Pzena Investment Management

Q1 2020 13F · by Richard Pzena, CIO

As of: Mar 31, 2020
Filed: May 1, 2020
US stock: $13.2B · prev $21.4B
Positions: 165 · prev 174
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%

Moves167 since the prior filing

+3.1 pp in · −3.0 pp out

New 16 +4.20 pp
Added 68 −1.06 pp
Trimmed 58 −0.21 pp
Exited 25 −2.84 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 43% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions17% of US stock

unresolved General Electric Co added+0.53 pp added+0.533.9%
MCK McKesson Corporation trimmed+1.10 pp trimmed+1.103.5%
LEA Lear Corporation added+0.30 pp added+0.303.2%
CTSH Cognizant Technology Solutions added+0.55 pp added+0.553.1%
AIG American International Group, Inc. added+0.34 pp added+0.342.9%

Positions165 in this filing · 25 exited


unresolvedGeneral Electric Co	3.88%	64,569,513	$513M	added0%	+0.53 pp	9 q
MCKMcKesson Corporation	3.53%	3,447,532	$466M	trimmed−8%	+1.10 pp	14 q
LEALear Corporation	3.22%	5,245,802	$426M	added+15%	+0.30 pp	6 q
CTSHCognizant Technology Solutions	3.12%	8,872,350	$412M	added0%	+0.55 pp	21 q
AIGAmerican International Group, Inc.	2.91%	15,884,497	$385M	added+48%	+0.34 pp	28 q
HPEHewlett Packard Enterprise Company	2.75%	37,450,913	$364M	added+10%	+0.23 pp	18 q
NWLNewell Brands Inc.	2.58%	25,662,849	$341M	added+1%	+0.31 pp	8 q
CCitigroup Inc.	2.52%	7,921,337	$334M	added+5%	−0.31 pp	28 q
WABWabtec Inc.	2.44%	6,713,686	$323M	added+3%	+0.07 pp	5 q
EQHEquitable Holdings, Inc.	2.42%	22,099,137	$319M	new	+2.42 pp	new
HALHalliburton Company	2.42%	46,668,019	$320M	added+48%	−1.19 pp	17 q
NOVNOV Inc.	2.37%	31,817,347	$313M	added+7%	−1.10 pp	8 q
WFCWells Fargo & Co.	2.34%	10,769,810	$309M	added+9%	−0.15 pp	28 q
MYLMylan NV	2.21%	19,550,554	$291M	trimmed−6%	+0.26 pp	13 q
MSMorgan Stanley	2.18%	8,479,495	$288M	trimmed−2%	+0.10 pp	28 q
COFCapital One Financial	2.15%	5,642,681	$285M	added+2%	−0.52 pp	15 q
EIXEdison International	2.14%	5,166,436	$283M	trimmed−14%	+0.02 pp	21 q
SWKStanley Black & Decker, Inc.	2.05%	2,712,644	$271M	added+20%	+0.29 pp	22 q
BACBank of America Corporation	2.03%	12,620,715	$268M	trimmed−5%	−0.15 pp	28 q
FFord Motor Company	1.87%	51,098,081	$247M	added+62%	+0.50 pp	22 q
IPGThe Interpublic Group of Companies, Inc.	1.85%	15,097,551	$244M	trimmed−14%	−0.05 pp	28 q
PVHPVH Corp.	1.81%	6,366,624	$240M	added+28%	−0.63 pp	5 q
AVTAvnet, Inc.	1.72%	9,036,655	$227M	added0%	−0.06 pp	28 q
AMGNAmgen Inc	1.69%	1,100,337	$223M	trimmed−16%	+0.22 pp	15 q
VOYAVoya Financial, Inc.	1.69%	5,493,750	$223M	trimmed−3%	+0.07 pp	24 q
AXSAxis Capital Holders Limited	1.50%	5,117,290	$198M	trimmed−5%	+0.01 pp	28 q
METMetLife, Inc.	1.44%	6,227,011	$190M	added+2%	−0.02 pp	28 q
JPMJPMorgan Chase & Co.	1.42%	2,086,773	$188M	added+4%	+0.11 pp	28 q
ORCLOracle Corp	1.40%	3,827,132	$185M	trimmed−20%	+0.21 pp	28 q
GILGildan Activewear Inc.	1.33%	13,749,728	$175M	added+62%	+0.16 pp	6 q
GSGoldman Sachs Group Inc.	1.26%	1,074,022	$166M	trimmed−1%	+0.09 pp	28 q
MHKMohawk Industries, Inc.	1.19%	2,071,747	$158M	added+2%	−0.11 pp	5 q
BKRBaker Hughes Company	1.18%	14,820,776	$156M	added+47%	−0.03 pp	11 q
CAHCardinal Health, Inc.	1.11%	3,052,158	$146M	trimmed−24%	+0.17 pp	13 q
RDS.ARoyal Dutch Shell PLC	1.02%	3,881,749	$135M	added+25%	+0.17 pp	28 q
DOWDow Inc.	1.01%	4,570,427	$134M	new	+1.01 pp	new
KKRKKR & Co. Inc.	0.97%	5,472,841	$128M	trimmed−34%	−0.16 pp	7 q
AGRAvangrid, Inc.	0.92%	2,784,048	$122M	added+8%	+0.30 pp	13 q
FLEXFlex Ltd.	0.82%	12,939,402	$108M	added+18%	+0.17 pp	27 q
CNOCNO Financial Group, Inc.	0.78%	8,298,324	$103M	added+23%	+0.21 pp	5 q
PFEPfizer Inc.	0.78%	3,148,102	$103M	trimmed−0%	+0.20 pp	22 q
BMYBristol-Myers Squibb Co.	0.77%	1,836,457	$102M	trimmed−28%	+0.01 pp	3 q
XOMExxon Mobil Corp	0.72%	2,495,951	$95M	added+1%	−0.09 pp	28 q
RRyder System, Inc.	0.72%	3,619,637	$96M	added+11%	−0.11 pp	11 q
BIDUBaidu, Inc.	0.67%	885,172	$89M	added+1%	+0.15 pp	13 q
JELDJELD-WEN Holding, Inc.	0.66%	8,966,895	$87M	added+12%	−0.21 pp	13 q
OMCOmnicom Group Inc.	0.66%	1,584,283	$87M	trimmed−34%	−0.25 pp	28 q
CIThe Cigna Group	0.62%	459,545	$81M	trimmed−0%	+0.18 pp	6 q
KEYKeyCorp	0.62%	7,966,503	$83M	trimmed−0%	−0.14 pp	28 q
FTITechnipFMC plc	0.62%	12,220,651	$82M	added+9%	−0.50 pp	13 q
FITBFifth Third Bancorp	0.59%	5,269,251	$78M	trimmed−0%	−0.17 pp	28 q
UBSUBS Group AG	0.55%	7,814,315	$72M	added+2%	+0.10 pp	22 q
CVSCvs Health Corporation	0.50%	1,114,976	$66M	added+17%	+0.17 pp	21 q
EPACEnerpac Tool Group Corp.	0.50%	4,002,637	$66M	added0%	+0.01 pp	28 q
TEXTerex Corporation	0.50%	4,628,942	$66M	added+3%	−0.13 pp	26 q
OLNOlin Corp.	0.47%	5,269,529	$61M	added+44%	+0.17 pp	2 q
JNPJuniper Networks Inc	0.45%	3,134,769	$60M	added0%	+0.09 pp	6 q
KELKellanova	0.41%	904,300	$54M	trimmed−2%	+0.11 pp	25 q
CARAvis Budget Group, Inc.	0.40%	3,828,450	$53M	trimmed−14%	−0.27 pp	11 q
WEDWebster Financial Corp	0.38%	2,186,274	$50M	added+9%	−0.12 pp	28 q
RFRegions Financial Corp.	0.37%	5,482,395	$49M	trimmed−0%	−0.07 pp	28 q
SPBSpectrum Brands Holdings, Inc.	0.36%	1,315,227	$48M	trimmed−8%	−0.07 pp	5 q
CVECenovus Energy Inc.	0.34%	21,989,773	$44M	added0%	−0.70 pp	19 q
PHParker-Hannifin Corporation	0.32%	327,398	$42M	trimmed−0%	0.00 pp	28 q
ACMAecom	0.29%	1,286,016	$38M	trimmed−51%	−0.24 pp	28 q
ASBAssociated Banc-Corp	0.29%	3,026,208	$39M	added+16%	+0.02 pp	25 q
TAT&T Inc.	0.28%	1,254,686	$37M	trimmed−27%	−0.03 pp	20 q
IVZInvesco LTD	0.27%	3,927,341	$36M	trimmed−0%	−0.06 pp	28 q
SNASnap-on Incorporated	0.26%	319,642	$35M	trimmed−8%	−0.01 pp	9 q
SCSCScansource Inc	0.25%	1,534,234	$33M	added+5%	0.00 pp	17 q
AELAmerican Equity Investment Life Holding Company	0.24%	1,659,468	$31M	added+3%	+0.02 pp	17 q
BDCBelden Inc.	0.24%	865,313	$31M	new	+0.24 pp	new
ETREntergy Corporation	0.24%	341,253	$32M	added+38%	+0.10 pp	28 q
SMCISuper Micro Computer, Inc.	0.24%	1,503,791	$32M	trimmed−20%	+0.03 pp	5 q
GTSTriple-s Management Corp	0.24%	2,211,173	$31M	trimmed−1%	+0.05 pp	20 q
DANDana Incorporated	0.23%	3,939,421	$31M	added×2.7	+0.11 pp	2 q
VREXVarex Imaging Corporation	0.23%	1,314,747	$30M	trimmed−13%	+0.02 pp	6 q
DOORMasonite International Corp	0.22%	613,672	$29M	trimmed−43%	−0.15 pp	27 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.22%	602,887	$29M	trimmed−16%	+0.02 pp	27 q
TRSTrimas Corporation	0.22%	1,282,939	$30M	trimmed−27%	−0.04 pp	23 q
HOPEHope Bancorp, Inc.	0.20%	3,194,431	$26M	trimmed−7%	−0.04 pp	15 q
KBRKBR, Inc.	0.20%	1,301,401	$27M	trimmed−19%	−0.03 pp	25 q
UVVUniversal Corporation	0.20%	589,185	$26M	trimmed−33%	−0.03 pp	20 q
DOVDover Corporation	0.19%	292,377	$25M	trimmed−0%	+0.03 pp	20 q
FMBIFirst Midwest Bancorp Inc/IL	0.19%	1,885,910	$25M	added+2%	−0.01 pp	28 q
HOFTHooker Furnishings Corporation	0.19%	1,620,521	$25M	added+10%	+0.01 pp	3 q
GGenpact Limited	0.19%	853,557	$25M	trimmed−15%	−0.01 pp	21 q
IBNICICI Bank Limited	0.18%	2,834,658	$24M	trimmed−11%	−0.04 pp	9 q
MSMMSC Industrial Direct Co., Inc. Class A	0.18%	422,399	$23M	added+3%	+0.03 pp	2 q
TCFTcf Financial Corp	0.18%	1,037,341	$24M	added+36%	+0.01 pp	3 q
UVSPUnivest Financial Corporation	0.18%	1,470,802	$24M	new	+0.18 pp	new
ALLThe Allstate Corporation	0.17%	243,501	$22M	trimmed−14%	+0.02 pp	28 q
CLSCelestica, Inc.	0.17%	6,581,077	$23M	added+24%	−0.03 pp	8 q
CSCOCisco Systems, Inc. (DE)	0.17%	576,079	$23M	added0%	+0.04 pp	28 q
GLGlobe Life Inc.	0.17%	303,871	$22M	held	—	28 q
MPAAMotorcar Parts of America, Inc.	0.17%	1,823,664	$23M	added+15%	+0.01 pp	6 q
MURMurphy Oil Corp.	0.16%	3,462,504	$21M	added+37%	−0.16 pp	25 q
ARWArrow Electronics, Inc.	0.15%	376,101	$20M	held	—	25 q
WSFSWSFS Financial Corp	0.15%	796,091	$20M	added+5%	−0.01 pp	28 q
HIGThe Hartford Insurance Group, Inc.	0.14%	506,950	$18M	held	—	28 q
REVGREV Group, Inc.	0.13%	4,042,611	$17M	added+7%	−0.09 pp	7 q
unresolvedSykes Enterprises Incorporated	0.13%	615,821	$17M	trimmed−36%	−0.04 pp	3 q
WMTWalmart Inc.	0.13%	154,712	$18M	trimmed−79%	−0.28 pp	28 q
UMPQUmpqua Holdings Corp	0.12%	1,503,764	$16M	new	+0.12 pp	new
BIIBBiogen Inc.	0.11%	47,151	$15M	trimmed−5%	+0.04 pp	10 q
CCLCarnival Corporation Ltd.	0.11%	1,056,301	$14M	new	+0.11 pp	new
THGThe Hanover Insurance Group, Inc.	0.10%	149,456	$14M	trimmed−36%	−0.05 pp	11 q
PLTPlantronics Inc	0.10%	1,360,987	$14M	new	+0.10 pp	new
VZVerizon Communications	0.10%	241,800	$13M	added×16.4	+0.10 pp	6 q
AGIIArgo Group International	0.10%	365,018	$14M	added+6%	−0.01 pp	28 q
FRACKeane Group, Inc.	0.09%	9,721,147	$11M	added+23%	−0.16 pp	2 q
HOUSAnywhere Real Estate Inc.	0.08%	3,303,811	$10M	trimmed−2%	−0.07 pp	9 q
SYU1Synovus Financial Corp	0.08%	587,852	$10M	trimmed−39%	−0.10 pp	24 q
JBLJabil Inc.	0.07%	350,690	$9M	trimmed−39%	−0.04 pp	25 q
PKXPOSCO Holdings Inc.	0.07%	293,407	$10M	added+55%	+0.03 pp	17 q
DRHDiamondrock Hospitality Company	0.06%	1,551,872	$8M	added+3%	−0.02 pp	28 q
SVCService Properties Trust	0.06%	1,369,286	$7M	trimmed−1%	−0.10 pp	3 q
GJBSteelcase Inc-cl A	0.06%	838,820	$8M	added+3%	−0.02 pp	10 q
WTWWillis Towers Watson Public Limited Company	0.06%	46,485	$8M	trimmed−89%	−0.35 pp	17 q
APONApollo Asset Management Inc	0.04%	170,561	$6M	trimmed−19%	−0.01 pp	3 q
NSITInsight Enterprises Inc	0.04%	133,556	$6M	trimmed−54%	−0.06 pp	28 q
CMAComerica Incorporated	0.03%	121,055	$4M	held	—	28 q
SSNHZSamsung Elec 144A S/GDR	0.03%	3,474	$3M	held	—	7 q
SHGShinhan Financial Group Co Ltd	0.03%	177,117	$4M	added+2%	0.00 pp	26 q
CICHYChina Constr Bk UNSP/	0.02%	155,960	$3M	held	—	7 q
CHLChina Mobile Limited	0.02%	63,242	$2M	held	—	10 q
CRPJYChina Res Pw Hld UNSP/	0.02%	158,337	$3M	held	—	7 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.02%	74,104	$2M	added+50%	+0.01 pp	7 q
HNHAYHon Hai Precisn 144A	0.02%	607,573	$3M	held	—	6 q
HYUAHyundai Motor-gdr	0.02%	57,403	$2M	held	—	7 q
LNVGYLenovo Group Ltd S/	0.02%	301,650	$3M	trimmed−0%	0.00 pp	7 q
LUKOYPjsc Lukoil S/	0.02%	55,485	$3M	added+30%	0.00 pp	14 q
WLMIYWilmar Intl Ltd UNSP/	0.02%	97,376	$2M	held	—	7 q
ALXNAlexion Pharmaceuticals Inc	0.01%	7,617	$684,000	new	+0.01 pp	new
CORCencora, Inc.	0.01%	7,588	$672,000	added×2.9	+0.01 pp	6 q
unresolvedCez As Unspon ADR	0.01%	211,609	$2M	held	—	7 q
CSUAYChina Shenhua En UNSP/	0.01%	107,227	$802,000	trimmed−51%	0.00 pp	7 q
CDGXYChina Dongxiang UNSP/	0.01%	228,423	$987,000	held	—	7 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	510,495	$868,000	new	+0.01 pp	new
GBXXYGrand Baoxin Auto UNS/	0.01%	654,468	$878,000	held	—	7 q
KBKB Financial Group Inc	0.01%	53,582	$1M	held	—	7 q
MRKMerck & Co., Inc.	0.01%	25,598	$2M	trimmed−56%	−0.01 pp	17 q
OTPIYOtp Bank S/GDR 144A	0.01%	56,060	$810,000	held	—	4 q
PCFBYPacific Basin Shp UNS/	0.01%	671,215	$2M	held	—	7 q
RNRTYReunert Ltd UNSP/	0.01%	159,600	$775,000	held	—	7 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.01%	169,185	$1M	held	—	7 q
SCBFYStandard Chrtrd UNSP/	0.01%	167,706	$2M	held	—	2 q
SBKFFState Bk India Gdr Reg S	0.01%	48,598	$1M	held	—	7 q
VALPQValaris PLC	0.01%	4,264,044	$2M	held	—	2 q
AMKBYA.p Moller-mrs UNS/	0.00%	17,609	$79,000	added+26%	0.00 pp	3 q
ABBVAbbvie Inc.	0.00%	8,049	$613,000	added×2.5	0.00 pp	3 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	9,063	$600,000	added+46%	0.00 pp	6 q
CMICummins Inc.	0.00%	2,469	$334,000	new	0.00 pp	new
EXELExelixis Inc	0.00%	36,084	$621,000	new	0.00 pp	new
FOXAFox Corporation Class A	0.00%	26,109	$617,000	new	0.00 pp	new
HNHPFHon Hai Precson S/GDR New	0.00%	20,248	$93,000	added+14%	0.00 pp	3 q
MMSMAXIMUS, Inc.	0.00%	10,861	$632,000	added×3.8	0.00 pp	2 q
NWSANews Corporation Class A	0.00%	61,411	$551,000	trimmed−92%	−0.05 pp	26 q
RHIRobert Half Inc.	0.00%	14,398	$544,000	new	0.00 pp	new
SSLSasol Limited	0.00%	149,694	$301,000	held	—	7 q
WBAWalgreens Boots Alliance, Inc	0.00%	13,083	$599,000	new	0.00 pp	new
ZIONZions Bancorporation N.A.	0.00%	18,829	$504,000	new	0.00 pp	new
DOXAmdocs Limited	0.00%	11,601	$638,000	trimmed−12%	0.00 pp	14 q
JAZZJazz Pharmaceuticals, Inc.	0.00%	6,098	$608,000	new	0.00 pp	new
RNRRenaissanceRe Holdings Ltd.	0.00%	4,375	$653,000	trimmed−1%	0.00 pp	5 q
unresolvedAxa Equitable Hldgs Inc	—	−19,778,140	—	exited	−2.29 pp	—
CSLCarlisle Companies, Inc.	—	−225,508	—	exited	−0.17 pp	—
EGEverest Group, Ltd.	—	−116,954	—	exited	−0.15 pp	—
LMLegg Mason, Inc.	—	−818,431	—	exited	−0.14 pp	—
ROCKGibraltar Industries, Inc.	—	−217,340	—	exited	−0.05 pp	—
AXEAnixter International Inc	—	−90,574	—	exited	−0.04 pp	—
AESAES Corporation	—	−45,692	—	exited	0.00 pp	—
ELVElevance Health, Inc.	—	−2,438	—	exited	0.00 pp	—
HRBH&R Block, Inc.	—	−35,906	—	exited	0.00 pp	—
BKNGBooking Holdings Inc.	—	−364	—	exited	0.00 pp	—
BRXBrixmor Property Group Inc.	—	−41,607	—	exited	0.00 pp	—
CBRECbre Group, Inc.	—	−3,665	—	exited	0.00 pp	—
EXPEExpedia Group, Inc.	—	−7,096	—	exited	0.00 pp	—
GILDGilead Sciences Inc	—	−7,581	—	exited	0.00 pp	—
HUMHumana Inc.	—	−2,105	—	exited	0.00 pp	—
INTCIntel Corp	—	−4,122	—	exited	0.00 pp	—
ZDZiff Davis, Inc.	—	−7,737	—	exited	0.00 pp	—
LGEIYLg Elec S/GDR 144A	—	−16,600	—	exited	0.00 pp	—
LAMRLamar Advertising Co	—	−10,754	—	exited	0.00 pp	—
LENLennar Corporation Class A	—	−14,497	—	exited	0.00 pp	—
SLBSLB Limited	—	−10,668	—	exited	0.00 pp	—
STWDStarwood Property Trust, Inc.	—	−34,936	—	exited	0.00 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−3,112	—	exited	0.00 pp	—
VTRVentas, Inc.	—	−14,560	—	exited	0.00 pp	—
CBChubb Limited	—	−5,561	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 21 defects · 4 unresolved
Accession: 0001567619-20-008779
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 2020-03-31
A security outside the official 13F list — CUSIP 157214305 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 168919108 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 16942A302 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 16943S104 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 16947S100 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 257738203 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 38523M109 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 438090805 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 438090888 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 449187707 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 526250105 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 67106E101 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 69343P105 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 69402P103 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 76131U105 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 796050888 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 825715105 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 853254100 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 856552203 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 971433107 not on the Official 13(f) List for 2020-03-31

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