Pzena Investment Management

Q1 2021 13F · by Richard Pzena, CIO

As of: Mar 31, 2021
Filed: May 7, 2021
US stock: $24.6B · prev $21.2B
Positions: 170 · prev 166
Options notional: $0
Documents: 1· no amendments

Picture99.5% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.5%
Foreign stock not listed in the US 0.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves168 since the prior filing

+4.3 pp in · −4.3 pp out

New 17 +0.99 pp
Added 70 +3.34 pp
Trimmed 68 −4.10 pp
Exited 13 −0.25 pp

The book

Diversified · behaves like 51 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions18% of US stock

unresolved General Electric Co trimmed−0.04 pp trimmed−0.044.5%
LEA Lear Corporation added−0.04 pp added−0.043.4%
AIG American International Group, Inc. added+0.21 pp added+0.213.3%
CTSH Cognizant Technology Solutions added−0.08 pp added−0.083.2%
WFC Wells Fargo & Co. trimmed+0.28 pp trimmed+0.283.2%

Positions170 in this filing · 13 exited


unresolvedGeneral Electric Co	4.54%	84,996,298	$1.1B	trimmed−5%	−0.04 pp	13 q
LEALear Corporation	3.42%	4,649,740	$843M	added+1%	−0.04 pp	10 q
AIGAmerican International Group, Inc.	3.33%	17,730,392	$819M	added+2%	+0.21 pp	32 q
CTSHCognizant Technology Solutions	3.24%	10,193,327	$796M	added+19%	−0.08 pp	25 q
WFCWells Fargo & Co.	3.20%	20,176,158	$788M	trimmed−1%	+0.28 pp	32 q
EIXEdison International	3.16%	13,287,086	$779M	added+65%	+0.78 pp	25 q
HALHalliburton Company	3.12%	35,791,501	$768M	trimmed−7%	−0.33 pp	21 q
PVHPVH Corp.	3.07%	7,149,836	$756M	trimmed−3%	−0.20 pp	9 q
CCitigroup Inc.	2.86%	9,659,688	$703M	trimmed−0%	+0.04 pp	32 q
COFCapital One Financial	2.80%	5,419,025	$689M	trimmed−7%	+0.08 pp	19 q
HPEHewlett Packard Enterprise Company	2.75%	42,972,590	$676M	trimmed−4%	+0.24 pp	22 q
EQHEquitable Holdings, Inc.	2.66%	20,053,666	$654M	added+2%	+0.29 pp	5 q
NWLNewell Brands Inc.	2.65%	24,351,124	$652M	added+1%	+0.23 pp	12 q
WABWabtec Inc.	2.64%	8,220,976	$651M	added+25%	+0.38 pp	9 q
MCKMcKesson Corporation	2.42%	3,050,610	$595M	trimmed−1%	−0.11 pp	18 q
NOVNOV Inc.	2.20%	39,521,982	$542M	trimmed0%	−0.36 pp	12 q
AVTAvnet, Inc.	2.08%	12,345,829	$512M	trimmed−2%	0.00 pp	32 q
BKRBaker Hughes Company	1.97%	22,426,196	$485M	trimmed−5%	−0.36 pp	15 q
TXTTextron, Inc.	1.83%	8,043,545	$451M	added+3%	+0.05 pp	3 q
BACBank of America Corporation	1.67%	10,634,297	$411M	trimmed−3%	+0.10 pp	32 q
FFord Motor Company	1.63%	32,696,735	$401M	trimmed−27%	−0.22 pp	26 q
GILGildan Activewear Inc.	1.62%	12,981,016	$398M	trimmed−14%	−0.37 pp	10 q
NRGNRG Energy, Inc.	1.43%	9,306,439	$351M	added+1%	−0.19 pp	4 q
DOWDow Inc.	1.41%	5,421,122	$347M	added0%	−0.01 pp	5 q
AXSAxis Capital Holders Limited	1.41%	7,010,357	$348M	added+6%	−0.16 pp	32 q
MHKMohawk Industries, Inc.	1.32%	1,684,204	$324M	trimmed−11%	+0.06 pp	9 q
METMetLife, Inc.	1.28%	5,173,372	$314M	trimmed−4%	+0.09 pp	32 q
DOXAmdocs Limited	1.27%	4,468,489	$313M	added×13.3	+1.16 pp	18 q
VOYAVoya Financial, Inc.	1.22%	4,701,684	$299M	added+2%	−0.06 pp	28 q
MSMorgan Stanley	1.05%	3,318,998	$258M	trimmed−33%	−0.56 pp	32 q
JPMJPMorgan Chase & Co.	1.04%	1,675,711	$255M	trimmed−8%	−0.05 pp	32 q
GSGoldman Sachs Group Inc.	0.97%	731,988	$239M	trimmed−20%	−0.17 pp	32 q
TCOMTrip.com Group Limited	0.96%	5,990,266	$237M	added+22%	+0.18 pp	4 q
ORCLOracle Corp	0.91%	3,192,235	$224M	trimmed−2%	−0.08 pp	32 q
XOMExxon Mobil Corp	0.88%	3,859,547	$215M	trimmed−3%	+0.11 pp	32 q
RRyder System, Inc.	0.83%	2,710,360	$205M	trimmed−9%	−0.03 pp	15 q
SWKStanley Black & Decker, Inc.	0.83%	1,019,278	$204M	trimmed−1%	−0.04 pp	26 q
CNOCNO Financial Group, Inc.	0.73%	7,353,500	$179M	added+1%	−0.03 pp	9 q
CAHCardinal Health, Inc.	0.73%	2,976,893	$181M	trimmed−7%	−0.08 pp	17 q
OLNOlin Corp.	0.72%	4,686,791	$178M	added+7%	+0.21 pp	6 q
FTITechnipFMC plc	0.72%	22,969,836	$177M	trimmed−7%	−0.37 pp	17 q
BIDUBaidu, Inc.	0.71%	805,965	$175M	trimmed−5%	−0.16 pp	17 q
RDS.ARoyal Dutch Shell PLC	0.69%	4,355,086	$171M	added+2%	−0.02 pp	32 q
TEXTerex Corporation	0.67%	3,584,047	$165M	trimmed−24%	−0.11 pp	30 q
SKAASkechers USA Inc-cl A	0.66%	3,891,341	$162M	new	+0.66 pp	new
VTRSViatris Inc.	0.65%	11,467,520	$160M	trimmed−33%	−0.86 pp	2 q
JELDJELD-WEN Holding, Inc.	0.62%	5,503,585	$152M	added+6%	0.00 pp	17 q
FLEXFlex Ltd.	0.58%	7,823,291	$143M	trimmed−1%	−0.09 pp	31 q
AMGNAmgen Inc	0.55%	545,096	$136M	added+6%	−0.01 pp	19 q
WEDWebster Financial Corp	0.54%	2,404,985	$133M	trimmed−10%	+0.01 pp	32 q
CVECenovus Energy Inc.	0.50%	16,401,172	$123M	trimmed−3%	+0.02 pp	23 q
BKNGBooking Holdings Inc.	0.45%	47,963	$112M	added0%	−0.05 pp	3 q
EPACEnerpac Tool Group Corp.	0.45%	4,266,288	$111M	added+1%	0.00 pp	32 q
CIThe Cigna Group	0.43%	433,586	$105M	trimmed−2%	0.00 pp	10 q
PFEPfizer Inc.	0.43%	2,899,199	$105M	added+3%	−0.06 pp	26 q
BDCBelden Inc.	0.41%	2,247,198	$100M	added+14%	+0.02 pp	5 q
UBSUBS Group AG	0.39%	6,235,279	$97M	added+4%	−0.01 pp	26 q
CVSCvs Health Corporation	0.38%	1,235,053	$93M	added0%	−0.02 pp	25 q
BMYBristol-Myers Squibb Co.	0.37%	1,461,292	$92M	added0%	−0.06 pp	7 q
MTZMasTec, Inc.	0.36%	940,226	$88M	added+13%	+0.09 pp	2 q
FMBIFirst Midwest Bancorp Inc/IL	0.34%	3,858,960	$85M	added+46%	+0.14 pp	32 q
GJBSteelcase Inc-cl A	0.34%	5,821,606	$84M	added+17%	+0.02 pp	14 q
DANDana Incorporated	0.33%	3,378,811	$82M	added+1%	+0.02 pp	6 q
REVGREV Group, Inc.	0.33%	4,290,013	$82M	trimmed−5%	+0.14 pp	11 q
ASBAssociated Banc-Corp	0.32%	3,747,510	$80M	added+4%	+0.03 pp	29 q
RFRegions Financial Corp.	0.32%	3,832,646	$79M	trimmed−9%	0.00 pp	32 q
CLSCelestica, Inc.	0.31%	9,077,386	$76M	added+17%	+0.01 pp	12 q
JNPJuniper Networks Inc	0.30%	2,884,687	$73M	added0%	−0.01 pp	10 q
PKXPOSCO Holdings Inc.	0.30%	1,026,409	$74M	added0%	0.00 pp	21 q
SPBSpectrum Brands Holdings, Inc.	0.30%	861,776	$73M	trimmed−2%	−0.03 pp	9 q
AELAmerican Equity Investment Life Holding Company	0.29%	2,258,504	$71M	added+52%	+0.10 pp	21 q
KEYKeyCorp	0.29%	3,535,563	$71M	trimmed−15%	−0.03 pp	32 q
IVZInvesco LTD	0.28%	2,736,002	$69M	trimmed−26%	−0.02 pp	32 q
FITBFifth Third Bancorp	0.26%	1,716,683	$64M	trimmed−16%	−0.01 pp	32 q
THNPYTechnip Energies S/	0.26%	4,322,016	$65M	new	+0.26 pp	new
HOPEHope Bancorp, Inc.	0.24%	3,972,306	$60M	added+4%	+0.04 pp	19 q
TCFTcf Financial Corp	0.24%	1,247,486	$58M	trimmed−4%	+0.01 pp	7 q
HOFTHooker Furnishings Corporation	0.23%	1,525,352	$56M	added0%	0.00 pp	7 q
RGAReinsurance Group of America, Incorporated	0.23%	442,704	$56M	added+3%	0.00 pp	3 q
GTSTriple-s Management Corp	0.23%	2,210,735	$58M	added0%	+0.01 pp	24 q
UVSPUnivest Financial Corporation	0.22%	1,922,196	$55M	added0%	+0.03 pp	5 q
MURMurphy Oil Corp.	0.21%	3,193,305	$52M	trimmed−1%	+0.03 pp	29 q
SCSCScansource Inc	0.21%	1,725,310	$52M	added+1%	0.00 pp	21 q
UMPQUmpqua Holdings Corp	0.21%	2,944,174	$52M	added+1%	0.00 pp	5 q
UVVUniversal Corporation	0.21%	863,580	$51M	added+4%	+0.02 pp	24 q
GAPThe Gap, Inc.	0.20%	1,632,671	$49M	trimmed−5%	+0.04 pp	3 q
SMCISuper Micro Computer, Inc.	0.20%	1,243,831	$49M	added+25%	+0.05 pp	9 q
AGIIArgo Group International	0.20%	978,508	$49M	added+4%	+0.01 pp	32 q
OECOrion S.A.	0.20%	2,498,828	$49M	added+31%	+0.05 pp	4 q
MOG.AMoog Inc.	0.19%	572,331	$48M	added+3%	−0.02 pp	3 q
TRSTrimas Corporation	0.19%	1,565,439	$47M	added+2%	−0.04 pp	27 q
MPAAMotorcar Parts of America, Inc.	0.18%	1,968,491	$44M	trimmed−0%	0.00 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.18%	366,943	$43M	trimmed−17%	−0.05 pp	31 q
DRHDiamondrock Hospitality Company	0.17%	4,067,607	$42M	added+1%	+0.01 pp	32 q
FRACKeane Group, Inc.	0.17%	11,023,710	$41M	trimmed−1%	−0.01 pp	6 q
DOVDover Corporation	0.16%	288,741	$40M	held	—	24 q
IBNICICI Bank Limited	0.16%	2,454,394	$39M	trimmed−24%	−0.07 pp	13 q
KELKellanova	0.15%	583,734	$37M	trimmed−2%	−0.02 pp	29 q
TBITrueblue, Inc.	0.15%	1,700,059	$37M	added+5%	+0.01 pp	3 q
WSFSWSFS Financial Corp	0.15%	718,591	$36M	trimmed−30%	−0.07 pp	32 q
HIGThe Hartford Insurance Group, Inc.	0.14%	506,950	$34M	held	—	32 q
VREXVarex Imaging Corporation	0.14%	1,658,037	$34M	added+2%	+0.01 pp	10 q
IPGThe Interpublic Group of Companies, Inc.	0.13%	1,098,727	$32M	trimmed−6%	0.00 pp	32 q
CSCOCisco Systems, Inc. (DE)	0.12%	571,949	$30M	held	—	32 q
KBRKBR, Inc.	0.12%	755,868	$29M	held	—	29 q
ACMAecom	0.11%	419,152	$27M	trimmed−10%	0.00 pp	32 q
ARWArrow Electronics, Inc.	0.11%	233,933	$26M	trimmed−0%	0.00 pp	29 q
CARAvis Budget Group, Inc.	0.11%	385,619	$28M	trimmed−79%	−0.21 pp	15 q
MSMMSC Industrial Direct Co., Inc. Class A	0.10%	261,615	$24M	held	—	6 q
GLGlobe Life Inc.	0.09%	241,764	$23M	held	—	32 q
PAHCPhibro Animal Health Corporation Class A	0.09%	871,624	$21M	added×3.7	+0.07 pp	2 q
SHGShinhan Financial Group Co Ltd	0.09%	686,137	$23M	added+9%	0.00 pp	30 q
GGenpact Limited	0.09%	505,955	$22M	trimmed−1%	−0.01 pp	25 q
ETREntergy Corporation	0.08%	190,695	$19M	added0%	−0.01 pp	32 q
37MMrc Global Inc	0.07%	1,913,515	$17M	new	+0.07 pp	new
VZVerizon Communications	0.06%	240,547	$14M	added+1%	−0.01 pp	10 q
THGThe Hanover Insurance Group, Inc.	0.05%	97,804	$13M	trimmed−0%	0.00 pp	15 q
SNASnap-on Incorporated	0.05%	56,402	$13M	trimmed−58%	−0.06 pp	13 q
LUKOYPjsc Lukoil S/	0.03%	83,934	$7M	added+3%	0.00 pp	18 q
PLTPlantronics Inc	0.03%	168,305	$7M	trimmed−79%	−0.07 pp	5 q
SSNHZSamsung Elec 144A S/GDR	0.03%	3,474	$6M	held	—	11 q
ABEVAmbev S.a.	0.02%	2,132,168	$6M	added+30%	0.00 pp	3 q
GXYYYGalaxy Entmt Grp U/	0.02%	93,859	$4M	added0%	0.00 pp	4 q
HNHAYHon Hai Precisn 144A	0.02%	673,573	$6M	added+11%	0.00 pp	10 q
unresolvedCez As Unspon ADR	0.01%	212,395	$3M	added0%	0.00 pp	11 q
CICHYChina Constr Bk UNSP/	0.01%	155,960	$3M	held	—	11 q
CRPJYChina Res Pw Hld UNSP/	0.01%	155,743	$3M	held	—	11 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.01%	1,477,499	$3M	added+70%	0.00 pp	5 q
COWNCowen Inc. Class A	0.01%	68,810	$2M	trimmed−90%	−0.07 pp	4 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.01%	27,784	$1M	trimmed−42%	0.00 pp	11 q
HYUAHyundai Motor-gdr	0.01%	26,847	$3M	trimmed−53%	−0.01 pp	11 q
KBKB Financial Group Inc	0.01%	53,432	$3M	trimmed−0%	0.00 pp	11 q
LNVGYLenovo Group Ltd S/	0.01%	118,466	$3M	trimmed−40%	−0.01 pp	11 q
OTPIYOtp Bank S/GDR 144A	0.01%	58,286	$1M	added+2%	0.00 pp	8 q
PCFBYPacific Basin Shp UNS/	0.01%	671,215	$4M	held	—	11 q
SSLSasol Limited	0.01%	153,043	$2M	added+2%	0.00 pp	11 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.01%	225,388	$3M	held	—	11 q
SCBFYStandard Chrtrd UNSP/	0.01%	221,025	$3M	added+1%	0.00 pp	6 q
WLMIYWilmar Intl Ltd UNSP/	0.01%	78,934	$3M	trimmed−18%	−0.01 pp	11 q
ABBVAbbvie Inc.	0.00%	6,344	$687,000	added+2%	0.00 pp	7 q
ALXNAlexion Pharmaceuticals Inc	0.00%	4,225	$646,000	added+4%	0.00 pp	5 q
CORCencora, Inc.	0.00%	5,713	$675,000	trimmed−1%	0.00 pp	10 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	5,891	$562,000	trimmed−13%	0.00 pp	2 q
CDGXYChina Dongxiang UNSP/	0.00%	62,820	$364,000	held	—	11 q
DISCADiscovery, Inc. Series A	0.00%	10,476	$455,000	new	0.00 pp	new
DLTRDollar Tree Inc.	0.00%	5,331	$610,000	trimmed−13%	0.00 pp	4 q
METAMeta Platforms, Inc. Class A	0.00%	1,949	$574,000	new	0.00 pp	new
GILDGilead Sciences Inc	0.00%	10,305	$666,000	added+2%	0.00 pp	3 q
GBXXYGrand Baoxin Auto UNS/	0.00%	654,468	$682,000	held	—	11 q
HNHPFHon Hai Precson S/GDR New	0.00%	26,319	$232,000	added+6%	0.00 pp	7 q
INGRIngredion Incorporated	0.00%	3,861	$347,000	trimmed−52%	0.00 pp	4 q
INTCIntel Corp	0.00%	6,665	$427,000	new	0.00 pp	new
ITUBItau Unibanco Holding S.A.	0.00%	246,761	$1M	added×5.7	0.00 pp	2 q
ZDZiff Davis, Inc.	0.00%	4,529	$543,000	new	0.00 pp	new
KRThe Kroger Co.	0.00%	20,048	$722,000	trimmed−0%	0.00 pp	2 q
MMSMAXIMUS, Inc.	0.00%	5,524	$492,000	trimmed−22%	0.00 pp	3 q
MRKMerck & Co., Inc.	0.00%	8,546	$659,000	new	0.00 pp	new
MRNAModerna, Inc.	0.00%	3,775	$494,000	new	0.00 pp	new
RVTYRevvity, Inc.	0.00%	3,473	$446,000	new	0.00 pp	new
REGNRegeneron Pharmaceuticals Inc	0.00%	1,255	$594,000	new	0.00 pp	new
RNRTYReunert Ltd UNSP/	0.00%	159,600	$1M	held	—	11 q
SIRISirius XM Holdings, Inc	0.00%	10,873	$66,000	new	0.00 pp	new
SJMThe J.M. Smucker Company	0.00%	5,733	$725,000	new	0.00 pp	new
SWISolarWinds Corporation	0.00%	30,887	$539,000	new	0.00 pp	new
TMUST-Mobile US, Inc.	0.00%	5,539	$694,000	new	0.00 pp	new
TSNTyson Foods, Inc.	0.00%	4,301	$320,000	trimmed−48%	0.00 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	1,535	$571,000	new	0.00 pp	new
WBAWalgreens Boots Alliance, Inc	0.00%	9,899	$543,000	new	0.00 pp	new
CHKPCheck Point Software Technologies Ltd	0.00%	5,956	$667,000	added+22%	0.00 pp	4 q
ITRNIturan Location and Control Ltd.	0.00%	17,708	$376,000	held	—	4 q
HOUSAnywhere Real Estate Inc.	—	−3,154,462	—	exited	−0.20 pp	—
KREState Street SPDR S&P Regional Banking ETF	—	−86,156	—	exited	−0.02 pp	—
IWDiShares Russell 1000 Value ETF	—	−9,630	—	exited	−0.01 pp	—
SLBSLB Limited	—	−95,421	—	exited	−0.01 pp	—
OIHVanEck Oil Services ETF	—	−10,789	—	exited	−0.01 pp	—
ALLThe Allstate Corporation	—	−4,692	—	exited	0.00 pp	—
AZOAutoZone, Inc.	—	−449	—	exited	0.00 pp	—
CHLChina Mobile Limited	—	−32,142	—	exited	0.00 pp	—
EDConsolidated Edison, Inc.	—	−8,458	—	exited	0.00 pp	—
EXELExelixis Inc	—	−28,377	—	exited	0.00 pp	—
NEUNewMarket Corporation	—	−1,355	—	exited	0.00 pp	—
UTHRUnited Therapeutics Corp	—	−4,289	—	exited	0.00 pp	—
RNRRenaissanceRe Holdings Ltd.	—	−2,077	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 20 defects · 3 unresolved
Accession: 0001567619-21-009298
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 157214305 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 168919108 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 16943S104 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 16947S100 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 257738203 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 36318L203 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 38523M109 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 438090805 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 438090888 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 449187707 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 526250105 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 67106E101 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 69343P105 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 69402P103 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 76131U105 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 796050888 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 825715105 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 853254100 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 87854Y109 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 971433107 not on the Official 13(f) List for 2021-03-31

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