Pzena Investment Management

Q2 2019 13F · by Richard Pzena, CIO

As of: Jun 30, 2019
Filed: Aug 2, 2019
US stock: $19.0B · prev $18.4B
Positions: 172 · prev 171
Options notional: $0
Documents: 1· no amendments

Picture99.6% US stock

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

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves156 since the prior filing

+4.4 pp in · −4.5 pp out

New 5 +0.04 pp
Added 63 +4.38 pp
Trimmed 84 −4.06 pp
Exited 4 −0.40 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.4 years per position

Low
Moderate
High

Top 5 positions15% of US stock

unresolved General Electric Co trimmed+0.01 pp trimmed+0.013.3%
AIG American International Group, Inc. trimmed+0.18 pp trimmed+0.183.1%
C Citigroup Inc. trimmed+0.22 pp trimmed+0.222.9%
NOV NOV Inc. added+0.43 pp added+0.432.8%
HAL Halliburton Company added+0.85 pp added+0.852.8%

Positions172 in this filing · 4 exited


unresolvedGeneral Electric Co	3.30%	59,557,042	$625M	trimmed−1%	+0.01 pp	6 q
AIGAmerican International Group, Inc.	3.06%	10,894,670	$580M	trimmed−11%	+0.18 pp	25 q
CCitigroup Inc.	2.88%	7,797,470	$546M	trimmed−1%	+0.22 pp	25 q
NOVNOV Inc.	2.84%	24,225,557	$539M	added+46%	+0.43 pp	5 q
HALHalliburton Company	2.83%	23,591,540	$536M	added+90%	+0.85 pp	14 q
LEALear Corporation	2.82%	3,834,303	$534M	added+47%	+0.89 pp	3 q
MCKMcKesson Corporation	2.74%	3,860,785	$519M	added+5%	+0.39 pp	11 q
COFCapital One Financial	2.69%	5,624,853	$510M	trimmed−1%	+0.18 pp	12 q
EIXEdison International	2.64%	7,409,652	$499M	trimmed−1%	+0.11 pp	18 q
HPEHewlett Packard Enterprise Company	2.64%	33,483,641	$501M	trimmed−1%	−0.19 pp	15 q
CTSHCognizant Technology Solutions	2.56%	7,647,398	$485M	added0%	−0.45 pp	18 q
WFCWells Fargo & Co.	2.45%	9,818,873	$465M	added+31%	+0.47 pp	25 q
ORCLOracle Corp	2.38%	7,911,165	$451M	trimmed−8%	−0.14 pp	25 q
BACBank of America Corporation	2.25%	14,704,525	$426M	trimmed−1%	+0.02 pp	25 q
MYLMylan NV	2.12%	21,103,981	$402M	added0%	−1.12 pp	10 q
MSMorgan Stanley	2.06%	8,895,359	$390M	trimmed−1%	0.00 pp	25 q
NWLNewell Brands Inc.	2.04%	25,012,915	$386M	added+1%	−0.03 pp	5 q
VOYAVoya Financial, Inc.	2.02%	6,924,422	$383M	trimmed−15%	−0.19 pp	21 q
IPGThe Interpublic Group of Companies, Inc.	1.97%	16,512,831	$373M	added0%	+0.09 pp	25 q
unresolvedAxa Equitable Hldgs Inc	1.91%	17,286,040	$361M	added+9%	+0.17 pp	5 q
METMetLife, Inc.	1.91%	7,299,118	$363M	trimmed−2%	+0.19 pp	25 q
SWKStanley Black & Decker, Inc.	1.84%	2,405,357	$348M	trimmed−1%	+0.05 pp	19 q
OMCOmnicom Group Inc.	1.83%	4,240,249	$347M	trimmed−24%	−0.40 pp	25 q
FFord Motor Company	1.78%	33,066,188	$338M	trimmed−15%	−0.08 pp	19 q
AVTAvnet, Inc.	1.75%	7,339,746	$332M	trimmed−2%	−0.02 pp	25 q
MHKMohawk Industries, Inc.	1.54%	1,979,015	$292M	added+45%	+0.60 pp	2 q
PVHPVH Corp.	1.50%	3,001,404	$284M	added+54%	+0.21 pp	2 q
AXSAxis Capital Holders Limited	1.47%	4,665,071	$278M	trimmed−16%	−0.18 pp	25 q
JPMJPMorgan Chase & Co.	1.45%	2,460,634	$275M	trimmed−15%	−0.15 pp	25 q
GSGoldman Sachs Group Inc.	1.22%	1,126,616	$231M	trimmed−0%	+0.04 pp	25 q
WABWabtec Inc.	1.21%	3,193,030	$229M	added×3.5	+0.84 pp	2 q
FTITechnipFMC plc	1.21%	8,828,033	$229M	added+77%	+0.57 pp	10 q
AMGNAmgen Inc	1.19%	1,221,320	$225M	added+29%	+0.21 pp	12 q
KKRKKR & Co. Inc.	1.15%	8,635,325	$218M	trimmed−1%	+0.04 pp	4 q
RDS.ARoyal Dutch Shell PLC	1.07%	3,114,092	$203M	trimmed−14%	−0.16 pp	25 q
XOMExxon Mobil Corp	1.06%	2,622,536	$201M	trimmed−11%	−0.24 pp	25 q
WMTWalmart Inc.	0.95%	1,625,340	$180M	trimmed−2%	+0.07 pp	25 q
CVECenovus Energy Inc.	0.94%	20,229,435	$178M	trimmed−3%	−0.05 pp	16 q
CAHCardinal Health, Inc.	0.91%	3,644,698	$172M	added+21%	+0.12 pp	10 q
JELDJELD-WEN Holding, Inc.	0.86%	7,656,275	$163M	trimmed−0%	+0.12 pp	10 q
BKRBaker Hughes Company	0.82%	6,319,078	$156M	added+14%	−0.02 pp	8 q
GILGildan Activewear Inc.	0.75%	3,674,047	$142M	trimmed−1%	+0.02 pp	3 q
PFEPfizer Inc.	0.72%	3,153,944	$137M	trimmed−1%	−0.02 pp	19 q
RRyder System, Inc.	0.72%	2,341,136	$136M	added+8%	−0.01 pp	8 q
KEYKeyCorp	0.66%	7,022,232	$125M	added+1%	+0.06 pp	25 q
FITBFifth Third Bancorp	0.61%	4,129,273	$115M	held	—	25 q
AXEAnixter International Inc	0.58%	1,853,703	$111M	trimmed−1%	+0.01 pp	14 q
TEXTerex Corporation	0.58%	3,471,316	$109M	added+8%	+0.02 pp	23 q
AGRAvangrid, Inc.	0.57%	2,123,751	$107M	trimmed−0%	−0.01 pp	10 q
ATUEnerpac Tool Group Corp.	0.56%	4,311,706	$107M	added0%	−0.01 pp	25 q
MRKMerck & Co., Inc.	0.56%	1,263,234	$106M	trimmed−34%	−0.30 pp	14 q
ACMAecom	0.55%	2,752,783	$104M	added+3%	+0.12 pp	25 q
CARAvis Budget Group, Inc.	0.54%	2,901,389	$102M	added+1%	0.00 pp	8 q
WTWWillis Towers Watson Public Limited Company	0.53%	523,274	$100M	trimmed−22%	−0.11 pp	14 q
KBRKBR, Inc.	0.52%	3,929,175	$98M	trimmed−20%	+0.01 pp	22 q
BIDUBaidu, Inc.	0.49%	799,111	$94M	added+11%	−0.15 pp	10 q
FLEXFlex Ltd.	0.49%	9,645,651	$92M	added+2%	−0.02 pp	24 q
UBSUBS Group AG	0.48%	7,682,763	$91M	trimmed−4%	−0.05 pp	19 q
BENFranklin Templeton, Inc.	0.39%	2,131,018	$74M	trimmed−75%	−1.17 pp	25 q
CIThe Cigna Group	0.38%	459,743	$72M	trimmed−1%	−0.02 pp	3 q
RFRegions Financial Corp.	0.38%	4,854,247	$73M	added+1%	+0.01 pp	25 q
JNPJuniper Networks Inc	0.37%	2,607,450	$69M	trimmed−0%	−0.01 pp	3 q
NWSANews Corporation Class A	0.36%	5,108,747	$69M	trimmed−77%	−1.13 pp	23 q
CNOCNO Financial Group, Inc.	0.34%	3,855,224	$64M	added+60%	+0.13 pp	2 q
WEDWebster Financial Corp	0.31%	1,226,496	$59M	added+9%	0.00 pp	25 q
TAT&T Inc.	0.30%	1,724,651	$58M	trimmed−0%	+0.01 pp	17 q
PHParker-Hannifin Corporation	0.29%	328,305	$56M	trimmed−0%	−0.02 pp	25 q
IVZInvesco LTD	0.29%	2,652,778	$54M	added0%	+0.01 pp	25 q
CSLCarlisle Companies, Inc.	0.28%	378,810	$53M	trimmed−21%	−0.04 pp	6 q
KELKellanova	0.28%	993,826	$53M	added0%	−0.03 pp	22 q
DOORMasonite International Corp	0.28%	1,022,315	$54M	added+3%	+0.01 pp	24 q
SPBSpectrum Brands Holdings, Inc.	0.28%	971,972	$52M	added+59%	+0.10 pp	2 q
REVGREV Group, Inc.	0.26%	3,440,230	$50M	trimmed−12%	+0.03 pp	4 q
TRSTrimas Corporation	0.25%	1,551,978	$48M	trimmed−13%	−0.04 pp	20 q
ASBAssociated Banc-Corp	0.24%	2,133,134	$45M	added+1%	0.00 pp	22 q
JBLJabil Inc.	0.24%	1,456,800	$46M	trimmed−3%	+0.02 pp	22 q
MSFTMicrosoft Corp	0.23%	318,833	$43M	trimmed−0%	+0.03 pp	25 q
SNASnap-on Incorporated	0.23%	265,289	$44M	trimmed−1%	0.00 pp	6 q
ROCKGibraltar Industries, Inc.	0.22%	1,031,560	$42M	trimmed−3%	−0.02 pp	9 q
CVSCvs Health Corporation	0.21%	715,733	$39M	trimmed−0%	0.00 pp	18 q
ETREntergy Corporation	0.21%	379,428	$39M	held	—	25 q
HOPEHope Bancorp, Inc.	0.21%	2,866,489	$40M	trimmed−1%	0.00 pp	12 q
SCSCScansource Inc	0.21%	1,245,448	$41M	added+15%	0.00 pp	14 q
MURMurphy Oil Corp.	0.20%	1,567,851	$39M	added0%	−0.05 pp	22 q
CJC&J Energy Services, Inc.	0.19%	3,001,122	$35M	added+20%	−0.02 pp	3 q
UVVUniversal Corporation	0.19%	602,495	$37M	added+27%	+0.04 pp	17 q
VREXVarex Imaging Corporation	0.19%	1,189,543	$36M	added+12%	−0.01 pp	3 q
DOVDover Corporation	0.18%	333,617	$33M	trimmed−69%	−0.36 pp	17 q
IBNICICI Bank Limited	0.18%	2,737,012	$34M	trimmed−7%	0.00 pp	6 q
GGenpact Limited	0.18%	871,875	$33M	trimmed−33%	−0.07 pp	18 q
AELAmerican Equity Investment Life Holding Company	0.17%	1,164,523	$32M	trimmed−1%	0.00 pp	14 q
CLSCelestica, Inc.	0.17%	4,679,789	$32M	added+18%	−0.01 pp	5 q
CSCOCisco Systems, Inc. (DE)	0.17%	576,970	$32M	trimmed−0%	0.00 pp	25 q
SYU1Synovus Financial Corp	0.17%	907,959	$32M	trimmed−0%	0.00 pp	21 q
GTSTriple-s Management Corp	0.17%	1,365,603	$33M	added+2%	0.00 pp	17 q
FMBIFirst Midwest Bancorp Inc/IL	0.16%	1,512,005	$31M	added+1%	−0.01 pp	25 q
ALLThe Allstate Corporation	0.14%	252,290	$26M	held	—	25 q
unresolvedTcf Financial Corp	0.14%	1,288,869	$27M	trimmed−0%	−0.01 pp	25 q
WSFSWSFS Financial Corp	0.14%	664,397	$27M	added+1%	0.00 pp	25 q
LMLegg Mason, Inc.	0.13%	640,046	$25M	added0%	+0.03 pp	25 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.13%	616,612	$24M	added+3%	0.00 pp	24 q
HIGThe Hartford Insurance Group, Inc.	0.12%	424,371	$24M	held	—	25 q
HOUSAnywhere Real Estate Inc.	0.12%	3,058,070	$22M	added0%	−0.07 pp	6 q
EGEverest Group, Ltd.	0.12%	91,098	$23M	added0%	+0.01 pp	22 q
ARWArrow Electronics, Inc.	0.11%	304,776	$22M	added0%	−0.02 pp	22 q
THGThe Hanover Insurance Group, Inc.	0.11%	167,990	$22M	trimmed−15%	−0.01 pp	8 q
NSITInsight Enterprises Inc	0.11%	359,705	$21M	trimmed−12%	−0.01 pp	25 q
unresolvedL3 Technologies Inc	0.11%	88,164	$22M	trimmed−48%	−0.08 pp	10 q
TMKGlobe Life Inc.	0.11%	236,070	$21M	trimmed−16%	−0.01 pp	25 q
AGIIArgo Group International	0.11%	276,006	$20M	trimmed−41%	−0.07 pp	25 q
MPAAMotorcar Parts of America, Inc.	0.10%	903,259	$19M	added+38%	+0.03 pp	3 q
unresolvedHospitality Properties Trust	0.08%	596,856	$15M	added0%	−0.01 pp	25 q
GJBSteelcase Inc-cl A	0.08%	838,875	$14M	added0%	+0.01 pp	7 q
WAIRWESCO Aircraft Holdings Inc.	0.08%	1,345,295	$15M	trimmed−2%	+0.01 pp	12 q
DRHDiamondrock Hospitality Company	0.07%	1,263,084	$13M	trimmed−1%	−0.01 pp	25 q
NCINeo-Concept International Group Holdings Limited Class A	0.07%	549,721	$13M	added+1%	+0.01 pp	5 q
SMCISuper Micro Computer, Inc.	0.07%	642,854	$12M	added+17%	+0.01 pp	2 q
CMAComerica Incorporated	0.05%	121,055	$9M	held	—	25 q
WOOFoot Locker Inc	0.05%	233,396	$10M	added0%	−0.03 pp	5 q
unresolvedApollo Global Management LLC	0.04%	228,267	$8M	trimmed−9%	0.00 pp	14 q
PKXPOSCO Holdings Inc.	0.04%	148,272	$8M	added+1%	0.00 pp	14 q
SHGShinhan Financial Group Co Ltd	0.03%	148,331	$6M	trimmed−0%	0.00 pp	23 q
unresolvedEnsco Rowan PLC - Class A	0.03%	685,248	$6M	new	+0.03 pp	new
ARCARC Document Solutions, Inc.	0.02%	1,870,063	$4M	trimmed−0%	0.00 pp	25 q
CHLChina Mobile Limited	0.02%	63,242	$3M	trimmed−13%	0.00 pp	7 q
CRPJYChina Res Pw Hld UNSP/	0.02%	157,963	$3M	added+31%	+0.01 pp	4 q
HNHAYHon Hai Precisn 144A	0.02%	607,573	$3M	held	—	3 q
HYUAHyundai Motor-gdr	0.02%	64,300	$4M	held	—	4 q
LNVGYLenovo Group Ltd S/	0.02%	235,450	$4M	trimmed−0%	0.00 pp	4 q
LUKOYPjsc Lukoil S/	0.02%	42,956	$4M	trimmed−16%	0.00 pp	11 q
PCFBYPacific Basin Shp UNS/	0.02%	851,215	$3M	held	—	4 q
SSNHZSamsung Elec 144A S/GDR	0.02%	3,474	$4M	held	—	4 q
SSLSasol Limited	0.02%	128,636	$3M	added+9%	0.00 pp	4 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.02%	169,185	$3M	held	—	4 q
VIVTelefonica Brasil, S.A.	0.02%	221,405	$3M	trimmed−82%	−0.06 pp	18 q
WLMIYWilmar Intl Ltd UNSP/	0.02%	138,338	$4M	held	—	4 q
unresolvedCez As Unspon ADR	0.01%	211,609	$3M	held	—	4 q
CICHYChina Constr Bk UNSP/	0.01%	155,960	$3M	added×2.2	0.00 pp	4 q
unresolvedChina Agri-industries-un ADR	0.01%	327,200	$2M	held	—	4 q
CSUAYChina Shenhua En UNSP/	0.01%	218,727	$2M	added+73%	0.00 pp	4 q
CDGXYChina Dongxiang UNSP/	0.01%	159,562	$980,000	held	—	4 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.01%	46,264	$2M	held	—	4 q
GBXXYGrand Baoxin Auto UNS/	0.01%	489,200	$2M	held	—	4 q
KBKB Financial Group Inc	0.01%	39,441	$2M	held	—	4 q
OTPIYOtp Bank S/GDR 144A	0.01%	68,700	$1M	new	+0.01 pp	new
RNRTYReunert Ltd UNSP/	0.01%	159,600	$2M	held	—	4 q
SBKFFState Bk India Gdr Reg S	0.01%	48,598	$3M	held	—	4 q
CORCencora, Inc.	0.00%	2,599	$222,000	trimmed−5%	0.00 pp	3 q
NLYAnnaly Capital Management. Inc.	0.00%	13,089	$120,000	added+15%	0.00 pp	4 q
ELVElevance Health, Inc.	0.00%	2,407	$679,000	trimmed−15%	0.00 pp	2 q
AAPLApple Inc.	0.00%	2,170	$429,000	added+37%	0.00 pp	2 q
BIIBBiogen Inc.	0.00%	2,318	$542,000	trimmed−5%	0.00 pp	7 q
HRBH&R Block, Inc.	0.00%	11,898	$349,000	added+25%	0.00 pp	3 q
BKNGBooking Holdings Inc.	0.00%	384	$720,000	trimmed−3%	0.00 pp	6 q
CBRECbre Group, Inc.	0.00%	6,551	$336,000	trimmed−3%	0.00 pp	4 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	6,198	$523,000	trimmed−7%	0.00 pp	3 q
EXELExelixis Inc	0.00%	14,803	$316,000	trimmed−3%	0.00 pp	2 q
EXPEExpedia Group, Inc.	0.00%	4,020	$535,000	new	0.00 pp	new
INTCIntel Corp	0.00%	9,470	$453,000	new	0.00 pp	new
JLLJones Lang LaSalle, Inc.	0.00%	3,020	$425,000	trimmed−3%	0.00 pp	5 q
ZDZiff Davis, Inc.	0.00%	5,861	$521,000	trimmed−3%	0.00 pp	2 q
LGEIYLg Elec S/GDR 144A	0.00%	16,600	$570,000	held	—	4 q
LAMRLamar Advertising Co	0.00%	10,750	$868,000	trimmed−2%	0.00 pp	19 q
LDOSLeidos Holdings, Inc.	0.00%	6,335	$506,000	trimmed−3%	0.00 pp	3 q
OHIOmega Healthcare Investors Inc.	0.00%	22,915	$842,000	trimmed−1%	0.00 pp	9 q
PKPark Hotels & Resorts Inc.	0.00%	9,553	$263,000	added+1%	0.00 pp	4 q
QRVOQorvo, Inc.	0.00%	4,890	$326,000	trimmed−4%	0.00 pp	4 q
UALUnited Airlines Holdings, Inc.	0.00%	2,526	$221,000	trimmed−2%	0.00 pp	3 q
VZVerizon Communications	0.00%	14,462	$826,000	trimmed−1%	0.00 pp	3 q
DOXAmdocs Limited	0.00%	13,380	$831,000	trimmed−2%	0.00 pp	11 q
RNRRenaissanceRe Holdings Ltd.	0.00%	4,376	$779,000	added×2.1	0.00 pp	2 q
CBChubb Limited	0.00%	4,618	$680,000	new	0.00 pp	new
MDPediatrix Medical Group, Inc.	—	−2,288,341	—	exited	−0.34 pp	—
unresolvedRowan Cos PLC	—	−996,725	—	exited	−0.06 pp	—
CRICarter's Inc.	—	−5,105	—	exited	0.00 pp	—
METAMeta Platforms, Inc. Class A	—	−4,470	—	exited	0.00 pp	—