Pzena Investment Management

Q4 2017 13F · by Richard Pzena, CIO

As of: Dec 31, 2017
Filed: Feb 9, 2018
US stock: $20.4B · prev $18.9B
Positions: 156 · prev 151
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

+2.8 pp in · −2.7 pp out

New 9 +0.30 pp
Added 75 +2.47 pp
Trimmed 62 −2.48 pp
Exited 4 −0.25 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions17% of US stock

MYL Mylan NV trimmed+0.79 pp trimmed+0.794.6%
HPE Hewlett Packard Enterprise Company added+0.22 pp added+0.223.1%
C Citigroup Inc. added−0.15 pp added−0.153.0%
VOYA Voya Financial, Inc. trimmed+0.31 pp trimmed+0.313.0%
DOV Dover Corporation added+0.23 pp added+0.232.9%

Positions156 in this filing · 4 exited


MYLMylan NV	4.56%	21,978,042	$930M	trimmed−3%	+0.79 pp	4 q
HPEHewlett Packard Enterprise Company	3.14%	44,553,009	$640M	added+19%	+0.22 pp	9 q
CCitigroup Inc.	3.05%	8,363,979	$622M	added+1%	−0.15 pp	19 q
VOYAVoya Financial, Inc.	3.01%	12,390,640	$613M	trimmed−3%	+0.31 pp	15 q
DOVDover Corporation	2.94%	5,942,675	$600M	added+6%	+0.23 pp	11 q
BACBank of America Corporation	2.84%	19,595,313	$578M	trimmed−0%	+0.21 pp	19 q
OMCOmnicom Group Inc.	2.73%	7,653,555	$557M	added+21%	+0.25 pp	19 q
ORCLOracle Corp	2.60%	11,229,017	$531M	added+13%	+0.06 pp	19 q
CTSHCognizant Technology Solutions	2.48%	7,119,634	$506M	added+3%	−0.18 pp	12 q
WMTWalmart Inc.	2.45%	5,051,710	$499M	trimmed−3%	+0.30 pp	19 q
COFCapital One Financial	2.28%	4,660,524	$464M	added+2%	+0.23 pp	6 q
MSMorgan Stanley	2.24%	8,703,173	$457M	trimmed−4%	−0.06 pp	19 q
BENFranklin Templeton, Inc.	2.21%	10,390,099	$450M	added0%	−0.22 pp	19 q
RDS.ARoyal Dutch Shell PLC	2.20%	6,712,510	$448M	trimmed−11%	−0.21 pp	19 q
JPMJPMorgan Chase & Co.	2.04%	3,883,833	$415M	trimmed−6%	−0.04 pp	19 q
AIGAmerican International Group, Inc.	2.03%	6,950,107	$414M	added+7%	−0.08 pp	19 q
WFCWells Fargo & Co.	2.03%	6,828,830	$414M	added+24%	+0.42 pp	19 q
MCKMcKesson Corporation	1.99%	2,600,401	$406M	added+6%	−0.01 pp	5 q
NWSANews Corporation Class A	1.79%	22,548,294	$366M	trimmed−4%	+0.15 pp	17 q
IPGThe Interpublic Group of Companies, Inc.	1.77%	17,855,163	$360M	added+99%	+0.78 pp	19 q
AVTAvnet, Inc.	1.76%	9,031,623	$358M	added+11%	+0.07 pp	19 q
GSGoldman Sachs Group Inc.	1.76%	1,408,263	$359M	added0%	0.00 pp	19 q
XOMExxon Mobil Corp	1.75%	4,266,158	$357M	added+2%	−0.05 pp	19 q
FFord Motor Company	1.58%	25,856,377	$323M	added+2%	−0.03 pp	13 q
MURMurphy Oil Corp.	1.48%	9,703,852	$301M	added+1%	+0.13 pp	16 q
METMetLife, Inc.	1.44%	5,789,379	$293M	added+3%	−0.10 pp	19 q
unresolvedExpress Scripts Hldg Co	1.32%	3,602,780	$269M	added+3%	+0.15 pp	3 q
STTState Street Corporation	1.32%	2,749,738	$268M	trimmed−1%	−0.09 pp	19 q
BPBP p.l.c.	1.16%	5,608,977	$236M	trimmed−11%	−0.10 pp	19 q
AXSAxis Capital Holders Limited	1.14%	4,628,962	$233M	added+1%	−0.25 pp	19 q
CVECenovus Energy Inc.	1.03%	23,107,613	$211M	trimmed−1%	−0.21 pp	10 q
unresolvedCigna Corporation	1.01%	1,008,999	$205M	trimmed−25%	−0.32 pp	19 q
HLTHilton Worldwide Holdings Inc.	1.00%	2,544,692	$203M	trimmed−39%	−0.53 pp	4 q
RFRegions Financial Corp.	1.00%	11,811,834	$204M	trimmed−0%	+0.05 pp	19 q
UBSUBS Group AG	1.00%	11,068,827	$204M	trimmed−0%	0.00 pp	13 q
HALHalliburton Company	0.97%	4,045,333	$198M	trimmed−0%	−0.02 pp	8 q
JELDJELD-WEN Holding, Inc.	0.92%	4,755,987	$187M	added+21%	+0.18 pp	4 q
WTWWillis Towers Watson Public Limited Company	0.91%	1,236,137	$186M	trimmed−2%	−0.12 pp	8 q
unresolvedXl Group Ltd	0.88%	5,112,567	$180M	trimmed−0%	−0.19 pp	6 q
PFEPfizer Inc.	0.77%	4,361,143	$158M	added+9%	+0.01 pp	13 q
TEXTerex Corporation	0.77%	3,250,900	$157M	trimmed−28%	−0.31 pp	17 q
PHParker-Hannifin Corporation	0.73%	745,343	$149M	trimmed−16%	−0.09 pp	19 q
unresolvedMicro Focus Intl ADR	0.72%	4,394,396	$148M	added0%	−0.02 pp	2 q
KEYKeyCorp	0.68%	6,906,772	$139M	added+1%	0.00 pp	19 q
ALLThe Allstate Corporation	0.66%	1,280,343	$134M	trimmed−0%	+0.04 pp	19 q
CAHCardinal Health, Inc.	0.59%	1,950,460	$120M	added+8%	−0.05 pp	4 q
LAMRLamar Advertising Co	0.58%	1,581,874	$117M	trimmed−1%	0.00 pp	13 q
RRyder System, Inc.	0.57%	1,380,890	$116M	added×2.5	+0.32 pp	2 q
STXNSeagate Technology Holdings PLC (Ireland)	0.57%	2,791,030	$117M	trimmed−11%	+0.02 pp	9 q
EIXEdison International	0.55%	1,787,588	$113M	added0%	−0.18 pp	12 q
CSCOCisco Systems, Inc. (DE)	0.54%	2,868,976	$110M	added+14%	+0.09 pp	19 q
ATUEnerpac Tool Group Corp.	0.53%	4,274,245	$108M	added+9%	0.00 pp	19 q
SWKStanley Black & Decker, Inc.	0.49%	584,934	$99M	trimmed−33%	−0.20 pp	13 q
BIDUBaidu, Inc.	0.47%	409,468	$96M	trimmed−2%	−0.08 pp	4 q
FITBFifth Third Bancorp	0.47%	3,165,147	$96M	held	—	19 q
HPQHP Inc.	0.47%	4,581,722	$96M	trimmed−17%	−0.11 pp	9 q
MRKMerck & Co., Inc.	0.45%	1,640,524	$92M	added+8%	−0.06 pp	8 q
MSFTMicrosoft Corp	0.45%	1,069,794	$92M	trimmed−16%	−0.05 pp	19 q
IVZInvesco LTD	0.45%	2,518,196	$92M	added0%	−0.02 pp	19 q
GGenpact Limited	0.44%	2,843,211	$90M	added+8%	+0.04 pp	12 q
AGRAvangrid, Inc.	0.43%	1,721,190	$87M	held	—	4 q
ACMAecom	0.41%	2,226,022	$83M	trimmed−0%	−0.02 pp	19 q
WEDWebster Financial Corp	0.41%	1,493,462	$84M	trimmed−3%	−0.02 pp	19 q
FLEXFlex Ltd.	0.41%	4,648,765	$84M	added+5%	+0.02 pp	18 q
THGThe Hanover Insurance Group, Inc.	0.40%	752,763	$81M	added+1%	+0.02 pp	2 q
COPConocoPhillips	0.39%	1,465,160	$80M	added+2%	+0.01 pp	12 q
CARAvis Budget Group, Inc.	0.36%	1,660,313	$73M	added+68%	+0.16 pp	2 q
DOORMasonite International Corp	0.35%	952,166	$71M	added+11%	+0.04 pp	18 q
KBRKBR, Inc.	0.34%	3,528,822	$70M	trimmed−12%	−0.04 pp	16 q
0VQJLTe Connectivity Ltd	0.34%	729,627	$69M	held	—	19 q
AXEAnixter International Inc	0.32%	860,348	$65M	added+78%	+0.10 pp	8 q
KELKellanova	0.32%	973,315	$66M	added0%	0.00 pp	16 q
PCGPG&E Corporation	0.32%	1,442,561	$65M	added×4.6	+0.21 pp	11 q
VIVTelefonica Brasil, S.A.	0.32%	4,439,830	$66M	added+16%	0.00 pp	12 q
unresolvedAspen Insurance Holdings Ltd	0.32%	1,616,063	$66M	trimmed−4%	−0.04 pp	19 q
CMAComerica Incorporated	0.31%	716,953	$62M	trimmed−4%	+0.01 pp	19 q
TRSTrimas Corporation	0.31%	2,356,457	$63M	trimmed−5%	−0.04 pp	14 q
FTITechnipFMC plc	0.31%	2,026,224	$63M	added+59%	+0.12 pp	4 q
unresolvedValidus Holdings Ltd	0.30%	1,290,251	$61M	added+87%	+0.12 pp	19 q
ASBAssociated Banc-Corp	0.29%	2,347,623	$60M	trimmed−4%	−0.02 pp	16 q
GTLSChart Inds Inc	0.29%	1,283,149	$60M	trimmed−5%	+0.01 pp	11 q
ROCKGibraltar Industries, Inc.	0.29%	1,764,060	$58M	trimmed−5%	−0.02 pp	3 q
HOPEHope Bancorp, Inc.	0.27%	3,026,113	$55M	added+25%	+0.04 pp	6 q
AELAmerican Equity Investment Life Holding Company	0.26%	1,746,560	$54M	trimmed−6%	−0.02 pp	8 q
unresolvedVerifone Sys Inc	0.26%	2,942,690	$52M	added+19%	0.00 pp	4 q
CVSCvs Health Corporation	0.25%	701,082	$51M	added0%	−0.05 pp	12 q
MDPediatrix Medical Group, Inc.	0.25%	962,030	$51M	new	+0.25 pp	new
ESNDEssendant Inc	0.23%	5,061,547	$47M	added+17%	−0.07 pp	11 q
QCOMQualcomm Inc	0.23%	744,080	$48M	added0%	+0.03 pp	10 q
SCSCScansource Inc	0.23%	1,335,617	$48M	added+1%	−0.07 pp	8 q
CUBLionheart Holdings Class A	0.22%	760,371	$45M	trimmed−20%	−0.04 pp	13 q
SYU1Synovus Financial Corp	0.21%	913,804	$44M	trimmed−22%	−0.07 pp	15 q
GTSTriple-s Management Corp	0.21%	1,701,200	$42M	trimmed−12%	−0.03 pp	11 q
DBDDiebold Nixdorf, Incorporated	0.20%	2,440,289	$40M	added+32%	−0.02 pp	2 q
unresolvedSuperior Energy Services Inc	0.20%	4,142,393	$40M	trimmed−2%	−0.04 pp	18 q
NSITInsight Enterprises Inc	0.18%	973,385	$37M	added+14%	−0.03 pp	19 q
unresolvedPly Gem Holdings Inc	0.17%	1,918,393	$35M	trimmed−2%	−0.01 pp	5 q
UVVUniversal Corporation	0.17%	655,409	$34M	added+51%	+0.04 pp	11 q
AGIIArgo Group International	0.17%	570,252	$35M	trimmed−4%	−0.02 pp	19 q
TAT&T Inc.	0.16%	824,665	$32M	held	—	11 q
unresolvedL3 Technologies Inc	0.16%	168,036	$33M	held	—	4 q
CFGCitizens Financial Group, Inc.	0.15%	736,038	$31M	trimmed−53%	−0.16 pp	14 q
ETREntergy Corporation	0.15%	369,635	$30M	trimmed−0%	0.00 pp	19 q
FMBIFirst Midwest Bancorp Inc/IL	0.15%	1,255,466	$30M	trimmed−5%	−0.01 pp	19 q
ACHAccendra Health, Inc.	0.15%	1,601,913	$30M	trimmed−1%	−0.10 pp	14 q
TMKGlobe Life Inc.	0.15%	330,135	$30M	added0%	+0.01 pp	19 q
unresolvedTcf Financial Corp	0.14%	1,440,506	$30M	trimmed−7%	0.00 pp	19 q
LMLegg Mason, Inc.	0.13%	639,775	$27M	held	—	19 q
ARWArrow Electronics, Inc.	0.12%	305,140	$25M	added0%	−0.01 pp	16 q
BHFBrighthouse Financial, Inc.	0.12%	413,648	$24M	trimmed−17%	−0.04 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.12%	600,277	$24M	added+12%	+0.01 pp	18 q
EGEverest Group, Ltd.	0.10%	91,068	$20M	trimmed−0%	−0.01 pp	16 q
BKRBaker Hughes Company	0.09%	575,126	$18M	trimmed−1%	−0.02 pp	2 q
HIGThe Hartford Insurance Group, Inc.	0.09%	316,546	$18M	added+1%	0.00 pp	19 q
unresolvedHospitality Properties Trust	0.09%	587,765	$18M	added0%	0.00 pp	19 q
JBLJabil Inc.	0.09%	712,955	$19M	held	—	16 q
KSSKohls Corporation	0.09%	346,192	$19M	trimmed−0%	+0.01 pp	19 q
unresolvedRowan Cos PLC	0.08%	996,725	$16M	held	—	16 q
DXCDXC Technology Company	0.07%	142,652	$14M	added0%	+0.01 pp	3 q
DRHDiamondrock Hospitality Company	0.06%	1,038,016	$12M	trimmed−6%	0.00 pp	19 q
unresolvedGeneral Cable Corp	0.06%	440,960	$13M	trimmed−75%	−0.11 pp	14 q
GNWGenworth Financial, Inc.	0.06%	3,808,323	$12M	trimmed−4%	−0.02 pp	15 q
unresolvedKkr & Co L P DEL	0.06%	577,720	$12M	added+2%	0.00 pp	9 q
WAIRWESCO Aircraft Holdings Inc.	0.06%	1,588,064	$12M	added+2%	−0.02 pp	6 q
unresolvedApollo Global Management LLC	0.05%	292,861	$10M	added+1%	0.00 pp	8 q
PKXPOSCO Holdings Inc.	0.05%	117,930	$9M	added+26%	+0.02 pp	8 q
GJBSteelcase Inc-cl A	0.04%	491,144	$7M	new	+0.04 pp	new
ARCARC Document Solutions, Inc.	0.03%	2,031,488	$5M	trimmed−40%	−0.04 pp	19 q
WSFSWSFS Financial Corp	0.03%	149,043	$7M	trimmed−8%	−0.01 pp	19 q
NWSNews Corporation Class B	0.02%	194,536	$3M	trimmed−64%	−0.02 pp	18 q
SHGShinhan Financial Group Co Ltd	0.02%	93,568	$4M	added+20%	0.00 pp	17 q
CHLChina Mobile Limited	0.01%	20,500	$1M	new	+0.01 pp	new
ONON Semiconductor Corp	0.01%	114,610	$2M	trimmed−98%	−0.55 pp	17 q
VRTUVirtusa Corporation	0.01%	50,636	$2M	trimmed−80%	−0.04 pp	5 q
YAlleghany Corporation	0.00%	554	$330,000	added+32%	0.00 pp	4 q
CORCencora, Inc.	0.00%	3,278	$301,000	added+35%	0.00 pp	5 q
AMGNAmgen Inc	0.00%	1,688	$294,000	added+35%	0.00 pp	6 q
NLYAnnaly Capital Management. Inc.	0.00%	11,795	$140,000	held	—	4 q
BIIBBiogen Inc.	0.00%	931	$297,000	new	0.00 pp	new
BROBrown & Brown, Inc.	0.00%	8,859	$456,000	added+21%	0.00 pp	4 q
CELGCelgene Corp	0.00%	2,371	$247,000	new	0.00 pp	new
GMGeneral Motors Company	0.00%	23,148	$949,000	new	0.00 pp	new
INGRIngredion Incorporated	0.00%	3,495	$489,000	added+15%	0.00 pp	2 q
INTCIntel Corp	0.00%	7,019	$324,000	added+14%	0.00 pp	18 q
IWNiShares Russell 2000 Value ETF	0.00%	5,788	$728,000	new	0.00 pp	new
ORIOld Republic International Corporation	0.00%	17,909	$383,000	new	0.00 pp	new
OHIOmega Healthcare Investors Inc.	0.00%	10,590	$292,000	added+52%	0.00 pp	3 q
LUKOYPjsc Lukoil S/	0.00%	16,350	$943,000	held	—	5 q
PINCNPremier Inc-class A	0.00%	9,219	$269,000	trimmed−12%	0.00 pp	5 q
unresolvedPriceline Grp Inc	0.00%	188	$327,000	new	0.00 pp	new
SOThe Southern Company	0.00%	9,701	$467,000	added+24%	0.00 pp	4 q
SRIStoneridge, Inc	0.00%	36,516	$835,000	trimmed−96%	−0.09 pp	17 q
VSTVistra Corp.	0.00%	22,686	$416,000	added+16%	0.00 pp	2 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	2,641	$319,000	added+31%	0.00 pp	3 q
DOXAmdocs Limited	0.00%	6,773	$443,000	added+18%	0.00 pp	5 q
CBChubb Limited	0.00%	3,161	$462,000	added+24%	0.00 pp	8 q
PGRProgressive Corporation	—	−495,450	—	exited	−0.13 pp	—
GLWCorning Incorporated	—	−713,246	—	exited	−0.11 pp	—
DIODDiodes Inc	—	−45,273	—	exited	−0.01 pp	—
GILDGilead Sciences Inc	—	−2,869	—	exited	0.00 pp	—