Pzena Investment Management

Q4 2020 13F · by Richard Pzena, CIO

As of: Dec 31, 2020
Filed: Feb 5, 2021
US stock: $21.2B · prev $16.0B
Positions: 166 · prev 167
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

+6.5 pp in · −6.5 pp out

New 12 +1.84 pp
Added 70 +4.69 pp
Trimmed 66 −4.39 pp
Exited 13 −2.15 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions18% of US stock

unresolved General Electric Co added+1.11 pp added+1.114.6%
LEA Lear Corporation trimmed+0.14 pp trimmed+0.143.5%
HAL Halliburton Company trimmed+0.44 pp trimmed+0.443.5%
CTSH Cognizant Technology Solutions trimmed−0.49 pp trimmed−0.493.3%
PVH PVH Corp. added+0.53 pp added+0.533.3%

Positions166 in this filing · 13 exited


unresolvedGeneral Electric Co	4.58%	89,859,216	$970M	added+1%	+1.11 pp	12 q
LEALear Corporation	3.46%	4,607,440	$733M	trimmed−6%	+0.14 pp	9 q
HALHalliburton Company	3.45%	38,680,115	$731M	trimmed−3%	+0.44 pp	20 q
CTSHCognizant Technology Solutions	3.32%	8,588,011	$704M	trimmed−2%	−0.49 pp	24 q
PVHPVH Corp.	3.27%	7,375,531	$692M	added0%	+0.53 pp	8 q
AIGAmerican International Group, Inc.	3.12%	17,468,135	$661M	trimmed−3%	+0.02 pp	31 q
WFCWells Fargo & Co.	2.92%	20,479,698	$618M	added+11%	+0.21 pp	31 q
CCitigroup Inc.	2.82%	9,696,127	$598M	added+14%	+0.52 pp	31 q
COFCapital One Financial	2.72%	5,842,192	$578M	trimmed−3%	+0.01 pp	18 q
NOVNOV Inc.	2.56%	39,523,272	$543M	added+4%	+0.41 pp	11 q
MCKMcKesson Corporation	2.53%	3,089,423	$537M	trimmed−7%	−0.57 pp	17 q
HPEHewlett Packard Enterprise Company	2.51%	44,979,226	$533M	added+1%	−0.10 pp	21 q
NWLNewell Brands Inc.	2.42%	24,118,468	$512M	trimmed−3%	−0.23 pp	11 q
EIXEdison International	2.38%	8,038,562	$505M	added+37%	+0.52 pp	24 q
EQHEquitable Holdings, Inc.	2.37%	19,667,228	$503M	trimmed−5%	+0.02 pp	4 q
BKRBaker Hughes Company	2.33%	23,664,321	$493M	added+9%	+0.54 pp	14 q
WABWabtec Inc.	2.26%	6,551,698	$480M	added+2%	−0.23 pp	8 q
AVTAvnet, Inc.	2.08%	12,561,805	$441M	added+5%	+0.15 pp	31 q
GILGildan Activewear Inc.	1.99%	15,027,876	$421M	trimmed−10%	−0.07 pp	9 q
FFord Motor Company	1.85%	44,543,119	$392M	trimmed−7%	−0.15 pp	25 q
TXTTextron, Inc.	1.78%	7,811,119	$378M	added+16%	+0.26 pp	2 q
NRGNRG Energy, Inc.	1.62%	9,175,073	$345M	added+29%	+0.25 pp	3 q
MSMorgan Stanley	1.61%	4,982,037	$341M	trimmed−19%	−0.25 pp	31 q
BACBank of America Corporation	1.57%	11,005,795	$334M	added+2%	−0.06 pp	31 q
AXSAxis Capital Holders Limited	1.57%	6,596,786	$332M	trimmed−0%	−0.25 pp	31 q
VTRSViatris Inc.	1.51%	17,088,968	$320M	new	+1.51 pp	new
DOWDow Inc.	1.42%	5,418,876	$301M	trimmed−6%	−0.27 pp	4 q
VOYAVoya Financial, Inc.	1.28%	4,605,102	$271M	trimmed−2%	−0.13 pp	27 q
MHKMohawk Industries, Inc.	1.26%	1,898,270	$268M	trimmed−13%	−0.07 pp	8 q
METMetLife, Inc.	1.19%	5,395,771	$253M	trimmed−1%	−0.07 pp	31 q
GSGoldman Sachs Group Inc.	1.14%	919,490	$242M	added+1%	0.00 pp	31 q
JPMJPMorgan Chase & Co.	1.09%	1,825,655	$232M	trimmed−1%	−0.01 pp	31 q
FTITechnipFMC plc	1.09%	24,671,025	$232M	added+1%	+0.13 pp	16 q
ORCLOracle Corp	0.99%	3,252,832	$210M	added+18%	−0.04 pp	31 q
BIDUBaidu, Inc.	0.87%	852,825	$184M	added0%	+0.20 pp	16 q
SWKStanley Black & Decker, Inc.	0.87%	1,033,477	$185M	trimmed−32%	−0.67 pp	25 q
RRyder System, Inc.	0.86%	2,965,597	$183M	trimmed−7%	+0.02 pp	14 q
CAHCardinal Health, Inc.	0.81%	3,200,591	$171M	added+3%	−0.10 pp	16 q
TEXTerex Corporation	0.78%	4,745,353	$166M	trimmed−21%	+0.05 pp	29 q
TCOMTrip.com Group Limited	0.78%	4,925,735	$166M	trimmed−3%	−0.20 pp	3 q
XOMExxon Mobil Corp	0.77%	3,966,100	$163M	added+16%	+0.03 pp	31 q
CNOCNO Financial Group, Inc.	0.76%	7,273,559	$162M	trimmed−11%	−0.06 pp	8 q
RDS.ARoyal Dutch Shell PLC	0.71%	4,259,276	$150M	added+3%	+0.06 pp	31 q
FLEXFlex Ltd.	0.67%	7,912,219	$142M	trimmed−55%	−0.56 pp	30 q
JELDJELD-WEN Holding, Inc.	0.62%	5,187,220	$132M	trimmed−4%	−0.14 pp	16 q
AMGNAmgen Inc	0.56%	513,850	$118M	added+2%	−0.24 pp	18 q
WEDWebster Financial Corp	0.53%	2,680,800	$113M	trimmed−3%	+0.08 pp	31 q
OLNOlin Corp.	0.51%	4,373,976	$107M	trimmed−30%	+0.03 pp	5 q
BKNGBooking Holdings Inc.	0.50%	47,892	$107M	added+7%	+0.02 pp	2 q
PFEPfizer Inc.	0.49%	2,810,113	$103M	added+3%	−0.14 pp	25 q
CVECenovus Energy Inc.	0.48%	16,861,805	$102M	trimmed−9%	+0.03 pp	22 q
EPACEnerpac Tool Group Corp.	0.45%	4,214,374	$95M	added+4%	−0.03 pp	31 q
BMYBristol-Myers Squibb Co.	0.43%	1,456,430	$90M	added0%	−0.12 pp	6 q
CIThe Cigna Group	0.43%	441,788	$92M	trimmed−1%	−0.04 pp	9 q
CVSCvs Health Corporation	0.40%	1,233,975	$84M	added+7%	−0.02 pp	24 q
UBSUBS Group AG	0.40%	5,972,374	$84M	trimmed−1%	−0.02 pp	25 q
BDCBelden Inc.	0.39%	1,968,313	$82M	added+40%	+0.12 pp	4 q
SPBSpectrum Brands Holdings, Inc.	0.33%	876,210	$69M	trimmed−3%	+0.01 pp	8 q
CARAvis Budget Group, Inc.	0.32%	1,807,176	$67M	trimmed−14%	−0.03 pp	14 q
KEYKeyCorp	0.32%	4,155,082	$68M	trimmed−11%	−0.03 pp	31 q
RFRegions Financial Corp.	0.32%	4,215,563	$68M	trimmed−23%	−0.07 pp	31 q
GJBSteelcase Inc-cl A	0.32%	4,984,569	$68M	added+34%	+0.08 pp	13 q
DANDana Incorporated	0.31%	3,358,950	$66M	trimmed−2%	+0.05 pp	5 q
JNPJuniper Networks Inc	0.31%	2,883,329	$65M	trimmed−1%	−0.08 pp	9 q
CLSCelestica, Inc.	0.30%	7,758,066	$63M	added+13%	0.00 pp	11 q
PKXPOSCO Holdings Inc.	0.30%	1,025,544	$64M	trimmed−2%	+0.03 pp	20 q
IVZInvesco LTD	0.30%	3,687,679	$64M	trimmed−18%	−0.02 pp	31 q
ASBAssociated Banc-Corp	0.29%	3,616,339	$62M	added+11%	+0.03 pp	28 q
FITBFifth Third Bancorp	0.27%	2,039,393	$56M	trimmed−22%	−0.08 pp	31 q
MTZMasTec, Inc.	0.27%	834,137	$57M	new	+0.27 pp	new
HOFTHooker Furnishings Corporation	0.23%	1,519,469	$49M	trimmed−6%	−0.03 pp	6 q
IBNICICI Bank Limited	0.23%	3,220,800	$48M	trimmed−9%	+0.01 pp	12 q
RGAReinsurance Group of America, Incorporated	0.23%	428,335	$50M	trimmed−10%	−0.05 pp	2 q
TCFTcf Financial Corp	0.23%	1,300,185	$48M	added+7%	+0.05 pp	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.23%	442,620	$48M	trimmed−14%	−0.03 pp	30 q
TRSTrimas Corporation	0.23%	1,528,465	$48M	added+12%	+0.03 pp	26 q
GTSTriple-s Management Corp	0.22%	2,208,428	$47M	added+2%	−0.02 pp	23 q
WSFSWSFS Financial Corp	0.22%	1,032,306	$46M	added+14%	+0.07 pp	31 q
MOG.AMoog Inc.	0.21%	556,102	$44M	added+8%	+0.01 pp	2 q
SCSCScansource Inc	0.21%	1,714,280	$45M	added+6%	+0.01 pp	20 q
UMPQUmpqua Holdings Corp	0.21%	2,903,581	$44M	added+11%	+0.04 pp	4 q
FMBIFirst Midwest Bancorp Inc/IL	0.20%	2,642,756	$42M	added+25%	+0.06 pp	31 q
HOPEHope Bancorp, Inc.	0.20%	3,813,833	$42M	added+11%	+0.04 pp	18 q
HOUSAnywhere Real Estate Inc.	0.20%	3,154,462	$41M	added+4%	+0.02 pp	12 q
AELAmerican Equity Investment Life Holding Company	0.19%	1,481,266	$41M	added+28%	+0.03 pp	20 q
REVGREV Group, Inc.	0.19%	4,532,507	$40M	added+6%	−0.02 pp	10 q
UVVUniversal Corporation	0.19%	834,047	$41M	added+30%	+0.02 pp	23 q
UVSPUnivest Financial Corporation	0.19%	1,913,534	$39M	added+7%	+0.03 pp	4 q
AGIIArgo Group International	0.19%	945,017	$41M	added+13%	+0.01 pp	31 q
MPAAMotorcar Parts of America, Inc.	0.18%	1,975,457	$39M	added+3%	−0.01 pp	9 q
MURMurphy Oil Corp.	0.18%	3,217,549	$39M	added+15%	+0.02 pp	28 q
FRACKeane Group, Inc.	0.18%	11,169,202	$38M	added0%	+0.05 pp	5 q
DOVDover Corporation	0.17%	288,741	$36M	trimmed−0%	−0.03 pp	23 q
KELKellanova	0.17%	594,367	$37M	added+2%	−0.07 pp	28 q
DRHDiamondrock Hospitality Company	0.16%	4,020,648	$33M	added+7%	+0.04 pp	31 q
GAPThe Gap, Inc.	0.16%	1,719,408	$35M	trimmed−29%	−0.10 pp	2 q
SMCISuper Micro Computer, Inc.	0.15%	996,424	$32M	added+15%	+0.01 pp	8 q
OECOrion S.A.	0.15%	1,909,363	$33M	added+12%	+0.02 pp	3 q
TBITrueblue, Inc.	0.14%	1,626,317	$30M	added+61%	+0.04 pp	2 q
IPGThe Interpublic Group of Companies, Inc.	0.13%	1,171,181	$28M	trimmed−34%	−0.05 pp	31 q
VREXVarex Imaging Corporation	0.13%	1,623,369	$27M	added0%	0.00 pp	9 q
CSCOCisco Systems, Inc. (DE)	0.12%	571,949	$26M	added0%	−0.02 pp	31 q
HIGThe Hartford Insurance Group, Inc.	0.12%	506,950	$25M	held	—	31 q
ACMAecom	0.11%	465,025	$23M	trimmed−12%	−0.03 pp	31 q
ARWArrow Electronics, Inc.	0.11%	234,979	$23M	trimmed−19%	−0.03 pp	28 q
GLGlobe Life Inc.	0.11%	241,764	$23M	held	—	31 q
KBRKBR, Inc.	0.11%	755,868	$23M	trimmed−9%	−0.01 pp	28 q
SNASnap-on Incorporated	0.11%	135,857	$23M	trimmed−47%	−0.12 pp	12 q
DOXAmdocs Limited	0.11%	335,042	$24M	added×33.7	+0.11 pp	17 q
MSMMSC Industrial Direct Co., Inc. Class A	0.10%	261,615	$22M	trimmed−12%	−0.02 pp	5 q
PLTPlantronics Inc	0.10%	812,491	$22M	trimmed−19%	+0.03 pp	4 q
GGenpact Limited	0.10%	511,997	$21M	trimmed−5%	−0.03 pp	24 q
ETREntergy Corporation	0.09%	190,579	$19M	trimmed−57%	−0.19 pp	31 q
SHGShinhan Financial Group Co Ltd	0.09%	632,218	$19M	added0%	0.00 pp	29 q
COWNCowen Inc. Class A	0.08%	664,731	$17M	trimmed−45%	−0.04 pp	3 q
VZVerizon Communications	0.07%	238,876	$14M	trimmed−0%	−0.02 pp	9 q
THGThe Hanover Insurance Group, Inc.	0.05%	97,870	$11M	held	—	14 q
LUKOYPjsc Lukoil S/	0.03%	81,214	$6M	added+46%	+0.01 pp	17 q
SSNHZSamsung Elec 144A S/GDR	0.03%	3,474	$6M	held	—	10 q
ABEVAmbev S.a.	0.02%	1,645,310	$5M	added×2.2	+0.01 pp	2 q
GXYYYGalaxy Entmt Grp U/	0.02%	93,459	$4M	added+93%	+0.01 pp	3 q
HNHAYHon Hai Precisn 144A	0.02%	607,573	$4M	held	—	9 q
HYUAHyundai Motor-gdr	0.02%	57,403	$5M	held	—	10 q
LNVGYLenovo Group Ltd S/	0.02%	197,891	$4M	trimmed−0%	0.00 pp	10 q
PAHCPhibro Animal Health Corporation Class A	0.02%	237,643	$5M	new	+0.02 pp	new
KREState Street SPDR S&P Regional Banking ETF	0.02%	86,156	$4M	new	+0.02 pp	new
WLMIYWilmar Intl Ltd UNSP/	0.02%	95,786	$3M	trimmed−0%	0.00 pp	10 q
unresolvedCez As Unspon ADR	0.01%	211,609	$3M	held	—	10 q
CICHYChina Constr Bk UNSP/	0.01%	155,960	$2M	held	—	10 q
CRPJYChina Res Pw Hld UNSP/	0.01%	155,743	$3M	trimmed−2%	−0.01 pp	10 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	868,296	$3M	held	—	4 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.01%	47,784	$3M	trimmed−36%	0.00 pp	10 q
IWDiShares Russell 1000 Value ETF	0.01%	9,630	$1M	held	—	3 q
KBKB Financial Group Inc	0.01%	53,582	$2M	held	—	10 q
OTPIYOtp Bank S/GDR 144A	0.01%	57,320	$1M	held	—	7 q
PCFBYPacific Basin Shp UNS/	0.01%	671,215	$2M	held	—	10 q
SSLSasol Limited	0.01%	149,694	$1M	held	—	10 q
SLBSLB Limited	0.01%	95,421	$2M	new	+0.01 pp	new
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.01%	225,388	$3M	held	—	10 q
SCBFYStandard Chrtrd UNSP/	0.01%	219,934	$3M	held	—	5 q
OIHVanEck Oil Services ETF	0.01%	10,789	$2M	new	+0.01 pp	new
ABBVAbbvie Inc.	0.00%	6,233	$668,000	added+2%	0.00 pp	6 q
ALXNAlexion Pharmaceuticals Inc	0.00%	4,049	$633,000	trimmed−18%	0.00 pp	4 q
ALLThe Allstate Corporation	0.00%	4,692	$516,000	new	0.00 pp	new
CORCencora, Inc.	0.00%	5,773	$564,000	added+3%	0.00 pp	9 q
AZOAutoZone, Inc.	0.00%	449	$532,000	new	0.00 pp	new
CHRWC.H. Robinson Worldwide, Inc.	0.00%	6,798	$638,000	new	0.00 pp	new
CHLChina Mobile Limited	0.00%	32,142	$917,000	trimmed−36%	−0.01 pp	13 q
CDGXYChina Dongxiang UNSP/	0.00%	62,820	$328,000	trimmed−12%	0.00 pp	10 q
EDConsolidated Edison, Inc.	0.00%	8,458	$611,000	added+24%	0.00 pp	3 q
DLTRDollar Tree Inc.	0.00%	6,112	$660,000	added0%	0.00 pp	3 q
EXELExelixis Inc	0.00%	28,377	$570,000	added+36%	0.00 pp	4 q
GILDGilead Sciences Inc	0.00%	10,073	$587,000	added+24%	0.00 pp	2 q
GBXXYGrand Baoxin Auto UNS/	0.00%	654,468	$701,000	held	—	10 q
HNHPFHon Hai Precson S/GDR New	0.00%	24,748	$164,000	added+16%	0.00 pp	6 q
INGRIngredion Incorporated	0.00%	8,107	$638,000	added+16%	0.00 pp	3 q
ITUBItau Unibanco Holding S.A.	0.00%	43,119	$263,000	new	0.00 pp	new
KRThe Kroger Co.	0.00%	20,081	$638,000	new	0.00 pp	new
MMSMAXIMUS, Inc.	0.00%	7,077	$518,000	added+15%	0.00 pp	2 q
NEUNewMarket Corporation	0.00%	1,355	$540,000	trimmed−8%	0.00 pp	2 q
RNRTYReunert Ltd UNSP/	0.00%	159,600	$787,000	held	—	10 q
TSNTyson Foods, Inc.	0.00%	8,290	$534,000	new	0.00 pp	new
UTHRUnited Therapeutics Corp	0.00%	4,289	$651,000	trimmed−16%	0.00 pp	3 q
RNRRenaissanceRe Holdings Ltd.	0.00%	2,077	$344,000	trimmed−22%	0.00 pp	2 q
CHKPCheck Point Software Technologies Ltd	0.00%	4,890	$650,000	added+2%	0.00 pp	3 q
ITRNIturan Location and Control Ltd.	0.00%	17,708	$337,000	trimmed−14%	0.00 pp	3 q
MYLMylan NV	—	−17,172,288	—	exited	−1.59 pp	—
PHParker-Hannifin Corporation	—	−325,683	—	exited	−0.41 pp	—
CCLCarnival Corporation Ltd.	—	−688,142	—	exited	−0.07 pp	—
CMAComerica Incorporated	—	−121,055	—	exited	−0.03 pp	—
IWNiShares Russell 2000 Value ETF	—	−30,190	—	exited	−0.02 pp	—
BIIBBiogen Inc.	—	−2,857	—	exited	−0.01 pp	—
NSITInsight Enterprises Inc	—	−16,315	—	exited	−0.01 pp	—
KKRKKR & Co. Inc.	—	−61,853	—	exited	−0.01 pp	—
AMKBYA.p Moller-mrs UNS/	—	−15,009	—	exited	0.00 pp	—
OMCOmnicom Group Inc.	—	−7,139	—	exited	0.00 pp	—
SEBSeaboard Corporation	—	−200	—	exited	0.00 pp	—
WBAWalgreens Boots Alliance, Inc	—	−14,629	—	exited	0.00 pp	—
PRGOPerrigo Company PLC	—	−10,304	—	exited	0.00 pp	—