Pzena Investment Management

Q4 2019 13F · by Richard Pzena, CIO

As of: Dec 31, 2019
Filed: Feb 7, 2020
US stock: $21.4B · prev $18.4B
Positions: 174 · prev 175
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 0.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves165 since the prior filing

+4.6 pp in · −4.5 pp out

New 11 +0.97 pp
Added 101 +3.67 pp
Trimmed 41 −4.16 pp
Exited 12 −0.38 pp

The book

Diversified · behaves like 56 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.3 years per position

Low
Moderate
High

Top 5 positions16% of US stock

HAL Halliburton Company added+0.87 pp added+0.873.6%
NOV NOV Inc. added+0.30 pp added+0.303.5%
unresolved General Electric Co added+0.27 pp added+0.273.4%
LEA Lear Corporation added+0.23 pp added+0.232.9%
C Citigroup Inc. trimmed−0.04 pp trimmed−0.042.8%

Positions174 in this filing · 12 exited


HALHalliburton Company	3.61%	31,566,930	$772M	added+18%	+0.87 pp	16 q
NOVNOV Inc.	3.47%	29,696,759	$744M	added+8%	+0.30 pp	7 q
unresolvedGeneral Electric Co	3.35%	64,303,114	$718M	added+1%	+0.27 pp	8 q
LEALear Corporation	2.92%	4,553,308	$625M	added+9%	+0.23 pp	5 q
CCitigroup Inc.	2.83%	7,580,561	$606M	trimmed−1%	−0.04 pp	27 q
COFCapital One Financial	2.67%	5,551,737	$571M	added+1%	−0.06 pp	14 q
AIGAmerican International Group, Inc.	2.57%	10,716,487	$550M	added+2%	−0.60 pp	27 q
CTSHCognizant Technology Solutions	2.57%	8,864,214	$550M	added+4%	−0.23 pp	20 q
HPEHewlett Packard Enterprise Company	2.52%	34,075,382	$540M	added+3%	−0.22 pp	17 q
WFCWells Fargo & Co.	2.49%	9,917,574	$534M	added+2%	−0.19 pp	27 q
PVHPVH Corp.	2.44%	4,977,739	$523M	trimmed−3%	−0.03 pp	4 q
MCKMcKesson Corporation	2.43%	3,760,595	$520M	added+3%	−0.28 pp	13 q
WABWabtec Inc.	2.37%	6,535,590	$508M	added+47%	+0.63 pp	4 q
unresolvedAxa Equitable Hldgs Inc	2.29%	19,778,140	$490M	added+5%	+0.02 pp	7 q
NWLNewell Brands Inc.	2.27%	25,315,254	$487M	added+1%	−0.29 pp	7 q
BACBank of America Corporation	2.18%	13,242,708	$466M	trimmed−8%	−0.11 pp	27 q
EIXEdison International	2.12%	6,031,294	$455M	added+6%	−0.21 pp	20 q
MSMorgan Stanley	2.08%	8,695,264	$445M	added+1%	+0.08 pp	27 q
MYLMylan NV	1.95%	20,781,717	$418M	added+7%	−0.14 pp	12 q
IPGThe Interpublic Group of Companies, Inc.	1.90%	17,566,489	$406M	added+6%	−0.04 pp	27 q
AVTAvnet, Inc.	1.78%	8,996,453	$382M	added+27%	+0.06 pp	27 q
SWKStanley Black & Decker, Inc.	1.76%	2,268,580	$376M	added+1%	−0.01 pp	21 q
VOYAVoya Financial, Inc.	1.62%	5,691,129	$347M	added+2%	−0.04 pp	23 q
AXSAxis Capital Holders Limited	1.49%	5,383,049	$320M	added+22%	−0.11 pp	27 q
AMGNAmgen Inc	1.47%	1,309,307	$316M	added+8%	+0.20 pp	14 q
METMetLife, Inc.	1.46%	6,119,809	$312M	trimmed−1%	−0.13 pp	27 q
FFord Motor Company	1.37%	31,548,241	$293M	trimmed−1%	−0.21 pp	21 q
JPMJPMorgan Chase & Co.	1.31%	2,004,984	$279M	trimmed−13%	−0.17 pp	27 q
MHKMohawk Industries, Inc.	1.30%	2,034,926	$278M	added+7%	+0.02 pp	4 q
BKRBaker Hughes Company	1.21%	10,073,242	$258M	added+8%	+0.03 pp	10 q
ORCLOracle Corp	1.19%	4,803,641	$254M	trimmed−16%	−0.53 pp	27 q
GILGildan Activewear Inc.	1.17%	8,489,008	$251M	added×2.3	+0.47 pp	5 q
GSGoldman Sachs Group Inc.	1.17%	1,090,012	$251M	trimmed−1%	−0.08 pp	27 q
KKRKKR & Co. Inc.	1.13%	8,315,733	$243M	trimmed−3%	−0.12 pp	6 q
FTITechnipFMC plc	1.12%	11,223,056	$241M	added+44%	+0.10 pp	12 q
CVECenovus Energy Inc.	1.04%	21,901,545	$222M	added+15%	+0.07 pp	18 q
CAHCardinal Health, Inc.	0.94%	4,000,397	$202M	added+9%	0.00 pp	12 q
OMCOmnicom Group Inc.	0.91%	2,399,456	$194M	trimmed−8%	−0.20 pp	27 q
JELDJELD-WEN Holding, Inc.	0.87%	7,976,393	$187M	added+4%	+0.06 pp	12 q
RDS.ARoyal Dutch Shell PLC	0.85%	3,094,075	$182M	trimmed−0%	−0.14 pp	27 q
RRyder System, Inc.	0.83%	3,265,330	$177M	added+23%	+0.08 pp	10 q
XOMExxon Mobil Corp	0.81%	2,481,145	$173M	trimmed−0%	−0.15 pp	27 q
BMYBristol-Myers Squibb Co.	0.76%	2,537,875	$163M	trimmed−2%	+0.05 pp	2 q
FITBFifth Third Bancorp	0.76%	5,274,335	$162M	added+14%	+0.07 pp	27 q
KEYKeyCorp	0.76%	7,998,031	$162M	added+15%	+0.09 pp	27 q
CARAvis Budget Group, Inc.	0.67%	4,428,321	$143M	added+35%	+0.16 pp	10 q
FLEXFlex Ltd.	0.65%	10,950,615	$138M	added+16%	+0.11 pp	26 q
TEXTerex Corporation	0.63%	4,511,045	$134M	added+24%	+0.12 pp	25 q
AGRAvangrid, Inc.	0.62%	2,578,638	$132M	added+18%	0.00 pp	12 q
PFEPfizer Inc.	0.58%	3,148,442	$123M	added0%	−0.04 pp	21 q
CNOCNO Financial Group, Inc.	0.57%	6,770,866	$123M	added+34%	+0.14 pp	4 q
ACMAecom	0.53%	2,623,898	$113M	added+5%	+0.02 pp	27 q
BIDUBaidu, Inc.	0.52%	877,651	$111M	added+7%	+0.06 pp	12 q
WEDWebster Financial Corp	0.50%	1,998,320	$107M	added+63%	+0.19 pp	27 q
ATUEnerpac Tool Group Corp.	0.49%	3,989,841	$104M	trimmed−8%	−0.03 pp	27 q
UBSUBS Group AG	0.45%	7,645,713	$96M	added+9%	+0.02 pp	21 q
CIThe Cigna Group	0.44%	460,428	$94M	trimmed−0%	+0.06 pp	5 q
RFRegions Financial Corp.	0.44%	5,495,558	$94M	added+13%	+0.02 pp	27 q
SPBSpectrum Brands Holdings, Inc.	0.43%	1,434,888	$92M	added+33%	+0.12 pp	4 q
WMTWalmart Inc.	0.41%	736,701	$88M	trimmed−47%	−0.48 pp	27 q
WTWWillis Towers Watson Public Limited Company	0.41%	437,541	$88M	added+5%	−0.03 pp	16 q
DOORMasonite International Corp	0.37%	1,085,704	$78M	added+7%	+0.05 pp	26 q
JNPJuniper Networks Inc	0.36%	3,134,452	$77M	added+20%	+0.01 pp	5 q
CVSCvs Health Corporation	0.33%	951,790	$71M	trimmed−0%	0.00 pp	20 q
IVZInvesco LTD	0.33%	3,930,976	$71M	added+49%	+0.09 pp	27 q
MURMurphy Oil Corp.	0.32%	2,525,558	$68M	added+14%	+0.05 pp	24 q
PHParker-Hannifin Corporation	0.32%	328,272	$68M	trimmed−0%	0.00 pp	27 q
TAT&T Inc.	0.31%	1,724,193	$67M	trimmed−0%	−0.05 pp	19 q
KELKellanova	0.30%	925,121	$64M	added+19%	+0.03 pp	24 q
OLNOlin Corp.	0.30%	3,663,120	$63M	new	+0.30 pp	new
ASBAssociated Banc-Corp	0.27%	2,619,005	$58M	added+19%	+0.03 pp	24 q
SNASnap-on Incorporated	0.27%	346,284	$59M	added+39%	+0.06 pp	8 q
TRSTrimas Corporation	0.26%	1,762,346	$55M	added+13%	0.00 pp	22 q
FRACKeane Group, Inc.	0.25%	7,886,281	$53M	new	+0.25 pp	new
SCSCScansource Inc	0.25%	1,464,078	$54M	added+17%	+0.04 pp	16 q
HOPEHope Bancorp, Inc.	0.24%	3,425,318	$51M	added+19%	+0.02 pp	14 q
KBRKBR, Inc.	0.23%	1,609,446	$49M	trimmed−46%	−0.17 pp	24 q
UVVUniversal Corporation	0.23%	876,755	$50M	added+43%	+0.05 pp	19 q
AELAmerican Equity Investment Life Holding Company	0.22%	1,606,352	$48M	added+14%	+0.03 pp	16 q
IBNICICI Bank Limited	0.22%	3,183,352	$48M	added+16%	+0.04 pp	8 q
REVGREV Group, Inc.	0.22%	3,779,723	$46M	added+26%	+0.03 pp	6 q
SMCISuper Micro Computer, Inc.	0.21%	1,884,887	$45M	added×2.9	+0.14 pp	4 q
VREXVarex Imaging Corporation	0.21%	1,507,727	$45M	added+5%	−0.01 pp	5 q
CLSCelestica, Inc.	0.20%	5,305,645	$44M	added+13%	+0.02 pp	7 q
FMBIFirst Midwest Bancorp Inc/IL	0.20%	1,847,219	$43M	added+19%	+0.04 pp	27 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.20%	719,647	$42M	added+23%	+0.05 pp	26 q
GGenpact Limited	0.20%	1,008,947	$43M	added+34%	+0.04 pp	20 q
GTSTriple-s Management Corp	0.19%	2,234,374	$41M	added+16%	+0.05 pp	19 q
HOFTHooker Furnishings Corporation	0.18%	1,474,157	$38M	added×70.0	+0.18 pp	2 q
SYU1Synovus Financial Corp	0.18%	968,744	$38M	added+8%	+0.01 pp	23 q
CSLCarlisle Companies, Inc.	0.17%	225,508	$36M	trimmed−28%	−0.08 pp	8 q
unresolvedSykes Enterprises Incorporated	0.17%	968,265	$36M	added+26%	+0.04 pp	2 q
TCFTcf Financial Corp	0.17%	764,894	$36M	added+15%	+0.03 pp	2 q
DOVDover Corporation	0.16%	292,416	$34M	trimmed−0%	0.00 pp	19 q
MPAAMotorcar Parts of America, Inc.	0.16%	1,581,263	$35M	added+35%	+0.05 pp	5 q
SVCService Properties Trust	0.16%	1,382,344	$34M	added×2.3	+0.08 pp	2 q
WSFSWSFS Financial Corp	0.16%	760,374	$33M	added+14%	0.00 pp	27 q
ALLThe Allstate Corporation	0.15%	283,530	$32M	added+34%	+0.02 pp	27 q
ARWArrow Electronics, Inc.	0.15%	376,101	$32M	added+23%	+0.03 pp	24 q
GLGlobe Life Inc.	0.15%	303,871	$32M	added+29%	+0.03 pp	27 q
THGThe Hanover Insurance Group, Inc.	0.15%	233,828	$32M	added+39%	+0.03 pp	10 q
MSMMSC Industrial Direct Co., Inc. Class A	0.15%	410,056	$32M	new	+0.15 pp	new
HOUSAnywhere Real Estate Inc.	0.15%	3,356,622	$32M	added+8%	+0.04 pp	8 q
EGEverest Group, Ltd.	0.15%	116,954	$32M	added+28%	+0.02 pp	24 q
ETREntergy Corporation	0.14%	247,905	$30M	trimmed−34%	−0.10 pp	27 q
HIGThe Hartford Insurance Group, Inc.	0.14%	506,950	$31M	added+19%	0.00 pp	27 q
LMLegg Mason, Inc.	0.14%	818,431	$29M	added+28%	+0.01 pp	27 q
CSCOCisco Systems, Inc. (DE)	0.13%	576,076	$28M	trimmed−0%	−0.02 pp	27 q
VALPQValaris PLC	0.13%	4,264,044	$28M	new	+0.13 pp	new
DANDana Incorporated	0.12%	1,432,829	$26M	new	+0.12 pp	new
JBLJabil Inc.	0.11%	575,308	$24M	trimmed−32%	−0.06 pp	24 q
AGIIArgo Group International	0.11%	345,612	$23M	added+24%	0.00 pp	27 q
NSITInsight Enterprises Inc	0.10%	292,026	$21M	added+7%	+0.02 pp	27 q
DRHDiamondrock Hospitality Company	0.08%	1,508,971	$17M	added+14%	+0.01 pp	27 q
GJBSteelcase Inc-cl A	0.08%	814,433	$17M	trimmed−3%	0.00 pp	9 q
BIIBBiogen Inc.	0.07%	49,670	$15M	added×15.6	+0.07 pp	9 q
APONApollo Asset Management Inc	0.05%	210,609	$10M	trimmed−10%	0.00 pp	2 q
ROCKGibraltar Industries, Inc.	0.05%	217,340	$11M	trimmed−73%	−0.15 pp	11 q
NWSANews Corporation Class A	0.05%	800,870	$11M	trimmed−29%	−0.04 pp	25 q
AXEAnixter International Inc	0.04%	90,574	$8M	trimmed−95%	−0.65 pp	16 q
CMAComerica Incorporated	0.04%	121,055	$9M	held	—	27 q
PKXPOSCO Holdings Inc.	0.04%	189,700	$10M	trimmed−0%	−0.01 pp	16 q
SHGShinhan Financial Group Co Ltd	0.03%	173,807	$7M	trimmed−0%	0.00 pp	25 q
CRPJYChina Res Pw Hld UNSP/	0.02%	158,337	$3M	held	—	6 q
HNHAYHon Hai Precisn 144A	0.02%	607,573	$4M	held	—	5 q
LNVGYLenovo Group Ltd S/	0.02%	302,250	$4M	added+28%	0.00 pp	6 q
MRKMerck & Co., Inc.	0.02%	58,811	$5M	trimmed−92%	−0.33 pp	16 q
LUKOYPjsc Lukoil S/	0.02%	42,645	$4M	held	—	13 q
SSNHZSamsung Elec 144A S/GDR	0.02%	3,474	$4M	held	—	6 q
SSLSasol Limited	0.02%	149,694	$3M	added+16%	+0.01 pp	6 q
SCBFYStandard Chrtrd UNSP/	0.02%	167,706	$3M	new	+0.02 pp	new
unresolvedCez As Unspon ADR	0.01%	211,609	$2M	held	—	6 q
CICHYChina Constr Bk UNSP/	0.01%	155,960	$3M	held	—	6 q
CHLChina Mobile Limited	0.01%	63,242	$3M	held	—	9 q
CSUAYChina Shenhua En UNSP/	0.01%	218,727	$2M	held	—	6 q
CDGXYChina Dongxiang UNSP/	0.01%	228,423	$1M	added+43%	+0.01 pp	6 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.01%	49,424	$2M	added+7%	0.00 pp	6 q
GBXXYGrand Baoxin Auto UNS/	0.01%	654,468	$1M	added+34%	0.00 pp	6 q
HYUAHyundai Motor-gdr	0.01%	57,403	$3M	trimmed−11%	−0.01 pp	6 q
KBKB Financial Group Inc	0.01%	53,582	$2M	added+36%	0.00 pp	6 q
OTPIYOtp Bank S/GDR 144A	0.01%	56,060	$1M	added+1%	0.00 pp	3 q
PCFBYPacific Basin Shp UNS/	0.01%	671,215	$3M	trimmed−21%	−0.01 pp	6 q
RNRTYReunert Ltd UNSP/	0.01%	159,600	$2M	held	—	6 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.01%	169,185	$3M	held	—	6 q
SBKFFState Bk India Gdr Reg S	0.01%	48,598	$2M	held	—	6 q
WLMIYWilmar Intl Ltd UNSP/	0.01%	97,376	$3M	trimmed−1%	0.00 pp	6 q
AESAES Corporation	0.00%	45,692	$909,000	trimmed−13%	0.00 pp	2 q
AMKBYA.p Moller-mrs UNS/	0.00%	14,009	$101,000	held	—	2 q
ABBVAbbvie Inc.	0.00%	3,179	$281,000	held	—	2 q
CORCencora, Inc.	0.00%	2,599	$221,000	held	—	5 q
ELVElevance Health, Inc.	0.00%	2,438	$736,000	held	—	4 q
HRBH&R Block, Inc.	0.00%	35,906	$843,000	added+30%	0.00 pp	5 q
BKNGBooking Holdings Inc.	0.00%	364	$748,000	held	—	8 q
BRXBrixmor Property Group Inc.	0.00%	41,607	$899,000	added+30%	0.00 pp	2 q
CBRECbre Group, Inc.	0.00%	3,665	$225,000	trimmed−44%	0.00 pp	6 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	6,198	$485,000	held	—	5 q
EXPEExpedia Group, Inc.	0.00%	7,096	$767,000	new	0.00 pp	new
GILDGilead Sciences Inc	0.00%	7,581	$493,000	held	—	2 q
HNHPFHon Hai Precson S/GDR New	0.00%	17,748	$109,000	trimmed−9%	0.00 pp	2 q
HUMHumana Inc.	0.00%	2,105	$772,000	new	0.00 pp	new
INTCIntel Corp	0.00%	4,122	$247,000	trimmed−36%	0.00 pp	3 q
ZDZiff Davis, Inc.	0.00%	7,737	$725,000	added+32%	0.00 pp	4 q
LGEIYLg Elec S/GDR 144A	0.00%	16,600	$517,000	held	—	6 q
LAMRLamar Advertising Co	0.00%	10,754	$960,000	added+14%	0.00 pp	21 q
LENLennar Corporation Class A	0.00%	14,497	$809,000	new	0.00 pp	new
MMSMAXIMUS, Inc.	0.00%	2,833	$211,000	new	0.00 pp	new
SLBSLB Limited	0.00%	10,668	$429,000	trimmed−99%	−0.17 pp	2 q
STWDStarwood Property Trust, Inc.	0.00%	34,936	$869,000	added×2.5	0.00 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	3,112	$915,000	added+3%	0.00 pp	2 q
VTRVentas, Inc.	0.00%	14,560	$841,000	new	0.00 pp	new
VZVerizon Communications	0.00%	14,726	$904,000	added+2%	0.00 pp	5 q
DOXAmdocs Limited	0.00%	13,152	$949,000	held	—	13 q
RNRRenaissanceRe Holdings Ltd.	0.00%	4,431	$869,000	added+2%	0.00 pp	4 q
CBChubb Limited	0.00%	5,561	$866,000	added+2%	0.00 pp	3 q
CJC&J Energy Services, Inc.	—	−3,585,863	—	exited	−0.21 pp	—
WOOFoot Locker Inc	—	−233,396	—	exited	−0.05 pp	—
unresolvedCredit Suisse Group Spon ADR	—	−588,542	—	exited	−0.04 pp	—
ACWIiShares MSCI ACWI ETF	—	−91,726	—	exited	−0.04 pp	—
ARCARC Document Solutions, Inc.	—	−1,848,713	—	exited	−0.01 pp	—
unresolvedChina Agri-industries-un ADR	—	−327,200	—	exited	−0.01 pp	—
VIVTelefonica Brasil, S.A.	—	−80,651	—	exited	−0.01 pp	—
WAIRWESCO Aircraft Holdings Inc.	—	−164,155	—	exited	−0.01 pp	—
NLYAnnaly Capital Management. Inc.	—	−14,614	—	exited	0.00 pp	—
UALUnited Airlines Holdings, Inc.	—	−2,526	—	exited	0.00 pp	—
ARCPVereit Inc	—	−91,792	—	exited	0.00 pp	—
WUThe Western Union Company	—	−37,791	—	exited	0.00 pp	—