Pzena Investment Management

Q1 2019 13F · by Richard Pzena, CIO

As of: Mar 31, 2019
Filed: May 3, 2019
US stock: $18.4B · prev $17.1B
Positions: 171 · prev 183
Options notional: $0
Documents: 1· no amendments

Picture99.7% US stock

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

US stock listed on a US exchange 99.7%
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%

Moves170 since the prior filing

+8.8 pp in · −8.8 pp out

New 11 +3.05 pp
Added 50 +5.78 pp
Trimmed 86 −7.22 pp
Exited 23 −1.59 pp

The book

Diversified · behaves like 58 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions15% of US stock

unresolved General Electric Co trimmed+0.49 pp trimmed+0.493.3%
MYL Mylan NV added−0.12 pp added−0.123.2%
CTSH Cognizant Technology Solutions added+0.19 pp added+0.193.0%
AIG American International Group, Inc. added+0.10 pp added+0.102.9%
HPE Hewlett Packard Enterprise Company trimmed+0.18 pp trimmed+0.182.8%

Positions171 in this filing · 23 exited


unresolvedGeneral Electric Co	3.29%	60,448,711	$604M	trimmed−5%	+0.49 pp	5 q
MYLMylan NV	3.24%	21,027,676	$596M	added0%	−0.12 pp	9 q
CTSHCognizant Technology Solutions	3.01%	7,636,219	$553M	added0%	+0.19 pp	17 q
AIGAmerican International Group, Inc.	2.88%	12,303,898	$530M	added+2%	+0.10 pp	24 q
HPEHewlett Packard Enterprise Company	2.83%	33,707,809	$520M	trimmed−2%	+0.18 pp	14 q
CCitigroup Inc.	2.66%	7,849,790	$488M	trimmed−4%	+0.17 pp	24 q
EIXEdison International	2.53%	7,515,474	$465M	trimmed−11%	−0.27 pp	17 q
ORCLOracle Corp	2.52%	8,609,269	$462M	trimmed−16%	−0.19 pp	24 q
COFCapital One Financial	2.51%	5,653,425	$462M	trimmed−2%	−0.04 pp	11 q
NOVNOV Inc.	2.41%	16,608,676	$442M	added+31%	+0.51 pp	4 q
MCKMcKesson Corporation	2.35%	3,683,196	$431M	added+20%	+0.36 pp	10 q
BACBank of America Corporation	2.23%	14,842,164	$409M	trimmed−7%	−0.06 pp	24 q
OMCOmnicom Group Inc.	2.23%	5,614,271	$410M	trimmed−18%	−0.72 pp	24 q
VOYAVoya Financial, Inc.	2.21%	8,121,485	$406M	trimmed−18%	−0.12 pp	20 q
NWLNewell Brands Inc.	2.07%	24,817,839	$381M	added+36%	+0.08 pp	4 q
MSMorgan Stanley	2.06%	8,986,084	$379M	trimmed−3%	−0.09 pp	24 q
HALHalliburton Company	1.98%	12,427,763	$364M	added+95%	+0.99 pp	13 q
WFCWells Fargo & Co.	1.98%	7,522,689	$363M	trimmed−4%	−0.12 pp	24 q
LEALear Corporation	1.93%	2,610,736	$354M	trimmed−6%	−0.06 pp	2 q
IPGThe Interpublic Group of Companies, Inc.	1.88%	16,473,776	$346M	added+2%	−0.06 pp	24 q
FFord Motor Company	1.86%	39,023,700	$343M	trimmed−9%	−0.06 pp	18 q
SWKStanley Black & Decker, Inc.	1.79%	2,423,147	$330M	added+96%	+0.92 pp	18 q
AVTAvnet, Inc.	1.77%	7,522,682	$326M	trimmed−4%	+0.11 pp	24 q
unresolvedAxa Equitable Hldgs Inc	1.74%	15,899,582	$320M	added+11%	+0.35 pp	4 q
METMetLife, Inc.	1.72%	7,436,058	$317M	trimmed−12%	−0.31 pp	24 q
AXSAxis Capital Holders Limited	1.65%	5,523,338	$303M	trimmed−19%	−0.41 pp	24 q
JPMJPMorgan Chase & Co.	1.60%	2,898,845	$293M	trimmed−7%	−0.17 pp	24 q
BENFranklin Templeton, Inc.	1.56%	8,641,808	$286M	trimmed−8%	−0.07 pp	24 q
NWSANews Corporation Class A	1.49%	22,033,613	$274M	trimmed−3%	−0.02 pp	22 q
XOMExxon Mobil Corp	1.30%	2,952,786	$239M	trimmed−36%	−0.55 pp	24 q
PVHPVH Corp.	1.29%	1,945,755	$237M	new	+1.29 pp	new
RDS.ARoyal Dutch Shell PLC	1.23%	3,622,973	$227M	trimmed−32%	−0.57 pp	24 q
GSGoldman Sachs Group Inc.	1.18%	1,130,041	$217M	trimmed−7%	−0.01 pp	24 q
KKRKKR & Co. Inc.	1.11%	8,712,832	$205M	trimmed−6%	+0.04 pp	3 q
CVECenovus Energy Inc.	0.99%	20,900,424	$181M	trimmed−1%	+0.12 pp	15 q
AMGNAmgen Inc	0.98%	950,019	$180M	trimmed−21%	−0.39 pp	11 q
MHKMohawk Industries, Inc.	0.94%	1,364,708	$172M	new	+0.94 pp	new
WMTWalmart Inc.	0.88%	1,656,483	$162M	added+7%	+0.04 pp	24 q
MRKMerck & Co., Inc.	0.86%	1,911,056	$159M	trimmed−48%	−0.78 pp	13 q
BKRBaker Hughes Company	0.84%	5,540,588	$154M	added×12.6	+0.78 pp	7 q
CAHCardinal Health, Inc.	0.79%	3,023,563	$146M	trimmed−1%	−0.01 pp	9 q
JELDJELD-WEN Holding, Inc.	0.74%	7,680,921	$136M	trimmed−8%	+0.05 pp	9 q
PFEPfizer Inc.	0.74%	3,193,206	$136M	trimmed−14%	−0.20 pp	18 q
GILGildan Activewear Inc.	0.73%	3,718,142	$134M	added+87%	+0.38 pp	2 q
RRyder System, Inc.	0.73%	2,171,807	$135M	trimmed−19%	−0.02 pp	7 q
BIDUBaidu, Inc.	0.64%	717,245	$118M	added+67%	+0.24 pp	9 q
FTITechnipFMC plc	0.64%	4,977,275	$117M	added×2.4	+0.40 pp	9 q
WTWWillis Towers Watson Public Limited Company	0.64%	667,887	$117M	trimmed−30%	−0.21 pp	13 q
KEYKeyCorp	0.60%	6,982,487	$110M	trimmed−1%	−0.01 pp	24 q
AGRAvangrid, Inc.	0.58%	2,123,879	$107M	trimmed−1%	−0.05 pp	9 q
ATUEnerpac Tool Group Corp.	0.57%	4,305,588	$105M	trimmed−1%	+0.04 pp	24 q
AXEAnixter International Inc	0.57%	1,871,017	$105M	trimmed−3%	−0.04 pp	13 q
FITBFifth Third Bancorp	0.57%	4,129,273	$104M	trimmed−1%	−0.01 pp	24 q
TEXTerex Corporation	0.56%	3,222,716	$104M	trimmed−1%	+0.04 pp	22 q
CARAvis Budget Group, Inc.	0.54%	2,866,895	$100M	trimmed−3%	+0.15 pp	7 q
DOVDover Corporation	0.54%	1,059,685	$99M	trimmed−69%	−0.89 pp	16 q
UBSUBS Group AG	0.53%	7,988,546	$97M	added+2%	−0.04 pp	18 q
KBRKBR, Inc.	0.51%	4,913,275	$94M	added+4%	+0.09 pp	21 q
FLEXFlex Ltd.	0.51%	9,453,985	$95M	added+5%	+0.11 pp	23 q
ACMAecom	0.43%	2,678,166	$79M	trimmed−17%	−0.07 pp	24 q
CIThe Cigna Group	0.40%	462,050	$74M	trimmed−37%	−0.41 pp	2 q
JNPJuniper Networks Inc	0.38%	2,607,739	$69M	trimmed−0%	−0.03 pp	2 q
RFRegions Financial Corp.	0.37%	4,802,529	$68M	trimmed−2%	−0.01 pp	24 q
WABWabtec Inc.	0.37%	919,252	$68M	new	+0.37 pp	new
MDPediatrix Medical Group, Inc.	0.34%	2,288,341	$62M	trimmed−32%	−0.31 pp	6 q
CSLCarlisle Companies, Inc.	0.32%	482,521	$59M	trimmed−22%	−0.04 pp	5 q
KELKellanova	0.31%	993,660	$57M	trimmed−0%	−0.02 pp	21 q
PHParker-Hannifin Corporation	0.31%	328,373	$56M	trimmed−1%	+0.02 pp	24 q
WEDWebster Financial Corp	0.31%	1,129,220	$57M	trimmed−2%	−0.02 pp	24 q
TAT&T Inc.	0.29%	1,725,759	$54M	added×2.0	+0.15 pp	16 q
TRSTrimas Corporation	0.29%	1,786,935	$54M	trimmed−6%	−0.01 pp	19 q
IVZInvesco LTD	0.28%	2,645,891	$51M	added+1%	+0.02 pp	24 q
DOORMasonite International Corp	0.27%	990,426	$49M	trimmed−3%	0.00 pp	23 q
MURMurphy Oil Corp.	0.25%	1,566,073	$46M	trimmed−20%	−0.02 pp	21 q
GGenpact Limited	0.25%	1,295,181	$46M	trimmed−27%	−0.03 pp	17 q
ASBAssociated Banc-Corp	0.24%	2,108,842	$45M	trimmed−4%	−0.01 pp	21 q
ROCKGibraltar Industries, Inc.	0.24%	1,064,148	$43M	trimmed−14%	−0.02 pp	8 q
REVGREV Group, Inc.	0.23%	3,931,134	$43M	added+29%	+0.10 pp	3 q
SNASnap-on Incorporated	0.23%	267,616	$42M	trimmed−2%	0.00 pp	5 q
JBLJabil Inc.	0.22%	1,505,818	$40M	trimmed−18%	−0.05 pp	21 q
CNOCNO Financial Group, Inc.	0.21%	2,404,373	$39M	new	+0.21 pp	new
CVSCvs Health Corporation	0.21%	718,884	$39M	added0%	−0.07 pp	17 q
CJC&J Energy Services, Inc.	0.21%	2,492,932	$39M	added×2.1	+0.12 pp	2 q
HOPEHope Bancorp, Inc.	0.21%	2,883,025	$38M	trimmed−4%	0.00 pp	11 q
SCSCScansource Inc	0.21%	1,085,145	$39M	trimmed−10%	−0.03 pp	13 q
ETREntergy Corporation	0.20%	379,428	$36M	trimmed−0%	+0.01 pp	24 q
MSFTMicrosoft Corp	0.20%	318,873	$38M	trimmed−0%	+0.01 pp	24 q
VREXVarex Imaging Corporation	0.20%	1,059,706	$36M	trimmed−22%	+0.01 pp	2 q
unresolvedL3 Technologies Inc	0.19%	170,782	$35M	trimmed−0%	+0.02 pp	9 q
HOUSAnywhere Real Estate Inc.	0.19%	3,052,470	$35M	trimmed−2%	−0.08 pp	5 q
CLSCelestica, Inc.	0.18%	3,970,756	$34M	added+42%	+0.04 pp	4 q
IBNICICI Bank Limited	0.18%	2,943,591	$34M	trimmed−0%	0.00 pp	5 q
SPBSpectrum Brands Holdings, Inc.	0.18%	609,735	$33M	new	+0.18 pp	new
AGIIArgo Group International	0.18%	469,895	$33M	trimmed−3%	−0.01 pp	24 q
AELAmerican Equity Investment Life Holding Company	0.17%	1,180,245	$32M	trimmed−3%	−0.03 pp	13 q
CSCOCisco Systems, Inc. (DE)	0.17%	579,112	$31M	trimmed−40%	−0.08 pp	24 q
FMBIFirst Midwest Bancorp Inc/IL	0.17%	1,497,276	$31M	added+2%	0.00 pp	24 q
SYU1Synovus Financial Corp	0.17%	910,926	$31M	trimmed−4%	−0.01 pp	20 q
GTSTriple-s Management Corp	0.17%	1,335,896	$30M	trimmed−2%	+0.03 pp	16 q
unresolvedTcf Financial Corp	0.15%	1,294,537	$27M	trimmed−4%	0.00 pp	24 q
UVVUniversal Corporation	0.15%	473,265	$27M	added+8%	+0.01 pp	16 q
WSFSWSFS Financial Corp	0.14%	658,829	$25M	trimmed−4%	−0.01 pp	24 q
ALLThe Allstate Corporation	0.13%	252,290	$24M	trimmed−56%	−0.15 pp	24 q
ARWArrow Electronics, Inc.	0.13%	304,547	$23M	held	—	21 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.13%	597,355	$24M	held	—	23 q
THGThe Hanover Insurance Group, Inc.	0.12%	198,464	$23M	trimmed−59%	−0.21 pp	7 q
NSITInsight Enterprises Inc	0.12%	410,909	$23M	trimmed−50%	−0.07 pp	24 q
TMKGlobe Life Inc.	0.12%	279,538	$23M	held	—	24 q
HIGThe Hartford Insurance Group, Inc.	0.11%	424,371	$21M	held	—	24 q
EGEverest Group, Ltd.	0.11%	91,025	$20M	held	—	21 q
LMLegg Mason, Inc.	0.10%	639,775	$18M	held	—	24 q
unresolvedHospitality Properties Trust	0.09%	596,722	$16M	added+1%	+0.01 pp	24 q
DRHDiamondrock Hospitality Company	0.08%	1,277,729	$14M	added+8%	+0.02 pp	24 q
WOOFoot Locker Inc	0.08%	233,279	$14M	added0%	+0.01 pp	4 q
VIVTelefonica Brasil, S.A.	0.08%	1,241,712	$15M	trimmed−79%	−0.33 pp	17 q
MPAAMotorcar Parts of America, Inc.	0.07%	653,637	$12M	added+67%	+0.03 pp	2 q
GJBSteelcase Inc-cl A	0.07%	838,435	$12M	trimmed−52%	−0.08 pp	6 q
WAIRWESCO Aircraft Holdings Inc.	0.07%	1,378,243	$12M	trimmed−4%	0.00 pp	11 q
NCINeo-Concept International Group Holdings Limited Class A	0.06%	544,412	$11M	trimmed−52%	−0.10 pp	4 q
SMCISuper Micro Computer, Inc.	0.06%	550,239	$12M	new	+0.06 pp	new
unresolvedRowan Cos PLC	0.06%	996,725	$11M	held	—	21 q
CMAComerica Incorporated	0.05%	121,055	$9M	trimmed−0%	0.00 pp	24 q
unresolvedApollo Global Management LLC	0.04%	251,642	$7M	trimmed−17%	0.00 pp	13 q
PKXPOSCO Holdings Inc.	0.04%	146,728	$8M	trimmed−6%	−0.01 pp	13 q
SHGShinhan Financial Group Co Ltd	0.03%	148,485	$6M	added0%	0.00 pp	22 q
ARCARC Document Solutions, Inc.	0.02%	1,870,417	$4M	trimmed−6%	0.00 pp	24 q
CHLChina Mobile Limited	0.02%	72,284	$4M	trimmed−24%	−0.01 pp	6 q
HNHAYHon Hai Precisn 144A	0.02%	607,573	$3M	held	—	2 q
HYUAHyundai Motor-gdr	0.02%	64,300	$3M	held	—	3 q
LNVGYLenovo Group Ltd S/	0.02%	235,995	$4M	trimmed−17%	0.00 pp	3 q
LUKOYPjsc Lukoil S/	0.02%	50,911	$5M	trimmed−6%	0.00 pp	10 q
PCFBYPacific Basin Shp UNS/	0.02%	851,215	$4M	added+54%	+0.01 pp	3 q
SSNHZSamsung Elec 144A S/GDR	0.02%	3,474	$3M	held	—	3 q
SSLSasol Limited	0.02%	118,526	$4M	added+69%	+0.01 pp	3 q
WLMIYWilmar Intl Ltd UNSP/	0.02%	138,338	$3M	held	—	3 q
unresolvedCez As Unspon ADR	0.01%	211,609	$2M	held	—	3 q
CICHYChina Constr Bk UNSP/	0.01%	69,588	$1M	held	—	3 q
unresolvedChina Agri-industries-un ADR	0.01%	327,200	$2M	held	—	3 q
CSUAYChina Shenhua En UNSP/	0.01%	126,700	$1M	held	—	3 q
CRPJYChina Res Pw Hld UNSP/	0.01%	120,778	$3M	held	—	3 q
CDGXYChina Dongxiang UNSP/	0.01%	159,562	$1M	held	—	3 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.01%	46,264	$2M	held	—	3 q
GBXXYGrand Baoxin Auto UNS/	0.01%	489,200	$2M	held	—	3 q
KBKB Financial Group Inc	0.01%	39,441	$1M	held	—	3 q
RNRTYReunert Ltd UNSP/	0.01%	159,600	$2M	held	—	3 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.01%	169,185	$3M	added+92%	0.00 pp	3 q
SBKFFState Bk India Gdr Reg S	0.01%	48,598	$2M	held	—	3 q
CORCencora, Inc.	0.00%	2,749	$219,000	trimmed−28%	0.00 pp	2 q
NLYAnnaly Capital Management. Inc.	0.00%	11,354	$113,000	held	—	3 q
ELVElevance Health, Inc.	0.00%	2,830	$812,000	new	0.00 pp	new
AAPLApple Inc.	0.00%	1,580	$300,000	new	0.00 pp	new
BIIBBiogen Inc.	0.00%	2,451	$579,000	added+16%	0.00 pp	6 q
HRBH&R Block, Inc.	0.00%	9,535	$228,000	added+21%	0.00 pp	2 q
BKNGBooking Holdings Inc.	0.00%	394	$687,000	added+16%	0.00 pp	5 q
CBRECbre Group, Inc.	0.00%	6,726	$333,000	added+31%	0.00 pp	3 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	6,638	$577,000	added+30%	0.00 pp	2 q
CRICarter's Inc.	0.00%	5,105	$515,000	added+32%	0.00 pp	5 q
EXELExelixis Inc	0.00%	15,220	$362,000	new	0.00 pp	new
METAMeta Platforms, Inc. Class A	0.00%	4,470	$745,000	added+85%	0.00 pp	2 q
JLLJones Lang LaSalle, Inc.	0.00%	3,100	$478,000	added+22%	0.00 pp	4 q
ZDZiff Davis, Inc.	0.00%	6,023	$522,000	new	0.00 pp	new
LGEIYLg Elec S/GDR 144A	0.00%	16,600	$549,000	held	—	3 q
LAMRLamar Advertising Co	0.00%	11,008	$872,000	added+27%	0.00 pp	18 q
LDOSLeidos Holdings, Inc.	0.00%	6,502	$417,000	added+31%	0.00 pp	2 q
OHIOmega Healthcare Investors Inc.	0.00%	23,235	$886,000	added+45%	0.00 pp	8 q
PKPark Hotels & Resorts Inc.	0.00%	9,504	$295,000	added+10%	0.00 pp	3 q
QRVOQorvo, Inc.	0.00%	5,100	$366,000	added+32%	0.00 pp	3 q
UALUnited Airlines Holdings, Inc.	0.00%	2,587	$206,000	added+3%	0.00 pp	2 q
VZVerizon Communications	0.00%	14,666	$867,000	added+29%	0.00 pp	2 q
DOXAmdocs Limited	0.00%	13,695	$741,000	added+30%	0.00 pp	10 q
RNRRenaissanceRe Holdings Ltd.	0.00%	2,056	$295,000	new	0.00 pp	new
BPBP p.l.c.	—	−3,533,379	—	exited	−0.77 pp	—
unresolvedAspen Insurance Holdings Ltd	—	−1,144,206	—	exited	−0.28 pp	—
ESNDEssendant Inc	—	−3,279,687	—	exited	−0.24 pp	—
QCOMQualcomm Inc	—	−516,860	—	exited	−0.17 pp	—
COPConocoPhillips	—	−114,431	—	exited	−0.04 pp	—
unresolvedSuperior Energy Services Inc	—	−2,233,208	—	exited	−0.04 pp	—
HPQHP Inc.	—	−173,101	—	exited	−0.02 pp	—
EVTCEvertec, Inc.	—	−82,520	—	exited	−0.01 pp	—
GMGeneral Motors Company	—	−34,720	—	exited	−0.01 pp	—
NWSNews Corporation Class B	—	−163,648	—	exited	−0.01 pp	—
BHFBrighthouse Financial, Inc.	—	−13,544	—	exited	0.00 pp	—
AVGOBroadcom Inc.	—	−792	—	exited	0.00 pp	—
CELGCelgene Corp	—	−4,518	—	exited	0.00 pp	—
unresolvedHcp Inc	—	−23,085	—	exited	0.00 pp	—
HFCHollyfrontier Corp	—	−4,307	—	exited	0.00 pp	—
KLACKLA Corporation	—	−1,641	—	exited	0.00 pp	—
MUMicron Technology, Inc.	—	−6,289	—	exited	0.00 pp	—
PBR.APetroleo Brasileiro S.A.-Petrobras	—	−68,900	—	exited	0.00 pp	—
SSNCSS&C Technologies Inc	—	−12,108	—	exited	0.00 pp	—
SLBSLB Limited	—	−10,578	—	exited	0.00 pp	—
SERVTerminix Global Holdings Inc	—	−5,651	—	exited	0.00 pp	—
unresolvedNordic American Offshore Ltd	—	−898,879	—	exited	0.00 pp	—
CBChubb Limited	—	−1,413	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 20 defects · 10 unresolved
Accession: 0001567619-19-009752
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 157214305 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 168919108 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 168924108 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 16942A302 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 16943S104 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 16947S100 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 257738203 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 38523M109 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 438090888 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 449187707 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 50186Q103 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 526250105 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 69343P105 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 69402P103 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 76131U105 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 796050888 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 825715105 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 856552203 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 86800U104 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 971433107 not on the Official 13(f) List for 2019-03-31

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