Pzena Investment Management

Q2 2017 13F · by Richard Pzena, CIO

As of: Jun 30, 2017
Filed: Aug 4, 2017
US stock: $18.3B · prev $17.7B
Positions: 152 · prev 155
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

+3.4 pp in · −3.4 pp out

New 5 +1.21 pp
Added 49 +2.20 pp
Trimmed 84 −3.27 pp
Exited 8 −0.09 pp

The book

Diversified · behaves like 63 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.6 years per position

Low
Moderate
High

Top 5 positions14% of US stock

C Citigroup Inc. trimmed+0.23 pp trimmed+0.233.1%
ORCL Oracle Corp added+0.23 pp added+0.232.8%
BAC Bank of America Corporation trimmed−0.13 pp trimmed−0.132.7%
OMC Omnicom Group Inc. added+0.31 pp added+0.312.7%
MYL Mylan NV added+1.02 pp added+1.022.6%

Positions152 in this filing · 8 exited


CCitigroup Inc.	3.06%	8,366,402	$560M	trimmed−0%	+0.23 pp	17 q
ORCLOracle Corp	2.76%	10,065,272	$505M	added0%	+0.23 pp	17 q
BACBank of America Corporation	2.72%	20,490,554	$497M	trimmed−4%	−0.13 pp	17 q
OMCOmnicom Group Inc.	2.71%	5,978,986	$496M	added+21%	+0.31 pp	17 q
MYLMylan NV	2.62%	12,339,687	$479M	added+70%	+1.02 pp	2 q
VOYAVoya Financial, Inc.	2.59%	12,825,081	$473M	added0%	−0.15 pp	13 q
CTSHCognizant Technology Solutions	2.55%	7,010,880	$466M	added+4%	+0.30 pp	10 q
BENFranklin Templeton, Inc.	2.54%	10,348,419	$464M	added+2%	+0.14 pp	17 q
DOVDover Corporation	2.46%	5,599,307	$449M	added0%	−0.07 pp	9 q
XOMExxon Mobil Corp	2.31%	5,216,886	$421M	added+1%	−0.09 pp	17 q
MSMorgan Stanley	2.22%	9,104,754	$406M	trimmed−1%	−0.01 pp	17 q
AIGAmerican International Group, Inc.	2.21%	6,460,619	$404M	added+1%	−0.04 pp	17 q
RDS.ARoyal Dutch Shell PLC	2.20%	7,543,786	$401M	added+1%	−0.02 pp	17 q
WMTWalmart Inc.	2.13%	5,134,336	$389M	added0%	+0.05 pp	17 q
JPMJPMorgan Chase & Co.	2.08%	4,154,377	$380M	trimmed−0%	+0.01 pp	17 q
HPEHewlett Packard Enterprise Company	2.01%	22,129,234	$367M	added+28%	−0.31 pp	7 q
MCKMcKesson Corporation	1.89%	2,097,855	$345M	added+1%	+0.15 pp	3 q
COFCapital One Financial	1.83%	4,041,646	$334M	added+28%	+0.29 pp	4 q
NWSANews Corporation Class A	1.74%	23,190,514	$318M	trimmed−5%	−0.05 pp	15 q
GSGoldman Sachs Group Inc.	1.72%	1,414,300	$314M	trimmed−0%	−0.12 pp	17 q
METMetLife, Inc.	1.65%	5,482,597	$301M	added0%	+0.02 pp	17 q
unresolvedCigna Corporation	1.63%	1,783,177	$298M	trimmed−21%	−0.23 pp	17 q
unresolvedStaples Inc	1.63%	29,636,356	$298M	trimmed−5%	+0.09 pp	17 q
AXSAxis Capital Holders Limited	1.62%	4,582,706	$296M	trimmed−3%	−0.17 pp	17 q
AVTAvnet, Inc.	1.61%	7,583,434	$295M	added+39%	+0.20 pp	17 q
RFRegions Financial Corp.	1.60%	19,918,612	$292M	trimmed−0%	−0.04 pp	17 q
INTCIntel Corp	1.57%	8,490,243	$286M	added+1%	−0.14 pp	16 q
FFord Motor Company	1.46%	23,812,718	$266M	added+38%	+0.33 pp	11 q
HLTHilton Worldwide Holdings Inc.	1.41%	4,152,880	$257M	trimmed−2%	+0.01 pp	2 q
STTState Street Corporation	1.38%	2,813,464	$252M	trimmed−1%	+0.11 pp	17 q
MURMurphy Oil Corp.	1.33%	9,510,782	$244M	added+4%	−0.14 pp	14 q
unresolvedXl Group Ltd	1.25%	5,197,849	$228M	added+2%	+0.10 pp	4 q
IPGThe Interpublic Group of Companies, Inc.	1.20%	8,940,925	$220M	trimmed−2%	−0.07 pp	17 q
BPBP p.l.c.	1.17%	6,190,476	$215M	trimmed−2%	−0.04 pp	17 q
PHParker-Hannifin Corporation	1.12%	1,283,268	$205M	trimmed−25%	−0.42 pp	17 q
TEXTerex Corporation	1.06%	5,181,944	$194M	trimmed−10%	+0.04 pp	15 q
WTWWillis Towers Watson Public Limited Company	1.06%	1,329,037	$193M	added+7%	+0.15 pp	6 q
UBSUBS Group AG	1.03%	11,120,923	$189M	trimmed−0%	+0.02 pp	11 q
unresolvedExpress Scripts Hldg Co	0.99%	2,838,878	$181M	new	+0.99 pp	new
SWKStanley Black & Decker, Inc.	0.95%	1,235,586	$174M	trimmed−28%	−0.33 pp	11 q
CVECenovus Energy Inc.	0.89%	22,078,963	$163M	added+16%	−0.32 pp	8 q
EIXEdison International	0.76%	1,784,386	$140M	trimmed−0%	−0.04 pp	10 q
ALLThe Allstate Corporation	0.70%	1,450,578	$128M	trimmed−1%	+0.03 pp	17 q
KEYKeyCorp	0.70%	6,869,516	$129M	trimmed−1%	+0.01 pp	17 q
ONON Semiconductor Corp	0.69%	8,920,698	$125M	trimmed−20%	−0.28 pp	15 q
STXNSeagate Technology Holdings PLC (Ireland)	0.67%	3,146,522	$122M	trimmed−9%	−0.22 pp	7 q
LAMRLamar Advertising Co	0.64%	1,592,425	$117M	trimmed−9%	−0.10 pp	11 q
ABTAbbott Laboratories	0.61%	2,298,718	$112M	trimmed−21%	−0.12 pp	17 q
COPConocoPhillips	0.60%	2,501,175	$110M	trimmed−0%	−0.10 pp	10 q
HPQHP Inc.	0.59%	6,112,050	$107M	trimmed−2%	−0.04 pp	7 q
JELDJELD-WEN Holding, Inc.	0.56%	3,163,282	$103M	added+26%	+0.10 pp	2 q
JNJJohnson & Johnson	0.53%	737,844	$98M	trimmed−19%	−0.11 pp	17 q
MSFTMicrosoft Corp	0.51%	1,346,933	$93M	trimmed−2%	0.00 pp	17 q
IVZInvesco LTD	0.48%	2,512,726	$88M	added0%	+0.05 pp	17 q
WFCWells Fargo & Co.	0.46%	1,503,167	$83M	added+48%	+0.14 pp	17 q
ATUEnerpac Tool Group Corp.	0.45%	3,311,551	$81M	added0%	−0.04 pp	17 q
CAHCardinal Health, Inc.	0.45%	1,058,804	$83M	trimmed−0%	−0.04 pp	2 q
FITBFifth Third Bancorp	0.45%	3,168,331	$82M	trimmed−12%	−0.06 pp	17 q
CSCOCisco Systems, Inc. (DE)	0.43%	2,506,781	$78M	trimmed−0%	−0.05 pp	17 q
PFEPfizer Inc.	0.43%	2,332,274	$78M	added+5%	0.00 pp	11 q
WEDWebster Financial Corp	0.43%	1,513,122	$79M	trimmed−9%	−0.04 pp	17 q
AGRAvangrid, Inc.	0.42%	1,720,464	$76M	trimmed−0%	+0.01 pp	2 q
BIDUBaidu, Inc.	0.42%	431,862	$77M	added+2%	+0.01 pp	2 q
GGenpact Limited	0.41%	2,670,064	$74M	added+1%	+0.04 pp	10 q
FLEXFlex Ltd.	0.41%	4,552,258	$74M	trimmed−20%	−0.13 pp	16 q
KBRKBR, Inc.	0.40%	4,769,262	$73M	trimmed−4%	−0.02 pp	14 q
ACMAecom	0.39%	2,227,578	$72M	added0%	−0.06 pp	17 q
DANDana Incorporated	0.37%	3,017,256	$67M	trimmed−5%	+0.03 pp	17 q
KELKellanova	0.37%	970,849	$67M	held	—	14 q
AELAmerican Equity Investment Life Holding Company	0.35%	2,437,159	$64M	added0%	+0.03 pp	6 q
ASBAssociated Banc-Corp	0.33%	2,365,210	$60M	trimmed−1%	0.00 pp	14 q
DOORMasonite International Corp	0.33%	786,818	$59M	trimmed−13%	−0.08 pp	16 q
CVSCvs Health Corporation	0.31%	700,074	$56M	added+31%	+0.07 pp	10 q
CMAComerica Incorporated	0.31%	774,101	$57M	trimmed−33%	−0.14 pp	17 q
TRSTrimas Corporation	0.31%	2,689,007	$56M	trimmed−1%	−0.01 pp	12 q
0VQJLTe Connectivity Ltd	0.31%	729,498	$57M	trimmed−0%	0.00 pp	17 q
CFGCitizens Financial Group, Inc.	0.30%	1,560,442	$56M	trimmed−12%	−0.04 pp	12 q
unresolvedAspen Insurance Holdings Ltd	0.30%	1,094,283	$55M	added+5%	−0.01 pp	17 q
MRKMerck & Co., Inc.	0.29%	824,940	$53M	trimmed−0%	−0.01 pp	6 q
SYU1Synovus Financial Corp	0.29%	1,178,496	$52M	trimmed−13%	−0.02 pp	13 q
ESNDEssendant Inc	0.28%	3,492,271	$52M	added+2%	−0.01 pp	9 q
ACHAccendra Health, Inc.	0.28%	1,567,412	$50M	trimmed−1%	−0.03 pp	12 q
SCSCScansource Inc	0.28%	1,275,903	$51M	trimmed−0%	0.00 pp	6 q
VIVTelefonica Brasil, S.A.	0.28%	3,844,520	$52M	added+7%	−0.02 pp	10 q
GTLSChart Inds Inc	0.25%	1,315,403	$46M	trimmed−1%	−0.01 pp	9 q
GLWCorning Incorporated	0.24%	1,456,133	$44M	trimmed−2%	+0.01 pp	15 q
unresolvedVerifone Sys Inc	0.24%	2,408,238	$44M	trimmed−1%	−0.02 pp	2 q
CUBLionheart Holdings Class A	0.23%	914,129	$42M	trimmed−0%	−0.04 pp	11 q
HOPEHope Bancorp, Inc.	0.23%	2,285,505	$43M	trimmed−0%	−0.02 pp	4 q
unresolvedSuperior Energy Services Inc	0.23%	3,998,348	$42M	added+1%	−0.09 pp	16 q
QCOMQualcomm Inc	0.22%	743,776	$41M	held	—	8 q
AXEAnixter International Inc	0.20%	468,465	$37M	trimmed−1%	−0.01 pp	6 q
TMKGlobe Life Inc.	0.20%	477,661	$37M	trimmed−1%	−0.01 pp	17 q
unresolvedValidus Holdings Ltd	0.20%	689,124	$36M	trimmed−1%	−0.02 pp	17 q
GTSTriple-s Management Corp	0.19%	2,069,718	$35M	trimmed−0%	−0.02 pp	9 q
AGIIArgo Group International	0.19%	572,635	$35M	trimmed−0%	−0.03 pp	17 q
FTITechnipFMC plc	0.19%	1,271,841	$35M	trimmed−1%	−0.05 pp	2 q
HALHalliburton Company	0.18%	752,886	$32M	trimmed−1%	−0.03 pp	6 q
NSITInsight Enterprises Inc	0.18%	832,926	$33M	trimmed−6%	−0.03 pp	17 q
TAT&T Inc.	0.17%	824,085	$31M	added0%	−0.02 pp	9 q
unresolvedBaker Hughes Inc.	0.17%	580,451	$32M	held	—	17 q
ETREntergy Corporation	0.16%	370,134	$28M	trimmed−0%	0.00 pp	17 q
FMBIFirst Midwest Bancorp Inc/IL	0.16%	1,278,104	$30M	trimmed−0%	−0.01 pp	17 q
unresolvedGeneral Cable Corp	0.15%	1,710,959	$28M	trimmed−1%	−0.02 pp	12 q
ROCKGibraltar Industries, Inc.	0.15%	793,663	$28M	new	+0.15 pp	new
unresolvedL3 Technologies Inc	0.15%	168,036	$28M	trimmed−0%	−0.01 pp	2 q
unresolvedTcf Financial Corp	0.15%	1,670,379	$27M	added+2%	−0.01 pp	17 q
unresolvedAetna Inc New	0.13%	154,946	$24M	held	—	17 q
ARWArrow Electronics, Inc.	0.13%	304,670	$24M	held	—	14 q
LMLegg Mason, Inc.	0.13%	639,775	$24M	held	—	17 q
UVVUniversal Corporation	0.13%	367,692	$24M	trimmed−1%	−0.02 pp	9 q
EGEverest Group, Ltd.	0.13%	91,194	$23M	trimmed−1%	+0.01 pp	14 q
DIODDiodes Inc	0.12%	939,163	$23M	trimmed−24%	−0.05 pp	17 q
PGRProgressive Corporation	0.12%	496,033	$22M	trimmed−0%	+0.01 pp	14 q
JBLJabil Inc.	0.11%	712,955	$21M	held	—	14 q
PCGPG&E Corporation	0.11%	313,010	$21M	held	—	9 q
SRIStoneridge, Inc	0.11%	1,248,090	$19M	trimmed−12%	−0.03 pp	15 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.11%	548,866	$19M	trimmed−0%	+0.01 pp	16 q
ARCARC Document Solutions, Inc.	0.09%	3,826,438	$16M	trimmed−1%	+0.02 pp	17 q
HIGThe Hartford Insurance Group, Inc.	0.09%	314,390	$17M	held	—	17 q
unresolvedHospitality Properties Trust	0.09%	586,728	$17M	added0%	−0.01 pp	17 q
VRTUVirtusa Corporation	0.09%	536,604	$16M	trimmed−1%	0.00 pp	3 q
WAIRWESCO Aircraft Holdings Inc.	0.09%	1,552,004	$17M	trimmed−0%	−0.01 pp	4 q
GNWGenworth Financial, Inc.	0.08%	4,003,626	$15M	trimmed−43%	−0.08 pp	13 q
unresolvedPly Gem Holdings Inc	0.08%	859,716	$15M	trimmed−9%	−0.03 pp	3 q
WSFSWSFS Financial Corp	0.08%	338,149	$15M	trimmed−1%	−0.01 pp	17 q
DXCDXC Technology Company	0.07%	169,514	$13M	new	+0.07 pp	new
KSSKohls Corporation	0.07%	351,174	$14M	held	—	17 q
OCOwens Corning	0.07%	203,330	$14M	held	—	17 q
DRHDiamondrock Hospitality Company	0.06%	1,045,949	$11M	trimmed−0%	−0.01 pp	17 q
unresolvedKkr & Co L P DEL	0.06%	575,974	$11M	trimmed−6%	0.00 pp	7 q
unresolvedRowan Cos PLC	0.06%	996,725	$10M	held	—	14 q
unresolvedApollo Global Management LLC	0.04%	298,175	$8M	trimmed−11%	−0.01 pp	6 q
CMCOColumbus McKinnon Corp/NY	0.04%	293,625	$7M	trimmed−27%	−0.02 pp	15 q
NWSNews Corporation Class B	0.04%	560,534	$8M	trimmed−15%	−0.01 pp	16 q
CBChubb Limited	0.04%	51,626	$8M	trimmed−37%	−0.02 pp	6 q
PKXPOSCO Holdings Inc.	0.03%	93,495	$6M	added+55%	+0.01 pp	6 q
SHGShinhan Financial Group Co Ltd	0.02%	77,844	$3M	added+29%	+0.01 pp	15 q
ABBVAbbvie Inc.	0.00%	5,137	$372,000	added+23%	0.00 pp	3 q
YAlleghany Corporation	0.00%	602	$358,000	added+42%	0.00 pp	2 q
CORCencora, Inc.	0.00%	2,602	$246,000	added+4%	0.00 pp	3 q
AMGNAmgen Inc	0.00%	1,339	$231,000	added+3%	0.00 pp	4 q
NLYAnnaly Capital Management. Inc.	0.00%	12,906	$156,000	held	—	2 q
BROBrown & Brown, Inc.	0.00%	5,087	$219,000	added+3%	0.00 pp	2 q
DVADaVita Inc.	0.00%	3,398	$220,000	added+2%	0.00 pp	3 q
OHIOmega Healthcare Investors Inc.	0.00%	10,286	$340,000	new	0.00 pp	new
LUKOYPjsc Lukoil S/	0.00%	16,350	$798,000	held	—	3 q
PINCNPremier Inc-class A	0.00%	10,029	$361,000	trimmed−4%	0.00 pp	3 q
SOThe Southern Company	0.00%	7,454	$357,000	added+8%	0.00 pp	2 q
TDGTransDigm Group Incorporated	0.00%	758	$204,000	trimmed−30%	0.00 pp	2 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	2,023	$260,000	new	0.00 pp	new
DOXAmdocs Limited	0.00%	5,778	$372,000	added+2%	0.00 pp	3 q
CDWCDW Corporation	—	−160,561	—	exited	−0.05 pp	—
BPOPPopular Inc	—	−99,314	—	exited	−0.02 pp	—
INFYInfosys Limited	—	−114,700	—	exited	−0.01 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−66,918	—	exited	−0.01 pp	—
BIIBBiogen Inc.	—	−759	—	exited	0.00 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−2,230	—	exited	0.00 pp	—
ORIOld Republic International Corporation	—	−13,581	—	exited	0.00 pp	—
MDTMedtronic plc	—	−4,560	—	exited	0.00 pp	—