Pzena Investment Management

Q3 2016 13F · by Richard Pzena, CIO

As of: Sep 30, 2016
Filed: Nov 4, 2016
US stock: $16.4B · prev $16.0B
Positions: 152 · prev 144
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%

Moves146 since the prior filing

+6.1 pp in · −6.1 pp out

New 14 +4.09 pp
Added 43 +2.04 pp
Trimmed 83 −4.46 pp
Exited 6 −1.65 pp

The book

Diversified · behaves like 63 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions14% of US stock

Positions152 in this filing · 6 exited


VOYAVoya Financial, Inc.	3.01%	17,077,755	$492M	added+13%	+0.66 pp	10 q
BACBank of America Corporation	2.69%	28,110,981	$440M	trimmed−6%	+0.20 pp	14 q
PHParker-Hannifin Corporation	2.69%	3,508,922	$440M	trimmed−9%	+0.10 pp	14 q
HPEHewlett Packard Enterprise Company	2.63%	18,885,018	$430M	trimmed−9%	+0.26 pp	4 q
CCitigroup Inc.	2.62%	9,074,918	$429M	trimmed−6%	+0.06 pp	14 q
DOVDover Corporation	2.61%	5,794,644	$427M	trimmed−6%	−0.08 pp	6 q
STXNSeagate Technology Holdings PLC (Ireland)	2.61%	11,068,116	$427M	trimmed−29%	+0.25 pp	4 q
OMCOmnicom Group Inc.	2.34%	4,503,223	$383M	trimmed−3%	−0.02 pp	14 q
RDS.ARoyal Dutch Shell PLC	2.31%	7,537,249	$377M	trimmed−16%	−0.78 pp	14 q
WMTWalmart Inc.	2.30%	5,216,832	$376M	trimmed−3%	−0.15 pp	14 q
BENFranklin Templeton, Inc.	2.29%	10,535,639	$375M	trimmed−1%	+0.06 pp	14 q
AIGAmerican International Group, Inc.	2.22%	6,117,797	$363M	trimmed−6%	+0.07 pp	14 q
MSMorgan Stanley	2.22%	11,342,485	$364M	trimmed−12%	+0.12 pp	14 q
ORCLOracle Corp	2.21%	9,218,507	$362M	trimmed−4%	−0.25 pp	14 q
NWSANews Corporation Class A	2.15%	25,123,524	$351M	trimmed−7%	+0.24 pp	12 q
XOMExxon Mobil Corp	2.05%	3,851,170	$336M	trimmed−19%	−0.75 pp	14 q
JPMJPMorgan Chase & Co.	2.01%	4,948,740	$330M	trimmed−8%	−0.07 pp	14 q
INTCIntel Corp	1.98%	8,562,439	$323M	trimmed−8%	+0.07 pp	13 q
unresolvedStaples Inc	1.79%	34,174,464	$292M	added+1%	−0.04 pp	14 q
MURMurphy Oil Corp.	1.78%	9,557,669	$291M	added+4%	−0.04 pp	11 q
RFRegions Financial Corp.	1.66%	27,450,466	$271M	trimmed−10%	+0.04 pp	14 q
GSGoldman Sachs Group Inc.	1.65%	1,674,601	$270M	trimmed−10%	−0.07 pp	14 q
HPQHP Inc.	1.64%	17,311,624	$269M	trimmed−17%	0.00 pp	4 q
AXSAxis Capital Holders Limited	1.62%	4,876,934	$265M	trimmed−8%	−0.21 pp	14 q
METMetLife, Inc.	1.61%	5,935,485	$264M	trimmed−3%	+0.08 pp	14 q
BPBP p.l.c.	1.60%	7,446,839	$262M	trimmed−16%	−0.37 pp	14 q
IPGThe Interpublic Group of Companies, Inc.	1.51%	11,088,543	$248M	trimmed−3%	−0.13 pp	14 q
COFCapital One Financial	1.40%	3,190,520	$229M	new	+1.40 pp	new
unresolvedHilton Worldwide Hldgs Inc	1.37%	9,804,419	$225M	new	+1.37 pp	new
SWKStanley Black & Decker, Inc.	1.36%	1,811,837	$223M	trimmed−22%	−0.25 pp	8 q
ABTAbbott Laboratories	1.30%	5,017,660	$212M	trimmed−6%	−0.01 pp	14 q
FFord Motor Company	1.28%	17,419,992	$210M	trimmed−6%	−0.17 pp	8 q
STTState Street Corporation	1.26%	2,963,003	$206M	trimmed−11%	+0.14 pp	14 q
CVECenovus Energy Inc.	1.17%	13,375,530	$192M	trimmed−8%	−0.09 pp	5 q
AVTAvnet, Inc.	1.15%	4,586,045	$188M	added+6%	+0.05 pp	14 q
TEXTerex Corporation	1.13%	7,293,443	$185M	added+2%	+0.22 pp	12 q
unresolvedXl Group Ltd	1.04%	5,072,010	$171M	new	+1.04 pp	new
MSFTMicrosoft Corp	0.99%	2,811,349	$162M	trimmed−18%	−0.11 pp	14 q
UBSUBS Group AG	0.96%	11,569,209	$158M	trimmed−7%	−0.04 pp	8 q
ONON Semiconductor Corp	0.94%	12,481,544	$154M	trimmed−5%	+0.21 pp	12 q
HALHalliburton Company	0.86%	3,125,142	$140M	trimmed−14%	−0.17 pp	3 q
WTWWillis Towers Watson Public Limited Company	0.86%	1,056,829	$140M	trimmed−13%	−0.08 pp	3 q
unresolvedCigna Corporation	0.72%	906,125	$118M	added+17%	+0.10 pp	14 q
JNJJohnson & Johnson	0.72%	1,002,314	$118M	trimmed−9%	−0.12 pp	14 q
CMAComerica Incorporated	0.71%	2,449,727	$116M	trimmed−0%	+0.08 pp	14 q
COPConocoPhillips	0.71%	2,679,121	$116M	added+33%	+0.16 pp	7 q
LAMRLamar Advertising Co	0.71%	1,777,927	$116M	trimmed−6%	−0.07 pp	8 q
EIXEdison International	0.70%	1,578,886	$114M	trimmed−2%	−0.09 pp	7 q
KEYKeyCorp	0.56%	7,486,993	$91M	added+4%	+0.06 pp	14 q
CSCOCisco Systems, Inc. (DE)	0.55%	2,832,899	$90M	added+9%	+0.08 pp	14 q
MRKMerck & Co., Inc.	0.54%	1,408,678	$88M	trimmed−0%	+0.03 pp	3 q
FLEXFlex Ltd.	0.53%	6,400,643	$87M	added0%	+0.06 pp	13 q
ACMAecom	0.51%	2,793,775	$83M	trimmed−20%	−0.19 pp	14 q
ALLThe Allstate Corporation	0.50%	1,176,727	$81M	trimmed−9%	−0.06 pp	14 q
FITBFifth Third Bancorp	0.48%	3,877,875	$79M	added+4%	+0.07 pp	14 q
PFEPfizer Inc.	0.48%	2,329,636	$79M	added+7%	0.00 pp	8 q
IVZInvesco LTD	0.48%	2,523,211	$79M	trimmed−13%	+0.02 pp	14 q
KELKellanova	0.46%	970,849	$75M	trimmed−0%	−0.04 pp	11 q
WEDWebster Financial Corp	0.45%	1,933,810	$74M	trimmed−0%	+0.04 pp	14 q
DANDana Incorporated	0.44%	4,572,452	$71M	trimmed−14%	+0.09 pp	14 q
KBRKBR, Inc.	0.44%	4,774,681	$72M	trimmed−2%	+0.04 pp	11 q
unresolvedSuperior Energy Services Inc	0.44%	4,016,036	$72M	trimmed−6%	−0.05 pp	13 q
unresolvedBaker Hughes Inc.	0.43%	1,384,985	$70M	held	—	14 q
ATUEnerpac Tool Group Corp.	0.42%	2,947,227	$68M	added+6%	+0.03 pp	14 q
ETREntergy Corporation	0.37%	797,778	$61M	trimmed−0%	−0.04 pp	14 q
QCOMQualcomm Inc	0.37%	883,045	$60M	trimmed−1%	+0.07 pp	5 q
VIVTelefonica Brasil, S.A.	0.36%	4,105,806	$59M	trimmed−15%	−0.05 pp	7 q
GGenpact Limited	0.36%	2,433,316	$58M	added+9%	−0.01 pp	7 q
0VQJLTe Connectivity Ltd	0.34%	876,215	$56M	trimmed−0%	+0.03 pp	14 q
unresolvedEndurance Specialty Holdings	0.33%	816,510	$53M	added+2%	−0.01 pp	11 q
CFGCitizens Financial Group, Inc.	0.32%	2,092,046	$52M	trimmed−0%	+0.06 pp	9 q
BAXBaxter International Inc.	0.31%	1,061,577	$51M	trimmed−66%	−0.57 pp	8 q
GTLSChart Inds Inc	0.31%	1,545,118	$51M	trimmed−8%	+0.06 pp	6 q
SYU1Synovus Financial Corp	0.31%	1,556,737	$51M	added+2%	+0.03 pp	10 q
ASBAssociated Banc-Corp	0.29%	2,428,717	$48M	added+5%	+0.04 pp	11 q
CVSCvs Health Corporation	0.29%	529,858	$47M	trimmed0%	−0.03 pp	7 q
WFCWells Fargo & Co.	0.28%	1,017,204	$45M	trimmed−0%	−0.02 pp	14 q
AELAmerican Equity Investment Life Holding Company	0.27%	2,538,067	$45M	trimmed−5%	+0.03 pp	3 q
CTSHCognizant Technology Solutions	0.27%	940,451	$45M	added+70%	+0.07 pp	7 q
DOORMasonite International Corp	0.27%	721,605	$45M	added+15%	+0.01 pp	13 q
PNCPNC Financial Services Group	0.27%	489,885	$44M	trimmed−77%	−0.82 pp	14 q
AXEAnixter International Inc	0.26%	653,454	$42M	added+6%	+0.05 pp	3 q
GTSTriple-s Management Corp	0.26%	1,971,750	$43M	added+26%	+0.02 pp	6 q
GLWCorning Incorporated	0.25%	1,756,052	$42M	trimmed−51%	−0.21 pp	12 q
CUBLionheart Holdings Class A	0.25%	869,384	$41M	added+2%	+0.04 pp	8 q
HOPEHope Bancorp, Inc.	0.25%	2,310,964	$40M	new	+0.25 pp	new
NSITInsight Enterprises Inc	0.24%	1,222,338	$40M	trimmed−7%	+0.03 pp	14 q
SCSCScansource Inc	0.24%	1,076,702	$39M	added+16%	+0.03 pp	3 q
DIODDiodes Inc	0.21%	1,583,658	$34M	trimmed−3%	+0.02 pp	14 q
GNWGenworth Financial, Inc.	0.21%	6,919,984	$34M	added+1%	+0.10 pp	10 q
unresolvedValidus Holdings Ltd	0.21%	701,669	$35M	trimmed−4%	−0.01 pp	14 q
TAT&T Inc.	0.20%	823,993	$33M	trimmed−0%	−0.02 pp	6 q
FMBIFirst Midwest Bancorp Inc/IL	0.20%	1,673,166	$32M	added+2%	+0.02 pp	14 q
ACHAccendra Health, Inc.	0.20%	942,143	$33M	added×2.1	+0.09 pp	9 q
TMKGlobe Life Inc.	0.20%	518,808	$33M	trimmed−39%	−0.13 pp	14 q
unresolvedAspen Insurance Holdings Ltd	0.20%	688,448	$32M	added+13%	+0.02 pp	14 q
AGIIArgo Group International	0.18%	525,702	$30M	added+3%	+0.01 pp	14 q
CMCOColumbus McKinnon Corp/NY	0.17%	1,543,733	$28M	added+1%	+0.04 pp	12 q
unresolvedFmc Technologies Inc	0.17%	910,350	$27M	trimmed−5%	+0.01 pp	3 q
UVVUniversal Corporation	0.17%	485,490	$28M	trimmed−3%	−0.01 pp	6 q
unresolvedGeneral Cable Corp	0.16%	1,708,742	$26M	added+2%	+0.03 pp	9 q
unresolvedL-3 Communications Hldgs Inc	0.16%	168,400	$25M	trimmed−21%	−0.04 pp	14 q
SRIStoneridge, Inc	0.16%	1,460,399	$27M	trimmed−22%	−0.02 pp	12 q
TRSTrimas Corporation	0.16%	1,376,062	$26M	added+38%	+0.05 pp	9 q
ESNDEssendant Inc	0.15%	1,203,461	$25M	added+3%	−0.07 pp	6 q
UPBDUpbound Group, Inc.	0.14%	1,825,479	$23M	added+3%	0.00 pp	14 q
unresolvedTcf Financial Corp	0.14%	1,578,394	$23M	added+2%	+0.02 pp	14 q
ROCKGibraltar Industries, Inc.	0.13%	567,077	$21M	trimmed−50%	−0.09 pp	10 q
LMLegg Mason, Inc.	0.13%	639,775	$21M	held	—	14 q
SS1ARadius Recycling Inc	0.13%	1,037,754	$22M	added+2%	+0.02 pp	13 q
TTEKTetra Tech Inc	0.13%	593,806	$21M	trimmed−39%	−0.06 pp	13 q
WSFSWSFS Financial Corp	0.13%	590,212	$22M	added+2%	+0.01 pp	14 q
ARWArrow Electronics, Inc.	0.12%	304,670	$19M	held	—	11 q
PCGPG&E Corporation	0.12%	312,782	$19M	added0%	0.00 pp	6 q
unresolvedAetna Inc New	0.11%	155,248	$18M	added0%	−0.01 pp	14 q
BBTTruist Financial Corporation	0.11%	477,752	$18M	trimmed−1%	0.00 pp	2 q
unresolvedHospitality Properties Trust	0.11%	587,608	$17M	trimmed−0%	0.00 pp	14 q
EGEverest Group, Ltd.	0.11%	91,703	$17M	added0%	+0.01 pp	11 q
EXCExelon Corporation	0.10%	487,151	$16M	trimmed−20%	−0.04 pp	11 q
JBLJabil Inc.	0.10%	712,955	$16M	trimmed−0%	+0.02 pp	11 q
PGProcter & Gamble Company	0.10%	179,170	$16M	added+33%	+0.03 pp	14 q
PGRProgressive Corporation	0.10%	496,260	$16M	held	—	11 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.10%	513,528	$16M	trimmed−7%	+0.01 pp	13 q
ARCARC Document Solutions, Inc.	0.09%	3,983,936	$15M	added+2%	−0.01 pp	14 q
KSSKohls Corporation	0.09%	351,299	$15M	trimmed−0%	+0.01 pp	14 q
unresolvedRowan Cos PLC	0.09%	996,725	$15M	held	—	11 q
HIGThe Hartford Insurance Group, Inc.	0.08%	314,390	$13M	held	—	14 q
NWSNews Corporation Class B	0.08%	888,815	$13M	trimmed−61%	−0.08 pp	13 q
OCOwens Corning	0.07%	203,330	$11M	held	—	14 q
CBChubb Limited	0.06%	83,429	$10M	trimmed−39%	−0.05 pp	3 q
AIZAssurant, Inc.	0.05%	80,124	$7M	trimmed−0%	+0.01 pp	14 q
DRHDiamondrock Hospitality Company	0.05%	846,653	$8M	added+4%	0.00 pp	14 q
unresolvedKkr & Co L P DEL	0.05%	612,618	$9M	trimmed−12%	0.00 pp	4 q
unresolvedApollo Global Management LLC	0.04%	348,100	$6M	trimmed−9%	0.00 pp	3 q
CDWCDW Corporation	0.04%	146,082	$7M	held	—	6 q
BPOPPopular Inc	0.03%	114,425	$4M	trimmed−39%	0.00 pp	14 q
WAIRWESCO Aircraft Holdings Inc.	0.03%	379,177	$5M	new	+0.03 pp	new
9990302DApache Corp	0.01%	17,450	$1M	trimmed−98%	−0.31 pp	14 q
INFYInfosys Limited	0.01%	114,700	$2M	held	—	7 q
PKXPOSCO Holdings Inc.	0.01%	18,900	$965,000	held	—	3 q
SHGShinhan Financial Group Co Ltd	0.01%	33,600	$1M	held	—	12 q
AMGNAmgen Inc	0.00%	1,196	$200,000	new	0.00 pp	new
NLYAnnaly Capital Management. Inc.	0.00%	20,355	$214,000	added+64%	0.00 pp	3 q
BIIBBiogen Inc.	0.00%	642	$201,000	new	0.00 pp	new
CFFNCapitol Federal Financial, Inc.	0.00%	11,400	$160,000	new	0.00 pp	new
DGDollar General Corp.	0.00%	4,077	$285,000	new	0.00 pp	new
unresolvedExpress Scripts Hldg Co	0.00%	3,507	$247,000	new	0.00 pp	new
99803EURLaboratory Crp Of Amer Hldgs	0.00%	2,185	$300,000	new	0.00 pp	new
MSMMSC Industrial Direct Co., Inc. Class A	0.00%	2,730	$200,000	new	0.00 pp	new
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	76,100	$710,000	held	—	10 q
VARVarian Medical Systems, Inc.	0.00%	2,998	$298,000	new	0.00 pp	new
RNRRenaissanceRe Holdings Ltd.	0.00%	2,530	$304,000	new	0.00 pp	new
unresolvedXl Group PLC	—	−5,161,867	—	exited	−1.08 pp	—
unresolvedBbcn Bancorp Inc	—	−2,260,405	—	exited	−0.21 pp	—
MASMasco Corporation	—	−846,154	—	exited	−0.16 pp	—
EPREPR Properties	—	−288,275	—	exited	−0.15 pp	—
PRIPrimerica, Inc.	—	−125,265	—	exited	−0.04 pp	—
unresolvedKey Energy Svcs Inc	—	−5,842,346	—	exited	−0.01 pp	—