Pzena Investment Management

Q4 2021 13F · by Richard Pzena, CIO

As of: Dec 31, 2021
Filed: Feb 4, 2022
US stock: $26.5B · prev $25.3B
Positions: 174 · prev 168
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%

Moves160 since the prior filing

+1.5 pp in · −1.5 pp out

New 13 +0.18 pp
Added 55 +1.32 pp
Trimmed 85 −1.53 pp
Exited 7 0.00 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.8 years per position

Low
Moderate
High

Top 5 positions20% of US stock

CTSH Cognizant Technology Solutions trimmed+0.56 pp trimmed+0.564.7%
GE GE Aerospace added−0.22 pp added−0.223.9%
EIX Edison International added+0.61 pp added+0.613.8%
AIG American International Group, Inc. trimmed−0.08 pp trimmed−0.083.6%
LEA Lear Corporation trimmed+0.35 pp trimmed+0.353.6%

Positions174 in this filing · 7 exited


CTSHCognizant Technology Solutions	4.71%	14,097,069	$1.3B	trimmed−0%	+0.56 pp	28 q
GEGE Aerospace	3.93%	11,033,492	$1.0B	added+8%	−0.22 pp	2 q
EIXEdison International	3.83%	14,875,516	$1.0B	added+1%	+0.61 pp	28 q
AIGAmerican International Group, Inc.	3.58%	16,710,346	$950M	trimmed−1%	−0.08 pp	35 q
LEALear Corporation	3.56%	5,162,131	$944M	trimmed−0%	+0.35 pp	13 q
WABWabtec Inc.	3.51%	10,118,702	$932M	trimmed−1%	+0.03 pp	12 q
WFCWells Fargo & Co.	3.41%	18,870,433	$905M	trimmed−0%	−0.06 pp	35 q
HALHalliburton Company	3.33%	38,624,847	$883M	trimmed−1%	−0.01 pp	24 q
PVHPVH Corp.	3.13%	7,775,831	$829M	added+3%	+0.07 pp	12 q
NRGNRG Energy, Inc.	2.80%	17,224,488	$742M	added+4%	+0.14 pp	7 q
MCKMcKesson Corporation	2.76%	2,950,700	$733M	trimmed−1%	+0.41 pp	21 q
EQHEquitable Holdings, Inc.	2.73%	22,083,633	$724M	trimmed−0%	+0.13 pp	8 q
CCitigroup Inc.	2.57%	11,276,902	$681M	added+8%	−0.33 pp	35 q
HPEHewlett Packard Enterprise Company	2.55%	42,934,080	$677M	trimmed−1%	+0.10 pp	25 q
NWLNewell Brands Inc.	2.33%	28,342,422	$619M	added+8%	+0.04 pp	15 q
COFCapital One Financial	2.13%	3,900,980	$566M	added+2%	−0.31 pp	22 q
NOVNOV Inc.	2.08%	40,666,965	$551M	trimmed−0%	−0.04 pp	15 q
BKRBaker Hughes Company	2.07%	22,833,273	$549M	trimmed−6%	−0.30 pp	18 q
AVTAvnet, Inc.	1.89%	12,185,337	$502M	trimmed−0%	+0.10 pp	35 q
GILGildan Activewear Inc.	1.72%	10,766,094	$456M	added+1%	+0.18 pp	13 q
BACBank of America Corporation	1.53%	9,145,772	$407M	trimmed−6%	−0.10 pp	35 q
DOXAmdocs Limited	1.52%	5,391,334	$403M	added+2%	−0.07 pp	21 q
AXSAxis Capital Holders Limited	1.45%	7,057,524	$384M	trimmed−1%	+0.16 pp	35 q
DOWDow Inc.	1.37%	6,419,626	$364M	added+3%	−0.05 pp	8 q
XOMExxon Mobil Corp	1.25%	5,437,457	$333M	trimmed−5%	−0.08 pp	35 q
METMetLife, Inc.	1.25%	5,293,024	$331M	trimmed−0%	−0.05 pp	35 q
VOYAVoya Financial, Inc.	1.21%	4,851,903	$322M	added+1%	+0.04 pp	31 q
FMSFresenius Medical Care AG	1.16%	9,459,446	$307M	added+48%	+0.27 pp	2 q
PFEPfizer Inc.	1.11%	4,993,118	$295M	trimmed−1%	+0.26 pp	29 q
MHKMohawk Industries, Inc.	1.10%	1,599,051	$291M	added+1%	−0.02 pp	12 q
TXTTextron, Inc.	1.05%	3,593,922	$277M	trimmed−29%	−0.36 pp	6 q
JPMJPMorgan Chase & Co.	1.04%	1,744,422	$276M	added+2%	−0.07 pp	35 q
GSGoldman Sachs Group Inc.	0.91%	630,348	$241M	trimmed−1%	−0.04 pp	35 q
SSNCSS&C Technologies Inc	0.89%	2,865,734	$235M	added×420.7	+0.89 pp	3 q
ORCLOracle Corp	0.80%	2,431,550	$212M	trimmed−17%	−0.22 pp	35 q
SKAASkechers USA Inc-cl A	0.79%	4,833,399	$210M	added+4%	+0.01 pp	4 q
JELDJELD-WEN Holding, Inc.	0.74%	7,396,840	$195M	trimmed−0%	+0.01 pp	20 q
SWKStanley Black & Decker, Inc.	0.72%	1,011,410	$191M	trimmed−0%	+0.02 pp	29 q
TCOMTrip.com Group Limited	0.71%	7,623,896	$188M	added+8%	−0.15 pp	7 q
OLNOlin Corp.	0.70%	3,215,822	$185M	trimmed−5%	+0.05 pp	9 q
RDS.ARoyal Dutch Shell PLC	0.66%	4,009,803	$174M	trimmed−1%	−0.05 pp	35 q
CNOCNO Financial Group, Inc.	0.60%	6,634,014	$158M	trimmed−2%	−0.03 pp	12 q
CAHCardinal Health, Inc.	0.58%	2,984,361	$154M	added+1%	0.00 pp	20 q
JNJJohnson & Johnson	0.57%	881,404	$151M	trimmed−1%	0.00 pp	2 q
FLEXFlex Ltd.	0.57%	8,231,915	$151M	added+7%	+0.03 pp	34 q
TEXTerex Corporation	0.54%	3,235,079	$142M	trimmed−1%	0.00 pp	33 q
WEDWebster Financial Corp	0.48%	2,267,687	$127M	trimmed−0%	−0.01 pp	35 q
CVECenovus Energy Inc.	0.47%	10,249,274	$126M	trimmed−19%	−0.04 pp	26 q
FTITechnipFMC plc	0.47%	21,050,079	$125M	added+1%	−0.15 pp	20 q
AMGNAmgen Inc	0.45%	534,870	$120M	added0%	0.00 pp	22 q
BKNGBooking Holdings Inc.	0.45%	49,791	$119M	added0%	−0.02 pp	6 q
UBSUBS Group AG	0.45%	6,606,486	$118M	trimmed−0%	+0.03 pp	29 q
BIDUBaidu, Inc.	0.43%	774,485	$115M	trimmed−0%	−0.04 pp	20 q
BDCBelden Inc.	0.42%	1,683,316	$111M	trimmed−14%	−0.03 pp	8 q
CIThe Cigna Group	0.38%	438,874	$101M	trimmed−0%	+0.03 pp	13 q
MSMorgan Stanley	0.38%	1,018,996	$100M	trimmed−42%	−0.30 pp	35 q
SPBSpectrum Brands Holdings, Inc.	0.38%	1,003,782	$102M	trimmed−0%	0.00 pp	12 q
RRyder System, Inc.	0.35%	1,111,434	$92M	trimmed−35%	−0.21 pp	18 q
ELVElevance Health, Inc.	0.33%	190,486	$88M	trimmed−1%	+0.05 pp	2 q
CLSCelestica, Inc.	0.32%	7,593,324	$85M	trimmed−13%	+0.01 pp	15 q
GJBSteelcase Inc-cl A	0.31%	7,010,227	$82M	added+17%	+0.01 pp	17 q
AELAmerican Equity Investment Life Holding Company	0.30%	2,065,824	$80M	trimmed−0%	+0.06 pp	24 q
ASBAssociated Banc-Corp	0.30%	3,498,138	$79M	added+1%	+0.01 pp	32 q
EPACEnerpac Tool Group Corp.	0.30%	3,941,949	$80M	added+1%	−0.02 pp	35 q
RFRegions Financial Corp.	0.30%	3,629,926	$79M	trimmed−4%	−0.02 pp	35 q
DANDana Incorporated	0.29%	3,348,838	$76M	added+9%	+0.02 pp	9 q
FMBIFirst Midwest Bancorp Inc/IL	0.28%	3,688,549	$76M	added+2%	+0.01 pp	35 q
BMYBristol-Myers Squibb Co.	0.27%	1,155,708	$72M	trimmed−2%	−0.01 pp	10 q
GDGeneral Dynamics Corporation	0.27%	345,319	$72M	added0%	0.00 pp	2 q
JNPJuniper Networks Inc	0.26%	1,920,154	$69M	trimmed−2%	+0.05 pp	13 q
FITBFifth Third Bancorp	0.25%	1,510,122	$66M	trimmed−1%	−0.01 pp	35 q
GAPThe Gap, Inc.	0.25%	3,780,585	$67M	added×2.8	+0.13 pp	6 q
KEYKeyCorp	0.25%	2,823,949	$65M	trimmed−5%	0.00 pp	35 q
TRSTrimas Corporation	0.24%	1,723,779	$64M	added0%	+0.02 pp	30 q
OECOrion S.A.	0.24%	3,395,766	$62M	added+18%	+0.03 pp	7 q
MTZMasTec, Inc.	0.23%	668,374	$62M	added+2%	+0.01 pp	5 q
SMCISuper Micro Computer, Inc.	0.23%	1,408,690	$62M	added0%	+0.03 pp	12 q
IVZInvesco LTD	0.23%	2,685,284	$62M	trimmed−0%	−0.03 pp	35 q
PKXPOSCO Holdings Inc.	0.21%	951,214	$55M	trimmed−1%	−0.05 pp	24 q
SCSCScansource Inc	0.21%	1,592,462	$56M	trimmed−0%	−0.01 pp	24 q
DRHDiamondrock Hospitality Company	0.20%	5,391,066	$52M	added+4%	+0.01 pp	35 q
HOPEHope Bancorp, Inc.	0.20%	3,548,064	$52M	added0%	0.00 pp	22 q
MURMurphy Oil Corp.	0.20%	2,050,729	$54M	trimmed−25%	−0.07 pp	32 q
AGIIArgo Group International	0.20%	926,544	$54M	added+1%	+0.01 pp	35 q
HBANHuntington Bancshares Inc	0.19%	3,345,914	$52M	trimmed−1%	−0.02 pp	3 q
REVGREV Group, Inc.	0.19%	3,615,998	$51M	trimmed−0%	−0.06 pp	14 q
RGAReinsurance Group of America, Incorporated	0.19%	464,479	$51M	trimmed−0%	−0.01 pp	6 q
UMPQUmpqua Holdings Corp	0.19%	2,685,819	$52M	trimmed−0%	−0.03 pp	8 q
UVSPUnivest Financial Corporation	0.19%	1,721,598	$52M	added+1%	0.00 pp	8 q
unresolvedAmerican Woodmark Corporation	0.18%	736,196	$48M	new	+0.18 pp	new
TBITrueblue, Inc.	0.18%	1,769,139	$49M	added0%	−0.01 pp	6 q
UVVUniversal Corporation	0.18%	883,485	$49M	added+2%	+0.02 pp	27 q
MOG.AMoog Inc.	0.17%	554,965	$45M	added+2%	+0.01 pp	6 q
USNAUSANA Health Sciences Inc	0.17%	445,632	$45M	added×4.7	+0.14 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.16%	344,316	$41M	added+1%	+0.01 pp	34 q
THNPYTechnip Energies S/	0.16%	2,876,490	$42M	trimmed−5%	−0.03 pp	4 q
CSCOCisco Systems, Inc. (DE)	0.14%	570,053	$36M	trimmed−1%	+0.02 pp	35 q
IBNICICI Bank Limited	0.14%	1,939,358	$38M	trimmed−3%	−0.01 pp	16 q
IPGThe Interpublic Group of Companies, Inc.	0.14%	987,919	$37M	trimmed−1%	−0.01 pp	35 q
VREXVarex Imaging Corporation	0.14%	1,199,257	$38M	trimmed−2%	0.00 pp	13 q
WSFSWSFS Financial Corp	0.13%	704,492	$35M	added+1%	−0.01 pp	35 q
ARWArrow Electronics, Inc.	0.12%	233,538	$31M	trimmed−0%	+0.02 pp	32 q
HOFTHooker Furnishings Corporation	0.12%	1,316,484	$31M	added+1%	−0.02 pp	10 q
37MMrc Global Inc	0.12%	4,518,807	$31M	added+58%	+0.04 pp	4 q
MPAAMotorcar Parts of America, Inc.	0.12%	1,797,163	$31M	added+2%	−0.02 pp	13 q
GTSTriple-s Management Corp	0.12%	924,828	$33M	trimmed−45%	−0.11 pp	27 q
FRACKeane Group, Inc.	0.11%	8,290,669	$29M	trimmed−37%	−0.13 pp	9 q
PAHCPhibro Animal Health Corporation Class A	0.11%	1,407,675	$29M	added+4%	−0.01 pp	5 q
ABEVAmbev S.a.	0.10%	9,402,393	$26M	added+24%	+0.02 pp	6 q
GGenpact Limited	0.10%	505,149	$27M	trimmed−0%	0.00 pp	28 q
GLGlobe Life Inc.	0.09%	241,660	$23M	trimmed−0%	0.00 pp	35 q
ETREntergy Corporation	0.08%	190,579	$21M	held	—	35 q
MSMMSC Industrial Direct Co., Inc. Class A	0.08%	261,531	$22M	held	—	9 q
SHGShinhan Financial Group Co Ltd	0.08%	716,086	$22M	added+5%	−0.01 pp	33 q
CBRECbre Group, Inc.	0.06%	146,489	$16M	trimmed−0%	0.00 pp	2 q
FFord Motor Company	0.06%	816,459	$17M	trimmed−97%	−1.30 pp	29 q
KBRKBR, Inc.	0.06%	340,972	$16M	held	—	32 q
SNASnap-on Incorporated	0.05%	56,208	$12M	trimmed−0%	0.00 pp	16 q
VNOVornado Realty Trust	0.05%	320,984	$13M	trimmed−0%	0.00 pp	2 q
VZVerizon Communications	0.04%	227,113	$12M	trimmed−4%	−0.01 pp	13 q
CIGCompanhia Energetica De Minas Gerais-CEMIG	0.02%	1,639,365	$4M	held	—	8 q
HNHAYHon Hai Precisn 144A	0.02%	554,073	$4M	held	—	13 q
LUKOYPjsc Lukoil S/	0.02%	47,632	$4M	trimmed−23%	0.00 pp	21 q
SSNHZSamsung Elec 144A S/GDR	0.02%	2,730	$4M	added0%	0.00 pp	14 q
BABAAlibaba Group Holding Limited	0.01%	30,853	$4M	added+43%	0.00 pp	2 q
unresolvedCez As Unspon ADR	0.01%	156,399	$3M	trimmed−10%	0.00 pp	14 q
CICHYChina Constr Bk UNSP/	0.01%	123,360	$2M	held	—	14 q
GXYYYGalaxy Entmt Grp U/	0.01%	103,659	$3M	added+2%	0.00 pp	7 q
HYUAHyundai Motor-gdr	0.01%	26,847	$2M	held	—	14 q
KBKB Financial Group Inc	0.01%	33,522	$2M	held	—	14 q
LNVGYLenovo Group Ltd S/	0.01%	107,424	$2M	held	—	14 q
OTPIYOtp Bank S/GDR 144A	0.01%	58,286	$1M	held	—	11 q
PCFBYPacific Basin Shp UNS/	0.01%	430,365	$3M	trimmed−4%	−0.01 pp	14 q
SSLSasol Limited	0.01%	153,043	$3M	held	—	14 q
unresolvedSiam Commercial Bank Public Company Ltd Unspon ADR	0.01%	180,465	$3M	held	—	14 q
SCBFYStandard Chrtrd UNSP/	0.01%	216,586	$3M	held	—	9 q
WLMIYWilmar Intl Ltd UNSP/	0.01%	86,544	$3M	trimmed−0%	0.00 pp	14 q
AIYActivision Blizzard Inc	0.00%	9,097	$605,000	new	0.00 pp	new
CORCencora, Inc.	0.00%	4,633	$616,000	trimmed−11%	0.00 pp	13 q
ANAutoNation, Inc.	0.00%	1,882	$220,000	new	0.00 pp	new
BCSBarclays PLC	0.00%	55,321	$573,000	new	0.00 pp	new
CHRWC.H. Robinson Worldwide, Inc.	0.00%	4,388	$472,000	trimmed−17%	0.00 pp	5 q
CTXSCitrix Systems Inc	0.00%	5,117	$484,000	new	0.00 pp	new
DELLDell Technologies Inc.	0.00%	7,618	$428,000	new	0.00 pp	new
DLTRDollar Tree Inc.	0.00%	2,849	$400,000	trimmed−10%	0.00 pp	7 q
DNFGYDongfeng Motor Grp-h-uns ADR	0.00%	25,144	$1M	held	—	14 q
DOVDover Corporation	0.00%	1,388	$252,000	held	—	27 q
EXPDExpeditors International of Washington, Inc.	0.00%	1,696	$228,000	new	0.00 pp	new
METAMeta Platforms, Inc. Class A	0.00%	1,338	$450,000	added0%	0.00 pp	4 q
GILDGilead Sciences Inc	0.00%	3,404	$247,000	trimmed−58%	0.00 pp	6 q
HPQHP Inc.	0.00%	5,874	$221,000	trimmed−6%	0.00 pp	2 q
HNHPFHon Hai Precson S/GDR New	0.00%	23,319	$172,000	held	—	10 q
HMCHonda Motor Co., Ltd.	0.00%	10,511	$299,000	held	—	2 q
HUMHumana Inc.	0.00%	844	$391,000	trimmed−41%	0.00 pp	2 q
INTCIntel Corp	0.00%	7,928	$408,000	trimmed−12%	0.00 pp	4 q
EWTiShares MSCI Taiwan ETF	0.00%	4,800	$320,000	new	0.00 pp	new
ITUBItau Unibanco Holding S.A.	0.00%	224,429	$842,000	held	—	5 q
LPLALPL Financial Holdings Inc.	0.00%	1,465	$235,000	new	0.00 pp	new
LRCXLam Research Corp	0.00%	667	$480,000	new	0.00 pp	new
MMSMAXIMUS, Inc.	0.00%	4,633	$369,000	trimmed−9%	0.00 pp	6 q
MRKMerck & Co., Inc.	0.00%	6,885	$528,000	trimmed−10%	0.00 pp	4 q
NOKNokia Corporation	0.00%	94,266	$586,000	added+41%	0.00 pp	3 q
QRVOQorvo, Inc.	0.00%	1,588	$248,000	trimmed−1%	0.00 pp	3 q
REGNRegeneron Pharmaceuticals Inc	0.00%	904	$571,000	trimmed−7%	0.00 pp	4 q
RNRTYReunert Ltd UNSP/	0.00%	127,975	$915,000	held	—	14 q
SBNYSignature Bank (NY)	0.00%	689	$223,000	new	0.00 pp	new
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	108,562	$737,000	added×6.0	0.00 pp	2 q
TMUST-Mobile US, Inc.	0.00%	3,983	$462,000	trimmed−8%	0.00 pp	4 q
UTHRUnited Therapeutics Corp	0.00%	2,587	$559,000	trimmed−7%	0.00 pp	3 q
VRTXVertex Pharmaceuticals Inc	0.00%	2,905	$638,000	new	0.00 pp	new
VMWVMware, Inc	0.00%	4,822	$559,000	new	0.00 pp	new
VTKLYVtech Holdings UNSP/	0.00%	139,730	$1M	held	—	3 q
CHKPCheck Point Software Technologies Ltd	0.00%	4,681	$546,000	trimmed−7%	0.00 pp	7 q
ITRNIturan Location and Control Ltd.	0.00%	25,006	$667,000	held	—	7 q
AZOAutoZone, Inc.	—	−315	—	exited	0.00 pp	—
CACICaci International Cla	—	−947	—	exited	0.00 pp	—
INGRIngredion Incorporated	—	−2,864	—	exited	0.00 pp	—
ZDZiff Davis, Inc.	—	−3,342	—	exited	0.00 pp	—
NABLN-able, Inc.	—	−29,690	—	exited	0.00 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−1,565	—	exited	0.00 pp	—
JAZZJazz Pharmaceuticals, Inc.	—	−1,562	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 18 defects · 3 unresolved
Accession: 0001567619-22-002512
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 2021-12-31
A security outside the official 13F list — CUSIP 168919108 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 257738203 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 36318L203 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 438090805 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 438090888 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 449187707 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 526250105 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 67106E101 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 69343P105 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 69402P103 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 76131U105 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 796050888 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 825715105 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 853254100 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 87854Y109 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 928929207 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 971433107 not on the Official 13(f) List for 2021-12-31

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