6,194,201	$429M	added+1%	+0.27 pp	5 q
PHParker-Hannifin Corporation	2.59%	3,835,028	$414M	trimmed−2%	−0.09 pp	13 q
CCitigroup Inc.	2.56%	9,647,065	$409M	trimmed−2%	+0.03 pp	13 q
BACBank of America Corporation	2.49%	29,946,738	$397M	trimmed−1%	−0.02 pp	13 q
ORCLOracle Corp	2.46%	9,587,982	$392M	trimmed−8%	−0.16 pp	13 q
WMTWalmart Inc.	2.45%	5,368,914	$392M	trimmed−6%	+0.05 pp	13 q
HPEHewlett Packard Enterprise Company	2.37%	20,764,556	$379M	trimmed−0%	+0.10 pp	3 q
OMCOmnicom Group Inc.	2.36%	4,624,761	$377M	trimmed−1%	−0.02 pp	13 q
STXNSeagate Technology Holdings PLC (Ireland)	2.36%	15,500,305	$378M	added+58%	+0.29 pp	3 q
VOYAVoya Financial, Inc.	2.35%	15,175,429	$376M	added+31%	+0.24 pp	9 q
BENFranklin Templeton, Inc.	2.23%	10,670,335	$356M	added+1%	−0.31 pp	13 q
AIGAmerican International Group, Inc.	2.15%	6,495,886	$344M	trimmed−2%	−0.04 pp	13 q
MSMorgan Stanley	2.10%	12,892,657	$335M	added+2%	+0.16 pp	13 q
JPMJPMorgan Chase & Co.	2.08%	5,363,320	$333M	trimmed−0%	+0.12 pp	13 q
BPBP p.l.c.	1.97%	8,878,224	$315M	trimmed−1%	+0.30 pp	13 q
INTCIntel Corp	1.91%	9,324,290	$306M	trimmed−1%	+0.04 pp	12 q
NWSANews Corporation Class A	1.91%	26,908,102	$305M	trimmed−8%	−0.39 pp	11 q
unresolvedStaples Inc	1.83%	33,904,301	$292M	trimmed−1%	−0.50 pp	13 q
AXSAxis Capital Holders Limited	1.83%	5,315,007	$292M	added0%	+0.02 pp	13 q
MURMurphy Oil Corp.	1.82%	9,186,692	$292M	trimmed−15%	+0.15 pp	10 q
GSGoldman Sachs Group Inc.	1.72%	1,854,044	$275M	added+1%	−0.06 pp	13 q
HPQHP Inc.	1.64%	20,913,999	$262M	trimmed−1%	+0.04 pp	3 q
IPGThe Interpublic Group of Companies, Inc.	1.64%	11,372,595	$263M	trimmed−7%	−0.08 pp	13 q
RFRegions Financial Corp.	1.62%	30,403,525	$259M	trimmed−2%	+0.13 pp	13 q
SWKStanley Black & Decker, Inc.	1.61%	2,319,041	$258M	trimmed−3%	+0.07 pp	7 q
METMetLife, Inc.	1.53%	6,140,192	$245M	trimmed−1%	−0.15 pp	13 q
FFord Motor Company	1.45%	18,453,743	$232M	added0%	−0.08 pp	7 q
ABTAbbott Laboratories	1.31%	5,327,448	$209M	added+15%	+0.12 pp	13 q
CVECenovus Energy Inc.	1.26%	14,530,992	$201M	added+9%	+0.19 pp	4 q
STTState Street Corporation	1.12%	3,330,276	$180M	added+2%	−0.06 pp	13 q
AVTAvnet, Inc.	1.10%	4,335,912	$176M	added+1%	−0.07 pp	13 q
MSFTMicrosoft Corp	1.10%	3,423,007	$175M	trimmed−17%	−0.29 pp	13 q
PNCPNC Financial Services Group	1.09%	2,141,005	$174M	trimmed−3%	−0.05 pp	13 q
unresolvedXl Group PLC	1.08%	5,161,867	$172M	added+1%	−0.08 pp	9 q
HALHalliburton Company	1.03%	3,636,273	$165M	added+3%	+0.25 pp	2 q
UBSUBS Group AG	1.00%	12,387,311	$161M	added+2%	−0.19 pp	7 q
WTWWillis Towers Watson Public Limited Company	0.94%	1,211,101	$151M	trimmed−3%	+0.03 pp	2 q
TEXTerex Corporation	0.91%	7,164,504	$146M	added+49%	+0.18 pp	11 q
BAXBaxter International Inc.	0.88%	3,115,865	$141M	trimmed−24%	−0.15 pp	7 q
JNJJohnson & Johnson	0.84%	1,103,032	$134M	trimmed−7%	+0.05 pp	13 q
EIXEdison International	0.79%	1,616,335	$126M	added+2%	+0.09 pp	6 q
LAMRLamar Advertising Co	0.78%	1,885,825	$125M	trimmed−16%	−0.07 pp	7 q
ONON Semiconductor Corp	0.73%	13,177,864	$116M	added+1%	−0.04 pp	11 q
ACMAecom	0.70%	3,497,198	$111M	added+7%	+0.08 pp	13 q
CMAComerica Incorporated	0.63%	2,455,354	$101M	added+9%	+0.11 pp	13 q
unresolvedCigna Corporation	0.62%	771,405	$99M	added+1%	−0.02 pp	13 q
ALLThe Allstate Corporation	0.56%	1,288,423	$90M	added+2%	+0.04 pp	13 q
COPConocoPhillips	0.55%	2,015,064	$88M	added+4%	+0.07 pp	6 q
MRKMerck & Co., Inc.	0.51%	1,415,390	$82M	added+54%	+0.21 pp	2 q
KELKellanova	0.50%	973,180	$79M	trimmed−13%	−0.02 pp	10 q
KEYKeyCorp	0.50%	7,181,553	$79M	added+2%	+0.02 pp	13 q
unresolvedSuperior Energy Services Inc	0.49%	4,264,415	$79M	trimmed−17%	+0.07 pp	12 q
PFEPfizer Inc.	0.48%	2,186,404	$77M	trimmed−0%	+0.08 pp	7 q
CSCOCisco Systems, Inc. (DE)	0.47%	2,602,784	$75M	trimmed−6%	−0.01 pp	13 q
FLEXFlex Ltd.	0.47%	6,372,403	$75M	added0%	0.00 pp	12 q
GLWCorning Incorporated	0.46%	3,568,545	$73M	trimmed−22%	−0.13 pp	11 q
IVZInvesco LTD	0.46%	2,891,452	$74M	added+39%	+0.07 pp	13 q
ETREntergy Corporation	0.41%	799,844	$65M	added0%	+0.02 pp	13 q
FITBFifth Third Bancorp	0.41%	3,722,350	$65M	added0%	+0.03 pp	13 q
VIVTelefonica Brasil, S.A.	0.41%	4,824,877	$66M	trimmed−2%	+0.03 pp	6 q
WEDWebster Financial Corp	0.41%	1,934,946	$66M	added+11%	+0.03 pp	13 q
KBRKBR, Inc.	0.40%	4,888,123	$65M	added+5%	−0.04 pp	10 q
ATUEnerpac Tool Group Corp.	0.39%	2,769,506	$63M	trimmed−4%	−0.05 pp	13 q
unresolvedBaker Hughes Inc.	0.39%	1,384,985	$63M	trimmed−4%	0.00 pp	13 q
GGenpact Limited	0.37%	2,223,016	$60M	trimmed−0%	0.00 pp	6 q
DANDana Incorporated	0.35%	5,299,270	$56M	trimmed−0%	−0.11 pp	13 q
unresolvedEndurance Specialty Holdings	0.34%	803,625	$54M	trimmed−0%	+0.02 pp	10 q
TMKGlobe Life Inc.	0.33%	849,491	$53M	trimmed−10%	+0.02 pp	13 q
9990302DApache Corp	0.32%	932,140	$52M	trimmed−49%	−0.22 pp	13 q
CVSCvs Health Corporation	0.32%	529,884	$51M	added0%	−0.02 pp	6 q
0VQJLTe Connectivity Ltd	0.31%	878,715	$50M	added0%	−0.02 pp	13 q
QCOMQualcomm Inc	0.30%	888,541	$48M	added0%	+0.02 pp	4 q
WFCWells Fargo & Co.	0.30%	1,019,329	$48M	trimmed−36%	−0.17 pp	13 q
SYU1Synovus Financial Corp	0.28%	1,531,317	$44M	trimmed−0%	+0.01 pp	9 q
CFGCitizens Financial Group, Inc.	0.26%	2,095,671	$42M	added0%	−0.01 pp	8 q
DOORMasonite International Corp	0.26%	629,640	$42M	trimmed−12%	−0.03 pp	12 q
ASBAssociated Banc-Corp	0.25%	2,314,511	$40M	added+6%	+0.01 pp	10 q
GTLSChart Inds Inc	0.25%	1,675,388	$40M	trimmed−1%	+0.02 pp	5 q
AELAmerican Equity Investment Life Holding Company	0.24%	2,675,697	$38M	added×4.5	+0.18 pp	2 q
GTSTriple-s Management Corp	0.24%	1,559,649	$38M	added+10%	+0.02 pp	5 q
TAT&T Inc.	0.22%	826,158	$36M	added0%	+0.02 pp	5 q
ESNDEssendant Inc	0.22%	1,173,329	$36M	added+8%	+0.01 pp	5 q
ROCKGibraltar Industries, Inc.	0.22%	1,125,789	$36M	trimmed−20%	−0.03 pp	9 q
unresolvedValidus Holdings Ltd	0.22%	730,472	$35M	added+4%	+0.02 pp	13 q
AXEAnixter International Inc	0.21%	618,924	$33M	added+81%	+0.10 pp	2 q
unresolvedBbcn Bancorp Inc	0.21%	2,260,405	$34M	added+10%	+0.02 pp	13 q
CUBLionheart Holdings Class A	0.21%	850,674	$34M	added+6%	+0.01 pp	7 q
NSITInsight Enterprises Inc	0.21%	1,317,814	$34M	added+8%	−0.01 pp	13 q
SCSCScansource Inc	0.21%	925,541	$34M	added×2.1	+0.10 pp	2 q
CTSHCognizant Technology Solutions	0.20%	552,498	$32M	added+32%	+0.04 pp	6 q
unresolvedL-3 Communications Hldgs Inc	0.20%	214,175	$31M	added0%	+0.04 pp	13 q
DIODDiodes Inc	0.19%	1,633,795	$31M	trimmed−1%	−0.01 pp	13 q
TTEKTetra Tech Inc	0.19%	972,107	$30M	trimmed−11%	−0.01 pp	12 q
FMBIFirst Midwest Bancorp Inc/IL	0.18%	1,636,052	$29M	trimmed−0%	0.00 pp	13 q
SRIStoneridge, Inc	0.18%	1,872,997	$28M	trimmed−12%	−0.01 pp	11 q
UVVUniversal Corporation	0.18%	500,604	$29M	trimmed−1%	0.00 pp	5 q
unresolvedAspen Insurance Holdings Ltd	0.18%	606,995	$28M	trimmed−0%	0.00 pp	13 q
AGIIArgo Group International	0.17%	512,641	$27M	added+10%	+0.01 pp	13 q
unresolvedFmc Technologies Inc	0.16%	953,866	$25M	added+50%	+0.05 pp	2 q
MASMasco Corporation	0.16%	846,154	$26M	trimmed−0%	0.00 pp	13 q
NWSNews Corporation Class B	0.16%	2,253,975	$26M	trimmed−51%	−0.22 pp	12 q
EPREPR Properties	0.15%	288,275	$23M	held	—	10 q
EXCExelon Corporation	0.14%	610,976	$22M	trimmed−0%	+0.01 pp	10 q
UPBDUpbound Group, Inc.	0.14%	1,777,408	$22M	trimmed−0%	−0.03 pp	13 q
CMCOColumbus McKinnon Corp/NY	0.13%	1,523,044	$22M	trimmed−1%	−0.02 pp	11 q
unresolvedGeneral Cable Corp	0.13%	1,674,245	$21M	trimmed−0%	0.00 pp	8 q
unresolvedAetna Inc New	0.12%	155,102	$19M	trimmed−0%	+0.01 pp	13 q
ARWArrow Electronics, Inc.	0.12%	304,670	$19M	held	—	10 q
LMLegg Mason, Inc.	0.12%	639,775	$19M	trimmed−9%	−0.03 pp	13 q
PCGPG&E Corporation	0.12%	312,569	$20M	added0%	+0.01 pp	5 q
unresolvedTcf Financial Corp	0.12%	1,542,538	$20M	added0%	0.00 pp	13 q
WSFSWSFS Financial Corp	0.12%	578,654	$19M	trimmed−1%	0.00 pp	13 q
BBTTruist Financial Corporation	0.11%	481,014	$17M	new	+0.11 pp	new
GNWGenworth Financial, Inc.	0.11%	6,851,300	$18M	trimmed−0%	−0.01 pp	9 q
unresolvedHospitality Properties Trust	0.11%	587,962	$17M	held	—	13 q
ACHAccendra Health, Inc.	0.11%	449,443	$17M	added0%	0.00 pp	8 q
SS1ARadius Recycling Inc	0.11%	1,016,166	$18M	trimmed−1%	−0.01 pp	12 q
TRSTrimas Corporation	0.11%	996,886	$18M	added+84%	+0.05 pp	8 q
unresolvedRowan Cos PLC	0.11%	996,725	$18M	held	—	10 q
CBChubb Limited	0.11%	135,979	$18M	trimmed−4%	+0.01 pp	2 q
ARCARC Document Solutions, Inc.	0.10%	3,916,110	$15M	added0%	−0.01 pp	13 q
PGRProgressive Corporation	0.10%	496,260	$17M	held	—	10 q
EGEverest Group, Ltd.	0.10%	91,689	$17M	added0%	−0.01 pp	10 q
HIGThe Hartford Insurance Group, Inc.	0.09%	314,390	$14M	held	—	13 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.09%	549,878	$14M	added+17%	+0.01 pp	12 q
JBLJabil Inc.	0.08%	713,963	$13M	trimmed−0%	0.00 pp	10 q
KSSKohls Corporation	0.08%	352,924	$13M	added+1%	−0.02 pp	13 q
OCOwens Corning	0.07%	203,330	$10M	trimmed−51%	−0.05 pp	13 q
PGProcter & Gamble Company	0.07%	135,169	$11M	added+1%	0.00 pp	13 q
DRHDiamondrock Hospitality Company	0.05%	816,616	$7M	added0%	0.00 pp	13 q
unresolvedKkr & Co L P DEL	0.05%	695,268	$9M	held	—	3 q
unresolvedApollo Global Management LLC	0.04%	381,650	$6M	added+69%	+0.02 pp	2 q
AIZAssurant, Inc.	0.04%	80,260	$7M	trimmed−0%	0.00 pp	13 q
CDWCDW Corporation	0.04%	146,082	$6M	held	—	5 q
PRIPrimerica, Inc.	0.04%	125,265	$7M	trimmed−45%	−0.02 pp	13 q
BPOPPopular Inc	0.03%	188,830	$6M	held	—	13 q
INFYInfosys Limited	0.01%	114,700	$2M	held	—	6 q
unresolvedKey Energy Svcs Inc	0.01%	5,842,346	$1M	added0%	0.00 pp	6 q
PKXPOSCO Holdings Inc.	0.01%	18,900	$841,000	added+9%	0.00 pp	2 q
SHGShinhan Financial Group Co Ltd	0.01%	33,600	$1M	added+4%	0.00 pp	11 q
NLYAnnaly Capital Management. Inc.	0.00%	12,402	$137,000	held	—	2 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	76,100	$545,000	held	—	9 q
unresolvedBaxalta Inc	—	−1,277,007	—	exited	−0.32 pp	—
unresolvedNational Penn Bancshares Inc	—	−2,540,359	—	exited	−0.17 pp	—
MROMarathon Oil Corporation	—	−2,261,047	—	exited	−0.15 pp	—
TECDTech Data Corp	—	−238,205	—	exited	−0.11 pp	—
unresolvedPhh Corp	—	−928,249	—	exited	−0.07 pp	—
MATWMatthews International Corp	—	−128,197	—	exited	−0.04 pp	—
IBNICICI Bank Limited	—	−277,050	—	exited	−0.01 pp	—
unresolvedMonster Worldwide Inc	—	−384,426	—	exited	−0.01 pp	—
TPCTutor Perini Corporation	—	−60,200	—	exited	−0.01 pp	—