Pzena Investment Management

Q4 2018 13F · by Richard Pzena, CIO

As of: Dec 31, 2018
Filed: Feb 8, 2019
US stock: $17.1B · prev $20.6B
Positions: 183 · prev 183
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves175 since the prior filing

+7.5 pp in · −7.5 pp out

New 22 +3.90 pp
Added 65 +3.57 pp
Trimmed 66 −5.58 pp
Exited 22 −1.95 pp

The book

Diversified · behaves like 58 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions15% of US stock

MYL Mylan NV trimmed−0.50 pp trimmed−0.503.4%
OMC Omnicom Group Inc. trimmed+0.53 pp trimmed+0.533.0%
CTSH Cognizant Technology Solutions added+0.28 pp added+0.282.8%
EIX Edison International trimmed−0.15 pp trimmed−0.152.8%
unresolved General Electric Co added+0.97 pp added+0.972.8%

Positions183 in this filing · 22 exited


MYLMylan NV	3.36%	20,956,666	$574M	trimmed−3%	−0.50 pp	8 q
OMCOmnicom Group Inc.	2.95%	6,882,701	$504M	trimmed−6%	+0.53 pp	23 q
CTSHCognizant Technology Solutions	2.82%	7,607,129	$483M	added+13%	+0.28 pp	16 q
EIXEdison International	2.80%	8,427,608	$478M	trimmed−6%	−0.15 pp	16 q
unresolvedGeneral Electric Co	2.80%	63,363,498	$480M	added+90%	+0.97 pp	4 q
AIGAmerican International Group, Inc.	2.78%	12,069,892	$476M	added+36%	+0.48 pp	23 q
ORCLOracle Corp	2.71%	10,270,380	$464M	trimmed−10%	−0.14 pp	23 q
HPEHewlett Packard Enterprise Company	2.65%	34,375,584	$454M	trimmed−0%	−0.08 pp	13 q
COFCapital One Financial	2.55%	5,780,667	$437M	added+6%	+0.03 pp	10 q
CCitigroup Inc.	2.49%	8,184,838	$426M	added+7%	−0.19 pp	23 q
VOYAVoya Financial, Inc.	2.33%	9,936,956	$399M	trimmed−1%	−0.10 pp	19 q
BACBank of America Corporation	2.29%	15,933,897	$393M	trimmed−1%	−0.03 pp	23 q
MSMorgan Stanley	2.15%	9,262,583	$367M	added+14%	+0.32 pp	23 q
WFCWells Fargo & Co.	2.10%	7,795,943	$359M	trimmed−3%	+0.05 pp	23 q
AXSAxis Capital Holders Limited	2.06%	6,816,149	$352M	trimmed−1%	+0.14 pp	23 q
METMetLife, Inc.	2.03%	8,440,273	$347M	trimmed−0%	+0.11 pp	23 q
LEALear Corporation	1.99%	2,766,250	$340M	new	+1.99 pp	new
MCKMcKesson Corporation	1.99%	3,076,415	$340M	trimmed−3%	−0.05 pp	9 q
NWLNewell Brands Inc.	1.99%	18,304,339	$340M	added+9%	+0.34 pp	3 q
IPGThe Interpublic Group of Companies, Inc.	1.94%	16,099,022	$332M	trimmed−4%	+0.08 pp	23 q
FFord Motor Company	1.92%	42,974,503	$329M	added+5%	+0.08 pp	17 q
NOVNOV Inc.	1.90%	12,651,572	$325M	added+38%	−0.02 pp	3 q
XOMExxon Mobil Corp	1.85%	4,635,047	$316M	trimmed−0%	−0.08 pp	23 q
RDS.ARoyal Dutch Shell PLC	1.80%	5,293,593	$308M	trimmed−9%	−0.12 pp	23 q
JPMJPMorgan Chase & Co.	1.77%	3,108,876	$303M	trimmed−8%	−0.09 pp	23 q
AVTAvnet, Inc.	1.66%	7,872,809	$284M	trimmed−3%	−0.11 pp	23 q
MRKMerck & Co., Inc.	1.64%	3,680,967	$281M	trimmed−24%	−0.02 pp	12 q
BENFranklin Templeton, Inc.	1.63%	9,396,639	$279M	added+5%	+0.30 pp	23 q
NWSANews Corporation Class A	1.51%	22,738,762	$258M	added+1%	+0.06 pp	21 q
DOVDover Corporation	1.43%	3,445,201	$244M	trimmed−35%	−0.84 pp	15 q
unresolvedAxa Equitable Hldgs Inc	1.39%	14,292,398	$238M	added+1%	−0.08 pp	3 q
AMGNAmgen Inc	1.37%	1,207,468	$235M	trimmed−23%	−0.21 pp	10 q
GSGoldman Sachs Group Inc.	1.19%	1,220,091	$204M	trimmed−1%	−0.15 pp	23 q
KKRKKR & Co. Inc.	1.07%	9,301,272	$183M	trimmed−1%	−0.17 pp	2 q
HALHalliburton Company	0.99%	6,359,917	$169M	added+51%	+0.16 pp	12 q
PFEPfizer Inc.	0.94%	3,696,037	$161M	trimmed−17%	−0.01 pp	17 q
CVECenovus Energy Inc.	0.87%	21,091,835	$148M	added+7%	−0.10 pp	14 q
SWKStanley Black & Decker, Inc.	0.87%	1,235,984	$148M	added×3.2	+0.60 pp	17 q
WTWWillis Towers Watson Public Limited Company	0.85%	957,754	$145M	trimmed−30%	−0.08 pp	12 q
WMTWalmart Inc.	0.84%	1,550,945	$144M	trimmed−42%	−0.39 pp	23 q
CIThe Cigna Group	0.81%	733,368	$139M	new	+0.81 pp	new
CAHCardinal Health, Inc.	0.80%	3,066,903	$137M	added+18%	+0.12 pp	8 q
BPBP p.l.c.	0.77%	3,482,311	$132M	trimmed−34%	−0.40 pp	23 q
RRyder System, Inc.	0.75%	2,671,612	$129M	added+21%	−0.03 pp	6 q
JELDJELD-WEN Holding, Inc.	0.69%	8,345,441	$119M	added+22%	−0.13 pp	8 q
MDPediatrix Medical Group, Inc.	0.65%	3,345,635	$110M	added+3%	−0.09 pp	5 q
AGRAvangrid, Inc.	0.63%	2,141,782	$107M	added+21%	+0.22 pp	8 q
AXEAnixter International Inc	0.61%	1,920,452	$104M	trimmed−2%	−0.06 pp	12 q
KEYKeyCorp	0.61%	7,052,258	$104M	added0%	−0.07 pp	23 q
FITBFifth Third Bancorp	0.58%	4,189,570	$99M	added0%	+0.01 pp	23 q
UBSUBS Group AG	0.57%	7,829,613	$97M	trimmed−1%	−0.04 pp	17 q
ATUEnerpac Tool Group Corp.	0.53%	4,343,491	$91M	added0%	−0.06 pp	23 q
TEXTerex Corporation	0.52%	3,252,182	$90M	added0%	−0.11 pp	21 q
ACMAecom	0.50%	3,240,077	$86M	added+34%	+0.11 pp	23 q
KBRKBR, Inc.	0.42%	4,728,579	$72M	added+26%	+0.03 pp	20 q
JNPJuniper Networks Inc	0.41%	2,608,491	$70M	new	+0.41 pp	new
VIVTelefonica Brasil, S.A.	0.41%	5,811,558	$69M	trimmed−2%	+0.13 pp	16 q
BIDUBaidu, Inc.	0.40%	429,238	$68M	added+10%	−0.03 pp	8 q
FLEXFlex Ltd.	0.40%	8,968,354	$68M	added+41%	−0.01 pp	22 q
CARAvis Budget Group, Inc.	0.39%	2,967,757	$67M	added+15%	−0.01 pp	6 q
RFRegions Financial Corp.	0.38%	4,903,227	$66M	added+2%	−0.05 pp	23 q
CSLCarlisle Companies, Inc.	0.36%	618,384	$62M	added+6%	+0.01 pp	4 q
GILGildan Activewear Inc.	0.35%	1,985,927	$60M	new	+0.35 pp	new
THGThe Hanover Insurance Group, Inc.	0.33%	478,184	$56M	trimmed−16%	−0.01 pp	6 q
KELKellanova	0.33%	993,820	$57M	added0%	−0.01 pp	20 q
WEDWebster Financial Corp	0.33%	1,150,598	$57M	trimmed−1%	0.00 pp	23 q
TRSTrimas Corporation	0.30%	1,893,978	$52M	trimmed−17%	−0.04 pp	18 q
PHParker-Hannifin Corporation	0.29%	330,046	$49M	trimmed−0%	−0.01 pp	23 q
ALLThe Allstate Corporation	0.28%	571,110	$47M	trimmed−9%	−0.02 pp	23 q
CVSCvs Health Corporation	0.28%	718,382	$47M	trimmed−0%	0.00 pp	16 q
unresolvedAspen Insurance Holdings Ltd	0.28%	1,144,206	$48M	trimmed−33%	−0.07 pp	23 q
GGenpact Limited	0.28%	1,770,497	$48M	trimmed−37%	−0.14 pp	16 q
JBLJabil Inc.	0.27%	1,845,653	$46M	added×2.6	+0.18 pp	20 q
DOORMasonite International Corp	0.27%	1,020,908	$46M	trimmed−0%	−0.05 pp	22 q
MURMurphy Oil Corp.	0.27%	1,951,219	$46M	trimmed−69%	−0.74 pp	20 q
HOUSAnywhere Real Estate Inc.	0.27%	3,119,081	$46M	added0%	−0.04 pp	4 q
ROCKGibraltar Industries, Inc.	0.26%	1,231,364	$44M	added+12%	+0.02 pp	7 q
IVZInvesco LTD	0.26%	2,630,542	$44M	trimmed−29%	−0.15 pp	23 q
ASBAssociated Banc-Corp	0.25%	2,194,823	$43M	trimmed−0%	−0.03 pp	20 q
CSCOCisco Systems, Inc. (DE)	0.25%	967,707	$42M	trimmed−65%	−0.40 pp	23 q
ESNDEssendant Inc	0.24%	3,279,687	$41M	trimmed−27%	−0.04 pp	15 q
SCSCScansource Inc	0.24%	1,210,164	$42M	trimmed−1%	0.00 pp	12 q
FTITechnipFMC plc	0.24%	2,062,475	$40M	added+1%	−0.07 pp	8 q
SNASnap-on Incorporated	0.23%	272,123	$40M	trimmed−8%	−0.03 pp	4 q
HOPEHope Bancorp, Inc.	0.21%	2,996,436	$36M	added0%	−0.03 pp	10 q
AELAmerican Equity Investment Life Holding Company	0.20%	1,221,599	$34M	added0%	−0.01 pp	12 q
ETREntergy Corporation	0.19%	380,920	$33M	held	—	23 q
NSITInsight Enterprises Inc	0.19%	815,740	$33M	trimmed−6%	−0.04 pp	23 q
MSFTMicrosoft Corp	0.19%	319,758	$32M	trimmed−2%	+0.01 pp	23 q
VREXVarex Imaging Corporation	0.19%	1,360,912	$32M	new	+0.19 pp	new
AGIIArgo Group International	0.19%	486,134	$33M	trimmed−17%	+0.01 pp	23 q
IBNICICI Bank Limited	0.18%	2,958,054	$30M	added+1%	+0.06 pp	4 q
SYU1Synovus Financial Corp	0.18%	950,709	$30M	added+58%	+0.05 pp	19 q
FMBIFirst Midwest Bancorp Inc/IL	0.17%	1,467,325	$29M	added+19%	+0.01 pp	23 q
unresolvedL3 Technologies Inc	0.17%	170,955	$30M	added0%	−0.01 pp	8 q
QCOMQualcomm Inc	0.17%	516,860	$29M	trimmed−27%	−0.08 pp	14 q
NCINeo-Concept International Group Holdings Limited Class A	0.16%	1,139,846	$27M	trimmed−33%	−0.03 pp	3 q
GJBSteelcase Inc-cl A	0.15%	1,750,086	$26M	trimmed−40%	−0.11 pp	5 q
unresolvedTcf Financial Corp	0.15%	1,349,035	$26M	trimmed−2%	−0.01 pp	23 q
WSFSWSFS Financial Corp	0.15%	686,283	$26M	added×5.7	+0.12 pp	23 q
TAT&T Inc.	0.14%	847,952	$24M	held	—	15 q
CLSCelestica, Inc.	0.14%	2,788,192	$24M	trimmed−34%	−0.08 pp	3 q
GTSTriple-s Management Corp	0.14%	1,357,866	$24M	added+1%	+0.02 pp	15 q
UVVUniversal Corporation	0.14%	439,471	$24M	trimmed−41%	−0.10 pp	15 q
REVGREV Group, Inc.	0.13%	3,051,834	$23M	added×4.6	+0.08 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.13%	597,355	$22M	added+39%	+0.04 pp	22 q
ARWArrow Electronics, Inc.	0.12%	304,547	$21M	held	—	20 q
TMKGlobe Life Inc.	0.12%	279,538	$21M	held	—	23 q
EGEverest Group, Ltd.	0.12%	91,025	$20M	held	—	20 q
HIGThe Hartford Insurance Group, Inc.	0.11%	424,371	$19M	held	—	23 q
LMLegg Mason, Inc.	0.10%	639,775	$16M	held	—	23 q
CJC&J Energy Services, Inc.	0.09%	1,172,335	$16M	new	+0.09 pp	new
unresolvedHospitality Properties Trust	0.08%	590,723	$14M	held	—	23 q
WOOFoot Locker Inc	0.07%	233,050	$12M	trimmed−30%	−0.01 pp	3 q
WAIRWESCO Aircraft Holdings Inc.	0.07%	1,430,394	$11M	trimmed−2%	−0.01 pp	10 q
BKRBaker Hughes Company	0.06%	438,440	$9M	held	—	6 q
DRHDiamondrock Hospitality Company	0.06%	1,184,581	$11M	added0%	−0.01 pp	23 q
CMAComerica Incorporated	0.05%	121,153	$8M	added0%	0.00 pp	23 q
PKXPOSCO Holdings Inc.	0.05%	156,758	$9M	added+3%	0.00 pp	12 q
unresolvedRowan Cos PLC	0.05%	996,725	$8M	held	—	20 q
unresolvedApollo Global Management LLC	0.04%	302,057	$7M	held	—	12 q
COPConocoPhillips	0.04%	114,431	$7M	trimmed−72%	−0.12 pp	16 q
MPAAMotorcar Parts of America, Inc.	0.04%	391,330	$7M	new	+0.04 pp	new
unresolvedSuperior Energy Services Inc	0.04%	2,233,208	$7M	trimmed−1%	−0.07 pp	22 q
CHLChina Mobile Limited	0.03%	94,962	$5M	added+2%	+0.01 pp	5 q
SHGShinhan Financial Group Co Ltd	0.03%	148,014	$5M	added+2%	0.00 pp	21 q
ARCARC Document Solutions, Inc.	0.02%	1,987,348	$4M	trimmed−2%	−0.01 pp	23 q
unresolvedCez As Unspon ADR	0.02%	211,609	$3M	added+2%	+0.01 pp	2 q
CRPJYChina Res Pw Hld UNSP/	0.02%	120,778	$3M	added+3%	0.00 pp	2 q
HPQHP Inc.	0.02%	173,101	$4M	trimmed−91%	−0.22 pp	13 q
HNHAYHon Hai Precisn 144A	0.02%	607,573	$3M	new	+0.02 pp	new
HYUAHyundai Motor-gdr	0.02%	64,300	$3M	held	—	2 q
LNVGYLenovo Group Ltd S/	0.02%	285,744	$4M	trimmed−17%	0.00 pp	2 q
LUKOYPjsc Lukoil S/	0.02%	54,036	$4M	added+2%	0.00 pp	9 q
SSNHZSamsung Elec 144A S/GDR	0.02%	3,474	$3M	added+2%	0.00 pp	2 q
WLMIYWilmar Intl Ltd UNSP/	0.02%	138,338	$3M	added+4%	0.00 pp	2 q
CICHYChina Constr Bk UNSP/	0.01%	69,588	$1M	added+5%	0.00 pp	2 q
unresolvedChina Agri-industries-un ADR	0.01%	327,200	$2M	held	—	2 q
CSUAYChina Shenhua En UNSP/	0.01%	126,700	$1M	held	—	2 q
CDGXYChina Dongxiang UNSP/	0.01%	159,562	$1M	added×2.5	+0.01 pp	2 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.01%	46,264	$2M	added+3%	0.00 pp	2 q
EVTCEvertec, Inc.	0.01%	82,520	$2M	trimmed−89%	−0.08 pp	4 q
GMGeneral Motors Company	0.01%	34,720	$1M	trimmed−95%	−0.11 pp	2 q
GBXXYGrand Baoxin Auto UNS/	0.01%	489,200	$1M	held	—	2 q
KBKB Financial Group Inc	0.01%	39,441	$2M	added+2%	0.00 pp	2 q
NWSNews Corporation Class B	0.01%	163,648	$2M	trimmed−2%	0.00 pp	22 q
PCFBYPacific Basin Shp UNS/	0.01%	553,400	$2M	held	—	2 q
RNRTYReunert Ltd UNSP/	0.01%	159,600	$2M	held	—	2 q
SSLSasol Limited	0.01%	70,186	$2M	added+3%	0.00 pp	2 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.01%	88,310	$1M	added+3%	0.00 pp	2 q
SBKFFState Bk India Gdr Reg S	0.01%	48,598	$2M	added+1%	0.00 pp	2 q
CORCencora, Inc.	0.00%	3,795	$282,000	new	0.00 pp	new
NLYAnnaly Capital Management. Inc.	0.00%	11,354	$111,000	held	—	2 q
BIIBBiogen Inc.	0.00%	2,106	$634,000	added+13%	0.00 pp	5 q
HRBH&R Block, Inc.	0.00%	7,871	$200,000	new	0.00 pp	new
BKNGBooking Holdings Inc.	0.00%	339	$584,000	held	—	4 q
BHFBrighthouse Financial, Inc.	0.00%	13,544	$413,000	new	0.00 pp	new
AVGOBroadcom Inc.	0.00%	792	$201,000	new	0.00 pp	new
CBRECbre Group, Inc.	0.00%	5,123	$205,000	held	—	2 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	5,119	$430,000	new	0.00 pp	new
CRICarter's Inc.	0.00%	3,872	$316,000	held	—	4 q
CELGCelgene Corp	0.00%	4,518	$290,000	held	—	5 q
METAMeta Platforms, Inc. Class A	0.00%	2,421	$317,000	new	0.00 pp	new
unresolvedHcp Inc	0.00%	23,085	$645,000	trimmed−13%	0.00 pp	3 q
HFCHollyfrontier Corp	0.00%	4,307	$220,000	held	—	2 q
JLLJones Lang LaSalle, Inc.	0.00%	2,547	$322,000	held	—	3 q
KLACKLA Corporation	0.00%	1,641	$147,000	new	0.00 pp	new
LGEIYLg Elec S/GDR 144A	0.00%	16,600	$463,000	held	—	2 q
LAMRLamar Advertising Co	0.00%	8,650	$598,000	held	—	17 q
LDOSLeidos Holdings, Inc.	0.00%	4,970	$262,000	new	0.00 pp	new
MUMicron Technology, Inc.	0.00%	6,289	$200,000	new	0.00 pp	new
OHIOmega Healthcare Investors Inc.	0.00%	16,001	$562,000	trimmed−3%	0.00 pp	7 q
PKPark Hotels & Resorts Inc.	0.00%	8,664	$225,000	held	—	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.00%	68,900	$799,000	held	—	2 q
QRVOQorvo, Inc.	0.00%	3,865	$235,000	held	—	2 q
SSNCSS&C Technologies Inc	0.00%	12,108	$546,000	held	—	3 q
SLBSLB Limited	0.00%	10,578	$382,000	new	0.00 pp	new
SERVTerminix Global Holdings Inc	0.00%	5,651	$208,000	new	0.00 pp	new
UALUnited Airlines Holdings, Inc.	0.00%	2,507	$210,000	new	0.00 pp	new
VZVerizon Communications	0.00%	11,405	$641,000	new	0.00 pp	new
DOXAmdocs Limited	0.00%	10,496	$615,000	added+23%	0.00 pp	9 q
unresolvedNordic American Offshore Ltd	0.00%	898,879	$378,000	trimmed−56%	−0.01 pp	2 q
CBChubb Limited	0.00%	1,413	$183,000	new	0.00 pp	new
unresolvedExpress Scripts Hldg Co	—	−3,054,162	—	exited	−1.41 pp	—
unresolvedCigna Corporation	—	−365,475	—	exited	−0.37 pp	—
CUBLionheart Holdings Class A	—	−169,939	—	exited	−0.06 pp	—
STTState Street Corporation	—	−61,957	—	exited	−0.03 pp	—
unresolvedHon Hai Precision Industry 144A ADR	—	−759,467	—	exited	−0.02 pp	—
AKBTYAkbank T/A/S S/	—	−727,200	—	exited	−0.01 pp	—
BKKLYBangkok Bank UNSP/	—	−51,748	—	exited	−0.01 pp	—
BRSBristow Group, Inc.	—	−99,108	—	exited	−0.01 pp	—
HPIFYHuadian Pwr Intl UNSP/	—	−156,000	—	exited	−0.01 pp	—
OTPIYOtp Bank S/GDR 144A	—	−68,700	—	exited	−0.01 pp	—
PBDBYPt Bank Danamon Ind U/	—	−139,100	—	exited	−0.01 pp	—
AZOAutoZone, Inc.	—	−479	—	exited	0.00 pp	—
CRLCharles River Laboratories International, Inc.	—	−5,615	—	exited	0.00 pp	—
CFGCitizens Financial Group, Inc.	—	−25,992	—	exited	0.00 pp	—
INGRIngredion Incorporated	—	−5,615	—	exited	0.00 pp	—
NEUNewMarket Corporation	—	−794	—	exited	0.00 pp	—
PCGPG&E Corporation	—	−12,507	—	exited	0.00 pp	—
PBRPetroleo Brasileiro S.a.-petrobras	—	−16,000	—	exited	0.00 pp	—
SOThe Southern Company	—	−10,846	—	exited	0.00 pp	—
unresolvedSpirit Rlty Cap Inc New	—	−12,328	—	exited	0.00 pp	—
WELLWelltower Inc.	—	−4,485	—	exited	0.00 pp	—
ZBHZimmer Biomet Holdings, Inc.	—	−4,567	—	exited	0.00 pp	—