Pzena Investment Management

Q3 2019 13F · by Richard Pzena, CIO

As of: Sep 30, 2019
Filed: Nov 1, 2019
US stock: $18.4B · prev $19.0B
Positions: 175 · prev 172
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%

Moves160 since the prior filing

+4.6 pp in · −4.8 pp out

New 19 +1.36 pp
Added 56 +3.29 pp
Trimmed 69 −3.70 pp
Exited 16 −1.09 pp

The book

Diversified · behaves like 56 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.4 years per position

Low
Moderate
High

Top 5 positions15% of US stock

AIG American International Group, Inc. trimmed+0.11 pp trimmed+0.113.2%
NOV NOV Inc. added+0.33 pp added+0.333.2%
unresolved General Electric Co added−0.22 pp added−0.223.1%
C Citigroup Inc. trimmed−0.01 pp trimmed−0.012.9%
CTSH Cognizant Technology Solutions added+0.24 pp added+0.242.8%

Positions175 in this filing · 16 exited


AIGAmerican International Group, Inc.	3.17%	10,471,421	$583M	trimmed−4%	+0.11 pp	26 q
NOVNOV Inc.	3.17%	27,485,982	$583M	added+13%	+0.33 pp	6 q
unresolvedGeneral Electric Co	3.08%	63,371,882	$567M	added+6%	−0.22 pp	7 q
CCitigroup Inc.	2.87%	7,623,324	$527M	trimmed−2%	−0.01 pp	26 q
CTSHCognizant Technology Solutions	2.80%	8,535,997	$514M	added+12%	+0.24 pp	19 q
HALHalliburton Company	2.74%	26,696,811	$503M	added+13%	−0.09 pp	15 q
HPEHewlett Packard Enterprise Company	2.74%	33,241,319	$504M	trimmed−1%	+0.10 pp	16 q
COFCapital One Financial	2.73%	5,512,472	$502M	trimmed−2%	+0.04 pp	13 q
MCKMcKesson Corporation	2.71%	3,646,334	$498M	trimmed−6%	−0.03 pp	12 q
LEALear Corporation	2.69%	4,191,481	$494M	added+9%	−0.13 pp	4 q
WFCWells Fargo & Co.	2.68%	9,759,385	$492M	trimmed−1%	+0.23 pp	26 q
NWLNewell Brands Inc.	2.56%	25,170,831	$471M	added+1%	+0.52 pp	6 q
PVHPVH Corp.	2.47%	5,148,565	$454M	added+72%	+0.97 pp	3 q
EIXEdison International	2.33%	5,689,120	$429M	trimmed−23%	−0.31 pp	19 q
BACBank of America Corporation	2.29%	14,413,045	$420M	trimmed−2%	+0.04 pp	26 q
unresolvedAxa Equitable Hldgs Inc	2.27%	18,808,418	$417M	added+9%	+0.36 pp	6 q
MYLMylan NV	2.09%	19,408,418	$384M	trimmed−8%	−0.03 pp	11 q
MSMorgan Stanley	2.00%	8,615,226	$368M	trimmed−3%	−0.06 pp	26 q
IPGThe Interpublic Group of Companies, Inc.	1.94%	16,535,738	$357M	added0%	−0.03 pp	26 q
SWKStanley Black & Decker, Inc.	1.77%	2,250,655	$325M	trimmed−6%	−0.07 pp	20 q
WABWabtec Inc.	1.74%	4,454,989	$320M	added+40%	+0.53 pp	3 q
AVTAvnet, Inc.	1.72%	7,086,594	$315M	trimmed−3%	−0.03 pp	26 q
ORCLOracle Corp	1.72%	5,750,304	$316M	trimmed−27%	−0.66 pp	26 q
VOYAVoya Financial, Inc.	1.66%	5,588,970	$304M	trimmed−19%	−0.36 pp	22 q
AXSAxis Capital Holders Limited	1.60%	4,404,323	$294M	trimmed−6%	+0.13 pp	26 q
METMetLife, Inc.	1.59%	6,185,943	$292M	trimmed−15%	−0.32 pp	26 q
FFord Motor Company	1.58%	31,709,958	$290M	trimmed−4%	−0.20 pp	20 q
JPMJPMorgan Chase & Co.	1.48%	2,316,972	$273M	trimmed−6%	+0.03 pp	26 q
MHKMohawk Industries, Inc.	1.28%	1,903,027	$236M	trimmed−4%	−0.26 pp	3 q
AMGNAmgen Inc	1.27%	1,209,274	$234M	trimmed−1%	+0.08 pp	13 q
GSGoldman Sachs Group Inc.	1.25%	1,104,295	$229M	trimmed−2%	+0.03 pp	26 q
KKRKKR & Co. Inc.	1.25%	8,541,166	$229M	trimmed−1%	+0.10 pp	5 q
BKRBaker Hughes Company	1.18%	9,353,685	$217M	added+48%	+0.36 pp	9 q
OMCOmnicom Group Inc.	1.11%	2,607,725	$204M	trimmed−39%	−0.72 pp	26 q
FTITechnipFMC plc	1.02%	7,777,212	$188M	trimmed−12%	−0.19 pp	11 q
RDS.ARoyal Dutch Shell PLC	0.99%	3,102,201	$183M	trimmed−0%	−0.08 pp	26 q
CVECenovus Energy Inc.	0.97%	19,088,003	$179M	trimmed−6%	+0.03 pp	17 q
XOMExxon Mobil Corp	0.96%	2,493,110	$176M	trimmed−5%	−0.10 pp	26 q
CAHCardinal Health, Inc.	0.94%	3,667,684	$173M	added+1%	+0.03 pp	11 q
WMTWalmart Inc.	0.89%	1,378,481	$164M	trimmed−15%	−0.06 pp	26 q
JELDJELD-WEN Holding, Inc.	0.81%	7,681,892	$148M	added0%	−0.05 pp	11 q
RRyder System, Inc.	0.75%	2,657,245	$138M	added+14%	+0.03 pp	9 q
BMYBristol-Myers Squibb Co.	0.71%	2,577,726	$131M	new	+0.71 pp	new
GILGildan Activewear Inc.	0.70%	3,647,615	$129M	trimmed−1%	−0.05 pp	4 q
AXEAnixter International Inc	0.69%	1,830,776	$127M	trimmed−1%	+0.11 pp	15 q
FITBFifth Third Bancorp	0.69%	4,609,562	$126M	added+12%	+0.08 pp	26 q
KEYKeyCorp	0.67%	6,939,123	$124M	trimmed−1%	+0.01 pp	26 q
AGRAvangrid, Inc.	0.62%	2,191,500	$115M	added+3%	+0.05 pp	11 q
PFEPfizer Inc.	0.62%	3,148,129	$113M	trimmed−0%	−0.10 pp	20 q
FLEXFlex Ltd.	0.54%	9,435,960	$99M	trimmed−2%	+0.05 pp	25 q
ATUEnerpac Tool Group Corp.	0.52%	4,345,098	$95M	added+1%	−0.04 pp	26 q
ACMAecom	0.51%	2,504,285	$94M	trimmed−9%	−0.04 pp	26 q
CARAvis Budget Group, Inc.	0.51%	3,284,768	$93M	added+13%	−0.03 pp	9 q
TEXTerex Corporation	0.51%	3,636,859	$94M	added+5%	−0.07 pp	24 q
BIDUBaidu, Inc.	0.46%	819,847	$84M	added+3%	−0.03 pp	11 q
WTWWillis Towers Watson Public Limited Company	0.44%	415,611	$80M	trimmed−21%	−0.09 pp	15 q
CNOCNO Financial Group, Inc.	0.43%	5,045,896	$80M	added+31%	+0.09 pp	3 q
UBSUBS Group AG	0.43%	7,030,706	$80M	trimmed−8%	−0.05 pp	20 q
RFRegions Financial Corp.	0.42%	4,869,544	$77M	added0%	+0.04 pp	26 q
KBRKBR, Inc.	0.40%	2,986,264	$73M	trimmed−24%	−0.12 pp	23 q
CIThe Cigna Group	0.38%	460,741	$70M	added0%	0.00 pp	4 q
TAT&T Inc.	0.36%	1,724,651	$65M	held	—	18 q
JNPJuniper Networks Inc	0.35%	2,607,980	$65M	added0%	−0.02 pp	4 q
MRKMerck & Co., Inc.	0.35%	769,422	$65M	trimmed−39%	−0.21 pp	15 q
CVSCvs Health Corporation	0.33%	951,922	$60M	added+33%	+0.12 pp	19 q
DOORMasonite International Corp	0.32%	1,010,678	$59M	trimmed−1%	+0.04 pp	25 q
PHParker-Hannifin Corporation	0.32%	328,358	$59M	added0%	+0.03 pp	26 q
SPBSpectrum Brands Holdings, Inc.	0.31%	1,077,967	$57M	added+11%	+0.03 pp	3 q
WEDWebster Financial Corp	0.31%	1,227,047	$58M	added0%	0.00 pp	26 q
KELKellanova	0.27%	780,332	$50M	trimmed−21%	−0.01 pp	23 q
MURMurphy Oil Corp.	0.27%	2,221,898	$49M	added+42%	+0.07 pp	23 q
TRSTrimas Corporation	0.26%	1,562,742	$48M	added+1%	+0.01 pp	21 q
CSLCarlisle Companies, Inc.	0.25%	312,731	$46M	trimmed−17%	−0.03 pp	7 q
ASBAssociated Banc-Corp	0.24%	2,196,375	$44M	added+3%	0.00 pp	23 q
ETREntergy Corporation	0.24%	376,870	$44M	trimmed−1%	+0.03 pp	26 q
IVZInvesco LTD	0.24%	2,634,806	$45M	trimmed−1%	−0.05 pp	26 q
HOPEHope Bancorp, Inc.	0.22%	2,870,154	$41M	added0%	+0.01 pp	13 q
VREXVarex Imaging Corporation	0.22%	1,436,703	$41M	added+21%	+0.03 pp	4 q
CJC&J Energy Services, Inc.	0.21%	3,585,863	$38M	added+19%	+0.02 pp	4 q
SCSCScansource Inc	0.21%	1,255,617	$38M	added+1%	0.00 pp	15 q
SNASnap-on Incorporated	0.21%	248,800	$39M	trimmed−6%	−0.02 pp	7 q
ROCKGibraltar Industries, Inc.	0.20%	805,043	$37M	trimmed−22%	−0.02 pp	10 q
AELAmerican Equity Investment Life Holding Company	0.19%	1,414,035	$34M	added+21%	+0.02 pp	15 q
REVGREV Group, Inc.	0.19%	2,994,940	$34M	trimmed−13%	−0.07 pp	5 q
CLSCelestica, Inc.	0.18%	4,702,254	$34M	added0%	+0.01 pp	6 q
IBNICICI Bank Limited	0.18%	2,736,684	$33M	trimmed−0%	0.00 pp	7 q
UVVUniversal Corporation	0.18%	611,923	$34M	added+2%	−0.01 pp	18 q
JBLJabil Inc.	0.17%	850,374	$30M	trimmed−42%	−0.07 pp	23 q
SLBSLB Limited	0.17%	901,989	$31M	new	+0.17 pp	new
SYU1Synovus Financial Corp	0.17%	896,602	$32M	trimmed−1%	0.00 pp	22 q
DOVDover Corporation	0.16%	292,829	$29M	trimmed−12%	−0.02 pp	18 q
FMBIFirst Midwest Bancorp Inc/IL	0.16%	1,548,703	$30M	added+2%	0.00 pp	26 q
WSFSWSFS Financial Corp	0.16%	667,350	$29M	added0%	+0.02 pp	26 q
GGenpact Limited	0.16%	752,050	$29M	trimmed−14%	−0.02 pp	19 q
CSCOCisco Systems, Inc. (DE)	0.15%	576,148	$28M	trimmed−0%	−0.02 pp	26 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.15%	584,799	$27M	trimmed−5%	+0.02 pp	25 q
HIGThe Hartford Insurance Group, Inc.	0.14%	424,703	$26M	added0%	+0.02 pp	26 q
TCFTcf Financial Corp	0.14%	667,871	$25M	new	+0.14 pp	new
GTSTriple-s Management Corp	0.14%	1,924,220	$26M	added+34%	−0.03 pp	18 q
ALLThe Allstate Corporation	0.13%	211,623	$23M	trimmed−16%	−0.01 pp	26 q
LMLegg Mason, Inc.	0.13%	640,046	$24M	held	—	26 q
unresolvedSykes Enterprises Incorporated	0.13%	768,430	$24M	new	+0.13 pp	new
EGEverest Group, Ltd.	0.13%	91,175	$24M	added0%	+0.01 pp	23 q
ARWArrow Electronics, Inc.	0.12%	304,776	$23M	held	—	23 q
GLGlobe Life Inc.	0.12%	236,070	$23M	held	—	26 q
THGThe Hanover Insurance Group, Inc.	0.12%	167,924	$23M	trimmed−0%	+0.01 pp	9 q
MPAAMotorcar Parts of America, Inc.	0.11%	1,173,735	$20M	added+30%	+0.01 pp	4 q
HOUSAnywhere Real Estate Inc.	0.11%	3,094,448	$21M	added+1%	−0.01 pp	7 q
AGIIArgo Group International	0.11%	279,431	$20M	added+1%	0.00 pp	26 q
NWSANews Corporation Class A	0.09%	1,128,211	$16M	trimmed−78%	−0.27 pp	24 q
NSITInsight Enterprises Inc	0.08%	272,942	$15M	trimmed−24%	−0.03 pp	26 q
SVCService Properties Trust	0.08%	596,856	$15M	new	+0.08 pp	new
GJBSteelcase Inc-cl A	0.08%	836,038	$15M	trimmed−0%	0.00 pp	8 q
DRHDiamondrock Hospitality Company	0.07%	1,323,830	$14M	added+5%	0.00 pp	26 q
SMCISuper Micro Computer, Inc.	0.07%	654,430	$13M	added+2%	0.00 pp	3 q
APONApollo Asset Management Inc	0.05%	233,580	$9M	new	+0.05 pp	new
WOOFoot Locker Inc	0.05%	233,396	$10M	held	—	6 q
PKXPOSCO Holdings Inc.	0.05%	189,768	$9M	added+28%	+0.01 pp	15 q
CMAComerica Incorporated	0.04%	121,055	$8M	held	—	26 q
unresolvedCredit Suisse Group Spon ADR	0.04%	588,542	$7M	new	+0.04 pp	new
ACWIiShares MSCI ACWI ETF	0.04%	91,726	$7M	new	+0.04 pp	new
SHGShinhan Financial Group Co Ltd	0.03%	174,604	$6M	added+18%	0.00 pp	24 q
CRPJYChina Res Pw Hld UNSP/	0.02%	158,337	$3M	added0%	0.00 pp	5 q
HNHAYHon Hai Precisn 144A	0.02%	607,573	$3M	held	—	4 q
HYUAHyundai Motor-gdr	0.02%	64,300	$4M	held	—	5 q
LNVGYLenovo Group Ltd S/	0.02%	235,450	$3M	held	—	5 q
LUKOYPjsc Lukoil S/	0.02%	42,645	$4M	trimmed−1%	0.00 pp	12 q
PCFBYPacific Basin Shp UNS/	0.02%	851,215	$3M	held	—	5 q
SSNHZSamsung Elec 144A S/GDR	0.02%	3,474	$4M	held	—	5 q
ARCARC Document Solutions, Inc.	0.01%	1,848,713	$3M	trimmed−1%	−0.01 pp	26 q
unresolvedCez As Unspon ADR	0.01%	211,609	$2M	held	—	5 q
CICHYChina Constr Bk UNSP/	0.01%	155,960	$2M	held	—	5 q
unresolvedChina Agri-industries-un ADR	0.01%	327,200	$2M	held	—	5 q
CHLChina Mobile Limited	0.01%	63,242	$3M	held	—	8 q
CSUAYChina Shenhua En UNSP/	0.01%	218,727	$2M	held	—	5 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.01%	46,264	$2M	held	—	5 q
GBXXYGrand Baoxin Auto UNS/	0.01%	489,200	$924,000	held	—	5 q
KBKB Financial Group Inc	0.01%	39,441	$1M	held	—	5 q
OTPIYOtp Bank S/GDR 144A	0.01%	55,460	$1M	trimmed−19%	0.00 pp	2 q
RNRTYReunert Ltd UNSP/	0.01%	159,600	$1M	held	—	5 q
SSLSasol Limited	0.01%	128,636	$2M	held	—	5 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.01%	169,185	$3M	held	—	5 q
SBKFFState Bk India Gdr Reg S	0.01%	48,598	$2M	held	—	5 q
VIVTelefonica Brasil, S.A.	0.01%	80,651	$1M	trimmed−64%	−0.01 pp	19 q
WAIRWESCO Aircraft Holdings Inc.	0.01%	164,155	$2M	trimmed−88%	−0.07 pp	13 q
WLMIYWilmar Intl Ltd UNSP/	0.01%	98,597	$3M	trimmed−29%	−0.01 pp	5 q
AESAES Corporation	0.00%	52,251	$854,000	new	0.00 pp	new
AMKBYA.p Moller-mrs UNS/	0.00%	14,009	$79,000	new	0.00 pp	new
ABBVAbbvie Inc.	0.00%	3,179	$241,000	new	0.00 pp	new
CORCencora, Inc.	0.00%	2,599	$214,000	held	—	4 q
NLYAnnaly Capital Management. Inc.	0.00%	14,614	$129,000	added+12%	0.00 pp	5 q
ELVElevance Health, Inc.	0.00%	2,438	$585,000	added+1%	0.00 pp	3 q
BIIBBiogen Inc.	0.00%	3,193	$743,000	added+38%	0.00 pp	8 q
HRBH&R Block, Inc.	0.00%	27,654	$653,000	added×2.3	0.00 pp	4 q
BKNGBooking Holdings Inc.	0.00%	364	$714,000	trimmed−5%	0.00 pp	7 q
BRXBrixmor Property Group Inc.	0.00%	31,905	$647,000	new	0.00 pp	new
CBRECbre Group, Inc.	0.00%	6,551	$347,000	held	—	5 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	6,198	$525,000	held	—	4 q
CDGXYChina Dongxiang UNSP/	0.00%	159,562	$855,000	held	—	5 q
GILDGilead Sciences Inc	0.00%	7,581	$480,000	new	0.00 pp	new
HNHPFHon Hai Precson S/GDR New	0.00%	19,488	$93,000	new	0.00 pp	new
HOFTHooker Furnishings Corporation	0.00%	21,061	$452,000	new	0.00 pp	new
INTCIntel Corp	0.00%	6,439	$332,000	trimmed−32%	0.00 pp	2 q
ZDZiff Davis, Inc.	0.00%	5,861	$532,000	held	—	3 q
LGEIYLg Elec S/GDR 144A	0.00%	16,600	$468,000	held	—	5 q
LAMRLamar Advertising Co	0.00%	9,452	$774,000	trimmed−12%	0.00 pp	20 q
STWDStarwood Property Trust, Inc.	0.00%	13,824	$335,000	new	0.00 pp	new
UALUnited Airlines Holdings, Inc.	0.00%	2,526	$223,000	held	—	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	3,033	$659,000	new	0.00 pp	new
ARCPVereit Inc	0.00%	91,792	$898,000	new	0.00 pp	new
VZVerizon Communications	0.00%	14,462	$873,000	held	—	4 q
WUThe Western Union Company	0.00%	37,791	$876,000	new	0.00 pp	new
DOXAmdocs Limited	0.00%	13,152	$869,000	trimmed−2%	0.00 pp	12 q
RNRRenaissanceRe Holdings Ltd.	0.00%	4,357	$843,000	trimmed−0%	0.00 pp	3 q
CBChubb Limited	0.00%	5,471	$883,000	added+18%	0.00 pp	2 q
BENFranklin Templeton, Inc.	—	−2,131,018	—	exited	−0.39 pp	—
MSFTMicrosoft Corp	—	−318,833	—	exited	−0.23 pp	—
unresolvedTcf Financial Corp	—	−1,288,869	—	exited	−0.14 pp	—
unresolvedL3 Technologies Inc	—	−88,164	—	exited	−0.11 pp	—
unresolvedHospitality Properties Trust	—	−596,856	—	exited	−0.08 pp	—
NCINeo-Concept International Group Holdings Limited Class A	—	−549,721	—	exited	−0.07 pp	—
unresolvedApollo Global Management LLC	—	−228,267	—	exited	−0.04 pp	—
unresolvedEnsco Rowan PLC - Class A	—	−685,248	—	exited	−0.03 pp	—
AAPLApple Inc.	—	−2,170	—	exited	0.00 pp	—
EXELExelixis Inc	—	−14,803	—	exited	0.00 pp	—
EXPEExpedia Group, Inc.	—	−4,020	—	exited	0.00 pp	—
JLLJones Lang LaSalle, Inc.	—	−3,020	—	exited	0.00 pp	—
LDOSLeidos Holdings, Inc.	—	−6,335	—	exited	0.00 pp	—
OHIOmega Healthcare Investors Inc.	—	−22,915	—	exited	0.00 pp	—
PKPark Hotels & Resorts Inc.	—	−9,553	—	exited	0.00 pp	—
QRVOQorvo, Inc.	—	−4,890	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 23 defects · 7 unresolved
Accession: 0001567619-19-020281
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 00202F102 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 157214305 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 168919108 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 168924108 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 16942A302 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 16943S104 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 16947S100 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 257738203 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 38523M109 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 438090805 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 438090888 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 449187707 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 50186Q103 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 526250105 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 67106E101 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 69343P105 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 69402P103 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 76131U105 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 796050888 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 825715105 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 856552203 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 86800U104 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 971433107 not on the Official 13(f) List for 2019-09-30

Search