Pzena Investment Management

Q4 2016 13F · by Richard Pzena, CIO

As of: Dec 31, 2016
Filed: Feb 10, 2017
US stock: $17.5B · prev $16.4B
Positions: 157 · 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%

Moves150 since the prior filing

+4.1 pp in · −4.1 pp out

New 12 +0.25 pp
Added 47 +3.80 pp
Trimmed 84 −4.10 pp
Exited 7 −0.01 pp

The book

Diversified · behaves like 65 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions14% of US stock

Positions157 in this filing · 7 exited


VOYAVoya Financial, Inc.	3.11%	13,917,354	$546M	trimmed−19%	+0.10 pp	11 q
BACBank of America Corporation	2.96%	23,479,533	$519M	trimmed−16%	+0.27 pp	15 q
CCitigroup Inc.	2.88%	8,509,400	$506M	trimmed−6%	+0.26 pp	15 q
DOVDover Corporation	2.40%	5,628,493	$422M	trimmed−3%	−0.21 pp	7 q
MSMorgan Stanley	2.40%	9,972,762	$421M	trimmed−12%	+0.18 pp	15 q
BENFranklin Templeton, Inc.	2.33%	10,337,674	$409M	trimmed−2%	+0.04 pp	15 q
OMCOmnicom Group Inc.	2.33%	4,793,791	$408M	added+6%	−0.01 pp	15 q
PHParker-Hannifin Corporation	2.31%	2,892,713	$405M	trimmed−18%	−0.38 pp	15 q
HPEHewlett Packard Enterprise Company	2.27%	17,218,172	$398M	trimmed−9%	−0.36 pp	5 q
RDS.ARoyal Dutch Shell PLC	2.27%	7,323,279	$398M	trimmed−3%	−0.04 pp	15 q
ORCLOracle Corp	2.23%	10,167,717	$391M	added+10%	+0.02 pp	15 q
AIGAmerican International Group, Inc.	2.22%	5,972,998	$390M	trimmed−2%	0.00 pp	15 q
JPMJPMorgan Chase & Co.	2.14%	4,358,837	$376M	trimmed−12%	+0.13 pp	15 q
GSGoldman Sachs Group Inc.	2.03%	1,486,725	$356M	trimmed−11%	+0.38 pp	15 q
XOMExxon Mobil Corp	1.97%	3,832,620	$346M	trimmed−0%	−0.08 pp	15 q
WMTWalmart Inc.	1.95%	4,955,044	$342M	trimmed−5%	−0.35 pp	15 q
unresolvedHilton Worldwide Hldgs Inc	1.91%	12,342,393	$336M	added+26%	+0.54 pp	2 q
STXNSeagate Technology Holdings PLC (Ireland)	1.81%	8,305,676	$317M	trimmed−25%	−0.80 pp	5 q
AXSAxis Capital Holders Limited	1.79%	4,820,702	$315M	trimmed−1%	+0.17 pp	15 q
unresolvedCigna Corporation	1.76%	2,317,548	$309M	added×2.6	+1.04 pp	15 q
RFRegions Financial Corp.	1.75%	21,420,718	$308M	trimmed−22%	+0.09 pp	15 q
METMetLife, Inc.	1.72%	5,582,905	$301M	trimmed−6%	+0.11 pp	15 q
INTCIntel Corp	1.71%	8,250,579	$299M	trimmed−4%	−0.27 pp	14 q
unresolvedStaples Inc	1.66%	32,126,425	$291M	trimmed−6%	−0.13 pp	15 q
NWSANews Corporation Class A	1.64%	25,095,941	$288M	trimmed−0%	−0.51 pp	13 q
MURMurphy Oil Corp.	1.53%	8,610,715	$268M	trimmed−10%	−0.25 pp	12 q
COFCapital One Financial	1.52%	3,060,147	$267M	trimmed−4%	+0.12 pp	2 q
CTSHCognizant Technology Solutions	1.51%	4,732,694	$265M	added×5.0	+1.24 pp	8 q
IPGThe Interpublic Group of Companies, Inc.	1.42%	10,650,781	$249M	trimmed−4%	−0.09 pp	15 q
AVTAvnet, Inc.	1.39%	5,108,761	$243M	added+11%	+0.24 pp	15 q
BPBP p.l.c.	1.37%	6,407,714	$240M	trimmed−15%	−0.23 pp	15 q
STTState Street Corporation	1.26%	2,846,759	$221M	trimmed−4%	0.00 pp	15 q
FFord Motor Company	1.22%	17,628,162	$214M	added+1%	−0.06 pp	9 q
CVECenovus Energy Inc.	1.17%	13,537,767	$205M	added+1%	0.00 pp	6 q
SWKStanley Black & Decker, Inc.	1.16%	1,780,877	$204M	trimmed−2%	−0.20 pp	9 q
ABTAbbott Laboratories	1.11%	5,049,688	$194M	added+1%	−0.19 pp	15 q
unresolvedXl Group Ltd	1.11%	5,211,287	$194M	added+3%	+0.07 pp	2 q
TEXTerex Corporation	1.06%	5,897,288	$186M	trimmed−19%	−0.07 pp	13 q
HPQHP Inc.	1.04%	12,302,586	$183M	trimmed−29%	−0.60 pp	5 q
UBSUBS Group AG	1.03%	11,502,855	$180M	trimmed−1%	+0.07 pp	9 q
ONON Semiconductor Corp	0.89%	12,299,418	$157M	trimmed−1%	−0.05 pp	13 q
WTWWillis Towers Watson Public Limited Company	0.85%	1,215,238	$149M	added+15%	−0.01 pp	4 q
CMAComerica Incorporated	0.76%	1,968,216	$134M	trimmed−20%	+0.05 pp	15 q
HALHalliburton Company	0.75%	2,443,645	$132M	trimmed−22%	−0.11 pp	4 q
EIXEdison International	0.73%	1,780,123	$128M	added+13%	+0.03 pp	8 q
KEYKeyCorp	0.73%	7,030,618	$128M	trimmed−6%	+0.17 pp	15 q
COPConocoPhillips	0.72%	2,518,846	$126M	trimmed−6%	+0.01 pp	8 q
LAMRLamar Advertising Co	0.68%	1,766,343	$119M	trimmed−1%	−0.03 pp	9 q
JNJJohnson & Johnson	0.66%	998,964	$115M	trimmed−0%	−0.06 pp	15 q
ALLThe Allstate Corporation	0.62%	1,468,059	$109M	added+25%	+0.12 pp	15 q
WEDWebster Financial Corp	0.59%	1,894,371	$103M	trimmed−2%	+0.14 pp	15 q
MSFTMicrosoft Corp	0.58%	1,623,878	$101M	trimmed−42%	−0.41 pp	15 q
FITBFifth Third Bancorp	0.55%	3,597,025	$97M	trimmed−7%	+0.07 pp	15 q
FLEXFlex Ltd.	0.51%	6,164,462	$89M	trimmed−4%	−0.02 pp	14 q
DANDana Incorporated	0.48%	4,401,756	$84M	trimmed−4%	+0.04 pp	15 q
CSCOCisco Systems, Inc. (DE)	0.47%	2,749,349	$83M	trimmed−3%	−0.08 pp	15 q
ACMAecom	0.46%	2,228,974	$81M	trimmed−20%	−0.05 pp	15 q
KBRKBR, Inc.	0.46%	4,830,357	$81M	added+1%	+0.02 pp	12 q
ATUEnerpac Tool Group Corp.	0.45%	3,011,869	$78M	added+2%	+0.03 pp	15 q
IVZInvesco LTD	0.44%	2,524,961	$77M	added0%	−0.04 pp	15 q
MRKMerck & Co., Inc.	0.42%	1,260,853	$74M	trimmed−10%	−0.12 pp	4 q
KELKellanova	0.41%	970,980	$72M	added0%	−0.05 pp	12 q
PFEPfizer Inc.	0.41%	2,217,509	$72M	trimmed−5%	−0.07 pp	9 q
unresolvedSuperior Energy Services Inc	0.38%	3,988,801	$67M	trimmed−1%	−0.06 pp	14 q
DOORMasonite International Corp	0.37%	992,198	$65M	added+38%	+0.10 pp	14 q
SYU1Synovus Financial Corp	0.37%	1,600,658	$66M	added+3%	+0.06 pp	11 q
CFGCitizens Financial Group, Inc.	0.36%	1,766,071	$63M	trimmed−16%	+0.04 pp	10 q
unresolvedEndurance Specialty Holdings	0.36%	682,748	$63M	trimmed−16%	+0.03 pp	12 q
ASBAssociated Banc-Corp	0.34%	2,424,324	$60M	trimmed−0%	+0.05 pp	12 q
GGenpact Limited	0.34%	2,423,628	$59M	trimmed−0%	−0.02 pp	8 q
ETREntergy Corporation	0.33%	797,942	$59M	added0%	−0.04 pp	15 q
0VQJLTe Connectivity Ltd	0.33%	840,873	$58M	trimmed−4%	−0.01 pp	15 q
AELAmerican Equity Investment Life Holding Company	0.32%	2,455,566	$55M	trimmed−3%	+0.05 pp	4 q
unresolvedBaker Hughes Inc.	0.32%	864,510	$56M	trimmed−38%	−0.11 pp	15 q
SCSCScansource Inc	0.32%	1,397,801	$56M	added+30%	+0.08 pp	4 q
WFCWells Fargo & Co.	0.32%	1,017,204	$56M	held	—	15 q
unresolvedAspen Insurance Holdings Ltd	0.32%	1,015,230	$56M	added+47%	+0.12 pp	15 q
GTLSChart Inds Inc	0.30%	1,478,059	$53M	trimmed−4%	−0.01 pp	7 q
HOPEHope Bancorp, Inc.	0.29%	2,327,221	$51M	added+1%	+0.04 pp	2 q
AXEAnixter International Inc	0.28%	596,079	$48M	trimmed−9%	+0.02 pp	4 q
ESNDEssendant Inc	0.28%	2,315,633	$48M	added+92%	+0.13 pp	7 q
NSITInsight Enterprises Inc	0.28%	1,233,588	$50M	added+1%	+0.04 pp	15 q
QCOMQualcomm Inc	0.28%	743,731	$48M	trimmed−16%	−0.09 pp	6 q
ACHAccendra Health, Inc.	0.27%	1,329,333	$47M	added+41%	+0.07 pp	10 q
PNCPNC Financial Services Group	0.27%	405,338	$47M	trimmed−17%	0.00 pp	15 q
TRSTrimas Corporation	0.27%	2,007,891	$47M	added+46%	+0.11 pp	10 q
CUBLionheart Holdings Class A	0.26%	941,085	$45M	added+8%	+0.01 pp	9 q
VIVTelefonica Brasil, S.A.	0.26%	3,428,241	$46M	trimmed−17%	−0.10 pp	8 q
GTSTriple-s Management Corp	0.25%	2,096,324	$43M	added+6%	−0.01 pp	7 q
CVSCvs Health Corporation	0.24%	533,748	$42M	added+1%	−0.05 pp	8 q
GLWCorning Incorporated	0.22%	1,604,146	$39M	trimmed−9%	−0.03 pp	13 q
TMKGlobe Life Inc.	0.22%	513,733	$38M	trimmed−1%	+0.02 pp	15 q
UVVUniversal Corporation	0.22%	615,774	$39M	added+27%	+0.05 pp	7 q
AGIIArgo Group International	0.22%	576,502	$38M	added+10%	+0.04 pp	15 q
unresolvedValidus Holdings Ltd	0.22%	695,893	$38M	trimmed−1%	+0.01 pp	15 q
TAT&T Inc.	0.20%	824,065	$35M	added0%	0.00 pp	7 q
CMCOColumbus McKinnon Corp/NY	0.19%	1,219,655	$33M	trimmed−21%	+0.02 pp	13 q
FMBIFirst Midwest Bancorp Inc/IL	0.19%	1,301,748	$33M	trimmed−22%	−0.01 pp	15 q
DIODDiodes Inc	0.18%	1,260,067	$32M	trimmed−20%	−0.03 pp	15 q
unresolvedFmc Technologies Inc	0.18%	908,825	$32M	trimmed−0%	+0.01 pp	4 q
unresolvedGeneral Cable Corp	0.18%	1,692,150	$32M	trimmed−1%	+0.02 pp	10 q
unresolvedTcf Financial Corp	0.18%	1,625,904	$32M	added+3%	+0.04 pp	15 q
SRIStoneridge, Inc	0.16%	1,545,651	$27M	added+6%	0.00 pp	13 q
GNWGenworth Financial, Inc.	0.15%	6,976,943	$27M	added+1%	−0.06 pp	11 q
unresolvedL-3 Communications Hldgs Inc	0.15%	168,400	$26M	held	—	15 q
MCKMcKesson Corporation	0.15%	186,289	$26M	new	+0.15 pp	new
WSFSWSFS Financial Corp	0.15%	586,487	$27M	trimmed−1%	+0.02 pp	15 q
ARWArrow Electronics, Inc.	0.12%	304,670	$22M	held	—	12 q
ARCARC Document Solutions, Inc.	0.11%	3,935,427	$20M	trimmed−1%	+0.02 pp	15 q
unresolvedAetna Inc New	0.11%	155,248	$19M	held	—	15 q
unresolvedHospitality Properties Trust	0.11%	585,290	$19M	trimmed−0%	0.00 pp	15 q
LMLegg Mason, Inc.	0.11%	639,775	$19M	held	—	15 q
PCGPG&E Corporation	0.11%	312,690	$19M	trimmed−0%	−0.01 pp	7 q
UPBDUpbound Group, Inc.	0.11%	1,738,738	$20M	trimmed−5%	−0.03 pp	15 q
EGEverest Group, Ltd.	0.11%	92,660	$20M	added+1%	0.00 pp	12 q
unresolvedRowan Cos PLC	0.11%	996,725	$19M	held	—	12 q
EXCExelon Corporation	0.10%	483,693	$17M	trimmed−1%	0.00 pp	12 q
JBLJabil Inc.	0.10%	712,955	$17M	held	—	12 q
KSSKohls Corporation	0.10%	351,299	$17M	held	—	15 q
PGRProgressive Corporation	0.10%	496,260	$18M	held	—	12 q
HIGThe Hartford Insurance Group, Inc.	0.09%	314,390	$15M	held	—	15 q
PGProcter & Gamble Company	0.09%	180,184	$15M	added+1%	−0.01 pp	15 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.09%	549,525	$16M	added+7%	−0.01 pp	14 q
WAIRWESCO Aircraft Holdings Inc.	0.09%	1,000,737	$15M	added×2.6	+0.06 pp	2 q
DRHDiamondrock Hospitality Company	0.07%	1,031,212	$12M	added+22%	+0.02 pp	15 q
BAXBaxter International Inc.	0.06%	225,790	$10M	trimmed−79%	−0.25 pp	9 q
NWSNews Corporation Class B	0.06%	825,807	$10M	trimmed−7%	−0.02 pp	14 q
OCOwens Corning	0.06%	203,330	$10M	held	—	15 q
VRTUVirtusa Corporation	0.06%	407,831	$10M	new	+0.06 pp	new
CBChubb Limited	0.06%	81,854	$11M	trimmed−2%	0.00 pp	4 q
CDWCDW Corporation	0.05%	160,561	$8M	added+10%	+0.01 pp	7 q
unresolvedKkr & Co L P DEL	0.05%	592,343	$9M	trimmed−3%	0.00 pp	5 q
unresolvedApollo Global Management LLC	0.04%	333,800	$6M	trimmed−4%	0.00 pp	4 q
AIZAssurant, Inc.	0.04%	80,124	$7M	held	—	15 q
BPOPPopular Inc	0.03%	106,425	$5M	trimmed−7%	0.00 pp	15 q
PKXPOSCO Holdings Inc.	0.02%	63,175	$3M	added×3.3	+0.01 pp	4 q
unresolvedPly Gem Holdings Inc	0.02%	179,737	$3M	new	+0.02 pp	new
TTEKTetra Tech Inc	0.02%	86,524	$4M	trimmed−85%	−0.11 pp	14 q
AANAaron's Inc	0.01%	50,025	$2M	new	+0.01 pp	new
BBTTruist Financial Corporation	0.01%	31,428	$1M	trimmed−93%	−0.10 pp	3 q
INFYInfosys Limited	0.01%	114,700	$2M	held	—	8 q
LUKOYPjsc Lukoil S/	0.01%	16,350	$918,000	new	+0.01 pp	new
SS1ARadius Recycling Inc	0.01%	71,355	$2M	trimmed−93%	−0.12 pp	14 q
SHGShinhan Financial Group Co Ltd	0.01%	60,275	$2M	added+79%	0.00 pp	13 q
ABBVAbbvie Inc.	0.00%	3,476	$218,000	new	0.00 pp	new
CORCencora, Inc.	0.00%	2,852	$223,000	new	0.00 pp	new
AMGNAmgen Inc	0.00%	1,372	$201,000	added+15%	0.00 pp	2 q
DVADaVita Inc.	0.00%	3,327	$214,000	new	0.00 pp	new
DGDollar General Corp.	0.00%	4,261	$316,000	added+5%	0.00 pp	2 q
ROCKGibraltar Industries, Inc.	0.00%	10,240	$426,000	trimmed−98%	−0.13 pp	11 q
99803EURLaboratory Crp Of Amer Hldgs	0.00%	2,327	$299,000	added+7%	0.00 pp	2 q
PDCOPatterson Companies, Inc.	0.00%	5,082	$209,000	new	0.00 pp	new
PINCNPremier Inc-class A	0.00%	10,483	$318,000	new	0.00 pp	new
VARVarian Medical Systems, Inc.	0.00%	2,860	$257,000	trimmed−5%	0.00 pp	2 q
DOXAmdocs Limited	0.00%	5,651	$329,000	new	0.00 pp	new
MDTMedtronic plc	0.00%	4,287	$305,000	new	0.00 pp	new
RNRRenaissanceRe Holdings Ltd.	0.00%	2,530	$345,000	held	—	2 q
9990302DApache Corp	—	−17,450	—	exited	−0.01 pp	—
NLYAnnaly Capital Management. Inc.	—	−20,355	—	exited	0.00 pp	—
BIIBBiogen Inc.	—	−642	—	exited	0.00 pp	—
CFFNCapitol Federal Financial, Inc.	—	−11,400	—	exited	0.00 pp	—
unresolvedExpress Scripts Hldg Co	—	−3,507	—	exited	0.00 pp	—
MSMMSC Industrial Direct Co., Inc. Class A	—	−2,730	—	exited	0.00 pp	—
PBRPetroleo Brasileiro S.a.-petrobras	—	−76,100	—	exited	0.00 pp	—