Pzena Investment Management

Q3 2020 13F · by Richard Pzena, CIO

As of: Sep 30, 2020
Filed: Oct 30, 2020
US stock: $16.0B · prev $15.3B
Positions: 167 · prev 169
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 0.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves161 since the prior filing

+5.8 pp in · −5.6 pp out

New 12 +2.87 pp
Added 66 +2.88 pp
Trimmed 69 −4.60 pp
Exited 14 −1.04 pp

The book

Diversified · behaves like 54 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions17% of US stock

CTSH Cognizant Technology Solutions added+0.56 pp added+0.563.8%
unresolved General Electric Co added+0.13 pp added+0.133.5%
LEA Lear Corporation trimmed−0.21 pp trimmed−0.213.3%
AIG American International Group, Inc. trimmed−0.58 pp trimmed−0.583.1%
MCK McKesson Corporation added+0.10 pp added+0.103.1%

Positions167 in this filing · 14 exited


CTSHCognizant Technology Solutions	3.81%	8,796,930	$611M	added0%	+0.56 pp	23 q
unresolvedGeneral Electric Co	3.47%	89,226,293	$556M	added+19%	+0.13 pp	11 q
LEALear Corporation	3.32%	4,876,397	$532M	trimmed−2%	−0.21 pp	8 q
AIGAmerican International Group, Inc.	3.10%	18,053,090	$497M	trimmed−0%	−0.58 pp	30 q
MCKMcKesson Corporation	3.10%	3,335,398	$497M	added+11%	+0.10 pp	16 q
HALHalliburton Company	3.01%	39,974,416	$482M	added+2%	−0.32 pp	19 q
PVHPVH Corp.	2.74%	7,364,272	$439M	added+21%	+0.83 pp	7 q
COFCapital One Financial	2.71%	6,049,748	$435M	added+17%	+0.59 pp	17 q
WFCWells Fargo & Co.	2.71%	18,439,768	$434M	added+35%	+0.43 pp	30 q
NWLNewell Brands Inc.	2.65%	24,788,682	$425M	added+2%	+0.14 pp	10 q
HPEHewlett Packard Enterprise Company	2.61%	44,626,794	$418M	added+14%	+0.12 pp	20 q
WABWabtec Inc.	2.49%	6,449,971	$399M	added+4%	+0.15 pp	7 q
EQHEquitable Holdings, Inc.	2.35%	20,635,413	$376M	added+4%	−0.16 pp	3 q
CCitigroup Inc.	2.30%	8,537,381	$368M	added+13%	−0.22 pp	30 q
NOVNOV Inc.	2.15%	37,946,645	$344M	added+20%	−0.37 pp	10 q
GILGildan Activewear Inc.	2.06%	16,784,526	$330M	trimmed−10%	+0.18 pp	8 q
FFord Motor Company	2.00%	48,091,840	$320M	trimmed−1%	+0.07 pp	24 q
AVTAvnet, Inc.	1.93%	11,965,012	$309M	added+16%	+0.06 pp	30 q
EIXEdison International	1.86%	5,858,842	$298M	added+13%	+0.03 pp	23 q
MSMorgan Stanley	1.86%	6,178,326	$299M	trimmed−16%	−0.47 pp	30 q
AXSAxis Capital Holders Limited	1.82%	6,615,778	$291M	trimmed−2%	+0.03 pp	30 q
BKRBaker Hughes Company	1.79%	21,630,254	$287M	added+16%	−0.08 pp	13 q
DOWDow Inc.	1.69%	5,759,760	$271M	trimmed−10%	−0.02 pp	3 q
BACBank of America Corporation	1.63%	10,818,423	$261M	trimmed−11%	−0.24 pp	30 q
MYLMylan NV	1.59%	17,172,288	$255M	added+2%	−0.17 pp	15 q
SWKStanley Black & Decker, Inc.	1.54%	1,517,404	$246M	trimmed−41%	−0.78 pp	24 q
TXTTextron, Inc.	1.52%	6,761,973	$244M	new	+1.52 pp	new
VOYAVoya Financial, Inc.	1.41%	4,713,176	$226M	trimmed−8%	−0.14 pp	26 q
NRGNRG Energy, Inc.	1.37%	7,122,136	$219M	added+4%	−0.09 pp	2 q
MHKMohawk Industries, Inc.	1.33%	2,182,745	$213M	added+10%	+0.02 pp	7 q
METMetLife, Inc.	1.26%	5,450,213	$203M	trimmed−8%	−0.16 pp	30 q
FLEXFlex Ltd.	1.23%	17,644,298	$197M	added0%	+0.05 pp	29 q
GSGoldman Sachs Group Inc.	1.14%	911,076	$183M	trimmed−10%	−0.17 pp	30 q
JPMJPMorgan Chase & Co.	1.10%	1,835,506	$177M	trimmed−11%	−0.16 pp	30 q
ORCLOracle Corp	1.03%	2,762,420	$165M	trimmed−9%	−0.07 pp	30 q
TCOMTrip.com Group Limited	0.98%	5,065,455	$158M	added×4.2	+0.78 pp	2 q
FTITechnipFMC plc	0.96%	24,438,977	$154M	added+33%	+0.14 pp	15 q
CAHCardinal Health, Inc.	0.91%	3,105,881	$146M	added+3%	−0.11 pp	15 q
RRyder System, Inc.	0.84%	3,183,692	$134M	trimmed−7%	0.00 pp	13 q
CNOCNO Financial Group, Inc.	0.82%	8,203,397	$132M	trimmed−4%	−0.05 pp	7 q
AMGNAmgen Inc	0.80%	501,877	$128M	trimmed−6%	−0.02 pp	17 q
JELDJELD-WEN Holding, Inc.	0.76%	5,397,291	$122M	trimmed−35%	−0.11 pp	15 q
XOMExxon Mobil Corp	0.74%	3,433,114	$118M	added+26%	−0.05 pp	30 q
TEXTerex Corporation	0.73%	6,009,149	$116M	added+2%	+0.01 pp	28 q
BIDUBaidu, Inc.	0.67%	849,784	$108M	trimmed−2%	−0.01 pp	15 q
RDS.ARoyal Dutch Shell PLC	0.65%	4,140,863	$104M	added+13%	−0.13 pp	30 q
PFEPfizer Inc.	0.63%	2,735,935	$100M	added+13%	+0.11 pp	24 q
BMYBristol-Myers Squibb Co.	0.55%	1,456,064	$88M	trimmed−0%	−0.01 pp	5 q
BKNGBooking Holdings Inc.	0.48%	44,741	$77M	new	+0.48 pp	new
EPACEnerpac Tool Group Corp.	0.48%	4,058,570	$76M	added+2%	+0.02 pp	30 q
OLNOlin Corp.	0.48%	6,265,566	$78M	added+8%	+0.04 pp	4 q
CIThe Cigna Group	0.47%	447,139	$76M	trimmed−0%	−0.08 pp	8 q
CVECenovus Energy Inc.	0.45%	18,444,378	$72M	trimmed−6%	−0.15 pp	21 q
WEDWebster Financial Corp	0.45%	2,756,786	$73M	added+20%	+0.02 pp	30 q
CVSCvs Health Corporation	0.42%	1,158,394	$68M	added+4%	−0.05 pp	23 q
UBSUBS Group AG	0.42%	6,034,314	$67M	trimmed−17%	−0.12 pp	24 q
PHParker-Hannifin Corporation	0.41%	325,683	$66M	trimmed−0%	+0.02 pp	30 q
JNPJuniper Networks Inc	0.39%	2,903,439	$62M	added+6%	−0.02 pp	8 q
RFRegions Financial Corp.	0.39%	5,475,054	$63M	trimmed−4%	−0.02 pp	30 q
CARAvis Budget Group, Inc.	0.35%	2,108,864	$56M	trimmed−26%	−0.07 pp	13 q
FITBFifth Third Bancorp	0.35%	2,630,097	$56M	trimmed−23%	−0.08 pp	30 q
KEYKeyCorp	0.35%	4,650,133	$55M	trimmed−17%	−0.09 pp	30 q
SPBSpectrum Brands Holdings, Inc.	0.32%	903,936	$52M	trimmed−35%	−0.10 pp	7 q
IVZInvesco LTD	0.32%	4,520,066	$52M	added+8%	+0.03 pp	30 q
CLSCelestica, Inc.	0.30%	6,866,416	$47M	trimmed−2%	−0.01 pp	10 q
ETREntergy Corporation	0.28%	447,918	$44M	trimmed−0%	+0.01 pp	30 q
RGAReinsurance Group of America, Incorporated	0.28%	478,447	$46M	new	+0.28 pp	new
BDCBelden Inc.	0.27%	1,402,059	$44M	added+19%	+0.02 pp	3 q
PKXPOSCO Holdings Inc.	0.27%	1,041,825	$44M	added×3.4	+0.20 pp	19 q
ASBAssociated Banc-Corp	0.26%	3,248,510	$41M	added+7%	−0.01 pp	27 q
DANDana Incorporated	0.26%	3,444,296	$42M	added+8%	+0.01 pp	4 q
GAPThe Gap, Inc.	0.26%	2,428,428	$41M	new	+0.26 pp	new
HOFTHooker Furnishings Corporation	0.26%	1,612,868	$42M	trimmed−1%	+0.05 pp	5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.26%	514,260	$42M	trimmed−13%	+0.04 pp	29 q
KELKellanova	0.24%	585,058	$38M	trimmed−35%	−0.15 pp	27 q
GJBSteelcase Inc-cl A	0.24%	3,732,219	$38M	added×2.5	+0.12 pp	12 q
GTSTriple-s Management Corp	0.24%	2,170,135	$39M	added+2%	−0.03 pp	22 q
SNASnap-on Incorporated	0.23%	254,684	$37M	trimmed−9%	−0.02 pp	11 q
IBNICICI Bank Limited	0.22%	3,550,731	$35M	trimmed−4%	0.00 pp	11 q
REVGREV Group, Inc.	0.21%	4,275,184	$34M	added+7%	+0.05 pp	9 q
DOVDover Corporation	0.20%	289,071	$31M	trimmed−1%	+0.02 pp	22 q
MOG.AMoog Inc.	0.20%	515,331	$33M	new	+0.20 pp	new
SCSCScansource Inc	0.20%	1,623,160	$32M	added+6%	−0.04 pp	19 q
TRSTrimas Corporation	0.20%	1,370,795	$31M	added+6%	0.00 pp	25 q
MPAAMotorcar Parts of America, Inc.	0.19%	1,913,993	$30M	added+5%	−0.02 pp	8 q
IPGThe Interpublic Group of Companies, Inc.	0.18%	1,762,336	$29M	trimmed−73%	−0.54 pp	30 q
HOUSAnywhere Real Estate Inc.	0.18%	3,026,465	$29M	trimmed−8%	+0.02 pp	11 q
TCFTcf Financial Corp	0.18%	1,219,697	$28M	added+11%	−0.03 pp	5 q
AGIIArgo Group International	0.18%	838,858	$29M	added+5%	0.00 pp	30 q
UMPQUmpqua Holdings Corp	0.17%	2,609,923	$28M	added+36%	+0.04 pp	3 q
UVVUniversal Corporation	0.17%	641,836	$27M	added+23%	+0.03 pp	22 q
AELAmerican Equity Investment Life Holding Company	0.16%	1,159,649	$26M	trimmed−28%	−0.10 pp	19 q
HOPEHope Bancorp, Inc.	0.16%	3,448,202	$26M	added+9%	−0.03 pp	17 q
MURMurphy Oil Corp.	0.16%	2,809,944	$25M	added+5%	−0.08 pp	27 q
UVSPUnivest Financial Corporation	0.16%	1,796,158	$26M	added+10%	−0.01 pp	3 q
WSFSWSFS Financial Corp	0.15%	905,269	$24M	added+12%	0.00 pp	30 q
ACMAecom	0.14%	529,413	$22M	trimmed−14%	−0.01 pp	30 q
ARWArrow Electronics, Inc.	0.14%	290,988	$23M	trimmed−6%	0.00 pp	27 q
CSCOCisco Systems, Inc. (DE)	0.14%	571,925	$23M	trimmed−0%	−0.03 pp	30 q
FMBIFirst Midwest Bancorp Inc/IL	0.14%	2,110,847	$23M	added+11%	−0.03 pp	30 q
SMCISuper Micro Computer, Inc.	0.14%	868,462	$23M	added+4%	−0.02 pp	7 q
FRACKeane Group, Inc.	0.13%	11,152,365	$21M	added+30%	−0.01 pp	4 q
VREXVarex Imaging Corporation	0.13%	1,621,016	$21M	added+4%	−0.02 pp	8 q
GGenpact Limited	0.13%	539,740	$21M	trimmed−17%	−0.02 pp	23 q
OECOrion S.A.	0.13%	1,712,137	$21M	added+29%	+0.04 pp	2 q
COWNCowen Inc. Class A	0.12%	1,213,304	$20M	added×2.3	+0.06 pp	2 q
DRHDiamondrock Hospitality Company	0.12%	3,740,846	$19M	added+10%	0.00 pp	30 q
GLGlobe Life Inc.	0.12%	241,764	$19M	held	—	30 q
HIGThe Hartford Insurance Group, Inc.	0.12%	506,950	$19M	held	—	30 q
KBRKBR, Inc.	0.12%	833,767	$19M	trimmed−7%	−0.01 pp	27 q
MSMMSC Industrial Direct Co., Inc. Class A	0.12%	295,971	$19M	trimmed−2%	−0.02 pp	4 q
TBITrueblue, Inc.	0.10%	1,009,312	$16M	new	+0.10 pp	new
SHGShinhan Financial Group Co Ltd	0.09%	631,968	$15M	added×3.6	+0.06 pp	28 q
VZVerizon Communications	0.09%	239,708	$14M	trimmed−0%	0.00 pp	8 q
CCLCarnival Corporation Ltd.	0.07%	688,142	$10M	trimmed−0%	0.00 pp	3 q
PLTPlantronics Inc	0.07%	1,004,148	$12M	added+16%	−0.01 pp	3 q
THGThe Hanover Insurance Group, Inc.	0.06%	97,870	$9M	held	—	13 q
CMAComerica Incorporated	0.03%	121,055	$5M	held	—	30 q
HYUAHyundai Motor-gdr	0.03%	57,403	$4M	held	—	9 q
SSNHZSamsung Elec 144A S/GDR	0.03%	3,474	$4M	held	—	9 q
CRPJYChina Res Pw Hld UNSP/	0.02%	158,337	$3M	held	—	9 q
HNHAYHon Hai Precisn 144A	0.02%	607,573	$3M	held	—	8 q
IWNiShares Russell 2000 Value ETF	0.02%	30,190	$3M	new	+0.02 pp	new
LNVGYLenovo Group Ltd S/	0.02%	198,150	$3M	trimmed−34%	0.00 pp	9 q
LUKOYPjsc Lukoil S/	0.02%	55,485	$3M	held	—	16 q
WLMIYWilmar Intl Ltd UNSP/	0.02%	96,046	$3M	trimmed−1%	0.00 pp	9 q
ABEVAmbev S.a.	0.01%	757,165	$2M	new	+0.01 pp	new
BIIBBiogen Inc.	0.01%	2,857	$810,000	trimmed−12%	0.00 pp	12 q
unresolvedCez As Unspon ADR	0.01%	211,609	$2M	held	—	9 q
CICHYChina Constr Bk UNSP/	0.01%	155,960	$2M	held	—	9 q
CHLChina Mobile Limited	0.01%	50,442	$2M	held	—	12 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	868,296	$2M	trimmed0%	0.00 pp	3 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.01%	74,104	$2M	held	—	9 q
GXYYYGalaxy Entmt Grp U/	0.01%	48,499	$2M	added0%	0.00 pp	2 q
GBXXYGrand Baoxin Auto UNS/	0.01%	654,468	$921,000	held	—	9 q
NSITInsight Enterprises Inc	0.01%	16,315	$923,000	trimmed−85%	−0.03 pp	30 q
IWDiShares Russell 1000 Value ETF	0.01%	9,630	$1M	held	—	2 q
KBKB Financial Group Inc	0.01%	53,582	$2M	held	—	9 q
KKRKKR & Co. Inc.	0.01%	61,853	$2M	trimmed−93%	−0.16 pp	9 q
OTPIYOtp Bank S/GDR 144A	0.01%	57,320	$864,000	added+2%	0.00 pp	6 q
PCFBYPacific Basin Shp UNS/	0.01%	671,215	$2M	held	—	9 q
SSLSasol Limited	0.01%	149,694	$1M	held	—	9 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.01%	225,388	$2M	added0%	0.00 pp	9 q
SCBFYStandard Chrtrd UNSP/	0.01%	219,934	$2M	added+31%	0.00 pp	4 q
AMKBYA.p Moller-mrs UNS/	0.00%	15,009	$118,000	trimmed−15%	0.00 pp	5 q
ABBVAbbvie Inc.	0.00%	6,095	$534,000	trimmed−16%	0.00 pp	5 q
ALXNAlexion Pharmaceuticals Inc	0.00%	4,923	$563,000	trimmed−18%	0.00 pp	3 q
CORCencora, Inc.	0.00%	5,581	$541,000	trimmed−7%	0.00 pp	8 q
CDGXYChina Dongxiang UNSP/	0.00%	71,680	$444,000	trimmed−69%	−0.01 pp	9 q
EDConsolidated Edison, Inc.	0.00%	6,841	$532,000	trimmed−14%	0.00 pp	2 q
DLTRDollar Tree Inc.	0.00%	6,096	$557,000	trimmed−2%	0.00 pp	2 q
EXELExelixis Inc	0.00%	20,820	$509,000	trimmed−25%	0.00 pp	3 q
GILDGilead Sciences Inc	0.00%	8,105	$512,000	new	0.00 pp	new
HNHPFHon Hai Precson S/GDR New	0.00%	21,248	$115,000	held	—	5 q
INGRIngredion Incorporated	0.00%	6,995	$529,000	trimmed−15%	0.00 pp	2 q
MMSMAXIMUS, Inc.	0.00%	6,169	$422,000	new	0.00 pp	new
NEUNewMarket Corporation	0.00%	1,465	$501,000	new	0.00 pp	new
OMCOmnicom Group Inc.	0.00%	7,139	$353,000	trimmed−86%	−0.02 pp	30 q
RNRTYReunert Ltd UNSP/	0.00%	159,600	$548,000	held	—	9 q
SEBSeaboard Corporation	0.00%	200	$567,000	trimmed−7%	0.00 pp	2 q
UTHRUnited Therapeutics Corp	0.00%	5,093	$514,000	trimmed−4%	0.00 pp	2 q
WBAWalgreens Boots Alliance, Inc	0.00%	14,629	$525,000	trimmed−8%	0.00 pp	3 q
DOXAmdocs Limited	0.00%	9,956	$572,000	added+8%	0.00 pp	16 q
RNRRenaissanceRe Holdings Ltd.	0.00%	2,654	$450,000	new	0.00 pp	new
PRGOPerrigo Company PLC	0.00%	10,304	$473,000	trimmed−4%	0.00 pp	2 q
CHKPCheck Point Software Technologies Ltd	0.00%	4,772	$574,000	trimmed−26%	0.00 pp	2 q
ITRNIturan Location and Control Ltd.	0.00%	20,472	$285,000	added+44%	0.00 pp	2 q
AGRAvangrid, Inc.	—	−1,669,119	—	exited	−0.46 pp	—
DOORMasonite International Corp	—	−456,483	—	exited	−0.23 pp	—
TAT&T Inc.	—	−741,746	—	exited	−0.15 pp	—
SYU1Synovus Financial Corp	—	−584,769	—	exited	−0.08 pp	—
SVCService Properties Trust	—	−1,075,989	—	exited	−0.05 pp	—
unresolvedSykes Enterprises Incorporated	—	−171,455	—	exited	−0.03 pp	—
VALPQValaris PLC	—	−4,264,044	—	exited	−0.02 pp	—
GMGeneral Motors Company	—	−36,662	—	exited	−0.01 pp	—
SBKFFState Bk India Gdr Reg S	—	−48,598	—	exited	−0.01 pp	—
CHRWC.H. Robinson Worldwide, Inc.	—	−8,371	—	exited	0.00 pp	—
LMLegg Mason, Inc.	—	−12,862	—	exited	0.00 pp	—
PINCNPremier Inc-class A	—	−20,545	—	exited	0.00 pp	—
TSNTyson Foods, Inc.	—	−9,384	—	exited	0.00 pp	—
JAZZJazz Pharmaceuticals, Inc.	—	−4,897	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 20 defects · 3 unresolved
Accession: 0001567619-20-018403
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 2020-09-30
A security outside the official 13F list — CUSIP 157214305 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 168919108 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 16943S104 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 16947S100 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 257738203 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 36318L203 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 38523M109 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 438090805 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 438090888 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 449187707 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 526250105 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 67106E101 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 69343P105 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 69402P103 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 76131U105 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 796050888 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 825715105 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 853254100 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 971433107 not on the Official 13(f) List for 2020-09-30

Search