Pzena Investment Management

Q3 2017 13F · by Richard Pzena, CIO

As of: Sep 30, 2017
Filed: Nov 3, 2017
US stock: $18.9B · prev $18.3B
Positions: 151 · 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%

Moves147 since the prior filing

+8.3 pp in · −8.2 pp out

New 10 +2.06 pp
Added 56 +6.23 pp
Trimmed 70 −4.70 pp
Exited 11 −3.55 pp

The book

Diversified · behaves like 60 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions15% of US stock

MYL Mylan NV added+1.15 pp added+1.153.8%
C Citigroup Inc. trimmed+0.14 pp trimmed+0.143.2%
HPE Hewlett Packard Enterprise Company added+0.91 pp added+0.912.9%
DOV Dover Corporation added+0.25 pp added+0.252.7%
VOYA Voya Financial, Inc. trimmed+0.11 pp trimmed+0.112.7%

Positions151 in this filing · 11 exited


MYLMylan NV	3.77%	22,721,384	$713M	added+84%	+1.15 pp	3 q
CCitigroup Inc.	3.20%	8,321,384	$605M	trimmed−1%	+0.14 pp	18 q
HPEHewlett Packard Enterprise Company	2.92%	37,560,840	$553M	added+70%	+0.91 pp	8 q
DOVDover Corporation	2.71%	5,613,811	$513M	added0%	+0.25 pp	10 q
VOYAVoya Financial, Inc.	2.70%	12,812,884	$511M	trimmed−0%	+0.11 pp	14 q
CTSHCognizant Technology Solutions	2.66%	6,925,051	$502M	trimmed−1%	+0.11 pp	11 q
BACBank of America Corporation	2.63%	19,628,386	$497M	trimmed−4%	−0.09 pp	18 q
ORCLOracle Corp	2.54%	9,937,040	$480M	trimmed−1%	−0.22 pp	18 q
OMCOmnicom Group Inc.	2.48%	6,343,295	$470M	added+6%	−0.23 pp	18 q
BENFranklin Templeton, Inc.	2.43%	10,343,161	$460M	trimmed−0%	−0.11 pp	18 q
RDS.ARoyal Dutch Shell PLC	2.41%	7,521,061	$456M	trimmed−0%	+0.21 pp	18 q
MSMorgan Stanley	2.30%	9,028,020	$435M	trimmed−1%	+0.08 pp	18 q
WMTWalmart Inc.	2.15%	5,201,567	$406M	added+1%	+0.02 pp	18 q
AIGAmerican International Group, Inc.	2.11%	6,507,357	$399M	added+1%	−0.10 pp	18 q
JPMJPMorgan Chase & Co.	2.08%	4,111,732	$393M	trimmed−1%	0.00 pp	18 q
COFCapital One Financial	2.05%	4,588,908	$388M	added+14%	+0.22 pp	5 q
MCKMcKesson Corporation	2.00%	2,458,531	$378M	added+17%	+0.11 pp	4 q
XOMExxon Mobil Corp	1.80%	4,164,184	$341M	trimmed−20%	−0.51 pp	18 q
GSGoldman Sachs Group Inc.	1.76%	1,403,492	$333M	trimmed−1%	+0.04 pp	18 q
AVTAvnet, Inc.	1.69%	8,154,011	$320M	added+8%	+0.08 pp	18 q
NWSANews Corporation Class A	1.64%	23,381,277	$310M	added+1%	−0.10 pp	16 q
FFord Motor Company	1.61%	25,409,816	$304M	added+7%	+0.15 pp	12 q
WFCWells Fargo & Co.	1.61%	5,517,855	$304M	added×3.7	+1.15 pp	18 q
METMetLife, Inc.	1.54%	5,596,775	$291M	added+2%	−0.11 pp	18 q
HLTHilton Worldwide Holdings Inc.	1.53%	4,171,275	$290M	added0%	+0.12 pp	3 q
STTState Street Corporation	1.41%	2,782,766	$266M	trimmed−1%	+0.03 pp	18 q
AXSAxis Capital Holders Limited	1.39%	4,576,149	$262M	trimmed−0%	−0.23 pp	18 q
MURMurphy Oil Corp.	1.35%	9,609,282	$255M	added+1%	+0.02 pp	15 q
unresolvedCigna Corporation	1.33%	1,350,411	$252M	trimmed−24%	−0.30 pp	18 q
BPBP p.l.c.	1.26%	6,193,921	$238M	trimmed−2%	+0.09 pp	18 q
CVECenovus Energy Inc.	1.24%	23,437,925	$235M	added+6%	+0.35 pp	9 q
unresolvedExpress Scripts Hldg Co	1.17%	3,509,800	$222M	added+24%	+0.18 pp	2 q
TEXTerex Corporation	1.08%	4,522,248	$204M	trimmed−13%	+0.02 pp	16 q
unresolvedXl Group Ltd	1.07%	5,135,631	$203M	trimmed−1%	−0.18 pp	5 q
WTWWillis Towers Watson Public Limited Company	1.03%	1,263,039	$195M	trimmed−5%	−0.03 pp	7 q
UBSUBS Group AG	1.00%	11,073,595	$190M	trimmed−0%	−0.03 pp	12 q
HALHalliburton Company	0.99%	4,052,148	$187M	added×5.4	+0.81 pp	7 q
IPGThe Interpublic Group of Companies, Inc.	0.99%	8,964,724	$186M	added0%	−0.21 pp	18 q
RFRegions Financial Corp.	0.95%	11,817,778	$180M	trimmed−41%	−0.65 pp	18 q
PHParker-Hannifin Corporation	0.82%	890,562	$156M	trimmed−31%	−0.30 pp	18 q
PFEPfizer Inc.	0.76%	4,008,274	$143M	added+72%	+0.33 pp	12 q
JELDJELD-WEN Holding, Inc.	0.74%	3,926,448	$139M	added+24%	+0.18 pp	3 q
unresolvedMicro Focus Intl ADR	0.74%	4,387,043	$140M	new	+0.74 pp	new
EIXEdison International	0.73%	1,782,467	$138M	trimmed−0%	−0.03 pp	11 q
SWKStanley Black & Decker, Inc.	0.69%	868,306	$131M	trimmed−30%	−0.26 pp	12 q
KEYKeyCorp	0.68%	6,846,555	$129M	trimmed−0%	−0.02 pp	18 q
CAHCardinal Health, Inc.	0.64%	1,806,522	$121M	added+71%	+0.19 pp	3 q
ALLThe Allstate Corporation	0.62%	1,283,852	$118M	trimmed−11%	−0.08 pp	18 q
HPQHP Inc.	0.58%	5,503,587	$110M	trimmed−10%	−0.01 pp	8 q
LAMRLamar Advertising Co	0.58%	1,590,436	$109M	trimmed−0%	−0.06 pp	12 q
ONON Semiconductor Corp	0.56%	5,786,917	$107M	trimmed−35%	−0.13 pp	16 q
BIDUBaidu, Inc.	0.55%	418,814	$104M	trimmed−3%	+0.13 pp	3 q
STXNSeagate Technology Holdings PLC (Ireland)	0.55%	3,138,486	$104M	trimmed−0%	−0.12 pp	8 q
ATUEnerpac Tool Group Corp.	0.53%	3,917,524	$100M	added+18%	+0.08 pp	18 q
MRKMerck & Co., Inc.	0.51%	1,519,959	$97M	added+84%	+0.22 pp	7 q
MSFTMicrosoft Corp	0.50%	1,274,898	$95M	trimmed−5%	−0.01 pp	18 q
FITBFifth Third Bancorp	0.47%	3,165,147	$89M	trimmed−0%	+0.02 pp	18 q
IVZInvesco LTD	0.47%	2,511,163	$88M	trimmed−0%	−0.01 pp	18 q
CSCOCisco Systems, Inc. (DE)	0.45%	2,517,046	$85M	added0%	+0.02 pp	18 q
ACMAecom	0.43%	2,227,773	$82M	added0%	+0.04 pp	18 q
AGRAvangrid, Inc.	0.43%	1,721,190	$82M	added0%	+0.01 pp	3 q
WEDWebster Financial Corp	0.43%	1,543,338	$81M	added+2%	0.00 pp	18 q
GGenpact Limited	0.40%	2,639,134	$76M	trimmed−1%	−0.01 pp	11 q
FLEXFlex Ltd.	0.39%	4,427,995	$73M	trimmed−3%	−0.02 pp	17 q
COPConocoPhillips	0.38%	1,442,900	$72M	trimmed−42%	−0.22 pp	11 q
THGThe Hanover Insurance Group, Inc.	0.38%	746,426	$72M	new	+0.38 pp	new
KBRKBR, Inc.	0.38%	3,988,595	$71M	trimmed−16%	−0.02 pp	15 q
unresolvedAspen Insurance Holdings Ltd	0.36%	1,687,551	$68M	added+54%	+0.06 pp	18 q
TRSTrimas Corporation	0.35%	2,469,675	$67M	trimmed−8%	+0.04 pp	13 q
KELKellanova	0.32%	971,006	$61M	added0%	−0.05 pp	15 q
VIVTelefonica Brasil, S.A.	0.32%	3,837,652	$61M	trimmed−0%	+0.04 pp	11 q
0VQJLTe Connectivity Ltd	0.32%	729,627	$61M	added0%	+0.01 pp	18 q
ASBAssociated Banc-Corp	0.31%	2,433,590	$59M	added+3%	−0.02 pp	15 q
CFGCitizens Financial Group, Inc.	0.31%	1,560,442	$59M	held	—	13 q
ROCKGibraltar Industries, Inc.	0.31%	1,852,838	$58M	added×2.3	+0.16 pp	2 q
DOORMasonite International Corp	0.31%	858,682	$59M	added+9%	−0.02 pp	17 q
CVSCvs Health Corporation	0.30%	699,872	$57M	trimmed−0%	−0.01 pp	11 q
CMAComerica Incorporated	0.30%	745,540	$57M	trimmed−4%	−0.01 pp	18 q
ESNDEssendant Inc	0.30%	4,325,038	$57M	added+24%	+0.02 pp	10 q
SCSCScansource Inc	0.30%	1,317,928	$58M	added+3%	+0.02 pp	7 q
AELAmerican Equity Investment Life Holding Company	0.28%	1,848,605	$54M	trimmed−24%	−0.07 pp	7 q
GTLSChart Inds Inc	0.28%	1,353,367	$53M	added+3%	+0.03 pp	10 q
SYU1Synovus Financial Corp	0.28%	1,168,695	$54M	trimmed−1%	−0.01 pp	14 q
CUBLionheart Holdings Class A	0.26%	946,046	$48M	added+3%	+0.03 pp	12 q
unresolvedVerifone Sys Inc	0.26%	2,469,466	$50M	added+3%	+0.02 pp	3 q
ACHAccendra Health, Inc.	0.25%	1,617,568	$47M	added+3%	−0.03 pp	13 q
RRyder System, Inc.	0.25%	563,280	$48M	new	+0.25 pp	new
unresolvedSuperior Energy Services Inc	0.24%	4,232,913	$45M	added+6%	+0.01 pp	17 q
GTSTriple-s Management Corp	0.24%	1,943,218	$46M	trimmed−6%	+0.05 pp	10 q
HOPEHope Bancorp, Inc.	0.23%	2,429,412	$43M	added+6%	0.00 pp	5 q
AXEAnixter International Inc	0.22%	484,032	$41M	added+3%	+0.02 pp	7 q
DBDDiebold Nixdorf, Incorporated	0.22%	1,849,198	$42M	new	+0.22 pp	new
NSITInsight Enterprises Inc	0.21%	857,501	$39M	added+3%	+0.03 pp	18 q
CARAvis Budget Group, Inc.	0.20%	990,635	$38M	new	+0.20 pp	new
QCOMQualcomm Inc	0.20%	743,776	$39M	held	—	9 q
AGIIArgo Group International	0.19%	594,713	$37M	added+4%	0.00 pp	18 q
FTITechnipFMC plc	0.19%	1,271,841	$36M	held	—	3 q
unresolvedPly Gem Holdings Inc	0.18%	1,952,430	$33M	added×2.3	+0.10 pp	4 q
unresolvedValidus Holdings Ltd	0.18%	689,064	$34M	trimmed−0%	−0.02 pp	18 q
TAT&T Inc.	0.17%	824,665	$32M	added0%	0.00 pp	10 q
unresolvedGeneral Cable Corp	0.17%	1,751,815	$33M	added+2%	+0.02 pp	13 q
unresolvedL3 Technologies Inc	0.17%	168,036	$32M	held	—	3 q
BHFBrighthouse Financial, Inc.	0.16%	498,285	$30M	new	+0.16 pp	new
FMBIFirst Midwest Bancorp Inc/IL	0.16%	1,325,864	$31M	added+4%	0.00 pp	18 q
ETREntergy Corporation	0.15%	370,263	$28M	added0%	−0.01 pp	18 q
unresolvedTcf Financial Corp	0.14%	1,543,959	$26M	trimmed−8%	−0.01 pp	18 q
TMKGlobe Life Inc.	0.14%	329,857	$26M	trimmed−31%	−0.06 pp	18 q
ARWArrow Electronics, Inc.	0.13%	304,670	$24M	held	—	15 q
LMLegg Mason, Inc.	0.13%	639,775	$25M	held	—	18 q
PGRProgressive Corporation	0.13%	495,450	$24M	trimmed−0%	+0.01 pp	15 q
UVVUniversal Corporation	0.13%	433,248	$25M	added+18%	0.00 pp	10 q
BKRBaker Hughes Company	0.11%	580,451	$21M	new	+0.11 pp	new
GLWCorning Incorporated	0.11%	713,246	$21M	trimmed−51%	−0.13 pp	16 q
JBLJabil Inc.	0.11%	712,955	$20M	held	—	15 q
PCGPG&E Corporation	0.11%	313,010	$21M	held	—	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.11%	535,958	$20M	trimmed−2%	0.00 pp	17 q
EGEverest Group, Ltd.	0.11%	91,099	$21M	trimmed−0%	−0.02 pp	15 q
HIGThe Hartford Insurance Group, Inc.	0.09%	314,390	$17M	held	—	18 q
unresolvedHospitality Properties Trust	0.09%	586,728	$17M	held	—	18 q
SRIStoneridge, Inc	0.09%	861,904	$17M	trimmed−31%	−0.02 pp	16 q
GNWGenworth Financial, Inc.	0.08%	3,966,700	$15M	trimmed−1%	0.00 pp	14 q
KSSKohls Corporation	0.08%	347,073	$16M	trimmed−1%	+0.01 pp	18 q
WAIRWESCO Aircraft Holdings Inc.	0.08%	1,559,373	$15M	added0%	−0.01 pp	5 q
ARCARC Document Solutions, Inc.	0.07%	3,373,756	$14M	trimmed−12%	−0.02 pp	18 q
unresolvedRowan Cos PLC	0.07%	996,725	$13M	held	—	15 q
DXCDXC Technology Company	0.06%	142,637	$12M	trimmed−16%	−0.01 pp	2 q
DRHDiamondrock Hospitality Company	0.06%	1,099,717	$12M	added+5%	0.00 pp	18 q
unresolvedKkr & Co L P DEL	0.06%	568,442	$12M	trimmed−1%	0.00 pp	8 q
unresolvedApollo Global Management LLC	0.05%	290,089	$9M	trimmed−3%	+0.01 pp	7 q
VRTUVirtusa Corporation	0.05%	256,969	$10M	trimmed−52%	−0.04 pp	4 q
NWSNews Corporation Class B	0.04%	547,085	$7M	trimmed−2%	0.00 pp	17 q
WSFSWSFS Financial Corp	0.04%	161,373	$8M	trimmed−52%	−0.04 pp	18 q
PKXPOSCO Holdings Inc.	0.03%	93,495	$6M	held	—	7 q
SHGShinhan Financial Group Co Ltd	0.02%	77,844	$3M	held	—	16 q
DIODDiodes Inc	0.01%	45,273	$1M	trimmed−95%	−0.11 pp	18 q
YAlleghany Corporation	0.00%	419	$232,000	trimmed−30%	0.00 pp	3 q
CORCencora, Inc.	0.00%	2,433	$201,000	trimmed−7%	0.00 pp	4 q
AMGNAmgen Inc	0.00%	1,255	$234,000	trimmed−6%	0.00 pp	5 q
NLYAnnaly Capital Management. Inc.	0.00%	11,795	$144,000	trimmed−9%	0.00 pp	3 q
BROBrown & Brown, Inc.	0.00%	7,295	$352,000	added+43%	0.00 pp	3 q
GILDGilead Sciences Inc	0.00%	2,869	$232,000	new	0.00 pp	new
INGRIngredion Incorporated	0.00%	3,033	$366,000	new	0.00 pp	new
INTCIntel Corp	0.00%	6,152	$234,000	trimmed−100%	−1.57 pp	17 q
OHIOmega Healthcare Investors Inc.	0.00%	6,989	$223,000	trimmed−32%	0.00 pp	2 q
LUKOYPjsc Lukoil S/	0.00%	16,350	$867,000	held	—	4 q
PINCNPremier Inc-class A	0.00%	10,508	$342,000	added+5%	0.00 pp	4 q
SOThe Southern Company	0.00%	7,800	$383,000	added+5%	0.00 pp	3 q
VSTVistra Corp.	0.00%	19,628	$367,000	new	0.00 pp	new
ZBHZimmer Biomet Holdings, Inc.	0.00%	2,023	$237,000	held	—	2 q
DOXAmdocs Limited	0.00%	5,737	$369,000	trimmed−1%	0.00 pp	4 q
CBChubb Limited	0.00%	2,551	$364,000	trimmed−95%	−0.04 pp	7 q
unresolvedStaples Inc	—	−29,636,356	—	exited	−1.63 pp	—
ABTAbbott Laboratories	—	−2,298,718	—	exited	−0.61 pp	—
JNJJohnson & Johnson	—	−737,844	—	exited	−0.53 pp	—
DANDana Incorporated	—	−3,017,256	—	exited	−0.37 pp	—
unresolvedBaker Hughes Inc.	—	−580,451	—	exited	−0.17 pp	—
unresolvedAetna Inc New	—	−154,946	—	exited	−0.13 pp	—
OCOwens Corning	—	−203,330	—	exited	−0.07 pp	—
CMCOColumbus McKinnon Corp/NY	—	−293,625	—	exited	−0.04 pp	—
ABBVAbbvie Inc.	—	−5,137	—	exited	0.00 pp	—
DVADaVita Inc.	—	−3,398	—	exited	0.00 pp	—
TDGTransDigm Group Incorporated	—	−758	—	exited	0.00 pp	—