Pzena Investment Management

Q2 2020 13F · by Richard Pzena, CIO

As of: Jun 30, 2020
Filed: Jul 31, 2020
US stock: $15.3B · prev $13.2B
Positions: 169 · prev 165
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%

Moves161 since the prior filing

+5.6 pp in · −5.6 pp out

New 18 +1.84 pp
Added 42 +3.74 pp
Trimmed 87 −5.15 pp
Exited 14 −0.49 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.6 years per position

Low
Moderate
High

Top 5 positions17% of US stock

AIG American International Group, Inc. added+0.77 pp added+0.773.7%
LEA Lear Corporation trimmed+0.31 pp trimmed+0.313.5%
unresolved General Electric Co added−0.54 pp added−0.543.3%
HAL Halliburton Company trimmed+0.91 pp trimmed+0.913.3%
CTSH Cognizant Technology Solutions trimmed+0.13 pp trimmed+0.133.3%

Positions169 in this filing · 14 exited


AIGAmerican International Group, Inc.	3.68%	18,086,847	$564M	added+14%	+0.77 pp	29 q
LEALear Corporation	3.53%	4,962,407	$541M	trimmed−5%	+0.31 pp	7 q
unresolvedGeneral Electric Co	3.34%	74,973,028	$512M	added+16%	−0.54 pp	10 q
HALHalliburton Company	3.33%	39,340,655	$511M	trimmed−16%	+0.91 pp	18 q
CTSHCognizant Technology Solutions	3.25%	8,764,009	$498M	trimmed−1%	+0.13 pp	22 q
MCKMcKesson Corporation	3.00%	2,996,486	$460M	trimmed−13%	−0.53 pp	15 q
CCitigroup Inc.	2.52%	7,569,370	$387M	trimmed−4%	0.00 pp	29 q
NOVNOV Inc.	2.52%	31,571,668	$387M	trimmed−1%	+0.15 pp	9 q
EQHEquitable Holdings, Inc.	2.51%	19,927,019	$384M	trimmed−10%	+0.09 pp	2 q
NWLNewell Brands Inc.	2.51%	24,231,919	$385M	trimmed−6%	−0.07 pp	9 q
HPEHewlett Packard Enterprise Company	2.49%	39,256,484	$382M	added+5%	−0.26 pp	19 q
WABWabtec Inc.	2.34%	6,231,715	$359M	trimmed−7%	−0.10 pp	6 q
MSMorgan Stanley	2.33%	7,384,690	$357M	trimmed−13%	+0.15 pp	29 q
SWKStanley Black & Decker, Inc.	2.32%	2,550,978	$356M	trimmed−6%	+0.27 pp	23 q
WFCWells Fargo & Co.	2.28%	13,678,807	$350M	added+27%	−0.06 pp	29 q
COFCapital One Financial	2.12%	5,190,231	$325M	trimmed−8%	−0.03 pp	16 q
FFord Motor Company	1.93%	48,746,968	$296M	trimmed−5%	+0.06 pp	23 q
PVHPVH Corp.	1.91%	6,095,515	$293M	trimmed−4%	+0.10 pp	6 q
GILGildan Activewear Inc.	1.88%	18,647,470	$289M	added+36%	+0.55 pp	7 q
AVTAvnet, Inc.	1.87%	10,299,151	$287M	added+14%	+0.15 pp	29 q
BKRBaker Hughes Company	1.87%	18,628,737	$287M	added+26%	+0.69 pp	12 q
BACBank of America Corporation	1.87%	12,098,525	$287M	trimmed−4%	−0.16 pp	29 q
EIXEdison International	1.83%	5,163,274	$280M	trimmed−0%	−0.31 pp	22 q
AXSAxis Capital Holders Limited	1.79%	6,764,715	$274M	added+32%	+0.29 pp	29 q
MYLMylan NV	1.76%	16,761,549	$270M	trimmed−14%	−0.45 pp	14 q
DOWDow Inc.	1.71%	6,428,983	$262M	added+41%	+0.70 pp	2 q
VOYAVoya Financial, Inc.	1.55%	5,098,863	$238M	trimmed−7%	−0.14 pp	25 q
NRGNRG Energy, Inc.	1.46%	6,856,189	$223M	new	+1.46 pp	new
METMetLife, Inc.	1.42%	5,942,921	$217M	trimmed−5%	−0.02 pp	29 q
GSGoldman Sachs Group Inc.	1.31%	1,012,741	$200M	trimmed−6%	+0.05 pp	29 q
MHKMohawk Industries, Inc.	1.31%	1,976,942	$201M	trimmed−5%	+0.12 pp	6 q
JPMJPMorgan Chase & Co.	1.26%	2,054,056	$193M	trimmed−2%	−0.16 pp	29 q
FLEXFlex Ltd.	1.18%	17,574,459	$180M	added+36%	+0.36 pp	28 q
ORCLOracle Corp	1.10%	3,040,881	$168M	trimmed−21%	−0.30 pp	29 q
CAHCardinal Health, Inc.	1.02%	3,004,409	$157M	trimmed−2%	−0.09 pp	14 q
CNOCNO Financial Group, Inc.	0.87%	8,518,864	$133M	added+3%	+0.09 pp	6 q
JELDJELD-WEN Holding, Inc.	0.87%	8,243,441	$133M	trimmed−8%	+0.21 pp	14 q
RRyder System, Inc.	0.84%	3,428,026	$129M	trimmed−5%	+0.12 pp	12 q
AMGNAmgen Inc	0.82%	535,571	$126M	trimmed−51%	−0.87 pp	16 q
FTITechnipFMC plc	0.82%	18,371,705	$126M	added+50%	+0.20 pp	14 q
XOMExxon Mobil Corp	0.79%	2,722,864	$122M	added+9%	+0.07 pp	29 q
RDS.ARoyal Dutch Shell PLC	0.78%	3,667,604	$120M	trimmed−6%	−0.24 pp	29 q
IPGThe Interpublic Group of Companies, Inc.	0.72%	6,454,579	$111M	trimmed−57%	−1.13 pp	29 q
TEXTerex Corporation	0.72%	5,886,211	$110M	added+27%	+0.22 pp	27 q
BIDUBaidu, Inc.	0.68%	867,589	$104M	trimmed−2%	+0.01 pp	14 q
CVECenovus Energy Inc.	0.60%	19,671,196	$92M	trimmed−11%	+0.26 pp	20 q
BMYBristol-Myers Squibb Co.	0.56%	1,462,708	$86M	trimmed−20%	−0.21 pp	4 q
CIThe Cigna Group	0.55%	447,372	$84M	trimmed−3%	−0.07 pp	7 q
UBSUBS Group AG	0.54%	7,228,718	$83M	trimmed−7%	−0.01 pp	23 q
PFEPfizer Inc.	0.52%	2,425,518	$79M	trimmed−23%	−0.26 pp	23 q
CVSCvs Health Corporation	0.47%	1,114,976	$72M	held	—	22 q
AGRAvangrid, Inc.	0.46%	1,669,119	$70M	trimmed−40%	−0.46 pp	14 q
EPACEnerpac Tool Group Corp.	0.46%	3,975,261	$70M	trimmed−1%	−0.04 pp	29 q
KEYKeyCorp	0.44%	5,591,297	$68M	trimmed−30%	−0.18 pp	29 q
OLNOlin Corp.	0.44%	5,827,302	$67M	added+11%	−0.03 pp	3 q
FITBFifth Third Bancorp	0.43%	3,423,553	$66M	trimmed−35%	−0.16 pp	29 q
WEDWebster Financial Corp	0.43%	2,295,677	$66M	added+5%	+0.05 pp	29 q
CARAvis Budget Group, Inc.	0.42%	2,840,361	$65M	trimmed−26%	+0.02 pp	12 q
SPBSpectrum Brands Holdings, Inc.	0.42%	1,393,379	$64M	added+6%	+0.06 pp	6 q
JNPJuniper Networks Inc	0.41%	2,728,314	$62M	trimmed−13%	−0.04 pp	7 q
RFRegions Financial Corp.	0.41%	5,683,885	$63M	added+4%	+0.04 pp	29 q
KELKellanova	0.39%	903,933	$60M	trimmed−0%	−0.02 pp	26 q
PHParker-Hannifin Corporation	0.39%	326,539	$60M	trimmed−0%	+0.07 pp	29 q
CLSCelestica, Inc.	0.31%	7,033,313	$48M	added+7%	+0.14 pp	9 q
IVZInvesco LTD	0.29%	4,177,761	$45M	added+6%	+0.02 pp	29 q
ASBAssociated Banc-Corp	0.27%	3,038,915	$42M	added0%	−0.02 pp	26 q
ETREntergy Corporation	0.27%	448,555	$42M	added+31%	+0.03 pp	29 q
GTSTriple-s Management Corp	0.27%	2,137,274	$41M	trimmed−3%	+0.03 pp	21 q
AELAmerican Equity Investment Life Holding Company	0.26%	1,620,029	$40M	trimmed−2%	+0.02 pp	18 q
BDCBelden Inc.	0.25%	1,178,905	$38M	added+36%	+0.01 pp	2 q
DANDana Incorporated	0.25%	3,199,864	$39M	trimmed−19%	+0.02 pp	3 q
SNASnap-on Incorporated	0.25%	279,435	$39M	trimmed−13%	−0.01 pp	10 q
MURMurphy Oil Corp.	0.24%	2,682,302	$37M	trimmed−23%	+0.08 pp	26 q
SCSCScansource Inc	0.24%	1,526,109	$37M	trimmed−1%	−0.01 pp	18 q
DOORMasonite International Corp	0.23%	456,483	$36M	trimmed−26%	+0.01 pp	28 q
IBNICICI Bank Limited	0.22%	3,701,508	$34M	added+31%	+0.04 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.22%	592,487	$34M	trimmed−2%	0.00 pp	28 q
HOFTHooker Furnishings Corporation	0.21%	1,631,489	$32M	added+1%	+0.02 pp	4 q
MPAAMotorcar Parts of America, Inc.	0.21%	1,826,118	$32M	added0%	+0.04 pp	7 q
TCFTcf Financial Corp	0.21%	1,100,035	$32M	added+6%	+0.03 pp	4 q
TRSTrimas Corporation	0.20%	1,293,693	$31M	added+1%	−0.02 pp	24 q
TCOMTrip.com Group Limited	0.20%	1,196,857	$31M	new	+0.20 pp	new
HOPEHope Bancorp, Inc.	0.19%	3,155,172	$29M	trimmed−1%	−0.01 pp	16 q
DOVDover Corporation	0.18%	291,554	$28M	trimmed−0%	−0.01 pp	21 q
AGIIArgo Group International	0.18%	799,210	$28M	added×2.2	+0.08 pp	29 q
CSCOCisco Systems, Inc. (DE)	0.17%	573,181	$27M	trimmed−1%	0.00 pp	29 q
FMBIFirst Midwest Bancorp Inc/IL	0.17%	1,894,799	$25M	added0%	−0.02 pp	29 q
KKRKKR & Co. Inc.	0.17%	868,564	$27M	trimmed−84%	−0.80 pp	8 q
UVSPUnivest Financial Corporation	0.17%	1,636,614	$26M	added+11%	−0.01 pp	2 q
REVGREV Group, Inc.	0.16%	3,997,051	$24M	trimmed−1%	+0.03 pp	8 q
HOUSAnywhere Real Estate Inc.	0.16%	3,289,353	$24M	trimmed−0%	+0.08 pp	10 q
SMCISuper Micro Computer, Inc.	0.16%	837,298	$24M	trimmed−44%	−0.08 pp	6 q
TAT&T Inc.	0.15%	741,746	$22M	trimmed−41%	−0.13 pp	21 q
ACMAecom	0.15%	618,033	$23M	trimmed−52%	−0.14 pp	29 q
VREXVarex Imaging Corporation	0.15%	1,560,012	$24M	added+19%	−0.08 pp	7 q
WSFSWSFS Financial Corp	0.15%	810,036	$23M	added+2%	0.00 pp	29 q
GGenpact Limited	0.15%	648,112	$24M	trimmed−24%	−0.04 pp	22 q
ARWArrow Electronics, Inc.	0.14%	310,345	$21M	trimmed−17%	−0.01 pp	26 q
MSMMSC Industrial Direct Co., Inc. Class A	0.14%	302,690	$22M	trimmed−28%	−0.04 pp	3 q
FRACKeane Group, Inc.	0.14%	8,603,798	$21M	trimmed−11%	+0.05 pp	3 q
UVVUniversal Corporation	0.14%	520,821	$22M	trimmed−12%	−0.06 pp	21 q
HIGThe Hartford Insurance Group, Inc.	0.13%	506,950	$20M	held	—	29 q
KBRKBR, Inc.	0.13%	894,708	$20M	trimmed−31%	−0.07 pp	26 q
UMPQUmpqua Holdings Corp	0.13%	1,925,383	$20M	added+28%	+0.01 pp	2 q
DRHDiamondrock Hospitality Company	0.12%	3,403,757	$19M	added×2.2	+0.06 pp	29 q
GLGlobe Life Inc.	0.12%	241,764	$18M	trimmed−20%	−0.05 pp	29 q
GJBSteelcase Inc-cl A	0.12%	1,495,712	$18M	added+78%	+0.06 pp	11 q
VZVerizon Communications	0.09%	240,862	$13M	trimmed−0%	−0.01 pp	7 q
OECOrion S.A.	0.09%	1,325,236	$14M	new	+0.09 pp	new
PLTPlantronics Inc	0.08%	862,721	$13M	trimmed−37%	−0.02 pp	2 q
SYU1Synovus Financial Corp	0.08%	584,769	$12M	trimmed−1%	0.00 pp	25 q
CCLCarnival Corporation Ltd.	0.07%	689,983	$11M	trimmed−35%	−0.04 pp	2 q
PKXPOSCO Holdings Inc.	0.07%	309,995	$11M	added+6%	0.00 pp	18 q
COWNCowen Inc. Class A	0.06%	536,815	$9M	new	+0.06 pp	new
THGThe Hanover Insurance Group, Inc.	0.06%	97,870	$10M	trimmed−35%	−0.04 pp	12 q
SVCService Properties Trust	0.05%	1,075,989	$8M	trimmed−21%	−0.01 pp	4 q
NSITInsight Enterprises Inc	0.04%	111,934	$6M	trimmed−16%	0.00 pp	29 q
CMAComerica Incorporated	0.03%	121,055	$5M	held	—	29 q
LUKOYPjsc Lukoil S/	0.03%	55,485	$4M	held	—	15 q
SHGShinhan Financial Group Co Ltd	0.03%	176,797	$4M	trimmed−0%	0.00 pp	27 q
unresolvedSykes Enterprises Incorporated	0.03%	171,455	$5M	trimmed−72%	−0.10 pp	4 q
CICHYChina Constr Bk UNSP/	0.02%	155,960	$2M	held	—	8 q
CRPJYChina Res Pw Hld UNSP/	0.02%	158,337	$3M	held	—	8 q
HNHAYHon Hai Precisn 144A	0.02%	607,573	$4M	held	—	7 q
HYUAHyundai Motor-gdr	0.02%	57,403	$2M	held	—	8 q
LNVGYLenovo Group Ltd S/	0.02%	301,350	$3M	trimmed−0%	0.00 pp	8 q
OMCOmnicom Group Inc.	0.02%	49,499	$3M	trimmed−97%	−0.64 pp	29 q
SSNHZSamsung Elec 144A S/GDR	0.02%	3,474	$4M	held	—	8 q
WLMIYWilmar Intl Ltd UNSP/	0.02%	97,376	$3M	held	—	8 q
VALPQValaris PLC	0.02%	4,264,044	$3M	held	—	3 q
BIIBBiogen Inc.	0.01%	3,243	$868,000	trimmed−93%	−0.10 pp	11 q
unresolvedCez As Unspon ADR	0.01%	211,609	$2M	held	—	8 q
CHLChina Mobile Limited	0.01%	50,442	$2M	trimmed−20%	−0.01 pp	11 q
CDGXYChina Dongxiang UNSP/	0.01%	228,423	$1M	held	—	8 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	833,995	$2M	added+63%	0.00 pp	2 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.01%	74,104	$2M	held	—	8 q
GXYYYGalaxy Entmt Grp U/	0.01%	48,401	$2M	new	+0.01 pp	new
GMGeneral Motors Company	0.01%	36,662	$928,000	new	+0.01 pp	new
GBXXYGrand Baoxin Auto UNS/	0.01%	654,468	$988,000	held	—	8 q
IWDiShares Russell 1000 Value ETF	0.01%	9,630	$1M	new	+0.01 pp	new
KBKB Financial Group Inc	0.01%	53,582	$1M	held	—	8 q
OTPIYOtp Bank S/GDR 144A	0.01%	56,060	$979,000	held	—	5 q
PCFBYPacific Basin Shp UNS/	0.01%	671,215	$2M	held	—	8 q
SSLSasol Limited	0.01%	149,694	$1M	held	—	8 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.01%	224,410	$2M	added+33%	0.00 pp	8 q
SCBFYStandard Chrtrd UNSP/	0.01%	168,472	$2M	added0%	0.00 pp	3 q
SBKFFState Bk India Gdr Reg S	0.01%	48,598	$1M	held	—	8 q
AMKBYA.p Moller-mrs UNS/	0.00%	17,609	$102,000	held	—	4 q
ABBVAbbvie Inc.	0.00%	7,225	$709,000	trimmed−10%	0.00 pp	4 q
ALXNAlexion Pharmaceuticals Inc	0.00%	5,985	$672,000	trimmed−21%	−0.01 pp	2 q
CORCencora, Inc.	0.00%	5,977	$602,000	trimmed−21%	−0.01 pp	7 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	8,371	$662,000	trimmed−8%	0.00 pp	7 q
EDConsolidated Edison, Inc.	0.00%	7,927	$570,000	new	0.00 pp	new
DLTRDollar Tree Inc.	0.00%	6,227	$577,000	new	0.00 pp	new
EXELExelixis Inc	0.00%	27,728	$658,000	trimmed−23%	0.00 pp	2 q
HNHPFHon Hai Precson S/GDR New	0.00%	21,248	$127,000	added+5%	0.00 pp	4 q
INGRIngredion Incorporated	0.00%	8,245	$684,000	new	0.00 pp	new
LMLegg Mason, Inc.	0.00%	12,862	$640,000	new	0.00 pp	new
PINCNPremier Inc-class A	0.00%	20,545	$704,000	new	0.00 pp	new
RNRTYReunert Ltd UNSP/	0.00%	159,600	$627,000	held	—	8 q
SEBSeaboard Corporation	0.00%	215	$631,000	new	0.00 pp	new
TSNTyson Foods, Inc.	0.00%	9,384	$560,000	new	0.00 pp	new
UTHRUnited Therapeutics Corp	0.00%	5,278	$639,000	new	0.00 pp	new
WBAWalgreens Boots Alliance, Inc	0.00%	15,828	$671,000	added+21%	0.00 pp	2 q
DOXAmdocs Limited	0.00%	9,243	$563,000	trimmed−20%	0.00 pp	15 q
JAZZJazz Pharmaceuticals, Inc.	0.00%	4,897	$540,000	trimmed−20%	0.00 pp	2 q
PRGOPerrigo Company PLC	0.00%	10,702	$591,000	new	0.00 pp	new
CHKPCheck Point Software Technologies Ltd	0.00%	6,441	$692,000	new	0.00 pp	new
ITRNIturan Location and Control Ltd.	0.00%	14,252	$228,000	new	0.00 pp	new
ALLThe Allstate Corporation	—	−243,501	—	exited	−0.17 pp	—
WMTWalmart Inc.	—	−154,712	—	exited	−0.13 pp	—
JBLJabil Inc.	—	−350,690	—	exited	−0.07 pp	—
WTWWillis Towers Watson Public Limited Company	—	−46,485	—	exited	−0.06 pp	—
APONApollo Asset Management Inc	—	−170,561	—	exited	−0.04 pp	—
CSUAYChina Shenhua En UNSP/	—	−107,227	—	exited	−0.01 pp	—
MRKMerck & Co., Inc.	—	−25,598	—	exited	−0.01 pp	—
CMICummins Inc.	—	−2,469	—	exited	0.00 pp	—
FOXAFox Corporation Class A	—	−26,109	—	exited	0.00 pp	—
MMSMAXIMUS, Inc.	—	−10,861	—	exited	0.00 pp	—
NWSANews Corporation Class A	—	−61,411	—	exited	0.00 pp	—
RHIRobert Half Inc.	—	−14,398	—	exited	0.00 pp	—
ZIONZions Bancorporation N.A.	—	−18,829	—	exited	0.00 pp	—
RNRRenaissanceRe Holdings Ltd.	—	−4,375	—	exited	0.00 pp	—