Pzena Investment Management

Q1 2017 13F · by Richard Pzena, CIO

As of: Mar 31, 2017
Filed: May 5, 2017
US stock: $17.7B · prev $17.5B
Positions: 155 · prev 157
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%

Moves158 since the prior filing

+8.8 pp in · −8.9 pp out

New 17 +5.44 pp
Added 40 +3.40 pp
Trimmed 82 −5.62 pp
Exited 19 −3.32 pp

The book

Diversified · behaves like 65 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions13% of US stock

BAC Bank of America Corporation trimmed−0.11 pp trimmed−0.112.9%
C Citigroup Inc. trimmed−0.05 pp trimmed−0.052.8%
VOYA Voya Financial, Inc. trimmed−0.37 pp trimmed−0.372.7%
DOV Dover Corporation trimmed+0.13 pp trimmed+0.132.5%
ORCL Oracle Corp trimmed+0.30 pp trimmed+0.302.5%

Positions155 in this filing · 19 exited


BACBank of America Corporation	2.85%	21,393,274	$505M	trimmed−9%	−0.11 pp	16 q
CCitigroup Inc.	2.83%	8,391,768	$502M	trimmed−1%	−0.05 pp	16 q
VOYAVoya Financial, Inc.	2.74%	12,801,547	$486M	trimmed−8%	−0.37 pp	12 q
DOVDover Corporation	2.53%	5,581,569	$448M	trimmed−1%	+0.13 pp	8 q
ORCLOracle Corp	2.53%	10,043,940	$448M	trimmed−1%	+0.30 pp	16 q
XOMExxon Mobil Corp	2.40%	5,184,090	$425M	added+35%	+0.43 pp	16 q
BENFranklin Templeton, Inc.	2.40%	10,102,113	$426M	trimmed−2%	+0.07 pp	16 q
OMCOmnicom Group Inc.	2.40%	4,929,240	$425M	added+3%	+0.07 pp	16 q
HPEHewlett Packard Enterprise Company	2.32%	17,334,846	$411M	added+1%	+0.05 pp	6 q
AIGAmerican International Group, Inc.	2.25%	6,389,150	$399M	added+7%	+0.03 pp	16 q
CTSHCognizant Technology Solutions	2.25%	6,713,981	$400M	added+42%	+0.74 pp	9 q
MSMorgan Stanley	2.23%	9,216,815	$395M	trimmed−8%	−0.17 pp	16 q
RDS.ARoyal Dutch Shell PLC	2.22%	7,458,231	$393M	added+2%	−0.05 pp	16 q
WMTWalmart Inc.	2.08%	5,115,038	$369M	added+3%	+0.13 pp	16 q
JPMJPMorgan Chase & Co.	2.07%	4,169,609	$366M	trimmed−4%	−0.07 pp	16 q
unresolvedCigna Corporation	1.86%	2,256,353	$331M	trimmed−3%	+0.10 pp	16 q
GSGoldman Sachs Group Inc.	1.84%	1,418,891	$326M	trimmed−5%	−0.19 pp	16 q
NWSANews Corporation Class A	1.79%	24,353,441	$317M	trimmed−3%	+0.15 pp	14 q
AXSAxis Capital Holders Limited	1.79%	4,740,492	$318M	trimmed−2%	0.00 pp	16 q
MCKMcKesson Corporation	1.74%	2,077,104	$308M	added×11.1	+1.59 pp	2 q
INTCIntel Corp	1.71%	8,395,710	$303M	added+2%	0.00 pp	15 q
RFRegions Financial Corp.	1.64%	19,965,102	$290M	trimmed−7%	−0.11 pp	16 q
METMetLife, Inc.	1.63%	5,474,227	$289M	trimmed−2%	−0.09 pp	16 q
MYLMylan NV	1.60%	7,262,316	$283M	new	+1.60 pp	new
COFCapital One Financial	1.54%	3,155,712	$273M	added+3%	+0.02 pp	3 q
PHParker-Hannifin Corporation	1.54%	1,701,815	$273M	trimmed−41%	−0.77 pp	16 q
unresolvedStaples Inc	1.54%	31,228,241	$274M	trimmed−3%	−0.12 pp	16 q
MURMurphy Oil Corp.	1.47%	9,114,773	$261M	added+6%	−0.06 pp	13 q
AVTAvnet, Inc.	1.41%	5,450,045	$249M	added+7%	+0.02 pp	16 q
HLTHilton Worldwide Holdings Inc.	1.40%	4,256,903	$249M	new	+1.40 pp	new
SWKStanley Black & Decker, Inc.	1.28%	1,713,256	$228M	trimmed−4%	+0.12 pp	10 q
IPGThe Interpublic Group of Companies, Inc.	1.27%	9,161,457	$225M	trimmed−14%	−0.15 pp	16 q
STTState Street Corporation	1.27%	2,832,878	$226M	trimmed−0%	+0.01 pp	16 q
BPBP p.l.c.	1.21%	6,223,152	$215M	trimmed−5%	−0.16 pp	16 q
CVECenovus Energy Inc.	1.21%	19,032,719	$215M	added+41%	+0.04 pp	7 q
unresolvedXl Group Ltd	1.15%	5,111,936	$204M	trimmed−2%	+0.04 pp	3 q
FFord Motor Company	1.13%	17,201,293	$200M	trimmed−2%	−0.09 pp	10 q
TEXTerex Corporation	1.02%	5,743,227	$180M	trimmed−3%	−0.04 pp	14 q
UBSUBS Group AG	1.01%	11,174,816	$178M	trimmed−3%	−0.02 pp	10 q
ONON Semiconductor Corp	0.97%	11,088,675	$172M	trimmed−10%	+0.08 pp	14 q
WTWWillis Towers Watson Public Limited Company	0.91%	1,238,446	$162M	added+2%	+0.06 pp	5 q
STXNSeagate Technology Holdings PLC (Ireland)	0.89%	3,443,251	$158M	trimmed−59%	−0.92 pp	6 q
EIXEdison International	0.80%	1,790,588	$143M	added+1%	+0.07 pp	9 q
LAMRLamar Advertising Co	0.74%	1,754,122	$131M	trimmed−1%	+0.06 pp	10 q
ABTAbbott Laboratories	0.73%	2,922,096	$130M	trimmed−42%	−0.38 pp	16 q
COPConocoPhillips	0.70%	2,502,552	$125M	trimmed−1%	−0.02 pp	9 q
KEYKeyCorp	0.69%	6,912,571	$123M	trimmed−2%	−0.04 pp	16 q
ALLThe Allstate Corporation	0.67%	1,464,140	$119M	trimmed−0%	+0.05 pp	16 q
JNJJohnson & Johnson	0.64%	914,439	$114M	trimmed−8%	−0.02 pp	16 q
HPQHP Inc.	0.63%	6,263,058	$112M	trimmed−49%	−0.41 pp	6 q
FLEXFlex Ltd.	0.54%	5,719,698	$96M	trimmed−7%	+0.03 pp	15 q
FITBFifth Third Bancorp	0.51%	3,591,997	$91M	trimmed−0%	−0.04 pp	16 q
MSFTMicrosoft Corp	0.51%	1,377,964	$91M	trimmed−15%	−0.07 pp	16 q
ATUEnerpac Tool Group Corp.	0.49%	3,300,324	$87M	added+10%	+0.04 pp	16 q
CAHCardinal Health, Inc.	0.49%	1,059,303	$86M	new	+0.49 pp	new
CSCOCisco Systems, Inc. (DE)	0.48%	2,507,355	$85M	trimmed−9%	+0.01 pp	16 q
WEDWebster Financial Corp	0.47%	1,663,136	$83M	trimmed−12%	−0.12 pp	16 q
JELDJELD-WEN Holding, Inc.	0.46%	2,507,051	$82M	new	+0.46 pp	new
ACMAecom	0.45%	2,225,695	$79M	trimmed−0%	−0.01 pp	16 q
CMAComerica Incorporated	0.45%	1,162,325	$80M	trimmed−41%	−0.31 pp	16 q
PFEPfizer Inc.	0.43%	2,217,509	$76M	held	—	10 q
IVZInvesco LTD	0.43%	2,512,119	$77M	trimmed−1%	−0.01 pp	16 q
KBRKBR, Inc.	0.42%	4,942,159	$74M	added+2%	−0.04 pp	13 q
AGRAvangrid, Inc.	0.41%	1,720,977	$74M	new	+0.41 pp	new
BIDUBaidu, Inc.	0.41%	425,160	$73M	new	+0.41 pp	new
DOORMasonite International Corp	0.41%	909,280	$72M	trimmed−8%	+0.04 pp	15 q
KELKellanova	0.40%	970,849	$70M	trimmed−0%	−0.01 pp	13 q
GGenpact Limited	0.37%	2,631,711	$65M	added+9%	+0.03 pp	9 q
CFGCitizens Financial Group, Inc.	0.34%	1,765,783	$61M	trimmed−0%	−0.02 pp	11 q
DANDana Incorporated	0.34%	3,162,214	$61M	trimmed−28%	−0.14 pp	16 q
ASBAssociated Banc-Corp	0.33%	2,378,954	$58M	trimmed−2%	−0.01 pp	13 q
AELAmerican Equity Investment Life Holding Company	0.32%	2,427,963	$57M	trimmed−1%	0.00 pp	5 q
unresolvedSuperior Energy Services Inc	0.32%	3,949,817	$56M	trimmed−1%	−0.06 pp	15 q
TRSTrimas Corporation	0.32%	2,708,647	$56M	added+35%	+0.05 pp	11 q
WFCWells Fargo & Co.	0.32%	1,017,334	$57M	added0%	0.00 pp	16 q
ACHAccendra Health, Inc.	0.31%	1,579,596	$55M	added+19%	+0.04 pp	11 q
SYU1Synovus Financial Corp	0.31%	1,353,254	$56M	trimmed−15%	−0.06 pp	12 q
unresolvedAspen Insurance Holdings Ltd	0.31%	1,044,312	$54M	added+3%	−0.01 pp	16 q
0VQJLTe Connectivity Ltd	0.31%	730,972	$54M	trimmed−13%	−0.02 pp	16 q
MRKMerck & Co., Inc.	0.30%	826,233	$52M	trimmed−34%	−0.12 pp	5 q
VIVTelefonica Brasil, S.A.	0.30%	3,594,488	$53M	added+5%	+0.04 pp	9 q
ESNDEssendant Inc	0.29%	3,434,765	$52M	added+48%	+0.01 pp	8 q
SCSCScansource Inc	0.28%	1,281,823	$50M	trimmed−8%	−0.04 pp	5 q
CUBLionheart Holdings Class A	0.27%	918,538	$48M	trimmed−2%	+0.01 pp	10 q
GTLSChart Inds Inc	0.26%	1,327,785	$46M	trimmed−10%	−0.04 pp	8 q
unresolvedVerifone Sys Inc	0.26%	2,425,979	$45M	new	+0.26 pp	new
HOPEHope Bancorp, Inc.	0.25%	2,294,878	$44M	trimmed−1%	−0.04 pp	3 q
CVSCvs Health Corporation	0.24%	534,035	$42M	added0%	0.00 pp	9 q
QCOMQualcomm Inc	0.24%	743,776	$43M	added0%	−0.04 pp	7 q
FTITechnipFMC plc	0.24%	1,288,273	$42M	new	+0.24 pp	new
GLWCorning Incorporated	0.23%	1,480,948	$40M	trimmed−8%	+0.01 pp	14 q
AGIIArgo Group International	0.22%	575,001	$39M	trimmed−0%	0.00 pp	16 q
unresolvedValidus Holdings Ltd	0.22%	695,638	$39M	trimmed−0%	0.00 pp	16 q
AXEAnixter International Inc	0.21%	470,798	$37M	trimmed−21%	−0.07 pp	5 q
HALHalliburton Company	0.21%	763,105	$38M	trimmed−69%	−0.54 pp	5 q
NSITInsight Enterprises Inc	0.21%	885,468	$36M	trimmed−28%	−0.07 pp	16 q
TMKGlobe Life Inc.	0.21%	480,175	$37M	trimmed−7%	−0.01 pp	16 q
GTSTriple-s Management Corp	0.21%	2,079,325	$37M	trimmed−1%	−0.04 pp	8 q
unresolvedBaker Hughes Inc.	0.20%	580,451	$35M	trimmed−33%	−0.12 pp	16 q
TAT&T Inc.	0.19%	823,827	$34M	trimmed−0%	−0.01 pp	8 q
DIODDiodes Inc	0.17%	1,234,932	$30M	trimmed−2%	−0.01 pp	16 q
FMBIFirst Midwest Bancorp Inc/IL	0.17%	1,283,148	$30M	trimmed−1%	−0.02 pp	16 q
unresolvedGeneral Cable Corp	0.17%	1,726,761	$31M	added+2%	−0.01 pp	11 q
ETREntergy Corporation	0.16%	371,942	$28M	trimmed−53%	−0.17 pp	16 q
GNWGenworth Financial, Inc.	0.16%	6,983,931	$29M	added0%	+0.01 pp	12 q
unresolvedL3 Technologies Inc	0.16%	168,525	$28M	new	+0.16 pp	new
unresolvedTcf Financial Corp	0.16%	1,640,076	$28M	added+1%	−0.02 pp	16 q
UVVUniversal Corporation	0.15%	370,436	$26M	trimmed−40%	−0.07 pp	8 q
SRIStoneridge, Inc	0.14%	1,412,992	$26M	trimmed−9%	−0.02 pp	14 q
ARWArrow Electronics, Inc.	0.13%	304,670	$22M	held	—	13 q
LMLegg Mason, Inc.	0.13%	639,775	$23M	held	—	16 q
JBLJabil Inc.	0.12%	712,955	$21M	held	—	13 q
PCGPG&E Corporation	0.12%	313,010	$21M	added0%	+0.01 pp	8 q
EGEverest Group, Ltd.	0.12%	92,450	$22M	trimmed−0%	+0.01 pp	13 q
unresolvedAetna Inc New	0.11%	154,946	$20M	trimmed−0%	0.00 pp	16 q
unresolvedPly Gem Holdings Inc	0.11%	947,914	$19M	added×5.3	+0.09 pp	2 q
PGRProgressive Corporation	0.11%	496,808	$19M	added0%	+0.01 pp	13 q
unresolvedHospitality Properties Trust	0.10%	586,622	$18M	added0%	−0.01 pp	16 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.10%	549,525	$18M	held	—	15 q
WAIRWESCO Aircraft Holdings Inc.	0.10%	1,556,462	$18M	added+56%	+0.01 pp	3 q
HIGThe Hartford Insurance Group, Inc.	0.09%	314,390	$15M	held	—	16 q
VRTUVirtusa Corporation	0.09%	541,256	$16M	added+33%	+0.03 pp	2 q
WSFSWSFS Financial Corp	0.09%	342,554	$16M	trimmed−42%	−0.06 pp	16 q
unresolvedRowan Cos PLC	0.09%	996,725	$16M	held	—	13 q
KSSKohls Corporation	0.08%	351,174	$14M	trimmed−0%	−0.02 pp	16 q
ARCARC Document Solutions, Inc.	0.07%	3,853,116	$13M	trimmed−2%	−0.04 pp	16 q
DRHDiamondrock Hospitality Company	0.07%	1,046,199	$12M	added+1%	0.00 pp	16 q
OCOwens Corning	0.07%	203,330	$12M	held	—	16 q
CMCOColumbus McKinnon Corp/NY	0.06%	404,406	$10M	trimmed−67%	−0.13 pp	14 q
unresolvedKkr & Co L P DEL	0.06%	612,118	$11M	added+3%	+0.01 pp	6 q
CBChubb Limited	0.06%	81,854	$11M	held	—	5 q
unresolvedApollo Global Management LLC	0.05%	334,519	$8M	added0%	+0.01 pp	5 q
CDWCDW Corporation	0.05%	160,561	$9M	held	—	8 q
NWSNews Corporation Class B	0.05%	656,034	$9M	trimmed−21%	−0.01 pp	15 q
PKXPOSCO Holdings Inc.	0.02%	60,300	$4M	trimmed−5%	0.00 pp	5 q
BPOPPopular Inc	0.02%	99,314	$4M	trimmed−7%	−0.01 pp	16 q
INFYInfosys Limited	0.01%	114,700	$2M	held	—	9 q
EEMiShares MSCI Emerging Markets ETF	0.01%	66,918	$3M	new	+0.01 pp	new
SHGShinhan Financial Group Co Ltd	0.01%	60,275	$3M	held	—	14 q
ABBVAbbvie Inc.	0.00%	4,170	$272,000	added+20%	0.00 pp	2 q
YAlleghany Corporation	0.00%	423	$260,000	new	0.00 pp	new
CORCencora, Inc.	0.00%	2,502	$221,000	trimmed−12%	0.00 pp	2 q
AMGNAmgen Inc	0.00%	1,297	$213,000	trimmed−5%	0.00 pp	3 q
NLYAnnaly Capital Management. Inc.	0.00%	12,906	$143,000	new	0.00 pp	new
BIIBBiogen Inc.	0.00%	759	$208,000	new	0.00 pp	new
BROBrown & Brown, Inc.	0.00%	4,949	$206,000	new	0.00 pp	new
DVADaVita Inc.	0.00%	3,327	$226,000	held	—	2 q
99803EURLaboratory Crp Of Amer Hldgs	0.00%	2,230	$320,000	trimmed−4%	0.00 pp	3 q
ORIOld Republic International Corporation	0.00%	13,581	$278,000	new	0.00 pp	new
LUKOYPjsc Lukoil S/	0.00%	16,350	$868,000	held	—	2 q
PINCNPremier Inc-class A	0.00%	10,483	$334,000	held	—	2 q
SOThe Southern Company	0.00%	6,918	$344,000	new	0.00 pp	new
TDGTransDigm Group Incorporated	0.00%	1,086	$239,000	new	0.00 pp	new
DOXAmdocs Limited	0.00%	5,651	$345,000	held	—	2 q
MDTMedtronic plc	0.00%	4,560	$367,000	added+6%	0.00 pp	2 q
unresolvedHilton Worldwide Hldgs Inc	—	−12,342,393	—	exited	−1.91 pp	—
unresolvedEndurance Specialty Holdings	—	−682,748	—	exited	−0.36 pp	—
PNCPNC Financial Services Group	—	−405,338	—	exited	−0.27 pp	—
unresolvedFmc Technologies Inc	—	−908,825	—	exited	−0.18 pp	—
unresolvedL-3 Communications Hldgs Inc	—	−168,400	—	exited	−0.15 pp	—
UPBDUpbound Group, Inc.	—	−1,738,738	—	exited	−0.11 pp	—
EXCExelon Corporation	—	−483,693	—	exited	−0.10 pp	—
PGProcter & Gamble Company	—	−180,184	—	exited	−0.09 pp	—
BAXBaxter International Inc.	—	−225,790	—	exited	−0.06 pp	—
AIZAssurant, Inc.	—	−80,124	—	exited	−0.04 pp	—
TTEKTetra Tech Inc	—	−86,524	—	exited	−0.02 pp	—
AANAaron's Inc	—	−50,025	—	exited	−0.01 pp	—
BBTTruist Financial Corporation	—	−31,428	—	exited	−0.01 pp	—
SS1ARadius Recycling Inc	—	−71,355	—	exited	−0.01 pp	—
DGDollar General Corp.	—	−4,261	—	exited	0.00 pp	—
ROCKGibraltar Industries, Inc.	—	−10,240	—	exited	0.00 pp	—
PDCOPatterson Companies, Inc.	—	−5,082	—	exited	0.00 pp	—
VARVarian Medical Systems, Inc.	—	−2,860	—	exited	0.00 pp	—
RNRRenaissanceRe Holdings Ltd.	—	−2,530	—	exited	0.00 pp	—