Pzena Investment Management

Q3 2021 13F · by Richard Pzena, CIO

As of: Sep 30, 2021
Filed: Nov 5, 2021
US stock: $25.3B · prev $25.7B
Positions: 168 · prev 165
Options notional: $0
Documents: 1· no amendments

Picture99.6% US stock

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

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves154 since the prior filing

+8.5 pp in · −8.6 pp out

New 16 +6.31 pp
Added 61 +2.23 pp
Trimmed 64 −3.60 pp
Exited 13 −4.96 pp

The book

Diversified · behaves like 48 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions19% of US stock

CTSH Cognizant Technology Solutions added+0.90 pp added+0.904.2%
GE GE Aerospace new+4.15 pp new+4.154.2%
AIG American International Group, Inc. trimmed+0.27 pp trimmed+0.273.7%
WAB Wabtec Inc. trimmed+0.16 pp trimmed+0.163.5%
WFC Wells Fargo & Co. trimmed+0.06 pp trimmed+0.063.5%

Positions168 in this filing · 13 exited


CTSHCognizant Technology Solutions	4.15%	14,110,915	$1.0B	added+17%	+0.90 pp	27 q
GEGE Aerospace	4.15%	10,180,643	$1.0B	new	+4.15 pp	new
AIGAmerican International Group, Inc.	3.66%	16,829,070	$924M	trimmed−8%	+0.27 pp	34 q
WABWabtec Inc.	3.48%	10,187,842	$878M	trimmed−2%	+0.16 pp	11 q
WFCWells Fargo & Co.	3.47%	18,879,940	$876M	trimmed−3%	+0.06 pp	34 q
HALHalliburton Company	3.34%	39,013,261	$843M	added+1%	−0.12 pp	23 q
EIXEdison International	3.22%	14,686,755	$815M	trimmed−0%	−0.09 pp	27 q
LEALear Corporation	3.21%	5,186,846	$812M	added+8%	−0.08 pp	12 q
PVHPVH Corp.	3.06%	7,523,521	$773M	trimmed−3%	−0.19 pp	11 q
CCitigroup Inc.	2.90%	10,456,683	$734M	added+2%	+0.09 pp	34 q
NRGNRG Energy, Inc.	2.66%	16,483,758	$673M	added+16%	+0.43 pp	6 q
EQHEquitable Holdings, Inc.	2.60%	22,131,172	$656M	added+8%	+0.18 pp	7 q
HPEHewlett Packard Enterprise Company	2.45%	43,376,456	$618M	added0%	−0.01 pp	24 q
COFCapital One Financial	2.44%	3,809,125	$617M	trimmed−16%	−0.28 pp	21 q
BKRBaker Hughes Company	2.37%	24,207,511	$599M	added+2%	+0.26 pp	17 q
MCKMcKesson Corporation	2.35%	2,979,015	$594M	trimmed−7%	−0.02 pp	20 q
NWLNewell Brands Inc.	2.29%	26,163,291	$579M	added+5%	−0.38 pp	14 q
NOVNOV Inc.	2.12%	40,799,160	$535M	trimmed−1%	−0.33 pp	14 q
AVTAvnet, Inc.	1.79%	12,226,449	$452M	trimmed−2%	−0.16 pp	34 q
BACBank of America Corporation	1.63%	9,681,180	$411M	trimmed−5%	0.00 pp	34 q
DOXAmdocs Limited	1.59%	5,296,210	$401M	added+1%	+0.01 pp	20 q
GILGildan Activewear Inc.	1.54%	10,680,800	$390M	trimmed−13%	−0.23 pp	12 q
DOWDow Inc.	1.42%	6,212,506	$358M	added+17%	+0.11 pp	7 q
TXTTextron, Inc.	1.41%	5,095,312	$356M	trimmed−34%	−0.67 pp	5 q
FFord Motor Company	1.36%	24,201,219	$343M	trimmed−12%	−0.24 pp	28 q
XOMExxon Mobil Corp	1.33%	5,726,218	$337M	added+2%	−0.05 pp	34 q
METMetLife, Inc.	1.30%	5,316,817	$328M	added+1%	+0.07 pp	34 q
AXSAxis Capital Holders Limited	1.29%	7,102,578	$327M	added+2%	−0.04 pp	34 q
VOYAVoya Financial, Inc.	1.17%	4,810,089	$295M	added+2%	+0.04 pp	30 q
MHKMohawk Industries, Inc.	1.12%	1,590,075	$282M	trimmed−1%	−0.08 pp	11 q
JPMJPMorgan Chase & Co.	1.11%	1,716,239	$281M	added+2%	+0.09 pp	34 q
ORCLOracle Corp	1.02%	2,946,834	$257M	trimmed−10%	+0.02 pp	34 q
GSGoldman Sachs Group Inc.	0.95%	637,421	$241M	trimmed−10%	−0.10 pp	34 q
FMSFresenius Medical Care AG	0.89%	6,407,774	$224M	new	+0.89 pp	new
TCOMTrip.com Group Limited	0.86%	7,046,589	$217M	added+15%	+0.01 pp	6 q
PFEPfizer Inc.	0.85%	5,021,894	$216M	added+66%	+0.39 pp	28 q
SKAASkechers USA Inc-cl A	0.78%	4,653,758	$196M	trimmed−9%	−0.21 pp	3 q
JELDJELD-WEN Holding, Inc.	0.73%	7,401,245	$185M	added+13%	+0.06 pp	19 q
RDS.ARoyal Dutch Shell PLC	0.71%	4,030,880	$180M	trimmed−10%	0.00 pp	34 q
SWKStanley Black & Decker, Inc.	0.70%	1,012,492	$178M	trimmed−2%	−0.12 pp	28 q
MSMorgan Stanley	0.68%	1,754,556	$171M	trimmed−27%	−0.18 pp	34 q
OLNOlin Corp.	0.65%	3,393,354	$164M	trimmed−15%	−0.07 pp	8 q
CNOCNO Financial Group, Inc.	0.63%	6,788,861	$160M	trimmed−3%	−0.02 pp	11 q
FTITechnipFMC plc	0.62%	20,944,215	$158M	trimmed−7%	−0.17 pp	19 q
CAHCardinal Health, Inc.	0.58%	2,956,436	$146M	trimmed−0%	−0.08 pp	19 q
JNJJohnson & Johnson	0.57%	885,917	$143M	new	+0.57 pp	new
RRyder System, Inc.	0.56%	1,699,681	$141M	trimmed−23%	−0.08 pp	17 q
TEXTerex Corporation	0.54%	3,251,860	$137M	trimmed−3%	−0.08 pp	32 q
FLEXFlex Ltd.	0.54%	7,723,828	$137M	trimmed−2%	−0.01 pp	33 q
CVECenovus Energy Inc.	0.51%	12,695,023	$128M	trimmed−4%	+0.02 pp	25 q
WEDWebster Financial Corp	0.49%	2,270,870	$124M	added0%	+0.02 pp	34 q
BIDUBaidu, Inc.	0.47%	777,825	$120M	trimmed−3%	−0.17 pp	19 q
BKNGBooking Holdings Inc.	0.47%	49,640	$118M	added+4%	+0.06 pp	5 q
AMGNAmgen Inc	0.45%	533,272	$113M	trimmed−11%	−0.12 pp	21 q
BDCBelden Inc.	0.45%	1,959,959	$114M	trimmed−4%	+0.05 pp	7 q
UBSUBS Group AG	0.42%	6,624,379	$106M	added+2%	+0.03 pp	28 q
SPBSpectrum Brands Holdings, Inc.	0.38%	1,007,541	$96M	added+21%	+0.10 pp	11 q
CIThe Cigna Group	0.35%	439,491	$88M	trimmed−2%	−0.06 pp	12 q
EPACEnerpac Tool Group Corp.	0.32%	3,912,847	$81M	added0%	−0.09 pp	34 q
RFRegions Financial Corp.	0.32%	3,765,633	$80M	trimmed−2%	+0.02 pp	34 q
CLSCelestica, Inc.	0.31%	8,704,408	$77M	trimmed−1%	+0.04 pp	14 q
GJBSteelcase Inc-cl A	0.30%	6,000,369	$76M	added+2%	−0.04 pp	16 q
ASBAssociated Banc-Corp	0.29%	3,477,267	$74M	added+1%	+0.02 pp	31 q
ELVElevance Health, Inc.	0.28%	191,940	$72M	new	+0.28 pp	new
BMYBristol-Myers Squibb Co.	0.28%	1,177,943	$70M	trimmed−19%	−0.10 pp	9 q
DANDana Incorporated	0.27%	3,078,643	$68M	added+1%	−0.01 pp	8 q
FMBIFirst Midwest Bancorp Inc/IL	0.27%	3,624,298	$69M	added+2%	−0.01 pp	34 q
GDGeneral Dynamics Corporation	0.27%	344,771	$68M	new	+0.27 pp	new
MURMurphy Oil Corp.	0.27%	2,724,072	$68M	trimmed−4%	+0.01 pp	31 q
FITBFifth Third Bancorp	0.26%	1,519,955	$65M	trimmed−11%	0.00 pp	34 q
PKXPOSCO Holdings Inc.	0.26%	957,976	$66M	trimmed−3%	−0.04 pp	23 q
IVZInvesco LTD	0.26%	2,690,315	$65M	trimmed−2%	−0.02 pp	34 q
KEYKeyCorp	0.25%	2,967,479	$64M	trimmed−16%	−0.03 pp	34 q
REVGREV Group, Inc.	0.25%	3,626,812	$62M	trimmed−3%	+0.02 pp	13 q
AELAmerican Equity Investment Life Holding Company	0.24%	2,070,959	$61M	trimmed−0%	−0.02 pp	23 q
FRACKeane Group, Inc.	0.24%	13,135,360	$60M	added+36%	+0.06 pp	8 q
GTSTriple-s Management Corp	0.23%	1,671,580	$59M	trimmed−16%	+0.06 pp	26 q
MTZMasTec, Inc.	0.22%	656,960	$57M	trimmed−1%	−0.05 pp	4 q
SCSCScansource Inc	0.22%	1,599,803	$56M	added0%	+0.04 pp	23 q
TRSTrimas Corporation	0.22%	1,719,905	$56M	added+16%	+0.05 pp	29 q
UMPQUmpqua Holdings Corp	0.22%	2,693,596	$55M	trimmed−1%	+0.03 pp	7 q
HBANHuntington Bancshares Inc	0.21%	3,385,803	$52M	added+1%	+0.02 pp	2 q
JNPJuniper Networks Inc	0.21%	1,952,720	$54M	trimmed−32%	−0.10 pp	12 q
OECOrion S.A.	0.21%	2,868,426	$52M	added+14%	+0.02 pp	6 q
HOPEHope Bancorp, Inc.	0.20%	3,531,570	$51M	added0%	+0.01 pp	21 q
RGAReinsurance Group of America, Incorporated	0.20%	464,660	$52M	trimmed−2%	−0.01 pp	5 q
SMCISuper Micro Computer, Inc.	0.20%	1,404,606	$51M	trimmed−0%	+0.01 pp	11 q
DRHDiamondrock Hospitality Company	0.19%	5,192,684	$49M	added+38%	+0.05 pp	34 q
THNPYTechnip Energies S/	0.19%	3,040,379	$48M	trimmed−10%	+0.01 pp	3 q
TBITrueblue, Inc.	0.19%	1,764,551	$48M	added+1%	0.00 pp	5 q
UVSPUnivest Financial Corporation	0.19%	1,710,469	$47M	trimmed−0%	+0.01 pp	7 q
AGIIArgo Group International	0.19%	918,723	$48M	added+1%	+0.01 pp	34 q
MOG.AMoog Inc.	0.16%	541,594	$41M	added+2%	−0.01 pp	5 q
UVVUniversal Corporation	0.16%	862,152	$42M	added+1%	−0.03 pp	26 q
IBNICICI Bank Limited	0.15%	1,998,452	$38M	trimmed−5%	+0.01 pp	15 q
IPGThe Interpublic Group of Companies, Inc.	0.15%	999,274	$37M	trimmed−10%	+0.01 pp	34 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.15%	341,064	$38M	trimmed−0%	−0.01 pp	33 q
HOFTHooker Furnishings Corporation	0.14%	1,301,132	$35M	trimmed−1%	−0.04 pp	9 q
MPAAMotorcar Parts of America, Inc.	0.14%	1,767,003	$34M	added0%	−0.01 pp	12 q
VREXVarex Imaging Corporation	0.14%	1,225,670	$35M	trimmed−18%	−0.02 pp	12 q
WSFSWSFS Financial Corp	0.14%	695,741	$36M	added+2%	+0.02 pp	34 q
CSCOCisco Systems, Inc. (DE)	0.12%	575,623	$31M	added0%	0.00 pp	34 q
GAPThe Gap, Inc.	0.12%	1,357,646	$31M	trimmed−3%	−0.06 pp	5 q
PAHCPhibro Animal Health Corporation Class A	0.12%	1,352,886	$29M	added+7%	−0.02 pp	4 q
ARWArrow Electronics, Inc.	0.10%	233,933	$26M	held	—	31 q
GGenpact Limited	0.10%	505,955	$24M	held	—	27 q
GLGlobe Life Inc.	0.09%	241,764	$22M	held	—	34 q
SHGShinhan Financial Group Co Ltd	0.09%	684,566	$23M	added0%	−0.01 pp	32 q
ABEVAmbev S.a.	0.08%	7,585,597	$21M	added+42%	+0.01 pp	5 q
37MMrc Global Inc	0.08%	2,855,063	$21M	added+4%	−0.02 pp	3 q
MSMMSC Industrial Direct Co., Inc. Class A	0.08%	261,531	$21M	trimmed−0%	−0.01 pp	8 q
ETREntergy Corporation	0.07%	190,579	$19M	held	—	34 q
CBRECbre Group, Inc.	0.06%	146,621	$14M	new	+0.06 pp	new
KBRKBR, Inc.	0.05%	340,972	$13M	trimmed−21%	−0.01 pp	31 q
SNASnap-on Incorporated	0.05%	56,373	$12M	held	—	15 q
VZVerizon Communications	0.05%	236,442	$13M	added+3%	0.00 pp	12 q
VNOVornado Realty Trust	0.05%	321,149	$13M	new	+0.05 pp	new
USNAUSANA Health Sciences Inc	0.03%	95,708	$9M	new	+0.03 pp	new
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.02%	1,639,365	$4M	held	—	7 q
HNHAYHon Hai Precisn 144A	0.02%	554,073	$4M	held	—	12 q
LUKOYPjsc Lukoil S/	0.02%	62,033	$6M	held	—	20 q
PCFBYPacific Basin Shp UNS/	0.02%	449,465	$4M	held	—	13 q
SSNHZSamsung Elec 144A S/GDR	0.02%	2,722	$4M	added+3%	0.00 pp	13 q
BABAAlibaba Group Holding Limited	0.01%	21,581	$3M	new	+0.01 pp	new
unresolvedCez As Unspon ADR	0.01%	174,145	$3M	held	—	13 q
CICHYChina Constr Bk UNSP/	0.01%	123,360	$2M	held	—	13 q
GXYYYGalaxy Entmt Grp U/	0.01%	101,459	$3M	held	—	6 q
HYUAHyundai Motor-gdr	0.01%	26,847	$2M	held	—	13 q
KBKB Financial Group Inc	0.01%	33,522	$2M	held	—	13 q
LNVGYLenovo Group Ltd S/	0.01%	107,424	$3M	held	—	13 q
OTPIYOtp Bank S/GDR 144A	0.01%	58,286	$2M	held	—	10 q
SSLSasol Limited	0.01%	153,043	$3M	held	—	13 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.01%	180,465	$3M	trimmed−14%	0.00 pp	13 q
SCBFYStandard Chrtrd UNSP/	0.01%	216,586	$3M	held	—	8 q
WLMIYWilmar Intl Ltd UNSP/	0.01%	86,694	$3M	added+13%	0.00 pp	13 q
CORCencora, Inc.	0.00%	5,212	$623,000	added+4%	0.00 pp	12 q
AZOAutoZone, Inc.	0.00%	315	$535,000	new	0.00 pp	new
CHRWC.H. Robinson Worldwide, Inc.	0.00%	5,258	$457,000	added0%	0.00 pp	4 q
CACICaci International Cla	0.00%	947	$248,000	new	0.00 pp	new
DLTRDollar Tree Inc.	0.00%	3,176	$304,000	held	—	6 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.00%	25,144	$1M	held	—	13 q
DOVDover Corporation	0.00%	1,388	$216,000	trimmed−99%	−0.13 pp	26 q
METAMeta Platforms, Inc. Class A	0.00%	1,333	$452,000	trimmed−9%	0.00 pp	3 q
GILDGilead Sciences Inc	0.00%	8,124	$567,000	added+84%	0.00 pp	5 q
HPQHP Inc.	0.00%	6,225	$170,000	new	0.00 pp	new
HNHPFHon Hai Precson S/GDR New	0.00%	23,319	$176,000	held	—	9 q
HMCHonda Motor Co., Ltd.	0.00%	10,511	$322,000	new	0.00 pp	new
HUMHumana Inc.	0.00%	1,441	$561,000	new	0.00 pp	new
INGRIngredion Incorporated	0.00%	2,864	$255,000	added+6%	0.00 pp	6 q
INTCIntel Corp	0.00%	9,043	$482,000	added+4%	0.00 pp	3 q
ITUBItau Unibanco Holding S.A.	0.00%	224,429	$1M	held	—	4 q
ZDZiff Davis, Inc.	0.00%	3,342	$457,000	trimmed−11%	0.00 pp	3 q
MMSMAXIMUS, Inc.	0.00%	5,066	$421,000	held	—	5 q
MRKMerck & Co., Inc.	0.00%	7,619	$572,000	held	—	3 q
NABLN-able, Inc.	0.00%	29,690	$368,000	new	0.00 pp	new
NOKNokia Corporation	0.00%	66,750	$364,000	added×4.1	0.00 pp	2 q
QRVOQorvo, Inc.	0.00%	1,612	$270,000	trimmed−29%	0.00 pp	2 q
REGNRegeneron Pharmaceuticals Inc	0.00%	977	$591,000	trimmed−12%	0.00 pp	3 q
RNRTYReunert Ltd UNSP/	0.00%	127,975	$793,000	held	—	13 q
SSNCSS&C Technologies Inc	0.00%	6,812	$473,000	added+4%	0.00 pp	2 q
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	18,154	$127,000	new	0.00 pp	new
TMUST-Mobile US, Inc.	0.00%	4,331	$553,000	added+2%	0.00 pp	3 q
UTHRUnited Therapeutics Corp	0.00%	2,796	$516,000	added+22%	0.00 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	1,565	$612,000	added+4%	0.00 pp	3 q
VTKLYVtech Holdings UNSP/	0.00%	139,730	$1M	held	—	2 q
JAZZJazz Pharmaceuticals, Inc.	0.00%	1,562	$203,000	added+1%	0.00 pp	2 q
CHKPCheck Point Software Technologies Ltd	0.00%	5,030	$569,000	held	—	6 q
ITRNIturan Location and Control Ltd.	0.00%	25,006	$635,000	added+16%	0.00 pp	6 q
unresolvedGeneral Electric Co	—	−81,072,487	—	exited	−4.25 pp	—
CVSCvs Health Corporation	—	−1,235,580	—	exited	−0.40 pp	—
KELKellanova	—	−548,750	—	exited	−0.14 pp	—
HIGThe Hartford Insurance Group, Inc.	—	−499,303	—	exited	−0.12 pp	—
THGThe Hanover Insurance Group, Inc.	—	−97,804	—	exited	−0.05 pp	—
ALXNAlexion Pharmaceuticals Inc	—	−3,430	—	exited	0.00 pp	—
CRPJYChina Res Pw Hld UNSP/	—	−59,743	—	exited	0.00 pp	—
GBXXYGrand Baoxin Auto UNS/	—	−251,250	—	exited	0.00 pp	—
KRThe Kroger Co.	—	−7,506	—	exited	0.00 pp	—
PRAHPRA Health Sciences, Inc.	—	−3,378	—	exited	0.00 pp	—
RVTYRevvity, Inc.	—	−3,235	—	exited	0.00 pp	—
PEverpure, Inc.	—	−23,003	—	exited	0.00 pp	—
SWISolarWinds Corporation	—	−12,574	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 18 defects · 2 unresolved
Accession: 0001567619-21-019397
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 2021-09-30
A security outside the official 13F list — CUSIP 168919108 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 257738203 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 36318L203 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 438090805 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 438090888 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 449187707 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 526250105 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 67106E101 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 69343P105 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 69402P103 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 76131U105 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 796050888 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 825715105 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 853254100 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 87854Y109 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 928929207 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 971433107 not on the Official 13(f) List for 2021-09-30

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