Pzena Investment Management

Q2 2018 13F · by Richard Pzena, CIO

As of: Jun 30, 2018
Filed: Aug 3, 2018
US stock: $19.9B · prev $19.7B
Positions: 161 · 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%

Moves159 since the prior filing

+8.7 pp in · −8.7 pp out

New 15 +4.89 pp
Added 63 +3.76 pp
Trimmed 70 −7.71 pp
Exited 11 −0.94 pp

The book

Diversified · behaves like 60 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 29% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions14% of US stock

MYL Mylan NV trimmed−0.62 pp trimmed−0.623.8%
OMC Omnicom Group Inc. trimmed−0.13 pp trimmed−0.132.8%
C Citigroup Inc. trimmed−0.16 pp trimmed−0.162.7%
ORCL Oracle Corp added−0.07 pp added−0.072.5%
CTSH Cognizant Technology Solutions trimmed−0.22 pp trimmed−0.222.5%

Positions161 in this filing · 11 exited


MYLMylan NV	3.84%	21,115,152	$763M	trimmed−1%	−0.62 pp	6 q
OMCOmnicom Group Inc.	2.80%	7,301,076	$557M	trimmed−8%	−0.13 pp	21 q
CCitigroup Inc.	2.66%	7,920,962	$530M	trimmed−4%	−0.16 pp	21 q
ORCLOracle Corp	2.53%	11,422,967	$503M	added+2%	−0.07 pp	21 q
CTSHCognizant Technology Solutions	2.52%	6,344,149	$501M	trimmed−5%	−0.22 pp	14 q
COFCapital One Financial	2.51%	5,437,557	$500M	added+11%	+0.13 pp	8 q
HPEHewlett Packard Enterprise Company	2.50%	34,003,860	$497M	trimmed−4%	−0.66 pp	11 q
EIXEdison International	2.49%	7,836,404	$496M	added+43%	+0.72 pp	14 q
VOYAVoya Financial, Inc.	2.40%	10,143,242	$477M	trimmed−5%	−0.34 pp	17 q
FFord Motor Company	2.37%	42,656,575	$472M	trimmed−5%	−0.16 pp	15 q
AIGAmerican International Group, Inc.	2.34%	8,778,185	$465M	added+18%	+0.28 pp	21 q
BACBank of America Corporation	2.32%	16,403,367	$462M	trimmed−3%	−0.27 pp	21 q
WFCWells Fargo & Co.	2.22%	7,951,849	$441M	added+3%	+0.15 pp	21 q
NWLNewell Brands Inc.	2.15%	16,582,214	$428M	new	+2.15 pp	new
DOVDover Corporation	2.11%	5,742,918	$420M	trimmed−0%	−0.76 pp	13 q
RDS.ARoyal Dutch Shell PLC	2.09%	6,006,566	$416M	trimmed−8%	−0.04 pp	21 q
MSMorgan Stanley	1.97%	8,247,266	$391M	added+1%	−0.28 pp	21 q
IPGThe Interpublic Group of Companies, Inc.	1.96%	16,630,916	$390M	trimmed−6%	−0.10 pp	21 q
AVTAvnet, Inc.	1.95%	9,035,108	$388M	trimmed−2%	0.00 pp	21 q
MCKMcKesson Corporation	1.90%	2,836,710	$378M	added+8%	+0.01 pp	7 q
XOMExxon Mobil Corp	1.88%	4,512,607	$373M	added+2%	+0.20 pp	21 q
AXSAxis Capital Holders Limited	1.84%	6,569,931	$365M	added+3%	−0.03 pp	21 q
METMetLife, Inc.	1.82%	8,314,788	$363M	added+39%	+0.43 pp	21 q
JPMJPMorgan Chase & Co.	1.77%	3,380,686	$352M	trimmed−6%	−0.24 pp	21 q
NWSANews Corporation Class A	1.74%	22,271,937	$345M	added+1%	−0.03 pp	19 q
BENFranklin Templeton, Inc.	1.70%	10,531,839	$338M	trimmed−1%	−0.18 pp	21 q
MRKMerck & Co., Inc.	1.50%	4,904,336	$298M	added+8%	+0.25 pp	10 q
WMTWalmart Inc.	1.47%	3,421,223	$293M	trimmed−12%	−0.28 pp	21 q
AMGNAmgen Inc	1.46%	1,578,099	$291M	added+18%	+0.30 pp	8 q
GSGoldman Sachs Group Inc.	1.33%	1,198,597	$264M	trimmed−11%	−0.40 pp	21 q
MURMurphy Oil Corp.	1.33%	7,840,371	$265M	trimmed−26%	−0.06 pp	18 q
unresolvedAxa Equitable Hldgs Inc	1.22%	11,750,490	$242M	new	+1.22 pp	new
BPBP p.l.c.	1.20%	5,231,617	$239M	trimmed−5%	+0.09 pp	21 q
unresolvedExpress Scripts Hldg Co	1.20%	3,103,548	$240M	trimmed−0%	+0.11 pp	5 q
unresolvedGeneral Electric Co	1.17%	17,048,137	$232M	added×4.3	+0.90 pp	2 q
CVECenovus Energy Inc.	1.10%	21,174,613	$220M	trimmed−14%	+0.03 pp	12 q
JELDJELD-WEN Holding, Inc.	0.98%	6,792,253	$194M	added+20%	+0.10 pp	6 q
WTWWillis Towers Watson Public Limited Company	0.98%	1,282,314	$194M	added+1%	−0.01 pp	10 q
NOVNOV Inc.	0.96%	4,414,593	$192M	new	+0.96 pp	new
HALHalliburton Company	0.86%	3,807,157	$172M	trimmed−9%	−0.14 pp	10 q
UBSUBS Group AG	0.83%	10,777,590	$165M	added+1%	−0.13 pp	15 q
PFEPfizer Inc.	0.81%	4,456,667	$162M	added+2%	+0.02 pp	15 q
RRyder System, Inc.	0.75%	2,086,223	$150M	added+26%	+0.14 pp	4 q
CAHCardinal Health, Inc.	0.72%	2,932,134	$143M	added+2%	−0.20 pp	6 q
KEYKeyCorp	0.69%	7,054,444	$138M	added+1%	−0.01 pp	21 q
TEXTerex Corporation	0.69%	3,270,221	$138M	added+5%	+0.10 pp	19 q
ATUEnerpac Tool Group Corp.	0.63%	4,290,049	$126M	trimmed−2%	+0.11 pp	21 q
AXEAnixter International Inc	0.62%	1,957,635	$124M	added×2.5	+0.32 pp	10 q
CSCOCisco Systems, Inc. (DE)	0.60%	2,760,019	$119M	added+1%	+0.01 pp	21 q
FITBFifth Third Bancorp	0.59%	4,075,715	$117M	added+3%	−0.05 pp	21 q
MDPediatrix Medical Group, Inc.	0.50%	2,299,800	$100M	added+2%	−0.14 pp	3 q
STTState Street Corporation	0.48%	1,033,619	$96M	trimmed−58%	−0.78 pp	21 q
AGRAvangrid, Inc.	0.47%	1,768,747	$94M	added+2%	+0.02 pp	6 q
BIDUBaidu, Inc.	0.47%	383,981	$93M	trimmed−10%	−0.01 pp	6 q
RFRegions Financial Corp.	0.44%	4,871,896	$87M	trimmed−50%	−0.48 pp	21 q
WEDWebster Financial Corp	0.41%	1,269,670	$81M	trimmed−13%	0.00 pp	21 q
GGenpact Limited	0.40%	2,756,705	$80M	trimmed−8%	−0.09 pp	14 q
ACMAecom	0.39%	2,350,270	$78M	added+2%	−0.03 pp	21 q
CSLCarlisle Companies, Inc.	0.39%	723,214	$78M	trimmed−1%	0.00 pp	2 q
unresolvedMicro Focus Intl ADR	0.37%	4,247,315	$73M	trimmed−4%	+0.06 pp	4 q
DOORMasonite International Corp	0.36%	1,002,048	$72M	added+8%	+0.07 pp	20 q
THGThe Hanover Insurance Group, Inc.	0.35%	586,038	$70M	trimmed−22%	−0.10 pp	4 q
KELKellanova	0.35%	993,749	$69M	added+2%	+0.03 pp	18 q
HOUSAnywhere Real Estate Inc.	0.35%	3,057,328	$70M	added×11.0	+0.31 pp	2 q
IVZInvesco LTD	0.35%	2,620,054	$70M	added0%	−0.07 pp	21 q
TRSTrimas Corporation	0.34%	2,288,592	$67M	trimmed−1%	+0.03 pp	16 q
ESNDEssendant Inc	0.33%	4,940,224	$65M	added+2%	+0.14 pp	13 q
KBRKBR, Inc.	0.33%	3,705,325	$66M	added+1%	+0.03 pp	18 q
VIVTelefonica Brasil, S.A.	0.33%	5,498,838	$65M	added+14%	−0.05 pp	14 q
FTITechnipFMC plc	0.33%	2,043,789	$65M	trimmed−2%	+0.02 pp	6 q
FLEXFlex Ltd.	0.33%	4,651,885	$66M	trimmed−4%	−0.07 pp	20 q
CARAvis Budget Group, Inc.	0.32%	1,967,077	$64M	added+9%	−0.11 pp	4 q
unresolvedCigna Corporation	0.32%	368,856	$63M	added+93%	+0.16 pp	21 q
ASBAssociated Banc-Corp	0.31%	2,239,624	$61M	added+2%	+0.03 pp	18 q
ROCKGibraltar Industries, Inc.	0.30%	1,569,893	$59M	added+3%	+0.04 pp	5 q
unresolvedAspen Insurance Holdings Ltd	0.30%	1,481,269	$60M	trimmed−6%	−0.06 pp	21 q
ALLThe Allstate Corporation	0.29%	630,026	$58M	trimmed−18%	−0.08 pp	21 q
HOPEHope Bancorp, Inc.	0.27%	3,018,616	$54M	added+5%	0.00 pp	8 q
AELAmerican Equity Investment Life Holding Company	0.26%	1,440,920	$52M	trimmed−12%	+0.01 pp	10 q
PHParker-Hannifin Corporation	0.26%	330,770	$52M	added+3%	−0.02 pp	21 q
SWKStanley Black & Decker, Inc.	0.26%	383,145	$51M	added+3%	−0.03 pp	15 q
GTSTriple-s Management Corp	0.26%	1,346,254	$53M	trimmed−20%	+0.04 pp	13 q
SCSCScansource Inc	0.25%	1,224,386	$49M	trimmed−3%	+0.02 pp	10 q
SNASnap-on Incorporated	0.25%	304,454	$49M	trimmed−1%	+0.02 pp	2 q
unresolvedVerifone Sys Inc	0.24%	2,115,261	$48M	trimmed−25%	+0.02 pp	6 q
CVSCvs Health Corporation	0.23%	722,786	$47M	added+3%	+0.01 pp	14 q
GJBSteelcase Inc-cl A	0.23%	3,393,731	$46M	added+14%	+0.02 pp	3 q
HPQHP Inc.	0.22%	1,921,477	$44M	trimmed−50%	−0.21 pp	11 q
NSITInsight Enterprises Inc	0.22%	880,153	$43M	trimmed−6%	+0.05 pp	21 q
DBDDiebold Nixdorf, Incorporated	0.21%	3,420,967	$41M	added+21%	−0.01 pp	4 q
UVVUniversal Corporation	0.21%	644,690	$43M	trimmed−9%	+0.04 pp	13 q
QCOMQualcomm Inc	0.20%	711,742	$40M	added+2%	0.00 pp	12 q
NCINeo-Concept International Group Holdings Limited Class A	0.19%	1,706,924	$38M	new	+0.19 pp	new
CLSCelestica, Inc.	0.17%	2,807,149	$33M	new	+0.17 pp	new
unresolvedL3 Technologies Inc	0.17%	170,909	$33M	added+2%	−0.01 pp	6 q
unresolvedTcf Financial Corp	0.17%	1,398,166	$34M	added+2%	+0.01 pp	21 q
AGIIArgo Group International	0.17%	588,657	$34M	trimmed−2%	−0.01 pp	21 q
FMBIFirst Midwest Bancorp Inc/IL	0.16%	1,245,852	$32M	added+4%	+0.01 pp	21 q
MSFTMicrosoft Corp	0.16%	327,267	$32M	trimmed−50%	−0.14 pp	21 q
SYU1Synovus Financial Corp	0.16%	613,128	$32M	trimmed−30%	−0.06 pp	17 q
COPConocoPhillips	0.15%	414,882	$29M	trimmed−72%	−0.29 pp	14 q
ETREntergy Corporation	0.15%	380,920	$31M	added+2%	0.00 pp	21 q
WOOFoot Locker Inc	0.15%	580,404	$31M	new	+0.15 pp	new
TAT&T Inc.	0.14%	847,883	$27M	added+3%	−0.01 pp	13 q
EVTCEvertec, Inc.	0.13%	1,183,250	$26M	trimmed−25%	0.00 pp	2 q
KSSKohls Corporation	0.13%	346,078	$25M	held	—	21 q
ARWArrow Electronics, Inc.	0.12%	304,547	$23M	held	—	18 q
GTLSChart Inds Inc	0.12%	371,555	$23M	trimmed−37%	−0.06 pp	13 q
CUBLionheart Holdings Class A	0.12%	361,173	$23M	trimmed−49%	−0.11 pp	15 q
unresolvedXl Group Ltd	0.12%	419,343	$23M	trimmed−85%	−0.67 pp	8 q
CMAComerica Incorporated	0.11%	240,292	$22M	held	—	21 q
HIGThe Hartford Insurance Group, Inc.	0.11%	424,208	$22M	trimmed−0%	0.00 pp	21 q
LMLegg Mason, Inc.	0.11%	639,775	$22M	trimmed−0%	−0.02 pp	21 q
unresolvedSuperior Energy Services Inc	0.11%	2,288,814	$22M	trimmed−42%	−0.06 pp	20 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.11%	623,501	$23M	held	—	20 q
TMKGlobe Life Inc.	0.11%	279,538	$23M	trimmed−15%	−0.03 pp	21 q
EGEverest Group, Ltd.	0.11%	91,025	$21M	held	—	18 q
IBNICICI Bank Limited	0.10%	2,488,980	$20M	added×5.6	+0.08 pp	2 q
JBLJabil Inc.	0.10%	712,758	$20M	held	—	18 q
WAIRWESCO Aircraft Holdings Inc.	0.09%	1,505,601	$17M	trimmed−3%	+0.01 pp	8 q
unresolvedHospitality Properties Trust	0.08%	590,723	$17M	held	—	21 q
unresolvedKkr & Co L P DEL	0.08%	641,030	$16M	trimmed−2%	+0.01 pp	11 q
unresolvedRowan Cos PLC	0.08%	996,725	$16M	held	—	18 q
BKRBaker Hughes Company	0.07%	438,379	$14M	trimmed−25%	−0.01 pp	4 q
DRHDiamondrock Hospitality Company	0.07%	1,072,425	$13M	added+7%	+0.02 pp	21 q
unresolvedApollo Global Management LLC	0.06%	346,032	$11M	added+6%	+0.01 pp	10 q
BHFBrighthouse Financial, Inc.	0.04%	187,061	$7M	trimmed−55%	−0.07 pp	4 q
PKXPOSCO Holdings Inc.	0.04%	106,653	$8M	added+5%	0.00 pp	10 q
EWYiShares MSCI South Korea ETF	0.03%	88,787	$6M	new	+0.03 pp	new
WSFSWSFS Financial Corp	0.03%	119,479	$6M	trimmed−0%	0.00 pp	21 q
ARCARC Document Solutions, Inc.	0.02%	2,029,126	$4M	trimmed−0%	0.00 pp	21 q
EWTiShares MSCI Taiwan ETF	0.02%	125,790	$5M	new	+0.02 pp	new
SHGShinhan Financial Group Co Ltd	0.02%	83,124	$3M	added+3%	0.00 pp	19 q
CFGCitizens Financial Group, Inc.	0.01%	25,992	$1M	trimmed−96%	−0.15 pp	16 q
NWSNews Corporation Class B	0.01%	167,328	$3M	trimmed−13%	−0.01 pp	20 q
YAlleghany Corporation	0.00%	825	$474,000	held	—	6 q
AZOAutoZone, Inc.	0.00%	445	$299,000	added+2%	0.00 pp	2 q
WRBW.R. Berkley Corporation	0.00%	9,284	$672,000	added+51%	0.00 pp	2 q
BIIBBiogen Inc.	0.00%	1,790	$520,000	added+2%	0.00 pp	3 q
BKNGBooking Holdings Inc.	0.00%	332	$673,000	held	—	2 q
CRICarter's Inc.	0.00%	3,872	$420,000	held	—	2 q
CELGCelgene Corp	0.00%	4,518	$359,000	trimmed−6%	0.00 pp	3 q
CRLCharles River Laboratories International, Inc.	0.00%	2,225	$250,000	new	0.00 pp	new
CHLChina Mobile Limited	0.00%	20,500	$910,000	held	—	3 q
METAMeta Platforms, Inc. Class A	0.00%	3,201	$622,000	new	0.00 pp	new
unresolvedHcp Inc	0.00%	29,591	$764,000	new	0.00 pp	new
INGRIngredion Incorporated	0.00%	5,615	$622,000	added+6%	0.00 pp	4 q
JLLJones Lang LaSalle, Inc.	0.00%	2,958	$491,000	new	0.00 pp	new
LAMRLamar Advertising Co	0.00%	10,061	$687,000	trimmed−91%	−0.04 pp	15 q
MOHMolina Healthcare, Inc.	0.00%	2,979	$292,000	trimmed−4%	0.00 pp	2 q
NEUNewMarket Corporation	0.00%	794	$321,000	added+9%	0.00 pp	2 q
OHIOmega Healthcare Investors Inc.	0.00%	16,911	$524,000	added+27%	0.00 pp	5 q
PCGPG&E Corporation	0.00%	12,507	$532,000	trimmed−21%	0.00 pp	13 q
LUKOYPjsc Lukoil S/	0.00%	8,519	$587,000	trimmed−48%	−0.01 pp	7 q
PRAHPRA Health Sciences, Inc.	0.00%	5,583	$521,000	new	0.00 pp	new
PINCNPremier Inc-class A	0.00%	14,537	$529,000	added+16%	0.00 pp	7 q
SSNCSS&C Technologies Inc	0.00%	11,485	$596,000	new	0.00 pp	new
SOThe Southern Company	0.00%	10,846	$502,000	trimmed−34%	0.00 pp	6 q
unresolvedSpirit Rlty Cap Inc New	0.00%	12,328	$99,000	new	0.00 pp	new
ZBHZimmer Biomet Holdings, Inc.	0.00%	4,567	$509,000	held	—	5 q
DOXAmdocs Limited	0.00%	8,557	$566,000	trimmed−1%	0.00 pp	7 q
0VQJLTe Connectivity Ltd	—	−729,656	—	exited	−0.37 pp	—
unresolvedValidus Holdings Ltd	—	−787,102	—	exited	−0.27 pp	—
ACHAccendra Health, Inc.	—	−1,474,535	—	exited	−0.12 pp	—
unresolvedPly Gem Holdings Inc	—	−1,088,198	—	exited	−0.12 pp	—
GNWGenworth Financial, Inc.	—	−3,806,435	—	exited	−0.05 pp	—
ONON Semiconductor Corp	—	−48,407	—	exited	−0.01 pp	—
CORCencora, Inc.	—	−4,920	—	exited	0.00 pp	—
BROBrown & Brown, Inc.	—	−27,100	—	exited	0.00 pp	—
unresolvedGeneral Cable Corp	—	−11,704	—	exited	0.00 pp	—
ORIOld Republic International Corporation	—	−17,511	—	exited	0.00 pp	—
CBChubb Limited	—	−4,239	—	exited	0.00 pp	—