Pzena Investment Management

Q1 2018 13F · by Richard Pzena, CIO

As of: Mar 31, 2018
Filed: May 4, 2018
US stock: $19.7B · prev $20.4B
Positions: 157 · prev 156
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%

Moves163 since the prior filing

+6.9 pp in · −6.9 pp out

New 12 +1.08 pp
Added 65 +5.85 pp
Trimmed 75 −5.28 pp
Exited 11 −1.65 pp

The book

Diversified · behaves like 56 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions16% of US stock

MYL Mylan NV trimmed−0.10 pp trimmed−0.104.5%
HPE Hewlett Packard Enterprise Company trimmed+0.02 pp trimmed+0.023.2%
OMC Omnicom Group Inc. added+0.20 pp added+0.202.9%
DOV Dover Corporation trimmed−0.07 pp trimmed−0.072.9%
C Citigroup Inc. trimmed−0.23 pp trimmed−0.232.8%

Positions157 in this filing · 11 exited


MYLMylan NV	4.46%	21,293,375	$877M	trimmed−3%	−0.10 pp	5 q
HPEHewlett Packard Enterprise Company	3.16%	35,384,460	$621M	trimmed−21%	+0.02 pp	10 q
OMCOmnicom Group Inc.	2.93%	7,924,253	$576M	added+4%	+0.20 pp	20 q
DOVDover Corporation	2.87%	5,753,153	$565M	trimmed−3%	−0.07 pp	12 q
CCitigroup Inc.	2.82%	8,208,270	$554M	trimmed−2%	−0.23 pp	20 q
CTSHCognizant Technology Solutions	2.74%	6,691,984	$539M	trimmed−6%	+0.26 pp	13 q
VOYAVoya Financial, Inc.	2.74%	10,653,774	$538M	trimmed−14%	−0.27 pp	16 q
ORCLOracle Corp	2.60%	11,178,377	$511M	trimmed−0%	0.00 pp	20 q
BACBank of America Corporation	2.59%	16,966,578	$509M	trimmed−13%	−0.25 pp	20 q
FFord Motor Company	2.53%	44,818,988	$497M	added+73%	+0.95 pp	14 q
COFCapital One Financial	2.38%	4,877,701	$467M	added+5%	+0.10 pp	7 q
MSMorgan Stanley	2.25%	8,200,006	$442M	trimmed−6%	+0.01 pp	20 q
RDS.ARoyal Dutch Shell PLC	2.13%	6,558,222	$418M	trimmed−2%	−0.07 pp	20 q
WFCWells Fargo & Co.	2.07%	7,752,137	$406M	added+14%	+0.04 pp	20 q
AIGAmerican International Group, Inc.	2.06%	7,450,456	$405M	added+7%	+0.03 pp	20 q
IPGThe Interpublic Group of Companies, Inc.	2.06%	17,620,856	$406M	trimmed−1%	+0.29 pp	20 q
JPMJPMorgan Chase & Co.	2.01%	3,599,814	$396M	trimmed−7%	−0.03 pp	20 q
AVTAvnet, Inc.	1.95%	9,181,546	$383M	added+2%	+0.19 pp	20 q
MCKMcKesson Corporation	1.89%	2,635,648	$371M	added+1%	−0.10 pp	6 q
BENFranklin Templeton, Inc.	1.88%	10,656,848	$370M	added+3%	−0.33 pp	20 q
AXSAxis Capital Holders Limited	1.87%	6,377,926	$367M	added+38%	+0.73 pp	20 q
EIXEdison International	1.77%	5,475,064	$349M	added×3.1	+1.22 pp	13 q
NWSANews Corporation Class A	1.77%	21,991,335	$347M	trimmed−2%	−0.02 pp	18 q
WMTWalmart Inc.	1.75%	3,874,978	$345M	trimmed−23%	−0.70 pp	20 q
GSGoldman Sachs Group Inc.	1.73%	1,349,412	$340M	trimmed−4%	−0.03 pp	20 q
XOMExxon Mobil Corp	1.68%	4,424,055	$330M	added+4%	−0.07 pp	20 q
METMetLife, Inc.	1.39%	5,967,922	$274M	added+3%	−0.05 pp	20 q
MURMurphy Oil Corp.	1.39%	10,601,453	$274M	added+9%	−0.09 pp	17 q
STTState Street Corporation	1.26%	2,487,563	$248M	trimmed−10%	−0.06 pp	20 q
MRKMerck & Co., Inc.	1.25%	4,524,430	$246M	added×2.8	+0.80 pp	9 q
AMGNAmgen Inc	1.16%	1,341,311	$229M	added×794.6	+1.16 pp	7 q
BPBP p.l.c.	1.11%	5,408,029	$219M	trimmed−5%	−0.05 pp	20 q
unresolvedExpress Scripts Hldg Co	1.09%	3,106,946	$215M	trimmed−14%	−0.23 pp	4 q
CVECenovus Energy Inc.	1.07%	24,658,950	$211M	added+7%	+0.04 pp	11 q
HALHalliburton Company	1.00%	4,192,614	$197M	added+4%	+0.03 pp	9 q
WTWWillis Towers Watson Public Limited Company	0.99%	1,275,726	$194M	added+3%	+0.08 pp	9 q
UBSUBS Group AG	0.96%	10,688,586	$189M	trimmed−3%	−0.04 pp	14 q
CAHCardinal Health, Inc.	0.92%	2,873,639	$180M	added+47%	+0.33 pp	5 q
RFRegions Financial Corp.	0.92%	9,758,134	$181M	trimmed−17%	−0.08 pp	20 q
JELDJELD-WEN Holding, Inc.	0.88%	5,679,507	$174M	added+19%	−0.04 pp	5 q
PFEPfizer Inc.	0.79%	4,367,493	$155M	added0%	+0.02 pp	14 q
unresolvedXl Group Ltd	0.79%	2,800,319	$155M	trimmed−45%	−0.09 pp	7 q
KEYKeyCorp	0.70%	7,013,737	$137M	added+2%	+0.02 pp	20 q
FITBFifth Third Bancorp	0.64%	3,945,755	$125M	added+25%	+0.17 pp	20 q
MDPediatrix Medical Group, Inc.	0.64%	2,258,712	$126M	added×2.3	+0.39 pp	2 q
RRyder System, Inc.	0.61%	1,658,741	$121M	added+20%	+0.04 pp	3 q
CSCOCisco Systems, Inc. (DE)	0.59%	2,724,652	$117M	trimmed−5%	+0.05 pp	20 q
TEXTerex Corporation	0.59%	3,108,316	$116M	trimmed−4%	−0.18 pp	18 q
ATUEnerpac Tool Group Corp.	0.52%	4,358,516	$101M	added+2%	−0.01 pp	20 q
GGenpact Limited	0.49%	3,001,426	$96M	added+6%	+0.05 pp	13 q
BIDUBaidu, Inc.	0.48%	424,873	$95M	added+4%	+0.01 pp	5 q
AGRAvangrid, Inc.	0.45%	1,732,380	$89M	added+1%	+0.02 pp	5 q
THGThe Hanover Insurance Group, Inc.	0.45%	750,653	$88M	trimmed−0%	+0.05 pp	3 q
COPConocoPhillips	0.44%	1,469,519	$87M	added0%	+0.05 pp	13 q
CARAvis Budget Group, Inc.	0.43%	1,810,500	$85M	added+9%	+0.07 pp	3 q
HPQHP Inc.	0.43%	3,854,805	$84M	trimmed−16%	−0.04 pp	10 q
ACMAecom	0.42%	2,312,710	$82M	added+4%	+0.01 pp	20 q
IVZInvesco LTD	0.42%	2,607,199	$83M	added+4%	−0.03 pp	20 q
WEDWebster Financial Corp	0.41%	1,452,258	$80M	trimmed−3%	0.00 pp	20 q
FLEXFlex Ltd.	0.40%	4,864,991	$79M	added+5%	−0.01 pp	19 q
CSLCarlisle Companies, Inc.	0.39%	729,979	$76M	new	+0.39 pp	new
VIVTelefonica Brasil, S.A.	0.38%	4,824,254	$74M	added+9%	+0.06 pp	13 q
ALLThe Allstate Corporation	0.37%	771,903	$73M	trimmed−40%	−0.29 pp	20 q
0VQJLTe Connectivity Ltd	0.37%	729,656	$73M	added0%	+0.03 pp	20 q
unresolvedAspen Insurance Holdings Ltd	0.36%	1,574,494	$71M	trimmed−3%	+0.04 pp	20 q
KELKellanova	0.32%	972,922	$63M	trimmed−0%	0.00 pp	17 q
unresolvedMicro Focus Intl ADR	0.31%	4,405,079	$62M	added0%	−0.41 pp	3 q
TRSTrimas Corporation	0.31%	2,320,711	$61M	trimmed−2%	0.00 pp	15 q
FTITechnipFMC plc	0.31%	2,076,120	$61M	added+2%	0.00 pp	5 q
AXEAnixter International Inc	0.30%	780,189	$59M	trimmed−9%	−0.02 pp	9 q
KBRKBR, Inc.	0.30%	3,660,720	$59M	added+4%	−0.04 pp	17 q
MSFTMicrosoft Corp	0.30%	652,741	$60M	trimmed−39%	−0.15 pp	20 q
DOORMasonite International Corp	0.29%	926,190	$57M	trimmed−3%	−0.06 pp	19 q
SWKStanley Black & Decker, Inc.	0.29%	373,505	$57M	trimmed−36%	−0.20 pp	14 q
ASBAssociated Banc-Corp	0.28%	2,188,954	$54M	trimmed−7%	−0.01 pp	17 q
PHParker-Hannifin Corporation	0.28%	322,629	$55M	trimmed−57%	−0.45 pp	20 q
unresolvedGeneral Electric Co	0.27%	3,923,237	$53M	new	+0.27 pp	new
HOPEHope Bancorp, Inc.	0.27%	2,887,381	$53M	trimmed−5%	0.00 pp	7 q
unresolvedValidus Holdings Ltd	0.27%	787,102	$53M	trimmed−39%	−0.03 pp	20 q
ROCKGibraltar Industries, Inc.	0.26%	1,531,107	$52M	trimmed−13%	−0.03 pp	4 q
AELAmerican Equity Investment Life Holding Company	0.25%	1,641,482	$48M	trimmed−6%	−0.01 pp	9 q
CUBLionheart Holdings Class A	0.23%	713,870	$45M	trimmed−6%	+0.01 pp	14 q
SCSCScansource Inc	0.23%	1,263,432	$45M	trimmed−5%	0.00 pp	9 q
SNASnap-on Incorporated	0.23%	307,533	$45M	new	+0.23 pp	new
CVSCvs Health Corporation	0.22%	703,641	$44M	added0%	−0.03 pp	13 q
DBDDiebold Nixdorf, Incorporated	0.22%	2,824,601	$43M	added+16%	+0.02 pp	3 q
SYU1Synovus Financial Corp	0.22%	873,259	$44M	trimmed−4%	+0.01 pp	16 q
GTSTriple-s Management Corp	0.22%	1,676,159	$44M	trimmed−1%	+0.01 pp	12 q
unresolvedVerifone Sys Inc	0.22%	2,827,595	$43M	trimmed−4%	−0.04 pp	5 q
GJBSteelcase Inc-cl A	0.21%	2,976,916	$40M	added×6.1	+0.17 pp	2 q
QCOMQualcomm Inc	0.20%	700,983	$39M	trimmed−6%	−0.03 pp	11 q
ESNDEssendant Inc	0.19%	4,866,890	$38M	trimmed−4%	−0.04 pp	12 q
GTLSChart Inds Inc	0.18%	590,099	$35M	trimmed−54%	−0.11 pp	12 q
unresolvedL3 Technologies Inc	0.18%	168,036	$35M	held	—	5 q
AGIIArgo Group International	0.18%	603,338	$35M	added+6%	+0.01 pp	20 q
NSITInsight Enterprises Inc	0.17%	940,099	$33M	trimmed−3%	−0.01 pp	20 q
unresolvedSuperior Energy Services Inc	0.17%	3,933,849	$33M	trimmed−5%	−0.03 pp	19 q
UVVUniversal Corporation	0.17%	705,706	$34M	added+8%	0.00 pp	12 q
unresolvedCigna Corporation	0.16%	191,526	$32M	trimmed−81%	−0.85 pp	20 q
CFGCitizens Financial Group, Inc.	0.16%	735,799	$31M	trimmed−0%	+0.01 pp	15 q
unresolvedTcf Financial Corp	0.16%	1,376,728	$31M	trimmed−4%	+0.02 pp	20 q
TAT&T Inc.	0.15%	826,748	$29M	added0%	−0.01 pp	12 q
ETREntergy Corporation	0.15%	373,348	$29M	added+1%	0.00 pp	20 q
FMBIFirst Midwest Bancorp Inc/IL	0.15%	1,196,259	$29M	trimmed−5%	0.00 pp	20 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.14%	623,501	$27M	added+4%	+0.02 pp	19 q
TMKGlobe Life Inc.	0.14%	329,821	$28M	trimmed−0%	−0.01 pp	20 q
EVTCEvertec, Inc.	0.13%	1,570,680	$26M	new	+0.13 pp	new
LMLegg Mason, Inc.	0.13%	639,905	$26M	added0%	0.00 pp	20 q
ARWArrow Electronics, Inc.	0.12%	304,547	$23M	trimmed−0%	0.00 pp	17 q
CMAComerica Incorporated	0.12%	240,292	$23M	trimmed−66%	−0.19 pp	20 q
KSSKohls Corporation	0.12%	346,078	$23M	trimmed−0%	+0.03 pp	20 q
ACHAccendra Health, Inc.	0.12%	1,474,535	$23M	trimmed−8%	−0.03 pp	15 q
unresolvedPly Gem Holdings Inc	0.12%	1,088,198	$24M	trimmed−43%	−0.05 pp	6 q
EGEverest Group, Ltd.	0.12%	91,025	$23M	trimmed−0%	+0.02 pp	17 q
BHFBrighthouse Financial, Inc.	0.11%	413,395	$21M	trimmed−0%	−0.01 pp	3 q
HIGThe Hartford Insurance Group, Inc.	0.11%	424,540	$22M	added+34%	+0.02 pp	20 q
JBLJabil Inc.	0.10%	712,758	$20M	trimmed−0%	+0.01 pp	17 q
BKRBaker Hughes Company	0.08%	587,422	$16M	added+2%	−0.01 pp	3 q
unresolvedHospitality Properties Trust	0.08%	590,723	$15M	added+1%	−0.01 pp	20 q
WAIRWESCO Aircraft Holdings Inc.	0.08%	1,558,248	$16M	trimmed−2%	+0.02 pp	7 q
unresolvedKkr & Co L P DEL	0.07%	655,801	$13M	added+14%	+0.01 pp	10 q
unresolvedRowan Cos PLC	0.06%	996,725	$12M	held	—	17 q
unresolvedApollo Global Management LLC	0.05%	326,430	$10M	added+11%	0.00 pp	9 q
DRHDiamondrock Hospitality Company	0.05%	1,005,192	$10M	trimmed−3%	−0.01 pp	20 q
GNWGenworth Financial, Inc.	0.05%	3,806,435	$11M	trimmed−0%	−0.01 pp	16 q
LAMRLamar Advertising Co	0.04%	117,981	$8M	trimmed−93%	−0.54 pp	14 q
PKXPOSCO Holdings Inc.	0.04%	101,726	$8M	trimmed−14%	−0.01 pp	9 q
HOUSAnywhere Real Estate Inc.	0.04%	278,724	$8M	new	+0.04 pp	new
WSFSWSFS Financial Corp	0.03%	119,881	$6M	trimmed−20%	0.00 pp	20 q
ARCARC Document Solutions, Inc.	0.02%	2,031,488	$4M	held	—	20 q
IBNICICI Bank Limited	0.02%	446,105	$4M	new	+0.02 pp	new
NWSNews Corporation Class B	0.02%	191,591	$3M	trimmed−2%	0.00 pp	19 q
SHGShinhan Financial Group Co Ltd	0.02%	80,968	$3M	trimmed−13%	0.00 pp	18 q
ONON Semiconductor Corp	0.01%	48,407	$1M	trimmed−58%	0.00 pp	18 q
LUKOYPjsc Lukoil S/	0.01%	16,350	$1M	held	—	6 q
YAlleghany Corporation	0.00%	825	$507,000	added+49%	0.00 pp	5 q
CORCencora, Inc.	0.00%	4,920	$424,000	added+50%	0.00 pp	6 q
AZOAutoZone, Inc.	0.00%	437	$283,000	new	0.00 pp	new
WRBW.R. Berkley Corporation	0.00%	6,139	$446,000	new	0.00 pp	new
BIIBBiogen Inc.	0.00%	1,747	$478,000	added+88%	0.00 pp	2 q
BKNGBooking Holdings Inc.	0.00%	332	$691,000	new	0.00 pp	new
BROBrown & Brown, Inc.	0.00%	27,100	$689,000	added+53%	0.00 pp	5 q
CRICarter's Inc.	0.00%	3,872	$403,000	new	0.00 pp	new
CELGCelgene Corp	0.00%	4,825	$430,000	added×2.0	0.00 pp	2 q
CHLChina Mobile Limited	0.00%	20,500	$938,000	held	—	2 q
unresolvedGeneral Cable Corp	0.00%	11,704	$346,000	trimmed−97%	−0.06 pp	15 q
INGRIngredion Incorporated	0.00%	5,286	$681,000	added+51%	0.00 pp	3 q
MOHMolina Healthcare, Inc.	0.00%	3,094	$251,000	new	0.00 pp	new
NEUNewMarket Corporation	0.00%	727	$292,000	new	0.00 pp	new
ORIOld Republic International Corporation	0.00%	17,511	$376,000	trimmed−2%	0.00 pp	2 q
OHIOmega Healthcare Investors Inc.	0.00%	13,336	$361,000	added+26%	0.00 pp	4 q
PCGPG&E Corporation	0.00%	15,836	$696,000	trimmed−99%	−0.32 pp	12 q
PINCNPremier Inc-class A	0.00%	12,524	$392,000	added+36%	0.00 pp	6 q
SOThe Southern Company	0.00%	16,519	$738,000	added+70%	0.00 pp	5 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	4,567	$498,000	added+73%	0.00 pp	4 q
DOXAmdocs Limited	0.00%	8,635	$576,000	added+27%	0.00 pp	6 q
CBChubb Limited	0.00%	4,239	$580,000	added+34%	0.00 pp	9 q
HLTHilton Worldwide Holdings Inc.	—	−2,544,692	—	exited	−1.00 pp	—
STXNSeagate Technology Holdings PLC (Ireland)	—	−2,791,030	—	exited	−0.57 pp	—
DXCDXC Technology Company	—	−142,652	—	exited	−0.07 pp	—
VRTUVirtusa Corporation	—	−50,636	—	exited	−0.01 pp	—
NLYAnnaly Capital Management. Inc.	—	−11,795	—	exited	0.00 pp	—
GMGeneral Motors Company	—	−23,148	—	exited	0.00 pp	—
INTCIntel Corp	—	−7,019	—	exited	0.00 pp	—
IWNiShares Russell 2000 Value ETF	—	−5,788	—	exited	0.00 pp	—
unresolvedPriceline Grp Inc	—	−188	—	exited	0.00 pp	—
SRIStoneridge, Inc	—	−36,516	—	exited	0.00 pp	—
VSTVistra Corp.	—	−22,686	—	exited	0.00 pp	—